The National Depository for Securities (KDPW) has signed a Memorandum of Understanding with the Central Securities Depository of Belarus (RCSD). It is the first step to establishing an operational link between the central depositories in Poland and Belarus, enabling the listing of Belarusian companies on the Warsaw Stock Exchange.
The Memorandum of Understanding (MoU) sets out the framework of co-operation between the depositories, including the exchange of information, statistics and experience between experts of the Polish and the Belarus depository. These actions are aimed at establishing an operational link between KDPW and RCSD, enabling dual listing of companies in Warsaw and Minsk in future.
“The MoU is the first stage in establishing a transborder link with Belarus. We are very attentive to developments in the Belarus market, which I believe is very promising,” said Iwona Sroka, CEO of the National Depository for Securities. “Thus will also create opportunities for transfer of expertise and possibly our technologies to Belarus,” added KDPW’s CEO.KDPW’s initiatives establishing new transborder operational links and increasing the profitability of existing links are part of its corporate strategy for 2010-2013 approved in December 2009. One of the key strategic goals and projects is to co-operate with the WSE and market participants in order to support foreign listings. Co-operation with Belarus will also strengthen KDPW’s position in the region as a result of business activity and synergies of co-operation with institutions of the Polish capital market.
The National Depository has 13 operational links with foreign depositories, including 6 direct links between KDPW and a foreign depository. The other 7 links are indirect links mediated by one of the two international depositories: Clearstream Banking Luxembourg and Euroclear Bank.
A project to establish an operational link with the Bulgarian market is approaching completion. It will create an indirect link via a local custodian bank. KDPW is currently developing links with Romania and Canada.