KELER CCP
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The KELER Group (for , ) is a
financial market infrastructure Financial market infrastructure refers to systems and entities involved in Clearing (finance), clearing, Settlement (finance), settlement, and the recording of payments, Security (finance), securities, Derivative (finance), derivatives, and other ...
in
Hungary Hungary is a landlocked country in Central Europe. Spanning much of the Pannonian Basin, Carpathian Basin, it is bordered by Slovakia to the north, Ukraine to the northeast, Romania to the east and southeast, Serbia to the south, Croatia and ...
, based in
Budapest Budapest is the Capital city, capital and List of cities and towns of Hungary, most populous city of Hungary. It is the List of cities in the European Union by population within city limits, tenth-largest city in the European Union by popul ...
. It consists of two companies: KELER CSD, a
central securities depository A central securities depository (CSD) is a specialized financial market infrastructure organization holding securities such as shares or bonds, either in certificated or uncertificated ( dematerialized) form, allowing ownership to be easily tra ...
established in 1993; and KELER CCP, a
central counterparty clearing house A central clearing counterparty (CCP), also referred to as a central counterparty, is a financial market infrastructure organization that takes on counterparty credit risk between parties to a transaction and provides clearing (finance), clearing a ...
established in 2008. The KELER Group is majority-owned by the
Hungarian National Bank The Hungarian National Bank ( , MNB) is the central bank of Hungary and as such part of the European System of Central Banks (ESCB). It was established in 1924 as a successor entity of the Austro-Hungarian Bank, under the economic assistance ...
(MNB).


Overview

KELER CSD is owned by the MNB (53.33 percent) and the
Budapest Stock Exchange Budapest Stock Exchange (BSE) (, (BÉT)) is the Stock exchange, third largest stock exchange in Central and Eastern Europe by market capitalization and Market liquidity, liquidity. It is located at 55 Krisztina Boulevard, Budapest, Hungary, in ...
(BSE, 46.67 percent). KELER CCP is in turn mainly owned by KELER CSD (99.81 percent), with the MNB holding 0.1 percent and the BSE holding 0.09 percent. In 2015, the MNB also acquired majority control of the BSE, in which it held an equity stake of 81.35 percent as of . KELER CSD has been connected to
TARGET2-Securities TARGET2-Securities, in shorthand T2S, is the Eurosystem's platform for securities settlement in central bank money. T2S offers centralised delivery-versus-payment (DvP) settlement across several European securities markets, without being itself ...
since 2017. In addition to ownership, both KELER CSD and KELER CCP are under the MNB's oversight.


See also

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European Central Securities Depositories Association European Central Securities Depositories Association (ECSDA) is the official trade association for the Central Securities Depository industry in Europe. The association provides a forum for Central Securities Depositories (CSDs) to exchange views ...
*
CCP Global CCP Global (CCPG) is a global body that brings together central counterparty clearing houses (CCPs) from the world's major jurisdictions. Overview CCP Global was originally formed in 2001 as an informal group named CCP12 by twelve founding CCPs ...


References

Central securities depositories of Europe Clearing houses {{improve categories, date=February 2025