History

The National Depository for Securities (KDPW) is the central institution responsible for the management and supervision of the depository-settlement system in relation to trading in financial instruments in Poland. Trading takes place according to the highest international standards, including total securities dematerialisation.

The Polish central securities depository was created in 1991 as a department of the Warsaw Stock Exchange.

On 7 November 1994, this department was removed from the organisational structure of the Warsaw Stock Exchange and since then, KDPW has been functioning as a separate and independent joint stock company, with the State Treasury, as represented by the Minister of the State Treasury, the Warsaw Stock Exchange and the National Bank of Poland each holding 1/3 of shares.

Milestones

2010

13 June
KDPW has been recognised with an award from the COMMON Europe association for its implementation of the new kdpw_stream depository-settlement system.

31 May
Entry into force of amendments to the KDPW Rules concerning a system of guarantees of the settlement of transactions concluded on the regulated market and a guarantee agreement between KDPW and KDPW_CLEARPOOL

27 April
Founding deed of the company KDPW_CLEARPOOL SA is signed

April
The number of securities accounts increases by 140 thousand in anticipation of PZU’s IPO

11 March
The kdpw_stream system is awarded in the Gazeta Bankowa ranking "IT Leader 2009 in Financial Institutions"

4 March
National Users Group starts work on joining the Target2Securities platform

18 February
Sławomir Panasiuk, Deputy President of KDPW, named CIO of the Year 2009

15 February
Operational link between KDPW and the Bulgarian market

2009

8 December
KDPW Supervisory Board adopts the new growth strategy 2010-2013

6 December
Open Day of the WSE and KDPW

9 November
15th anniversary of KDPW

27 October
The New Depository-Settlement System is named kdpw_stream

3 August
Implementation of the new depository-settlement system

30 July
New KDPW Management Board – Dr Iwona Sroka - President & CEO, Sławomir Panasiuk - Vice-President, Michał Stępniewski - Member

20 July
Implementation of new internet application to process shareholder general meetings

6-9 June
KDPW is an organisational sponsor of the WallStreet 2009 conference

1 June
KDPW service launched on the MOSS 2007 platform

27 March
The National Depository for Securities hosts the second edition of Link Up Markets workshops.

25 March
The National Depository for Securities is a donor of the Professorship of Polish Studies at Columbia University

2 March
New rules of registration of financial instruments by KDPW Participants and supervision of registration exercised by the National Depository for Securities

2008

19 November
The National Depository for Securities is a Gold Sponsor of the FOW Derivatives World CEE Conference

31 October
Presentation of a survey of KDPW S.A.’s image among the Participants

20-21 October
7th conference Innovations in the Financial Markets 2008

1 October
Radosław Ignatowicz appointed Member of the Management Board of the National Depository for Securities

26 September
KDPW is named a 2008 IT Leader

29 August
The National Depository for Securities participates in the Economic Forum in Krynica 2008

30 June
The National Depository for Securities hosts the first Polish edition of Link Up Markets workshop series

16 June
Agata Rowińska appointed Member of the Management Board of the National Depository for Securities

7 May
Ewa Pawlak and Piotr Koziński elected to the Supervisory Board of the National Depository for Securities

7 April
The National Depository for Securities hosts an EACH meeting

18 April
The National Depository for Securities joins CCP12 as a member

17 March
Adoption of market practices for the application of ISO 15022

26 February
The National Depository for Securities is a partner of the second Europe-Ukraine Forum

22 February
Launch of the Russian language version of the website www.kdpw.pl

2007

April
Clearing fees waived for members of the Alternative Trading System. The policy will apply from the approval of the ATS Rules by the Polish Financial Supervision Authority until the end of 2007.

2006

December
The KDPW Supervisory Board lowers fees charged to KDPW participants by an average of 15%.

7 November
Elżbieta Pustoła, KDPW President and CEO, signs the European Code of Conduct.

June
The KDPW General Meeting of Shareholders elects Elżbieta Pustoła for a consecutive term of office as KDPW President and CEO

28-29 March
Derivatives Conference, organised jointly by KDPW and the Warsaw Stock Exchange

March
Introduction of new rules for annual fee reductions charged to participants (on average 15%). Annual fee reductions will only be annulled if a risk of operational losses emerges at the end of the year prior to their introduction.

19-20 January
KDPW hosts the ECSDA General Meeting and Board of Directors

2005

28-29 November
KDPW hosts the ECSDA Working Group 3 meeting

August
Changes introduced to the KDPW Rules implementing fee reductions for participants

16 June
The KDPW Supervisory Board adopted the KDPW strategy for 2005-2010

29 April
Euroclear Bank (Belgium) opens a depository account for KDPW

April
Initial work completed on the implementation of the operational risk management system

17-18 March
Derivatives Conference, jointly organised by KDPW

2004

7 November
KDPW's 10 anniversary. To mark the occasion, KDPW organises a conference entitled "Conditions of access by foreign issuers and international investors to the Polish capital market". During a gala ceremony, 10th Anniversary Galleon Awards were presented to individuals and institutions who were instrumental in the development of the Polish capital market: Wiesław Rozłucki - Chairman of the KDPW Supervisory Board; Lesław Paga (posthumous award); Jacek Socha - Minister for the State Treasury; Małgorzata Ostrowska - Member of the Polish Parliament; Wiesław Kaczmarek - Member of the Polish Parliament; Euroclear France (formerly Sicovam); and the Polish Securities and Exchange Commission.

