The Central Securities Depository of Poland (KDPW) has shortened its settlement cycle to T+2, or two days after trade date, as of today.
Financial instruments such as shares, rights to shares, depository receipts, exchange-traded funds and investment certificates, which were previously settled on a T+3 basis, are now subject to the T+2 requirements.
"KDPW and our participants are ready for the implementation of the new settlement cycle," says Iwona Sroka, president and CEO at KDPW. "The change harmonises the Polish market with the standards under implementation in the European Union and follows from the harmonisation of the KDPW rules to the Central Securities Depository Regulation (CSDR) which become effective to that extent on January 1, 2015."
The shortening of settlement cycles, thus providing a harmonized settlement environment in Europe, is a key plank of the CSDR.
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