Keler in running to establish regional clearing house

Deals

Hungaryʼs central depository and clearing house Keler is competing to become the foundation for a regional clearing house, recommended by the European Bank for Reconstruction and Development (EBRD), Keler said today, according to Hungarian news agency MTI.

Keler referred to a study by the EBRD and Oliver Wyman, which put Keler central counterparty unit Keler KSZF among the four clearing houses in the region that could serve as a base for the establishment of a regional clearing house. The other three were AthexClear of Greece, Austriaʼs CCP.A and the Polish KDPW.

Keler has expanded its portfolio with new products and extended its services to several countries over the past few years, and it has several years of experience dealing with foreign clients, including those from Romania, Bulgaria, Slovenia, Croatia, Ukraine, Poland, Czech Republic, Germany, Switzerland and Austria. It has also acquired European permits to clear nearly every set of products for which the EBRD has oversight, such as capital market instruments, derivatives and energy products.

According to the EBRD study, a regional clearing house would require 80-90% less capital than national clearing houses, and market players would also save on costs through larger volumes.

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