Embed Size (px)
Citation preview
KELER KSZF
A new ECC clearing entity
7 April, Budapest
Károly MátraiManaging Director, KELER KSZF
Ownership - KELER
53,33%46,67%
National Bank of Hungary Budapest Stock Exchange
Ownership - KELER CCP
75,00%
11,67%
13,33%
KELER Budapest Stock Exchange National Bank of Hungary
• KELER Zrt. – CSD– Founded in 1993– Banking license, supervised by
HFSA and NBH– CCP role till 2009– Shareholders’ equity (EoY 2009):
• HUF 15,7 billion (EUR 58 m)
• KELER KSZF Kft. – CCP– Founded in 2008– Supervised by HFSA and NBH– Started operation 1 Jan, 2009– Shareholders’ equity (EoY 2009):
• HUF 246,5 m (EUR 0,9 m)
KELER Group - Introduction
KELER Group - Clients
• Custodians
• Issuer companies
• Credit institutions
• Brokerage companies
• Commodity Service Providers
• Gas trading companies
• National Bank of Hungary
• Securities and cash account management
• Issuer services– ISIN allocation
– dematerialization
– share registry
• Cross-border settlement
• Collateral management
• Central counterparty service
KELER Group - Services
KELER KSZF - CCP services
• Cleared markets:– BSE cash products (equities, bonds, ETFs, certificates)
– BSE derivatives (share, indices, FXs, commodities)
– Gas balancing market (day-ahead, capacity)
– HUPX as of 1 July, 2010
EPEX / HUPX
General clearing model
TRADING
ECC
CLEARINGTRADING
T1 T2 T3 T4
GCM1 GCM2
T1 T2 T3 T4
Factors to be considered
Trading members have to choose a general clearing member!
• Credit risk (counterparty risk)
• Legal risk
• Communication
• Costs
KELER KSZF as a GCM
• Limited credit risk, strong financial and ownership background
• Efficient risk management methodology
• Long and prosperous history in Hungarian financial market
• Competitive, transparent fees
• Wide range of services
• Hungarian legislative framework
• Hungarian communicative environment
Services for HUPX Members
• KELER KSZF– Settlement in HUF
– Collateral management (HUF, EUR denominated collaterals)
– Reporting in Hungarian
• KELER– Banking services
– HUF/EUR conversion
– Internet communication via KID
– Help Desk 07-22h (in Hungarian)
Risk management
Risk Management tools:– Membership requirements
– Margin requirements
– Collateral management
(1) Sign a Membership Agreement with KELER KSZF
(2) Sign an NCM Agreement and Application form with ECC
(3) Comply with Business Rules of KELER KSZF
(4) Sign a Service Agreement with KELER (includes settlement management, cash and securities accounts management)
(5) KID Agreement for Internet banking
(6) Provide collateral to KELER KSZF in cash or securities
How to become a member of KELER KSZF
Steps to do
(1) Give back-office contact details
(2) Visit our website for more information:
(www.kelerkszf.hu; www.keler.hu)
(3) Visit our Client Office at 1075 Budapest Asbóth street 9-11.
