Network providers SIA and Colt have been awarded the contract to connect the Hungarian central securities depository (CSD) Keler to Target2-Securities (T2S), the new European platform forthe settlement of transactions in domestic and cross-border securities.
Keler is owned by the Central Bank of Hungary and Budapest Stock Exchange (53.3% and 46.6% respectively) and the planned migration to T2S will take place in September next year. This will be among the first CSDs in Central and Eastern Europe to access the platform directly.
SIA and Colt's network infrastructure enables CSDs, central banks in the Eurosystem and the leading banks operating in Europe to connect to the new European platform for the settlement of transactions in securities.
TS2 is a project promoted by the European Central Bank and will be managed by four central banks, Banca d'Italia, Deutsche Bundesbank, Banque de France and Banco de Espana. It is one of the initiatives intended for the creation of the single European market.
"I am convinced that we have selected a network solution that best suits the needs of the Keler group, and thereby we enhance our capabilities and offering to meet the deadline for T2S Settlement as well," says Gyorgy Dudas, chief executive officer of Keler.
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