In partnership with Montran, the payments, cash and liquidity management solution provider for banks, Croatia has officially launched its new Central Securities Depository (CSD) platform, enabling the commencement of operations on the European securities settlement platform, TARGET2-Securities (T2S).
On 11 September 2023, the Central Depository and Clearing Company of Croatia, also known as Središnje Klirinško Depozitarno Društvo (SKDD), announced it had successfully launched its new CSD platform.
In partnership with Montran, Croatia has achieved “a pivotal moment in the evolution of Croatia’s Capital Markets Infrastructure.” The move enables innovative solutions for sustainable securities market management.
Raegan Esca, general manager for Europe at Montran, explained: “Montran’s state-of-the-art CSD solution and our experience with T2S provide the Croatian market with a proven platform where all stakeholders benefit from full T2S integration, best market practices, harmonised corporate action processing and notifications, as well as the latest ISO 20022 messages. We are confident this platform will drive innovation and growth in the Croatian capital market.”
The new CSD platform enables SKDD to efficiently integrate with the Euro Area through T2S, managing the complete lifecycle of dematerialised securities.
This includes registration, primary and secondary market clearing, settlement, and corporate action processing. It is built with best practices and complete support for straight-through-processing (STP) using ISO 20022 messages for its operations.
Dora Matošić, president of the management board at SKDD, also commented: “The successful implementation of these new platforms is a major milestone in upgrading the Croatian securities market infrastructure, and in joining it to T2S, this contributes to the further development of the stability and efficiency of the Croatian capital market, providing a more advanced and integrated infrastructure for securities settlement.”
Over the past five and a half years, SKDD has actively worked on projects aimed at further integrating the Croatian capital market with European business practices, laying the foundation for the future development of the Croatian capital market.