Dear Client,
In 2012 KELER, the Central Securities Depository Ltd., launched its System Modernisation Programme (SMP) with the aim of replacing its almost 20 year old account management system and ensuring that the new application becomes fully compliant with the Target2Sercurities (T2S) functionalities by September 2016 when KELER is set to join T2S.
As previously communicated, in line with the project plan, in June 2014 KELER issued a service description document containing the major changes and technical innovations following the introduction of the BaNCS system.
On 29 August 2014, after continuous consultation with the market participants, KELER published a technical description material regarding the new system. This document includes all necessary details about the relevant technical tasks and important dates in connection with the system replacement project and, furthermore, the first version of the specification for the interface which is necessary for the automatic communication with KELER.
An updated version of the specification is expected to be published in January 2015, while the final version will be available in March 2015. Based on the time schedule the client-side development (clients of KELER) will be tested from February to March 2015. KELER will start working with the BaNCS system from 2 May 2015 when current services will be available in BaNCS. New services will be introduced gradually after the system implementation.
For more detailed information please refer to 'New services available due to system replacement at KELER' article published in our Newsletter from July 2014 on page 14.
Impact on investors: The implementation of the new account management system of KELER has been shifted from March 2015 to May 2015 in order to ensure sufficient preparation time for the market participants. Accordingly, KELER will start using the system in May 2015.