The UK rating agency Thomas Murray has highly evaluated the 2010-2013 Strategy of the National Depository for Securities (KDPW) approved on 8 December 2009. The agency has stressed that the new strategy focuses on growing the competitiveness of KDPW in the international context.
“KDPW’s new growth Strategy is a result of broad co-operation with the market. It is aimed at building KDPW’s competitive position internationally. We are proud with the high assessment of our Strategy by Thomas Murray, which confirms that our plans go in the right direction,” said KDPW CEO Iwona Sroka.
KDPW’s plan to establish a separate central counterparty clearing house based on the Western European model has been highly appreciated. According to Thomas Murray, the project will be an improvement in terms of counterparty risk, i.e., the risk of default by a party to exchange transactions. The agency will monitor progress of the work from the perspective of its impact on KDPW’s financial risk.
Thomas Murray has also welcomed the liquidity risk impact of a project which will modify the process of authorising settlement instructions, including the option for KDPW clients to set the date of execution of each instruction (“hold-release” mechanism).
International rating agencies and economy research institutions are increasingly positive about Poland and Polish companies, including entities of the capital market. The Warsaw Stock Exchange successfully competes with the biggest European exchanges in the value and number of IPOs; the Polish stock exchange is the leader in the CEE region by capitalisation and the volume of trading. KDPW’s new Strategy focuses on further reinforcement of the position of the Polish capital market internationally and builds a strong competitive position of Warsaw as the regional financial centre.
Established in 1994, Thomas Murray analyses among others the operation of central securities depositories throughout the world and rates depositories in terms of risks for clients by providing ratings relating to risks associated to relations with depositories.
