The Hungarian CSD (KELER) has announced a new schedule for testing of its new system BaNCS. Due to the re-planning of the project, the new schedule ensures a longer testing period for direct market participants (the clients of KELER, such as local sub-custodians) than was planned according to the original implementation schedule.
The 1st stage of the testing will start on 13 April 2015 aiming to test the following functionalities:
• FOP transactions
• DVP transactions
• Multinet settlement
• BSE fixed price transactions
• Primary market settlement
• Blocking
• GIRO
• VIBER
The 2nd stage of the testing will start on 24 May 2015, aiming to test the following functionalities:
• Collateral Management
• DVD transactions
• Corporate Actions
• Repo transactions
The 3rd stage of the testing will start on 15 June 2015 aiming to test the following functionalities:
• Corporate Actions
• Cross Border transactions
• WARP
• Fees
The new go-live date of the BaNCS system has not been published by KELER yet; we will release further information about any developments immediately.
Impact on investors: The described system tests are aimed at ensuring proper operation of functionalities among the CSD and the direct market participants; therefore the testing does not require any actions from clients of UniCredit Bank Hungary. Until the implementation of its new system KELER will continue to provide services to its clientele as today.