On Wednesday, 9 November, the Hungarian CSD KELER held a meeting with the market participants to further discuss the details and processes of market claim, transformation and buyer protection services provided by KELER under the T2S BCP solution. As communicated previously, KELER decided to postpone the go-live date of its new system (BaNCS), thus the establishment of a BCP solution for T2S processes became necessary.
In line with previous discussions with the market participants and the manual operating model presented to the European Central Bank, at the time of its T2S entry KELER plans to introduce market claim, transformation and buyer protection services only for those matched and on record date pending transactions where the settlement currency is EUR.
According to KELER, a separate document on its entire T2S BCP solution will be published on 10 November 2016. This document will include the detailed process for settlements and for corporate actions including market claims, transformations and buyer protection. Thus, after the review and analysis of the T2S BCP document, we will further advise our clients on the details of the KELER T2S services under the BCP solution and its impacts on the customers of UniCredit Bank Hungary.
Meanwhile, in the forthcoming weeks, KELER will further discuss the details of this manual operating model with representatives of the Harmonisation Steering Group (HSG). The final decision regarding temporarily waiving some of the T2S requirements that are needed to introduce the T2S BCP solution is expected to be taken by the end of November 2016.
Impact on investors: Discussions continue between KELER and the local market participants regarding the market claim, transformation and buyer protection services provided by KELER under the T2S BCP solution. Further details on the impact on the investors will be available once the updated T2S BCP service description document is published by KELER. The final decision about the T2S BCP solution is expected to be taken by the end of November 2016.