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The Central Securities Depository of Poland (KDPW) turned 19 on 7 November 2013. Over that period, KDPW has settled over 204 million transactions, on average almost 29 thousand per day including all 365 days of the year. The value of settled trade is more than PLN 76.5 trillion. The capitalisation (value) of instruments deposited in KDPW has reached PLN 1.3 trillion in 2013 while the number of issuers who have deposited their securities in KDPW has for the first time crossed the mark of one thousand and reached 1,125 at the end of October.
“The range of services offered by KDPW has expanded with the growth of the Polish capital market. In the past few years, we have implemented a number of projects which have brought the Polish capital market infrastructure in line with the advanced financial markets and top global standards,” said Iwona Sroka, KDPW President and CEO.
In 2009, the new depository-settlement system kdpw_stream was implemented and an online General Shareholders Meeting application was launched to facilitate the organisation of corporate AGMs. In the next few years, KDPW clients have enjoyed further benefits. Most importantly, the clearing house KDPW_CCP was spun off from KDPW’s structure in 2011 as a central counterparty on the Polish market. The clearing house is equipped with a new trade clearing guarantee system and own capital (currently PLN 218 million). This has materially strengthened the international position of the Polish market. In 2012, KDPW launched the trade repository service and KDPW_CCP opened the OTC derivatives clearing service. Both services combined with the authorisation of KDPW as an institution responsible for assigning LEIs have come as a response to the European Market Infrastructure Regulation (EMIR). KDPW has applied for the registration of the Trade Repository by ESMA and KDPW_CCP has filed an authorisation application under EMIR.
“The new services and improvements of solutions already offered by KDPW over the past few years have strengthened the position of the local market and all of the market players: financial institutions, issuers, investors,” said Sławomir Panasiuk, KDPW Vice President and CIO.
Today KDPW Group is comprised of two companies of key importance to the Polish market: the Central Securities Depository of Poland (KDPW) and the clearing house KDPW_CCP. KDPW is responsible among others for the registration and safe-keeping of financial instruments, the settlement of regulated market and OTC trade, the provision of services to issuers (intermediation in dividend payout to shareholders, assimilation, exchange, conversion and split of shares), and the management of the Compensation Scheme established to guarantee cash payments to investors in case of brokerage house or bank default. KDPW also plays an important role by establishing operational links which enable the dual listing of foreign companies on WSE. KDPW maintains 19 links with foreign central securities depositories. KDPW also offers the Trade Repository service since November 2012.
KDPW_CCP is a state-of-the-art clearing house which clears regulated market, alternative trading system and OTC trade and applies a multi-tier clearing guarantee system.
