The Polish CSD, the National Depository for Securities (NDS) says the local Securities and Exchanges Commission (SEC) has approved its application to comply with European Union rules and permit foreign institutions to become remote members. This will be possible from 19 October.
SEC rules have also been changed to make it possible to deposit and settle T-Bills via NDS, which is expected to open an omnibus account with the Securities Registrar operated by the National Bank of Poland, where the T-Bills held by participants will be kept in custody.
“The changes are a clear sign that NDS aims at adapting the Polish settlement environment to EU standards,” says a spokesman for Bank Austria Creditanstalt in Warsaw.