The KELER Group consists of two companies, the KELER Central Depository Ltd. (KELER CSD) and the KELER CCP Central Counterparty Ltd. (KELER CCP). Both are key institutions of the functioning of the Hungarian money and capital market infrastructure.
KELER CSD, established in 1993, is the only central depository and one of the few specialized credit institutions in Hungary. In its capacity as central depository, KELER CSD maintains the securities accounts at the top tier level, settles securities transactions and, as the issuer of Hungarian ISIN codes, takes part in all issuance of securities in Hungary. In 2017, KELER CSD joined the TARGET2-Securities securities settlement platform operated by the European Central Bank.
KELER CCP was established by the KELER CSD, the MNB and the Budapest Stock Exchange (BSE) in 2008 in order to outsource the more risky central counterparty activity from KELER. Starting from 1st of January 2009, KELER CCP provides clearing house and central counterparty services on the BSE. Since its formation, the company has expanded its activity to energy markets as well. Currently, beside the regulated Hungarian capital market KELER CCP offers services on the local and regional gas and electricity markets as well.
The MNB has direct and indirect majority stakes in KELER CSD and KELER CCP, respectively. With regard to their systemic importance, it is one of the basic tasks of the MNB (set out in the Central Bank Act) to monitor (oversee) their activity in order to ensure sound and efficient operation and smooth money circulation.
KELER Group’s ownership structure on 1st January 2020