Percival’s DEPEND CSD solution and HUBBLE message-layer went into production on 24th August, 2020, at Iceland’s national CSD.
DEPEND will cover post trade operations including settlement of instruments that include equities as well as fixed income. Corporate actions for the country will also be handled on the scalable and highly capable DEPEND platform.
DEPEND’s platform is already compliant with the CSDR, CAJWG and other related standards that Iceland will need to adopt as part of ongoing changes to the EEA agreement. With DEPEND, Iceland’s CSD has the flexibility to change and evolve their services to meet the changing and ever more complex requirements being implemented in capital markets throughout the region.
Iceland’s national CSD will join those of Estonia, Latvia, and Lithuania in running from a single DEPEND platform allowing harmonisation and standardisation of services to investors and other market stakeholders through the four countries. Moreover, support for the EU and international standards provided by DEPEND will increase opportunities for foreign investors to deal in Icelandic and other Baltic securities.
Percival’s messaging layer product HUBBLE will handle all interactions between DEPEND and the Icelandic market participants and also handle all management of their liquidity accounts including the final settlement of transactions in the Central Bank of Iceland.