In line with the ongoing settlement system development which was initiated by the Hungarian Central Securities Depository (KELER), changes to comply with the requirements of T2S and CSDR can be expected in the securities settlement procedures, including new SWIFT message rules for communication between clients and KELER participants.
The Hungarian Marker Practice Group, with the significant and intense contribution of UniCredit GSS, updated the Hungarian market practice templates for settlement with the new standards that will become effective as of November 2021 when the KELER’s new settlement system will be launched. The draft of the document describing the changes is now available on the SMPG website (here).
The market practices to be introduced will allow KELER participants to provide the highest possible matching and STP rates to their clients on the Hungarian market.
Impact on investors: New securities settlement standards and SWIFT message rules to be introduced on the Hungarian market as of November 2021.