Dear Partners,
The transition of European securities markets to a T+1 settlement cycle represents one of the most significant structural changes in the EU’s securities trading system in recent decades. This reform was driven by a clear objective: to increase settlement efficiency, reduce systemic risk, and strengthen the resilience and global competitiveness of European capital markets.
Accordingly, the Hungarian capital market must also adapt to these changes, and market participants—depending on their roles in the market and their level of IT automation—must take steps, large or small, to prepare their own systems.
As the infrastructure designated by the MNB (Hungarian National Bank), KELER plays a coordinating role in the transition. There are tasks that KELER, as a CSD, must carry out, but every bank, custodian, account manager, and investment service provider will have work to do.
Taking into account the relevant legislation, Amending Regulation (EU) No. 2025/2075 of the European Parliament and of the Council, and ESMA’s draft regulatory technical standards (RTS) on settlement discipline, KELER summarizes the necessary actions in the attached Implementation Plan.
Please review the contents of the Implementation Plan carefully. Please send your comments, questions, or requests to
.
This task can be accomplished in the Hungarian market through joint efforts, mutual cooperation, and ongoing coordination and communication. We count on our clients’ continued cooperation—as has been the case thus far—and on their commitment to treating this project with the highest priority.
Best regards,
KELER Ltd.
