Poland’s National Depository for Securities (NDS) has informed participants of the postponement of the implementation of the new IT system until 28 March 2009 and also outlined the implementation stages of the SWIFT communication in the new system, according to ING Securities Services Poland.
The NDS has officially announced the new implementation schedule which postpones the go live implementation date until 28 March 2009. Below is the new schedule as presented by the NDS:
31 January 2009 End of tests with participants and final readiness assesment
1 February 21 March 2009 final pre-launch preparation and potential corrections with additional tests
28 March 2009 ‘Go live’ implementation
ING says the main reason for the postponement is the fact that majority of the system vendors are not to supply NDS participants (custodians and brokers) with ‘ready to test’ solutions by September 2008 (the previous implementation date).
The implementation of SWIFT messages is to be staged:
End-March 2009 (along with the implementation of the new IT system) partial implementation of SWIFT communication for purposes of cross-border settlement and also enabling the exchange of standard NDS messages via SWIFT network
By October 2009 enabling Settlement & Reconciliation SWIFT messages
Later enabling Corporate Actions SWIFT messages this functionality still requires a thorough analysis, preparation of market standards for messages flow and adjustment to specific legal framework in Poland