Percival Signs Delivery Agreement To Deliver DEPEND & HUBBLE To Ukraine’s CSD, NDU
Percival and NDU completed and signed the main delivery agreement on 30th May 2018 to deliver Percival’s DEPEND CSD solution and their HUBBLE message layer to the National Depository of Ukraine (NDU).
This delivery agreement now incorporates the findings of the joint Design Study including the scope of customisation and integration work to be carried out as part of the project.
The transition to production operation of DEPEND and HUBBLE is planned for August 2019, and as originally expected, NDU will be able to migrate all existing services to DEPEND as the first step in modernising post-trade services in Ukraine.
DEPEND’s configurability and flexibility allows integration with a wide range of market models and legislative or regulatory environments, including one of the most demanding CSD and post-trade services markets in the world, namely the Eurozone, where CSDs must meet CSDR regulations and integrate with the European Central Bank’s TARGET2-Securities (T2S) settlement service.
DEPEND will enable NDU to maintain omnibus securities accounts for nominees and custodians as well as directly for investors where post-trade services for domestic and foreign securities including equities, debt (fixed income) instruments, and other asset types. Integration with foreign CSDs and ICSDs will facilitate risk-free cross-border settlement of transactions according to best international standards. DEPEND will also be able to process all corporate actions related to the securities accounts.
The head of the NDU, Mindaugas Bakas, commented:
“For integration into the European financial space working of the Depository system of the Ukrainian stock market needs to be given to the norms of the European practice of accounting of securities. One of the important stages – replacing the old software with limited functionality on flexible high-tech system that meets the requirements of the modern market”