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KDPW Strategy 2010-2013

KDPW Strategy 2010-2013. D r Iwona Sroka President , KDPW Management Board. Warsaw, 9 December 2009 . KDPW Strategy. The first version of KDPW Strategy 2010-2013 was developed in late September 2009.

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KDPW Strategy 2010-2013

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  1. KDPW Strategy 2010-2013 Dr Iwona Sroka President, KDPW Management Board Warsaw, 9 December 2009

  2. KDPW Strategy • The first version of KDPW Strategy 2010-2013 was developedinlateSeptember 2009. • Thedocument was based on an in-depthanalysis of themaintrendsin international financial markets, theexperience and competences of the KDPW Management Board and managers. • TheStrategy was broadlyconsultedwiththePolish capital market community inSeptember – December 2009. • ThefinalStrategy was approved by the KDPW SupervisoryBoard on 8 December 2009.

  3. KDPW Environment • Thekeytask of the Management Boardis to prepare KDPW for increased foreign competition and market consolidation. • Themainthreatsinclude: • Aggressiveoperation of newpan-EuropeanMTFs (electronic trading platforms) and their clearing houses; • Formation of a capital group aroundtheVienna Stock Exchange; • Consolidation of Europeandepositories. • Themaintrends of Europeanintegrationinclude: • Target 2 ; • Target 2 Securities. • TheStrategyisaimedatbuildingtheregionalposition and competitiveness of KDPW. Itis a proactive growth strategy, not a defensivestrategy.

  4. Integration and Consolidation • Integrationof systems used by infrastructureinstitutions • Consolidation– combination of infrastructureinstitutions: • Horizontalintegration– institutionsofferingthe same type of service (Euroclear) • Verticalintegration– development of silos – institutionsoffering services atdifferentstages of thetransactionchain, e.g., stockexchange, clearing house, depository-settlement system (Deutsche Boerse, BME - SpanishExchanges) • Interoperability– operationalinteractionamonginstitutions (Link UpMarkets) • Transnationalcompetition: • Issuers(foreign issuers, dual listing) • Investors(domestic / foreign investors) • Infrastructureinstitutions(stock exchanges, MTF, CSD, CCP…)

  5. IncreasingCompetition: Challenges to KDPW Pan- European MTFs Link UpMarkets NEURO CEE Stock Exchange Pan- European CCPs Euroclear Single Platform

  6. KDPW Vision Build a robust capital group by 2013: • Anticipatecompetitivechallenges; • Build a service portfoliobased on state-of-the-art, innovativetechnologies and solutionscreatingvalue for capital market participants; • Supportthe development of a regionalcentrein Warsaw inactiveco-operationwithotherPolish and foreign market participantswith KDPW as themaindepository-settlementinstitutionin Central and Eastern Europe

  7. Challenges to thePolish market Leveragingthepotential of thelocal market and human resources Building a regional financial centrein Warsaw Modern and innovativetechnologies and solutions Activeco-operation of all market participants Development of new business segments New clients and markets Build a competitiveadvantage

  8. KDPW StrategicGoals 4. Launchnew services growingthevalue of the capital group 5. Improvethequality and scope of existing services 1. Implement a newKDPW business model 3. Integrate KDPW withEuropeanstructures 8. Promotetheimage of the KDPW capital group and its service offeringthroughcorporatecommunications 6. Optimiseoperatingprocesses of the capital group 2. Position KDPW as themaindepository-settlementinstitutionin CEE 7. Strengthenthecommitment and competences of capital group staff to implementtheStrategy KDPW Strategy

  9. IRGIT CLEARING HOUSE CCP OTHER SUBSIDIARIES Flow of intra-Group services Cash flows (service fees, dividends, etc.) New KDPW Business Model CAPITAL GROUP

  10. CCP: Central Counterparty Clearing House Creation of a Central Counterparty as a keyprojectreducingtherisk and burden to Polish capital market participants. • Threemainstages of CCP development: • 2010 – spin-off of a settlementguarantor as a separate company withthe single task of supportingtheliquidity of settlements of regulatedmarket transactionswithitsownfunds • 2011 – creation of a CCP clearing house with a modern risk management system based on SPAN technology • 2011 – CCP equippedwiththetransactionnettingfunctionalityreducingthecost of settlementthanks to significantreduction of settlementinstructionssubmitted to theDepository

  11. Positioning KDPW as theMainDepository-SettlementInstitutioninthe Region Stimulatingtheactivity of Polish market participantsinthe region as an opportunity to growthePolish capital market • Pursue a joint foreign listing policytogetherwiththe WSE and other market participants • Improvetheprofitability of existinginteroperabilitywithdepositoriesinthe region, developnewtransborderinteroperability • Leverage KDPW experience of CCP development in order to offersettlement services inthemarkets of the region

  12. IntegrationwithEuropeanStructures Reduction of barriers to EUR payments and transbordersettlement of securities. Necessaryredefinition of settlement service provision by Europeandepositories. • 2011 - Target2: KDPW joinsthereal-time EUR cashsettlement system in EU MemberStatesorganised by the central banks of France, Germany and Italy • 2013 - Target2Securities: technicalreadiness to outsourcedomestic and foreign securities settlementinfrastructure to the T2S platform operator. MigrationafterPoland’saccession to theeurozone.

  13. Launch of New Services GrowingtheValue of the Capital Group Leveragingthekeycompetences of KDPW as an infrastructureinstitutionin order to enter new market segments by developing central solutions and introducingstandardsreducingthecost of many systems currentlyused by market operators. • 2012–Implementation of Electronic Trade Confirmation • 2012 – Development of OTC settlement services • 2012 – Implementation of transbordersettlement services - DeliveryversusPayment (DvP)

  14. ImprovedQuality and Scopeof Existing Services Building KDPW participantloyalty by activeimprovement of settlement and clearing solutions • 2010 -Omnibus account services for foreign CSDs • 2010 -functionalities of thesettlement agent for foreign clearing participants • 2011 – hold-releasemechanism for matchingsettlementinstructions • 2011 – development of a securities lending system • 2012 – development of corporateactions services • 2012 - DvPtransbordersettlements

  15. Development of Staff Competences, Buildingthe KDPW Brand Continuous development of staffskills and competencesin order to improvetheorganisationalculture and a proactiveapproach to business as a factorgrowingthecompetitiveness of KDPW. Buildingthe KDPW brand as a leadingdepository-settlementinstitutionprovidingstate-of-the-arttechnological services according to high security and reliabilitystandards and at a lowcost.

  16. www.kdpw.pl Krajowy Depozyt Papierów Wartościowych (National Depository for Securities) ul. Książęca 4, 00-498 Warsaw kdpw@kdpw.pl

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