“We have opened 2010 with the new KDPW Strategy whose implementation has entered a key phase. Over the past year, we have implemented a range of projects improving the operation and development of the entire Polish capital market,” said KDPW CEO Iwona Sroka. In 2010, KDPW has cleared 18 million transactions worth over PLN 8.2 billion. "While the number of cleared transactions did not change year on year, their value increased by close to 70 percent year on year", said the KDPW CEO.
The major initiatives of 2010 include a change of the existing system of guarantees for settlements of transactions on the regulated market and the launch of the settlements guarantor, the company KDPW_CLEARPOOL. It is the first step towards the creation of a CCP clearing house separate from the KDPW structure in 2011. “As a result, the Polish market will work according to global standards for clearing houses and central securities depositories,” said KDPW CEO Iwona Sroka about the CCP project. KDPW together with the leading banks has started work to establish a CCP clearing house for the derivative OTC market.
New operational links with foreign markets have been opened in 2010. A link with Bulgaria went live in February; as a result, Intercapital Property Development was the first Bulgarian company to be listed on the NewConnect market operated by the Warsaw Stock Exchange. A link with Canada has enabled the listing of Kulczyk Oil Ventures which debuted on the WSE in May. A connection with the Lithuanian CSD has been completed before the year-end. “Together with other market participants, in particular the Warsaw Stock Exchange, we are working to attract more foreign issuers to Warsaw,” said KDPW CEO.
In 2010, the kdpw_stream system was “tested in battle” as it processed a record number of 389.5 thousand transactions. In addition to regular operations, this included transactions relating to the IPO of PZU. “Monitoring of the kdpw_stream confirms that the system in its current configuration has the capacity to clear up to 2 million transactions per day. This is double the original target,” said Iwona Sroka.
The National Depository has actively worked with market participants in 2010 on a project which will open the Target2-Securities platform to the Polish market. KDPW heads the National Users Group working to implement T2S on the Polish market.
KDPW has established the Exchange Clearing House (GIR) to clear and settle transactions on the WSE Energy Market. GIR is responsible for the clearing and guaranteeing the settlement of transactions in this market segment. It is a part of the KDPW Strategy as the National Depository is expanding the range of offered services and entering new business areas.
KDPW and its Management Board have received many awards in 2010. The National Depository has been awarded by COMMON Europe for the implementation of the depository-settlement system kdpw_stream. The KDPW system has been awarded in the Gazeta Bankowa competition “2009 Financial Institution IT Leader”. KDPW CEO Iwona Sroka has been awarded in a Gazeta Finansowa ranking “2010 Polish Business Pearls” for the Most Entrepreneurial Women in Poland. KDPW Deputy President Sławomir Panasiuk has been awarded the prestigious title “2009 CIO of the Year”.
Operations
In 2010, KDPW has cleared 18 million transactions worth over PLN 8.2 billion. While the number of cleared transactions did not change year on year, their value increased by close to 70 percent year on year.
The number and the capitalisation of financial instruments deposited with KDPW have grown considerably year on year. At 31 December 2010, 780 issues of shares, 191 issues of Treasury bonds and 129 issues of non-Treasury bonds were deposited with KDPW. In particular, the number of issues of non-Treasury bonds has increased dynamically by 187 percent year on year. The capitalisation of deposited non-Treasury bonds has also grown the most dynamically (by 100 percent); the capitalisation of deposited shares is up by 32 percent and that of Treasury bonds by 15 percent.
The General Meeting registration system has registered 934 ordinary and extraordinary general meetings of companies.
At the end of 2010, 730 issuers of securities were registered in KDPW (compared to 583 issuers at the end of 2009). The National Depository has 72 direct participants, one more than a year earlier.
KDPW Main Statistics 2009-2010
2009
|
2010
|
YoY change
| |
Number of deposited issues of shares |
687
|
780
|
14%
|
Number of deposited issues of Treasury bonds |
184
|
191
|
4%
|
Number of deposited issues of non-Treasury bonds |
45
|
129
|
187%
|
2009
|
2010
|
YoY change
| |
Capitalisation of deposited issues of shares (PLN B) |
396
|
525
|
32%
|
Capitalisation of deposited issues of Treasury bonds (PLN B) |
415
|
479
|
15%
|
Capitalisation of deposited issues of non-Treasury bonds (PLN B) |
11
|
22
|
100%
|
2009
|
2010
|
YoY change
| |
Number of transactions cleared by NDS (in millions) |
18
|
18
|
0%
|
Value of transactions cleared by NDS (PLN B) |
4 915
|
8 265
|
68%
|
2009
|
2010
|
YoY change
| |
Number of registered issuers |
583
|
730
|
25%
|
Number of direct participants |
71
|
72
|
1%
|
Source: KDPW
2010 Milestones
- 15 February: KDPW opens an operational link with Bulgaria
- 18 February: KDPW Deputy President Sławomir Panasiuk is awarded the prestigious title "2009 CIO of the Year"
- 4 March: Target2Securities National Users Group is launched
- 11 March: kdpw_stream system is awarded in the Gazeta Bankowa competition “2009 Financial Institution IT Leader”
- April: Number of securities accounts increases by 140 thousand driven by the PZU IPO
- 7 May: Record number of 358 thousand transactions recorded in kdpw_stream (cash market only)
- 27 April: KDPW_CLEARPOOL SA founding deed is signed
- 31 May: Amendment of KDPW Rules concerning the system of guaranteeing the settlement of transactions on the regulated market and a guarantee agreement between KDPW and KDPW_CLEARPOOL enter into force
- 13 June: National Depository is awarded by COMMON Europe for the implementation of the depository-settlement system kdpw_stream
- 20 October: National Depository, the Warsaw Stock Exchange and WSEInfoEngine acquire shares in the Electricity Trading Platform (poee)
- November: Number of securities accounts increases by almost 100 thousand driven by the WSE IPO
- 9 November: 16th anniversary of KDPW
- 18 November - KDPW CEO Iwona Sroka is awarded in a Gazeta Finansowa ranking “2010 Polish Business Pearls” for the Most Entrepreneurial Women in Poland
- 19 November: Operational link with Lithuania goes live
- 11 December: Exchange Clearing House (GIR) starts clearing transactions on the WSE Energy Market poee