KDPW and KDPW_CCP have adapted their systems to the new EUR payment clearing platform TARGET

On 20 March 2023, after several years of preparation, the European Central Bank launched the new system TARGET for high-volume clearing in EUR.

The KDPW Group is one of many users of the system in the EU.

KDPW and KDPW_CCP participated in the Target2 (T2) - Target2 Securities (T2S) Consolidation project of migration to the new TARGET system and implemented systemic, regulatory and procedural alignments. As a result, the first EUR operations were successfully transmitted to and cleared in the Polish component of the system TARGET-NBP on as the morning of 20 March.

With the implementation of the new TARGET system, all payments in EUR resulting from the settlement of transactions carried out by KDPW or made in fulfilment of issuers’ obligations arising from securities registered with the depository, settlement fail penalties and operations related to clearing in the clearing house KDPW_CCP will be carried out through TARGET-NBP.

The new pan-European system TARGET combines services previously offered by the European Central Bank (ECB) through Target2 (T2), Target2 Securities (T2S), and Target Instant Payment Settlement (TIPS).

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