License Issued for the National Central Securities Depository

Slovakia
UniCredit Bank Czech Republic and Slovakia, a.s., pobočka zahraničnej banky
Summary: 
A license has been granted for the National Central Securities Depository to settle OTC
Mon, 23/05/2016

The National Bank of Slovakia issued a license to the National Central Securities Depository (NCDCP).  NCDCP is a new entity in the Slovak capital market, and it will start its activities which will accelerate acquisition processes. NCDCP has tested the functionality of their systems in cooperation with local market players.  As well as within their pre-acquisition activities, it also presented the final version of approved operating rules, the product range and the pricing policy.

Their system’s connection with the Bratislava Stock Exchange (BSSE) is now dependent on the BSSE system adjustment. After it is successfully tested on the market, its expected go-live is set for September 2016. Until then, they are ready to settle only over-the-counter (OTC) transactions.

Impact on foreign investors:  NCDCP operational functions cannot yet performed due to the lack of securities registered and lack of members in the NCDCP at present.