The Central Securities Depository of Poland
(KDPW)
September 2014
Overview of the Polish Capital Market
Financial Supervision Authority (KNF)
WSE Main Market,
BondSpot, Catalyst,
NewConnect, OTC
KDPW
KDPW_CCP
Institutional
investors
National Bank
of Poland
Financial institutions
and intermediaries
Issuers
Individual
investors
2
join the celebrations
of the 25th anniversary
of economic freedom
in Poland
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was established in 1991
was separated in 1994,
as an independent,
join stock company
was created in 2011
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KDPW and KDPW_CCP
33%
33%
KDPW:
 Trade repository service – EMIR compliant. One of the
first 4 trade repositories in UE. ESMA registration of
KDPW_TR (7 Nov. 2013)
 LEI – one of the 14 agencies in the world allocating LEIs
33%
KDPW_CCP:
 Established: July 2011
 100% of shares owned by KDPW
100 %
 KDPW_CCP own capital: PLN 223 M (ca. EUR 53 M)
 Central counterparty functionality through novation
 Reporting to KDPW_TR (non mandatory)
 KDPW_CCP the 3rd authorised clearing house in Europe
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Main responsibilities of KDPW and KDPW_CCP
100%
Settlement
Regulated Market
ATS
Cash OTC
Central Securities Depository
Managing Deposit Accounts
Registering and Safekeeping
of Securities
Corporate Actions
Operational Links with Foreign CSDs
Clearing
Database Management
Numbering Agency (ISIN, LEI)
Regulated Market
Investor Compensation Scheme
ATS
REPO
OTC
Derivative OTC
Risk Management
Asset Management
SPAN
VaR
Guarantee Fund
Collateral Management
OFE Transfer Payments
Trade Repository
Exchange Clearing House (GIR KDPW)
PLN
Govt. Bonds
T-Bills
WIG20
Companies
Central Securities Depository of Poland
The functions and tasks of KDPW are set out in the Act on Trading in
Financial Instruments of 29 July 2005.
Main task: To organise, operate and supervise the depository-settlement
system for trade in financial instruments in Poland
Pursuant to Article 48.7 of the Act on Trading…, KDPW may outsource, under
a contract, the performance of specific tasks to a subsidiary. In line with this
provision, KDPW has outsourced to the clearing house KDPW_CCP the
performance of tasks including trade guarantees and clearing.
Main Tasks of KDPW

Managing Participants’ depository accounts in which securities are
registered as electronic records

Registration and safekeeping of dematerialised financial instruments in
Participants’ depository accounts

Settlement of transactions executed on regulated markets (WSE and
BondSpot) and transactions executed outside of regulated markets
(NewConnect, BondSpot)

Monitoring the number of securities in trading to ensure it corresponds with
the number of securities issued

Corporate actions – performance of issuers’ obligations to securities
holders (e.g., dividend payment, merger of shares)

Assigning ISIN and LEI to Polish issues of financial instruments (KDPW is
the national institution responsible for assignment of ISIN and LEI)
Number of Securities Accounts
1,600,000
1,477,419
1,497,609
1,508,519
1,503,490
1,509,158
2010
2011
2012
2013
08.2014
1,132,602
996,565
853,333
1,028,962
908,926
800,000
0
2005
2006
2007
2008
2009
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Operational Links with CSDs
KDPW maintains 19 operational links with foreign depositories: 9 direct links between KDPW and
a foreign depository and 10 indirect links via an international depository (Clearstream Banking
Luxembourg, Euroclear Bank) or a custodian bank (Bulgaria). KDPW has both a direct and an
indirect link with Slovakia.
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Trade Repository
 A trade repository is a set of information which fulfils the requirements of
the Regulation of the European Parliament and of the Council on OTC
derivatives, central counterparties and trade repositories.
 The KDPW Trade Repository became operational on 2 November 2012.
 It operates under the Trade Repository Rules.
14 November 2013: KDPW_TR was registered
by ESMA as one of the four first regarded TRs.
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Registered TRs in UE (as of 12.09.2014)
1. DTCC Derivatives Repository Ltd. (DDRL) 14 November 2013
1. Krajowy Depozyt Papierów Wartościowych S.A. (KDPW)
14 November 2013
1. Regis-TR S.A. 14 November 2013
1.
UnaVista Limited 14 November 2013
2.
CME Trade Repository Ltd. (CME TR) 5 December 2013
2.
ICE Trade Vault Europe Ltd. (ICE TVEL) 5 December 2013
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LEI Assigning
On 19 August 2013, KDPW has been assigned a prefix (2594) necessary to
assign identifiers – future LEI – to legal entities.
According to the provisions of regulations delegated under EMIR, a relevant identifier
is necessary in order to report derivative trades to a trade repository.
The prefix has been assigned by the ROC
Secretariat
(Regulatory
Oversight
Committee Secretariat) and will identify
codes assigned by KDPW in the global LEI
system (GLEIS).
The KDPW prefix has been requested by
the Polish Financial Supervision Authority,
which acts as a sponsoring authority in the
process of ROC’s authorisation of a local
unit as an LOU (pre-LOU) within the global
LEI system.
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www.kdpw.eu
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