During meeting held at the National Depository for Securities (NDS) with the attendance of market participants, it was agreed that new IT system of the central depository will not be implemented in March 2009 – as it had been previously expected. NDS is planning to conduct the migration tests with the participants in March and April and final tests (in the live environment) in May, claiming that it should allow for the implementation on the turn of May 2009.
As the detailed scenario was approved, two important amendments to the regular settlement schedule will appear:
– during the first week after the implementation, the settlement session at 13.00 will be suspended and as the first operational day of the new system will be Monday – for transactions executed on Wednesday of the week before -, the settlement cycle T+3 will be shortened to T+2 and for transactions executed on Thursday, the settlement cycle T+2 will be shortened to T+1 accordingly.
Implementation of the new NDS system – which shall offer additional functionalities, such as pre-matching on NDS level, on-line updates of settlement status, linked instructions, etc. – will be postponed again. According to the new scenario, it could take place in May 2009.
D.C.