Развитие Депозитно-Расчетной Системы

IMPLEMENTED TECHNOLOGY PROJECTS

Since early 2004, new solutions have been integrated into the existing system to meet the needs arising from the development of the market and compliance with external requirements. The most significant of those functionalities are:

• Introducing the possibility of settlement in foreign currencies (launched in 2004).
• Providing services to members of the Warsaw Stock Exchange other than KDPW participants (so called remote members), with a possibility of transaction monitoring and blocking by clearing members (launched in 2005).
• Introducing the anonymity of stock exchange trades.
• Settlement of REPO transactions in the Real Time Gross Settlement system (RTGS).
• Introducing the possibility of providing collateral in Treasury bills.
• New algorithm for the computation of contributions to the Settlement Guarantee Fund.
• Implementation of a new version of the stock exchange session monitoring software for the spot market and derivatives market.
• Adjusting the interface for the exchange of data between the depository-settlement system and the SORBNET system to meet the needs of the new SORBNET-EURO system.
• Implementation of the tri-party matching model used for the purposes of transaction settlement on the MTS-CeTO market.
• Introducing the possibility of payment instruction settlement in the multibatch settlement system.
• Introducing the possibility of transferring securities from own securities accounts to client accounts in the loan module.
• Introducing automated generation of partial statements in the multibatch settlement system.
• Unblocking of securities (for collateral purposes) with settlement on the same accounting day.
• Development of software enabling the generation of reports stating all balances submitted by participants, in the application verifying the participant register.
• Real-time computation of implied and historical volatility of options.
• Introducing the possibility of including CeTO transactions to T+0 settlement several times during a settlement day.
• Extending RTGS parameterisation to include the transfer of registration documents to the multibatch settlement system, to a selected settlement session.
• Automated generation of scoring reports of Treasury Securities Dealers.
• Implementation of a new version of the application for cash settlement and interoperating with banks' clearing systems, and modification of applications issuing payment instructions for the cash settlement module.
• New reporting functionality to generate reports on participants' mutual settlements.
• A new functionality enabling the cancellation of documents (from the multibatching settlement system) on behalf of a participant who cannot submit a cancellation request by electronic transmission.
• Development and implementation of a functionality for accessing the ESDI system through the Internet; launching new functionalities and modifications to improve the efficiency of the system.
• Establishing an analytical framework supporting the selection of solutions to operate on on-line communication channel for the exchange of data with participants.
• Migration of data on the iSeries servers from the DLO file system to a more sophisticated IFS file system.
• Implementation of an electronic system for the exchange of information with the General Inspector of Financial Information (GIFI); modification of content-related control procedures in multibatching and RTGS settlement systems enabling a more strict control of payment instructions and FOP documents covered by GIFI reporting requirements.
• Modification of the application for the generation of statements and reports for the Ministry of Finance and the National Bank of Poland.
• Enhancement of the basic depository-settlement system platform; the configuration phase was completed in the first half of 2006.
• Implementation of solutions enhancing the reliability and accessibility of the systems (High Availability - a system supporting data replication and emergency application startup procedures), based on the MIMIX software; the configuration phase was completed in the first half of 2006.
• Implementation of new LAN/WAN solutions:
• division of the KDPW network into functional segments,
• extending the control of traffic between network segments to include a firewall functionality,
• automated switch to back-up network devices operating in the Back-Up Location in the case of a failure of network devices operating in the Primary Location,
• introducing a new Internet connection mode for KDPW users,
• implementation of a dial-up connection with LAN for selected users.
• Enhancement of the basic depository-settlement system platform; the configuration phase was completed in the first half of 2006.
• New coverage control algorithm (based on solutions scheduled for implementation as part of the new system) was implemented in January 2007, following multiple verification tests.
• Implementation of a new version of the software calculating the participants' cash liabilities arising from the settlement of securities operations, which improved efficiency to enable the processing of a growing range of data.
• Modifications and enhancements of the software operating the automatic securities lending and borrowing system.
• Modifications and enhancements of the KDWP - ESDI data exchange system to improve efficiency and reliability of the process.
• Re-configuration and enhancement of the hardware platform and system platform to improve efficiency, using the solutions scheduled for implementation as part of the new system.

MODIFICATIONS AND NEW FUNCTIONALITIES
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• New depository-settlement system architecture and Implementation schedule
• KDPW plans to introduce some changes and new functionalities:
• to extend the securities lending service to local custodians acting on behalf of foreign investors in order to reduce the number of failed transactions.
• to launch a precise buy-in procedure for clearing members effective SD+2 at 11.00 am, local time (a possibility is considered to postpone this deadline in case a particpant notifies KDPW that it will deliver the securities) . The expected time of implementation is September-October 2007.
• to change the way the participants' Guarantee Fund contributions are calculated. They will be based on the risk connected with the activity of each participant. As contributions will depend solely on their market activity, participants will be able to estimate their value in advance. These changes will be implemented in June 2007.
• to start providing clearing and settlement services for the new alternative trading system, which will be operated by the Warsaw Stock Exchange. The WSE plans to entrust KDPW with the administration of the settlement fund for the new market. KDPW is currently working on the rules of this settlement fund.
• to offer to its participants a new pre-matching platform, which would facilitate effective pre-matching between the market participants and reduce manual intervention in the settlement process. Rules and details of pre-matching functionality will be subject to further discussion with market participants.
• rescheduling of settlement sessions is expected in July 2007.

Presentation "KDPW New Developments"
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