KELER is participating in the harmonization of the different pre-matching market practices within the European Union, a spokesman from ING Budapest said.
According to the proposal of the European Securities Forum, the European Central Securities Depositories Association including KELER is working for common matching standards to improve efficiency and to reduce the risk of delayed and failed transactions and to lower relating costs.
The European Committee advisors welcomed the spontaneous organization for the harmonization, which is concordant with the ambition of the European Committee, a news release said.
KELER has been a member of the workgroups of ECSDA since its foundation and confirmed that the experiences gained during the preparation have already adopted in some of the developments. System changes related to processing DVP settlements based on bilateral instructions at the end of 2004 and 2005 were concordant with the ambition of ESF-ECSDA cooperation.
An ING Budapest spokesman said the Hungarian securities market is mostly consistent with the proposed standards, which on the basis of preliminary agreement of the European depositories will be introduced at the end of 2008.