CDCP has commenced providing central depository services to all the clients as of 15 November 2021
Centrálny depozitár cenných papierov SR, a.s. (CDCP) and Národný centrálny depozitár cenných papierov, a.s. (NCDCP) successfully migrated all the assets of NCDCP’s clients to the CDCP records as planned from 12 to November 14, 2021. As of November 15, 2021, the CDCP has commenced providing central depository services to all clients whose assets have been transferred. This completes the process of creating a single central securities depository servicing the whole Slovak capital market.
Assets’ migration was executed in line with valid legislation and the Agreement on transfer of clients’ assets from NCDCP to CDCP concluded in July 2021. Both depositories worked intensively on the preparation of the migration of clients' assets several months prior to its implementation. In order to ensure the smooth transfer of assets, migration testing has been done in two rounds before going live.
For NCDCP the migration of client assets meant the termination of participation in the pan-European Target 2-Securities (T2S) securities settlement system operated by ECB.
The creation of a single central depository, which serves the entire Slovak capital market, will result in an increase in the efficiency of the market infrastructure and a simplification of procedures for all capital market participants who have used the services of both