Top-quality services for financial markets
03 July 2020
KDPW’s president and CEO, Maciej Trybuchowski, reviews the Polish CSD and CCP’s services and how Poland has fared during the COVID-19 volatility
Image: KDPW
Poland is the largest and the most attractive market for foreign investors in Central and Eastern Europe (CEE). It has a critical mass to attract new investors, especially those acting on emerging markets. The country has a stable economy with a well organised and supervised financial market, is well perceived by foreign investors, who are confident in the high resilience of the Polish economy to potential financial downturns.
Even in the time of the COVID-19 pandemic, the forecasts for the Polish economy are promising.
Looking at the financial market and its infrastructure, it is really worth to notice how the KDPW Group built Central Europe’s leading clearing and settlement infrastructure. Thanks to services offered in KDPW, the Polish central securities depository (CSD), and KDPW CCP (the clearinghouse) the quality and safety of the Polish financial market and its attractiveness to international investors were strongly improved. KDPW Group offers the services of an authorised CSD and central counterparty (CCP) (including over-the-counter clearing), a registered European Market Infrastructure Regulation (EMIR) and Â鶹´«Ã½ Financing Transactions Regulation (SFTR) trade repository (TR), an approved reporting mechanism service, a global numbering agency (ISIN, CFI, FISN), as well as an authorised local operating unit (LOU).
Trade repository
KDPW TR was one of the first TRs in Europe to be registered by the European Â鶹´«Ã½ and Markets Authority (ESMA) in confirmation of compliance with all international standards which guarantee the highest quality of service.
KDPW has participated in the implementation of EMIR and SFTR from the very beginning and is engaged in active dialogue with all market participants: regulators, other TR, as well as reporting participants. KDPW aligns its services with the legal requirements and the ESMA guidelines and follows the needs of market players covered by the reporting obligation.
Our strengths:
• Secure certified access to the application,
• User-friendly intuitive website interface with reporting functionalities and direct access to maintained data,
• Global communication standards: XML messages, dedicated message queues (MQ),
• Easy access to support our highly qualified experts,
• Existing procedures applicable in the event of contingencies, solutions ensuring the highest security; standards and business continuity in data collection and maintenance (including a back-up site).
EMIR TR
KDPW EMIR TR offers the reporting of derivative trades via a user-friendly secure website interface or over automatic direct connections. Derivatives trades are reported in messages developed in line with the scope of information required under the EMIR technical standards. They include all data necessary for the TR to identify trades and process reports as required by ESMA.
Our online application supports the following functionalities:
• Reporting and modification of trades;
• Viewing and browsing reported data;
• Filtering and downloading reported data (export in *.xml, *.xlsx, *.csv format);
• Tracking the reporting process.
• KDPW EMIR TR is authorised to accept reports for all classes of derivatives on all markets:
• Commodity derivatives (CO);
• Credit derivatives (CR);
• Currency derivatives (CU);
• Equity derivatives (EQ);
• Interest rate derivatives (IR);
• Other derivatives (OT).
SFTR TR
KDPW has extended its TR services to include SFTR reporting for all class of instruments such as repo, buy-sell back, sell-buy back, securities lending, commodity lending, margin lending as well as margin and reuse reporting. In May 2020 ESMA has decided to extend the registration of the KDPW TR to include trade reporting under SFTR.
KDPW, which operates the trade repository under EMIR, has the necessary experience, expertise, resources, as well as a range of technological and procedural solutions necessary to accept and maintain trade reports.
Complementary services offered by KDPW provide participants of the TR (under SFTR and under EMIR) with clear benefits afforded by the existing KDPW TR communication interfaces, the ability to meet both obligations by reporting to a single repository, reduced workload, available technological solutions, expert support, as well as low prices, all those factors ensuring a significant reduction of the cost of the reporting obligations.
Professional clearing services
KDPW CCP is authorised under EMIR and has a broad experience in extending the scope of its services. In view of its current levels of trade clearing and taking into account future volume growth and the potential to offer its services in the CEE region, KDPW CCP holds the necessary level of own capital, which currently stands at €54 million. The CCP’s own capital is the last line of defence in the face of member insolvency and the higher the capital of the CCP, the lower the risk exposure of the remaining members.
