Update on KELER Service Development Program Go Live

UniCredit Bank Hungary Zrt.
KELER decision on KSDP’s go live
Tue, 23/11/2021

The Board of Directors of KELER, the Hungarian CSD, has approved the go live of the first phase of the KELER Service Development Program (KSDP) at its meeting held on 22 November 2021. The official go live date remains on 6 December 2021.
The technical content of the new platform to be launched will be based on the Service Description published by KELER in August, 2021. 
Please note that the following special procedures will be followed during the go-live weekend:

  • According to the plans, all pending trades will be handled by KELER and its participants, therefore no client interaction is needed related to these transactions.
  • To minimize the risk of the go live, UniCredit has decided that no client instruction with settlement date equal or over 6 December 2021 will be forwarded to KELER as of 1 December 2021. The referred instruction will be sent to the CSD on 6 December 2021, after the successful go live. 

Please also be informed that functionalities related to the Settlement Discipline measures, which will be introduced from 1 February 2022, will not be technically implemented on the KSDP go live date, therefore dry-run testing with the market (including penalty procedures and reporting) will not start on the initial go-live on 6 December. Market testing of the penalty management system is expected to take place during December 2021 and January 2022. Further information on the market dry-run tests will be provided at a later stage.

KELER made available the matching BIC codes to be used in securities transactions for KELER's direct customers on the below link: KSZP_eles-BIC-lista.pdf

Impact on investors: New securities settlement standards, SWIFT message rules and procedures will go live on the Hungarian market as of 6 December 2021. UniCredit will freeze instructions with settlement dates on or after this date for subsequent forwarding post- go-live.