KELER, the Hungarian CSD has recently held a meeting with the participation of its clients, where it revealed its strategic plan for the period between 2023 and 2027. During the meeting, KELER also evaluated its previous strategic plan, which focused more on the System Modernisation Programme and exploiting the potential for international expansion. The new strategy, on the other hand, focuses more on improvement of operational efficiency, cost-effectiveness, digitalisation and improvement of client satisfaction. Before defining its strategic objectives KELER undertook a comprehensive analysis of European CSD practice, current services, and ways to improve customer experience, as well as recently launched a survey to assess the development needs of its direct customers.
The strategy plan was endorsed by the Board of Directors of KELER in November, the General Meeting in December and the implementation plan was approved by the Board of Directors in February 2023.
The implementation of the strategic plan has begun, and projects are currently being planned. It is very important for KELER to think along with the market, taking into account the professional aspects, while keeping an eye on profitability.
- Development of CSD services over 2023/2024:
- Modernisation of corporate actions services.
- Introducing partial release
- Extension of CAPS corporate actions services for FI securities
- REPO harmonisation
- Enabling ISO 20022 for settlement and reconciliation
- Implementation of new billing procedures
- Simplification of fee calculation
- Discontinuation of specialised banking services by 2026. New service models will be developed with the involvement of market players by EOY 2023.
- Improved reporting services.
- Assessment of T2S membership.
- A review of cross-border services in 2023. Decision on future services is expected by 2024-2025.
- Termination of LEI code issuance services on 26 April 2023.
So far, the market has only received high-level information on the strategy, but Keler has committed to provide more details in the near future. Several working groups are expected to start working on the strategic plan and related new projects.