Update on KELER’s T2S entry date

UniCredit Bank Hungary Zrt.
The Hungarian Central Depository, KELER, announced that on 10 December 2015 the CSD Steering Group decided on a new migration plan for T2S, under which KELER will join on 7 February 2017.
Mon, 14/12/2015

Further to our earlier communication, KELER has now announced that during the meeting of the CSD Steering Group held on 10 December 2015 the various options and the impact from the delayed T2S connection of the Euroclear ESES CSDs were discussed and a decision on a new migration plan was taken, which is however still subject to approval of the Governing Council, expected to take place in February 2016.

According to the new migration schedule, KELER will join T2S on 7 February 2017 along with Clearstream Banking, the Baltic CSDs, CDCP, KDD, LuxCSD and OeKB CSD.

KELER also confirmed that the change in the date of its T2S entry will not have an impact on the implementation date of KELER’s new system BaNCS, which is scheduled for 4 July 2016.

Impact on investors: The postponing of KELER’s T2S entry date to 7 February 2017 will contribute to mitigating the operational risk associated with the original tight timeframe for the implementation of BaNCS and the subsequent joining of T2S.