The new KDPW Strategy, successful implementation of the new depository-settlement system kdpw_stream, more than 200 General Meetings supported by KDPW and 18 million recorded operations were the highlights of the past year 2009. Next year, the National Depository is planning to implement a range of projects improving the international competitiveness of the Polish capital market.
KDPW Strategy 2010-2013
The Strategy was developed on the basis of an in-depth analysis of the main trends in the international financial markets, the experience and competences of the KDPW Management Board and managers.
The international rating agency Thomas Murray welcomed the projects included in the KDPW Strategy. The agency stressed that the new strategy is focused on growing KDPW competitiveness in the international context.
“The year 2009 was a time of major change, not only in the National Depository but on the entire Polish capital market. The new KDPW Strategy will enable the company and the participants to face international competition so Warsaw can take a strong position on the European map of financial centres,” said KDPW CEO Iwona Sroka.
kdpw_stream
On 3 August 2009, KDPW implemented the new depository-settlement system kdpw_stream. It was a great success of the market. As one of the most complex IT projects in the Polish market, it required the co-operation of over 80 partners. The new system has a much improved capacity, supporting up from 300 thousand to 1 million transactions per day.
Operating Activity
In 2009, KDPW recorded 17.9 million transactions worth close to PLN 5 billion. By the end of November, KDPW recorded more than 1 thousand issues of financial instruments. The main group are shares of Polish companies (655 issues), followed by options (378 issues) and Treasury bonds (183 issues).
Corporate Actions
In 2009, KDPW performed 600 different corporate actions involving securities registered in KDPW (split, assimilation, redemption of certificates, cancellation, allocation of shares, etc.).
Corporate actions included dividend payments. In 2009, KDPW supported the payment of dividend in 105 Polish companies and 5 foreign companies (UniCredit - Italy, CEZ – Czech Republic, Asseco Slovakia – Slovakia, Pegas Nonwovens – Czech Republic, NWR – Czech Republic).
For the first time in history, KDPW performed a complex reverse split for WSE listed companies FON and PC Guard.
General Meetings
Amended provisions of the Polish Code of Commercial Companies concerning general meetings came into force on 3 August 2009. Since then, KDPW has supported 214 General Meetings of Polish companies (including 26 upcoming General Meetings already registered in the KDPW system). In addition, KDPW has supported 14 General Meetings of foreign issuers (in co-operation with the companies’ home depositories).
Investment Accounts
KDPW participants operated 1,149,067 investment accounts at the end of November 2009, the highest figure reported this year. The number of accounts has grown by over 114 thousand year to date. Big privatisation projects attracted new investors to the stock market. In addition, the WSE is a European leader by value and number of IPOs, which encourages investors to buy shares in IPOs.
Plans for the Future
“The next year abounds in new projects which will reinforce the position of KDPW and Warsaw as the financial centre of the CEE region. The key projects include the creation of a central counterparty clearing house separate from the KDPW structure. The project will reduce the risks and burden to the participants of the Polish capital market,” said Iwona Sroka.
The implementation of the new Strategy will include projects aiming at integration of KDPW with European structures, reducing barriers to payments in the euro and trans-border settlement of securities. New services will be launched to grow the value of the group with a special focus on implementation of Electronic Trade Confirmation, development of OTC transaction settlement services, and introduction of Delivery versus Payment (DvP) transborder services. Other projects will improve the quality and scope of existing services, building KDPW participant loyalty by active improvement of settlement and clearing solutions, including the following projects: Omnibus account services for foreign CSDs, functionalities of the settlement agent for foreign clearing participants, hold-release mechanism for matching settlement instructions, development of a securities lending system, development of corporate actions services