Payment System

Assessment of the kdpw_stream system against the ESCB-CESR Recommendations

The National Bank of Poland and the Polish Financial Supervision Authority finalised “The assessment report on the kdpw_stream’s compliance with the ESCB-CESR recommendations for securities settlement systems”.

The kdpw_stream system is a securities settlement system operated by the National Depository for Securities (Krajowy Depozyt Papierów Wartościowych S.A.) The kdpw_stream facilitates the settlement of transactions concluded on the Warsaw Stock Exchange, BondSpot, Treasury BondSpot Poland and non-regulated OTC market transactions.

The report constitutes the finalisation of joint works of the National Bank of Poland and the Polish Financial Supervision Authority on the assessment of the kdpw_stream system against the Recommendations for securities settlement systems, drawn up by the European System of Central Banks and the Committee of European Securities Regulators. The main aim of the ESCB-CESR Recommendations is to promote competitive, efficient, safe and sound pan-European post trading arrangements.

According to the report, "Polish FSA and NBP share one single view that kdpw_stream has been positively assessed against ESCB-CESR recommendations, and that the identified shortcomings are minor. In the opinion of two assessors, the risk posed by kdpw_stream cannot be considered as unacceptable from the financial market stability perspective".

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Table of 2022-12-09
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Narodowy Bank Polski
Świętokrzyska 11/21
00-919 Warszawa

+48 22 185 10 00
NIP: 525-000-81-98
REGON: 000002223
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