The governing council of National Depository of Ukraine (NDU) decided on 24th November, 2017, to choose Percival to deliver its DEPEND CSD solution including also Percival’s HUBBLE messaging layer.
Work on the Design Study will start as soon as possible, and the main delivery project is expected to commence in April, 2018.
Implementation of DEPEND will mean that NDU will be able to migrate all existing services to a strong and stable platform that will support a programme of modernisation of the post-trade services for issuers, investors, and other market stakeholders in Ukraine.
The use of Percival’s HUBBLE messaging layer will enable NDU to provide more modern basic and value-added services to all stakeholders using the latest ISO messaging standards. The HUBBLE messaging layer will also enable more flexible and easier integration to be implemented between other internal systems.
DEPEND is one of the most modern and capable CSD solutions on the market today, and has been already implemented in 17 countries with further implementation projects running in 2 more, of which Ukraine is one.
DEPEND’s configurability and flexibility allows integration with a wide range of market models and legislative or regulatory environments, including one of the most demanding CSD and post-trade services markets in the world, namely the Eurozone, where CSDs must meet CSDR regulations and integrate with the European Central Bank’s TARGET2-Securities (T2S) settlement service.
DEPEND will enable NDU to maintain omnibus securities accounts for nominees and custodians as well as directly for investors where post-trade services for domestic and foreign securities including equities, debt (fixed income) instruments, and other asset types. Integration with foreign CSDs and ICSDs will facilitate risk-free cross-border settlement of transactions according to best international standards. DEPEND will also be able to process all corporate actions related to the securities accounts.
The head of the NDU, Mindaugas Bakas, commented:
“For integration into the European financial space working of the Depository system of the Ukrainian stock market needs to be given to the norms of the European practice of accounting of securities. One of the important stages - replacing the old software with limited functionality on flexible high-tech system that meets the requirements of the modern market”