24 September
KDPW hosts the EACH meeting - The European Association of Central Counterparty Clearing Houses

15-16 June
V edition of the annual KDPW Innovations in the Financial Markets conference; Galleons awarded to Amerbrokers and CAIB Financial Advisors Sp. z o.o.

28 May
KDPW processes the BACA share dividend payment, the first such dividend nominated in Euros

2 January
Changes to the algorithm used to calculate contributions to the Settlement Guarantee Fund and introduction of the ability to make contributions to the Fund in the form of Treasury securities

2003

10 October
Bank Austria Creditanstalt AG - BACA - shares admitted to safe custody in KDPW as the first foreign company dual listed simultaneously in Warsaw and Vienna. This also involved the opening of the first depository account for KDPW in a foreign CSD - Oesterreichische Kontrollsbank (OeKB)

30 September - 1 October
IV edition of the annual KDPW Innovations in the Financial Markets conference; Galleons awarded to IDM Kredyt Bank Brokers and the Custody Department of Pekao S.A. Bank

22-23 May
ANNA (Association of National Numbering Agencies) General Meeting takes place in Warsaw, hosted by KDPW

24 February
KDPW receives the title of Friend and Patron of the National Library

18-19 February
KDPW stand at the Euromoney Bond Investors Congress in London

2002

1 October
KDPW begins the settlement of transactions and provision of credit risk management services on the stock exchange power market

17 - 18 September
III edition of the annual KDPW Innovations in the Financial Markets conference; Galleons awarded to DM Polonia Net Brokers and the Central Table of Offers

1 August
Launch of the RTGS (Real Time Gross Settlement) system and settlement using tolerance limits

3 June
All settlement of the cash leg of corporate action operations transferred to the Payment System Department of the National Bank of Poland

26 April
Start of settlement of transactions executed by Treasury Securities Dealers on the electronic platform managed by CeTO

2 April
KDPW adds to the range of securities loans by offering securities lending without collateral and securities lending where KDPW does not act as intermediary

19-20 February
KDPW stand at the Euromoney Bond Investors Congress in London

4 February
The introduction of settlement of repo and sell/buy back transactions

2001

3 December
Seventh settlement session launched

23 November
The first foreign-issued securities are deposited in KDPW - European Investment Bank bonds

3 September
Fifth settlement session launched

9 July
Third settlement session launched

21-22 June
2nd edition of the annual international KDPW conference "Innovations in the Capital Markets"; Galleons awarded to CDM PKO Brokers and the Custodian Bank Council at the Polish Banking Association

12 March
The KDPW Supervisory Board adopts new regulations for the Investor Compensation Scheme

1 March
Introduction of the transaction confirmation and settlement system - the "Comparison" system

20-21 February
KDPW is joint sponsor of a stand at the International Bond Congress in London

2000

June
KDPW moves its central office to the Centrum Giełdowe (Stock Exchange Centre), ul. Książęca 4

1-2 June
KDPW is host of the CEECSDA Annual General Meeting in Warsaw

31 May
KDPW organises the first international "Innovations in the Capital Markets" conference

17 March
KDPW Galleon Awards for settlement efficiency and for innovative co-operation with KDPW (presented to Bank Śląski Brokers and CDM PeKaO Brokers)

1999

7 November
KDPW 5-th anniversary celebrations held at the Royal Castle in Warsaw

31 August
The first transfer payments between open-ended pension funds processed

26 July
Cash settlement transferred to the Payment System Department of the National Bank of Poland

January
KDPW begins the management of the Pension Guarantee Fund and the processing of transfer payments for the state social security system

January
Launch of the securities lending and borrowing system

January
Changes to the KDPW ownership structure - National Bank of Poland becomes a shareholder

1998

9 October
Foundation of CEECSDA - (Central and Eastern European Central Securities Depositories and Clearing Houses Association), with KDPW one of the founding members

15 September
KDPW becomes affiliate member of IOSCO - the International Organisation of Securities Commissions

May
Introduction of multilateral netting of participants’ debits and credits for transactions executed on the stock market and over-the-counter market

April
Introduction of a new principle for transfer of title in securities - transfer takes place with their registration on a securities account

16 January
Commencement of settlement of transactions executed on the Warsaw Stock Exchange derivatives market, and the management of assets forming part of the derivatives settlement guarantee fund; Derivatives Clearing House founded in KDPW

1997

21 August
Adoption of new Law on Public Trading in Securities with a broad range of rules regulating KDPW

June
Launch of the ESDI system - the Electronic System for the Distribution of Information

12 May
Start of the exchange of Mass Privatisation Certificates for shares in the 15 National Investment Funds

March
KDPW admitted to the international system for the electronic exchange of information on ISIN codes (GIAM - Global ISIN ACCESS Mechanism)

1996

6 December
The start of settlement of transactions executed on the off-exchange market - CeTO, the Central Table of Offers

1 July
Start of the process of assigning ISIN codes to all securities deposited in KDPW

3 June
Start of the dematerialisation of Mass Privatisation Certificates

June
First edition of the KDPW monthly bulletin "Depository-Settlement System" published

1995

7 December
KDPW is admitted to ISSA - the International Society of Securities Administrators

16 November
KDPW becomes a member of ANNA - the Association of National Numbering Agencies

1994

07.11.1994
KDPW registered as a joint stock company

November
KDPW receives the so-called "non-action letter" from the US Securities and Exchange Commission (SEC), confirming that KDPW meets the requirements for the safe custody of US investment fund assets