KELER
The Central Clearing House and Depository (KELER Ltd.) is the sole central securities depository of Hungary, which provides clearing and settlement of all transactions on the Budapest Stock Exchange (BSE).
History[edit]
KELER was founded in 1993 by the Hungarian National Bank and the Budapest Stock Exchange with a clearing house and depository profile. In 2009, KELER Ltd. was separated into two organizations, with KELER CCP Ltd. acting as central counterparty (CCP) on the cash and derivatives market of the BSE.
Operation[edit]
As a depository house, KELER Ltd. provides post-trade, custody and depository services, mainly to broker companies, investment service providers, issuers and banks.
KELER Ltd. also acts as a clearing house, clearing and settling stock market transactions concluded on the Budapest Stock Exchange, on the basis of an agreement, and running the settlement of over-the-counter transactions. As regards the clearing of on-exchange spot and derivative transactions, the parties are in connection with KELER CCP Ltd. who, entering into the transaction, assumes potential risks and guarantees settlement to both of the parties concerned.
In addition to its function as a clearing house and central counterparty, KELER Ltd. also acts as a central securities depository (CSD), executing the central registration of securities and the issue of securities codes, keeping the central security accounts.
As a central depository, KELER Ltd. delegates a member (currently: András Nemescsói) to the nine-member executive board of the Hungarian Investor Protection Fund (HIPF).[1]
Board of Directors[edit]
| Name | Name of nominating or
appointing organisation |
| Zsolt Selmeczi-Kovács,
Chairman |
GIRO Zrt. |
| Csaba Kornél Balogh | Hungarian National Bank |
| Zsolt Demkó-Szekeres | KELER |
| István Máté-Tóth | Budapest Stock Exchange |
| Attila Mónus | KELER |
| Márton Nagy | Hungarian National Bank |
| Richárd Végh | Budapest Stock Exchange |
Supervisory Board[edit]
| Name | Name of nominating or
appointing organisation |
| Lajos Bartha,
Chairman |
Hungarian National Bank |
| Klára Pintér | Hungarian National Bank /
Budapest Stock Exchange |
| Lóránt Varga | Hungarian National Bank |
| Attila Varga-Balázs | Budapest Stock Exchange |
References[edit]
- ↑ "Board of Directors of the Hungarian Investor Protection Fund". Hungarian Investor Protection Fund. 2020-01-22. Unknown parameter
|url-status=ignored (help)
External links[edit]
KELER official website. Retrieved 2020-01-22.
Clearing and Settlement – the Budapest Stock Exchange on the function of KELER Ltd. Retrieved 2020-01-22
The Hungarian National Bank on the function of KELER Ltd. Retrieved 2020-01-22
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