The Central Depository to begin performing settlements through the SWIFT network

Starting today, the Central Depository will start offering a new infrastructure for the settlement of financial operations, which use the SWIFT network, the officials of the institution have announced yesterday.

According to Adriana Tănăsoiu, the general manager of the Central Depository, the current RoClear Connect system will remain functional.

RoClear SWIFT is a high-speed, completely automated processing solution straight from the sender to the beneficiary. Currently the system allows the exchange of standard settlement and reconciliation messages. The new system reduces the operational risk and increases the efficiency of the communication with its own back-office system by sending information and reports in real time.

Nine custodian banks are affiliated to the Group of the Depository, out of 14 in Romania, in using SWIFT for the capital market.

"The implementation of the SWIFT messages, the compliance with the efficiency and safety standards have a significant influence on the opportunities for the development of the Romanian capital market", said Adriana Tănăsoiu, the general manager of the Central Depository, and she went on to say: "Communication through SWIFT simplifies the ties with the participants, offers a safe channel for sending the information concerning the financial instruments and leads to the improvement of the services offered to investors, who will find in Romania a similar infrastructure to that of the depositories on major markets".

The Central Depository has run pilot tests with four custodian banks for the settlement of securities operations.

Claudia Ionescu, the representative of the custodian department of BRD, presented the meaning of the implementation of the SWIFT platform for the capital market: "Until now, we only had the possibility of going by train or by car, and now we can use the plane". He also added that he is waiting the implementation of the "corporate actions" messages (ed. note: events initiated by a listed company which affect the shares issued), which are very important for foreign investors.