NCDCP has successfully migrated to the T2S platform
(Created: 31.10.2017 08:00, Source: NCDCP)
On Friday 27 October, the National Central Securities Depository (NCDCP) has successfully migrated to the TARGET2-Securities (T2S) single platform of the European Central Bank. 30 October, which was the first business day under the new conditions after integration, proceeded smoothly and problem-free. At the same time, the revised versions of the Operational Rules and Price List came into force.
Successful migration means for the NCDCP a ticket to the club of 20 European Central Securities Depositaries which, within the framework of a single technical platform, have the ability to perform cross-border securities settlement at the same level and under the same pricing conditions as domestic settlement, in order to maximize the security and performance of the entire settlement process. With the current average of 550,000 transactions per business day, T2S is one of the largest settlement systems in the world.
The European Central Bank (ECB) launched in 2008 a T2S transition project, with the platform launch date in June 2015, when other national central depositories joined the scheme until the autumn of this year in accordance with the approved schedule. In this context, the whole migration by the NCDCP was exceptional, when the whole process of preparation, which has typically required in case of experienced CSDs several years, was successfully completed by our central depository 1.5 years after signing the T2S Framework Agreement in May 2016.
"The acceptance of the NCDCP as a new capital market infrastructure entity to the T2S project, which was under way, has been a success for us and an expression of great confidence in us on the part of the ECB, which we value very much," said the NCDCP Chairman of the Board of Directors and CEO Mr Ľubor Jenis. "I believe we did not fail the confidence shown by the ECB and with a successful migration to the T2S, we have managed to succeed in this challenging test as an equal partner also when compared to the established European Central Depositories. The main share in this historic success goes to the members of our project team, whose efforts have been the more challenging, having to participate in parallel in the implementation of other projects, important for the future functioning of the NCDCP. Big thank you also belongs to our partners from the ECB and co-operating European depositories for their valuable advice and specialist assistance, our current and future clients for collaborative testing, and last but not least, our technology contractors, including our shareholder, securing a significant part of our system and infrastructure support. Also thanks to all those that I mentioned, the Slovak government’s Capital Market Development Concept can be successfully implemented."
Members of the NCDCP T2S Project Team. (Picture: NCDCP)
The operation of the NCDCP under the new T2S conditions will allow participants, clients and issuers to benefit from additional service benefits, based on higher efficiency, better liquidity and collateral management for Eurosystem credit operations. Integration of the Slovak market’s infrastructure thus brings a higher level of harmonization with European partners in the field of securities trading as well.
Important for the clients: The NCDCP office ours do not change after transition to the T2S platform.