System tests are under way, while CAPS system successfully started operating earlier this year
System development program of KELER, the local CSD, is collecting high interest from the local financial market. Developments of KSDP (KELER Service Development Program) are progressing with the first round of tests underway. The IT connectivity tests were launched in April 2021 with the aim of monitoring and assessing communication channels between the CSD’s system and its direct participants. UniCredit Hungary has successfully met the testing requirements and has thus been accepted by the CSD to take part in the Market Acceptance Tests (MAT) to be launched in June 2021.
The purpose of MAT is to test functioning of newly developed settlement services, evaluate the efficiency of IT developments and test transactions which are to be used in live business operation. According to the plans, MAT will be carried out in two phases between June 1st, 2021 – July 9th, 2021 (MAT1) and September 1st, 2021 – November 5th, 2021 (MAT2).
In line with the on-going system enhancement program, the Hungarian Marker Practice Group has also convened and – with the intensive contribution of UniCredit GSS – updated the Hungarian market practice templates for settlement. The new standards will become effective as of November 2021 with the launch of KELER’s new settlement system. The market practices which are to be introduced will allow KELER members to provide the highest possible matching and STP rates to their custody clients on the Hungarian market.
Another piece of recent news regarding Hungarian regulatory projects is that KELER successfully completed the testing of SRD II-related developments and launched a new version of the CAPS system on March 29th, 2021.
CAPS system includes the full Shareholder Identification process performed by KELER while also facilitating the transmission of Shareholder Identification information when the authorized third party is not the CSD. Communication via SWIFT is possible as of March 29th, 2021, meaning that information on General Meetings and other types of SRD II-related Corporate Actions can be forwarded to KELER’s direct clients via SWIFT as of that date.