As mentioned in previous newsflashes the strategic modernization program implemented by the KELER Central Depository Ltd, will replace its account management system. KELER mandated Tata Consultancy Services, a member of the Tata Group, to deliver the new BaNCS system. The original implementation date was May 2015 which was postponed to August 2015, considering the migration waives of T2S the implementation date has been extended once again to July 2016.
AS the system specification was completed by the end of 2015, now the testing process is ongoing with the implementation of KELER’s new system, the BaNCS.
The advice given during the meeting today by KELER to the Béta Test workgroup was as follows;
- the Béta group test period will be extended by 3 weeks which will be followed by an additional 3 week stabilization period
- the market testing will start on 16 May and will end in mid-June when KELER will obtain its qualifying certificate
- depending on whether KELER receives a qualifying certificate an additional test period for the market will be opened once more until 8 August
- on 14 August a two week testing period will start only for the Béta Workgroup members which would be followed by the code freeze
- the new go live date of the BaNCS system is 3 October 2016 and is subject to the approval of the Board of Directors of KELER.
KELER will publish the test results and receive feedback for the Béta Test Workgroup members which will be submitted to the KELER Board of Directors before the final decision on the BaNCS’ implementation.
Impact on investors: BaNCS system implementation has been further delayed to enable KELER and the Hungarian market participants more time to adjust the system and ensure a smooth and „non visible” migration process when introduced to the market