The Slovak CSD, CDCP, published a new list of fees, which will come into effect as of 6 February 2017, provided that the migration of CDCP to T2S has been successful.
The main change to the price list concerns settlement fees, where CDCP looked to simplify the fees for securities transfers and for cash settlement. Instead of charging a fee based on the number of securities transferred, a flat fee for transfer of securities is being introduced. Similarly, the fee for cash clearing of settlement instructions was set at a flat level of EUR 1 instead of charging a percentage of the settlement amount.
Additionally, CDCP is introducing fees for the new services that will be offered in T2S, such as Hold and Release Fee, Cancellation Fee, Matching Fee, Fee for Autocollateralization. CDCP will also apply a surcharge of EUR 0.10 for day-time settlement.
The price list items have been transcoded to ensure their transparent and logical arrangement in accordance with the requirements of EU regulations.
In addition, certain formal amendments related to the changes in the Securities Act have been made as well.
The full version of the new price list is available on the website of CDCP, currently in Slovakian only, at Cenník CDCP.
Impact on investors: New CSD fees will apply following the successful migration of CDCP to T2S. Due to the fact that transactions with listed securities are settled through the Stock Exchange system, all such transactions remain subject to Stock Exchange fees as well, and the latter remain unchanged. The fees for the new T2S services will not impact these transactions as the respective functionalities are not offered by the Stock Exchange.