Following the signature of the Framework Agreement with the European Central Bank (ECB) to join the European securities settlement platform (T2S), Central Depository & Clearing Company Inc. (SKDD) confirmed that starting as of 11 September 2023 Croatian securities market will be joining TARGET2-Securities (T2S).
Existing custody accounts will be linked to one T2S member account, whereas SKDD will be able to open the additional T2S accounts at the member’s request. To ensure smooth business operations, each member is required to have its own BIC code and T2S DCA account, which will be opened by Croatian National Bank at each bank’s request.
Additionally, SKDD announced the introduction of fee for maintenance of account positions for:
- all custody and portfolio accounts (without the asset value threshold)
- all other accounts (applicable if the asset value is over HRK 1 million).
Further details will be shared once SKDD advises market participants accordingly.
Impact on investors: For information purposes only.
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