The clearinghouse performs a broad range of services in the financial market. For the regulated market, KDPW CCP clears equities, fixed income and other cash market instruments, as well as derivatives such as futures and options based on indices, equities, bonds, currencies and interest rates. It also offers clearing of securities lending and borrowing and derivatives from the interbank market (forward rate agreement, interest rate swaps, overnight index swaps, basis swaps and repos).
CSD and blockchain
KDPW operates as the CSD, and is responsible for the settlement of transactions concluded on the regulated market and in alternative trading systems (ATS) and for the operation of the CSD.
In addition, KDPW provides many services to issuers including dividend payments to shareholders, assimilation, exchange, conversion and split of shares, and execution of subscription rights. In March 2020, the Polish Financial Supervision Authority (KNF) has authorised KDPW under CSDR.
KDPW invests in innovation. Developed in 2019, our blockchain platform for the capital market supports general meeting services. eVoting is our application for shareholders to VoteLocal remotely at general meetings. The app offers much more than the remote voting functionality (including secret ballot). Its features include access to and management of shareholder and proxy information, meeting agendas, and draft resolutions. eVoting can be used to vote before and during a general meeting. It supports the proceedings, the publication of results, and the drafting of minutes of general meetings.
Numbering agency and LOU
The CSD of Poland (KDPW) is the only institution in Poland and one of the few institutions in Europe to offer such a broad range of numbering services for financial market entities and instruments. KDPW assigns: LEI, ISIN, CFI, FISN codes.
Since 1994, KDPW is the member of the Association of National Numbering Agencies (ANNA), and since 1996 plays the role of the national numbering agency.
The main advantages of the KDPW LEI service include:
• Customer service in English and Polish;
• Very competitive fees for the issuance and renewal of LEIs.
• Prompt processing of orders;
• Individually dedicated account manager for each order, available to the client at every step of the application verification process;
• Automatic communicating of all events in the processing of orders;
• Highly competent staff dedicated to customer service and an excellent understanding of the specificity of the Polish capital market including local legal requirements.
KDPW’s secure online application https://lei.kdpw.pl is offered in Polish and English.
KDPW Group offers post-trade services to the market with the largest turnover in the CEE region. This is a strong market, which provides a stable revenue stream that in turn allows us to offer low-cost processing of trades.
Even in the time of the COVID-19 pandemic, the forecasts for the Polish economy are promising.
Looking at the financial market and its infrastructure, it is really worth to notice how the KDPW Group built Central Europe’s leading clearing and settlement infrastructure. Thanks to services offered in KDPW, the Polish central securities depository (CSD), and KDPW CCP (the clearinghouse) the quality and safety of the Polish financial market and its attractiveness to international investors were strongly improved. KDPW Group offers the services of an authorised CSD and central counterparty (CCP) (including over-the-counter clearing), a registered European Market Infrastructure Regulation (EMIR) and Â鶹´«Ã½ Financing Transactions Regulation (SFTR) trade repository (TR), an approved reporting mechanism service, a global numbering agency (ISIN, CFI, FISN), as well as an authorised local operating unit (LOU).
Trade repository
KDPW TR was one of the first TRs in Europe to be registered by the European Â鶹´«Ã½ and Markets Authority (ESMA) in confirmation of compliance with all international standards which guarantee the highest quality of service.
KDPW has participated in the implementation of EMIR and SFTR from the very beginning and is engaged in active dialogue with all market participants: regulators, other TR, as well as reporting participants. KDPW aligns its services with the legal requirements and the ESMA guidelines and follows the needs of market players covered by the reporting obligation.
Our strengths:
• Secure certified access to the application,
• User-friendly intuitive website interface with reporting functionalities and direct access to maintained data,
• Global communication standards: XML messages, dedicated message queues (MQ),
• Easy access to support our highly qualified experts,
• Existing procedures applicable in the event of contingencies, solutions ensuring the highest security; standards and business continuity in data collection and maintenance (including a back-up site).
EMIR TR
KDPW EMIR TR offers the reporting of derivative trades via a user-friendly secure website interface or over automatic direct connections. Derivatives trades are reported in messages developed in line with the scope of information required under the EMIR technical standards. They include all data necessary for the TR to identify trades and process reports as required by ESMA.
