The Hungarian CSD - KELER has announced that the new go-live date of the BaNCS system will be 3 August 2015.
In line with the new go-live date KELER has published the new testing period as well:
1st phase: starts on 13 April 2015 for FOP and DVP transactions, multinet settlement, BSE fixed price transactions, primary market settlement, blocking, and payments made via the GIRO (IG2) and VIBER system;
2nd phase: starts on 26 May 2015 for collateral management, DVD transactions, first part of corporate actions, repo transactions;
3rd phase: starts on 15 June 2015 for the second part of corporate actions, cross border transactions, WARP (Wide Application Routing Platform for investment fun units distribution), and fees.
The date of code freeze will be published by KELER later.
In the course of the meeting KELER proposed to implement a new mandatory matching field, the trade date. Introduction of this very new matching criterion is however not commonly supported by all market participants therefore further discussions will be held about the matching criteria.
KELER also advised the market participants that introduction of the earlier announced fractional unit management will be postponed and will not go live together with the new system. (This mainly has an impact on investment fund unit settlement and corporate action management.)
Due to the above changes KELER will issue an amended BaNCS Service Description Manual that will be published soon.
KELER has set up an internet based Service Desk application that will be available for the clients of KELER (such as local custodians) to receive their requests and questions during the testing period. The answers will be forwarded also through this system. It will be possible to monitor the status of pending questions, to review previous queries and related answers via the Service Desk application. In order to share information among KELER’s clients all client queries will be accessible.
Impact on investors: KELER has now announced the new go-live date and testing period of the BaNCS system that enables market participants to schedule their own preparations for the system replacement. Introduction of the new matching criteria is not favoured by the market while postponing the implementation of the expected fractional unit management might have an impact on local investment fund managers and their custodians.