JCSD Go Live With Newly Integrated DEPEND
The Jamaica Central Securities Depository, JCSD, successfully launched their newly integrated CSD solution on 2nd of December 2019 in parallel with the launch of a new trading platform for the Jamaica Stock Exchange, JSE. This represents the successful conclusion of the JSE’s project to replace their trading platform which started with the selection of the new platform in October, 2018.
The JCSD, one of Percival’s oldest customers in respect of their CSD solution, DEPEND, used tightly-coupled integration between DEPEND and their trading platform to handle the pre-validation of orders and the capture and reporting of trades in a direct STP link between the two systems. The new trading platform required that pre-validation take place in the trading system, so DEPEND needed to be customised to support the reversal of roles during daily trading activities so that the trading platform confirms changes of available balance that might arise during conventional CSD operations including off-market transfers, pledges, and other daily operations.
Integration of DEPEND with the trading platform covers a range of features beyond the requirements for pre-validation and trade capture. Through the integrated link with the trading platform, DEPEND automatically cedes control over balance validation for trading accounts during the trading day leaving JCSD full control over other accounts. Pricing information is automatically downloaded at the end of the day.
Percival managed the project, which culminated in an intensive period of testing before the launch.
Percival Software Limited (Percival) are a CSD solutions provider with more than 30 years’ experience. The company was founded in 1987, and since that time have developed and renewed its solutions continuously, developing sophisticated and adaptable solutions for CSDs and RTAs.
DEPEND is probably the most advanced, configurable and flexible solution for CSDs available on the market. It handles the post-trade processing for twenty countries including four in the Eurozone that are connected to T2S. As one of these countries is Estonia, the only CSD connected to T2S with all beneficial owner accounts directly in T2S, DEPEND as a result handles more T2S accounts than all other CSDs combined. DEPEND is compliant with CSDR, the demanding CSD regulations of the EU, and also supports Europe’s severe data protection requirements as well as all relevant controls specified by the ISO 27001 standard on digital security.
Additionally, Percival’s message-layer product, HUBBLE is capable of providing a full service API using standard ISO messaging in 15022 as well as 20022 formats.
The Jamaica Central Securities Depository Limited (JCSD) was incorporated on January 8, 1998, and is a wholly owned subsidiary of the Jamaica Stock Exchange (JSE). The JCSD was established to provide depository and settlement services for securities traded electronically on the floor of the JSE using a book entry system. This book entry system allows for easier and safer transfer of ownership since it eliminates the need to physically pass certificates from seller to buyer during a trade. The JCSD has been using DEPEND since December 2, 2011 and has successfully transitioned to the newly integrated DEPEND on December 2, 2019.