Skip Ribbon Commands
Skip to main content
Navigate Up


KDPW processes the settlement of securities in the kdpw_stream system in multi-batch mode and in real-time mode (RTGS).
Settlement is processed as DvP (Delivery versus Payment: KDPW ensures simultaneous settlement of securities against cash) or FoP (Free of Payment: KDPW only transfers securities between members’ accounts).

According to applicable international standards, cash settlements are processed in the money of the central bank (PLN). Settlements in multi-batch mode are based on multi-lateral netting of balances while RTGS uses a gross settlement method (one transaction after another). 

KDPW processes settlements according to instructions presented by KDPW members, the clearing house KDPW_CCP or documents with the terms of transactions presented by the operator of a regulated marker or the organiser of an alternative trading system.
Instructions are accepted for settlement as XML messages or MT messages under ISO15022.
Messages available from KDPW are in user-friendly format (XML or MT). Following the presentation of settlement instructions, a member receives status messages (upon each change of status) and a final statement after settlement. The kdpw_stream system also processes instruction status queries, balance queries, booking list queries.

In addition, the kdpw_stream system offers: 

  • default values of selected fields provided by the system; 
  • settlement of transactions under a toleration limit; 
  • pre-matching of instructions enabling parties to match the terms of transactions on a preliminary basis prior to settlement;
  • processing of standing orders; 
  • processing of enriching instructions used to modify previously presented settlement instructions; 
  • processing of complex transactions: members may set conditions for the settlement of two or more transactions; 
  • settlement of instructions dedicated to a specific batch.

In order to optimise settlements, KDPW enables automatic lending in case of a shortage of securities in a registration account of the relevant clearing member necessary to settle a transaction.

Last modified:12-05-2014 Go up