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The Warsaw Voice » Other » November 18, 2009
kdpw_stream
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The New Polish Depository-Settlement System
November 18, 2009   
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August 3, 2009 saw the launch of the new KDPW depository-settlement system, kdpw_stream.

Security guarantee
The new depository-settlement system guarantees efficiency and security for market participants and system users. There is a separate system for the clearing and settlement of the cash and derivatives market. Settlement in real time is not interrupted during settlement batch sessions. The system has a large settlement optimization and fails management module working together with an automatic securities lending unit. Risk monitoring takes place in real time.

Modern technology
kdpw_stream is a modern multipurpose IT platform for clearing houses and central securities depositories. It provides end-to-end processing for clearing and settlement of transactions from both the regulated and non-regulated markets for a broad range of cash and derivatives financial instruments. It is based on stable and reliable standards for IT systems, while at the same time being a completely new system built using many years worth of experience operating in a dynamically evolving market.

Efficiency and performance
The system allows faster reaction times in response to the needs of the market and increases the ability to adopt efficient solutions in line with the actual requirements of participants. A flexible account structure allows participants to create their own account configurations. Assets may be segregated in various ways, either in collective or individual accounts. The system allows for multi-currency settlement and the setting of payment limits.

Harmonized functions
The modular design of the system allows easier addition of new functions, or use of only specially chosen functions. It provides an electronic online link with participants, markets, settlement banks and other clearing and settlement institutions. Data exchange is fully based on XML technology and SWIFT-based messaging. A configurable module for calculating fees works together with a SAP-class system. New language versions may be added, or multiple language versions may be used together, depending on user preference.

The future…
kdpw_stream allows for the adoption of international standards for data exchange with participants and foreign clearing houses, settlement systems and central securities depositories. The system provides foreign participants in the Polish market with access to foreign clearing and settlement systems, while Polish market participants can trade financial instruments registered in foreign countries.
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