Hungarian CSD to Connect to T2S with SIA and Colt

The two vendors have partnered to deliver mission-critical solutions for the ECB project.

The CSD, 53.33 percent owned by the Central Bank of Hungary (CBH) and 46.67 percent owned by the Budapest Stock Exchange (BSE), will migrate to the platform through the vendors' value-added network (VAN) in the third phase of the migration framework due to start in September 2016.

"I am convinced that we have selected a network solution that best suits the needs of the Keler Group, and thereby we enhance our capabilities and offering to meet the deadline for T2S settlement as well," says Gyorgy Dudas, CEO of Keler. "With the SIA-Colt support we will offer regional investor CSD services, including standardized T2S settlements, safekeeping and optional ancillary solutions. Our safekeeping in Central-Eastern Europe will be provided by direct CSD links, while our asset and local currency services will be supported by professional partners."

The SIA and Colt connectivity solution will allow the CSD to access the settlement system while guaranteeing total security and confidentiality in the transmission of data, along with the highest standards of reliability, performance and service continuity.

THE ECB awarded one of the two value-added network service provider licenses for T2S to SIA and Colt. The two vendors have already helped Deutsche Bundesbank during the first wave of migrations to T2S.