Our online application supports the following functionalities:
• Reporting and modification of trades;
• Viewing and browsing reported data;
• Filtering and downloading reported data (export in *.xml, *.xlsx, *.csv format);
• Tracking the reporting process.
• KDPW EMIR TR is authorised to accept reports for all classes of derivatives on all markets:
• Commodity derivatives (CO);
• Credit derivatives (CR);
• Currency derivatives (CU);
• Equity derivatives (EQ);
• Interest rate derivatives (IR);
• Other derivatives (OT).
SFTR TR
KDPW has extended its TR services to include SFTR reporting for all class of instruments such as repo, buy-sell back, sell-buy back, securities lending, commodity lending, margin lending as well as margin and reuse reporting. In May 2020 ESMA has decided to extend the registration of the KDPW TR to include trade reporting under SFTR.
KDPW, which operates the trade repository under EMIR, has the necessary experience, expertise, resources, as well as a range of technological and procedural solutions necessary to accept and maintain trade reports.
Complementary services offered by KDPW provide participants of the TR (under SFTR and under EMIR) with clear benefits afforded by the existing KDPW TR communication interfaces, the ability to meet both obligations by reporting to a single repository, reduced workload, available technological solutions, expert support, as well as low prices, all those factors ensuring a significant reduction of the cost of the reporting obligations.
Professional clearing services
KDPW CCP is authorised under EMIR and has a broad experience in extending the scope of its services. In view of its current levels of trade clearing and taking into account future volume growth and the potential to offer its services in the CEE region, KDPW CCP holds the necessary level of own capital, which currently stands at €54 million. The CCP’s own capital is the last line of defence in the face of member insolvency and the higher the capital of the CCP, the lower the risk exposure of the remaining members.
The clearinghouse performs a broad range of services in the financial market. For the regulated market, KDPW CCP clears equities, fixed income and other cash market instruments, as well as derivatives such as futures and options based on indices, equities, bonds, currencies and interest rates. It also offers clearing of securities lending and borrowing and derivatives from the interbank market (forward rate agreement, interest rate swaps, overnight index swaps, basis swaps and repos).
CSD and blockchain
KDPW operates as the CSD, and is responsible for the settlement of transactions concluded on the regulated market and in alternative trading systems (ATS) and for the operation of the CSD.
In addition, KDPW provides many services to issuers including dividend payments to shareholders, assimilation, exchange, conversion and split of shares, and execution of subscription rights. In March 2020, the Polish Financial Supervision Authority (KNF) has authorised KDPW under CSDR.
KDPW invests in innovation. Developed in 2019, our blockchain platform for the capital market supports general meeting services. eVoting is our application for shareholders to VoteLocal remotely at general meetings. The app offers much more than the remote voting functionality (including secret ballot). Its features include access to and management of shareholder and proxy information, meeting agendas, and draft resolutions. eVoting can be used to vote before and during a general meeting. It supports the proceedings, the publication of results, and the drafting of minutes of general meetings.
Numbering agency and LOU
The CSD of Poland (KDPW) is the only institution in Poland and one of the few institutions in Europe to offer such a broad range of numbering services for financial market entities and instruments. KDPW assigns: LEI, ISIN, CFI, FISN codes.
Since 1994, KDPW is the member of the Association of National Numbering Agencies (ANNA), and since 1996 plays the role of the national numbering agency.
The main advantages of the KDPW LEI service include:
• Customer service in English and Polish;
• Very competitive fees for the issuance and renewal of LEIs.
• Prompt processing of orders;
• Individually dedicated account manager for each order, available to the client at every step of the application verification process;
• Automatic communicating of all events in the processing of orders;
• Highly competent staff dedicated to customer service and an excellent understanding of the specificity of the Polish capital market including local legal requirements.
KDPW’s secure online application https://lei.kdpw.pl is offered in Polish and English.
KDPW Group offers post-trade services to the market with the largest turnover in the CEE region. This is a strong market, which provides a stable revenue stream that in turn allows us to offer low-cost processing of trades.
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