KDPW has changed the settlement cycle from T+3 to T+2 as of 6 October 2014.
The change of the settlement cycle to the T+2 standard harmonises the Polish market with the standards under implementation in the European Union. In particular, the change follows from the provisions of the CSDR (Regulation of the European Parliament and of the Council on improving securities settlement in the European Union and on central securities depositories) which take effect as of 1 January 2015 to that extent.
The introduction of the uniform rules on the T+2 settlement cycle in the European Union is an element of a far-reaching reform aiming to eliminate barriers in order to improve the efficiency of clearing and settlement and to mitigate counterparty risk. The new rules apply to transactions concluded on the exchange regulated market and in the alternative trading system (ATS) secured with the clearing guarantee system.
Financial instruments subject to the T+2 settlement cycle (previously T+3):
- rights to shares,
- depository receipts,
- investment certificates.
The settlement cycles of other instruments have remained unchanged.