The National Depository for Securities (KDPW) is responsible for the settlement of transactions concluded on the regulated market and in ATS (alternative trading systems) and for the operation of the central securities depository.
In addition, KDPW provides many services to issuers including dividend payments to shareholders, assimilation, exchange, conversion and split of shares, and execution of subscription rights.
The National Depository for Securities was established as a stand-along company in 1994. Previously, from 1991, it was part of the Stock Exchange. KDPW shareholders holding equal stakes are: the Warsaw Stock Exchange, the National Bank of Poland, and the State Treasury.
The clearing house KDPW_CCP was spun off from the KDPW structure on 1 July 2011 as a result of the adopted and consistently pursued National Depository Strategy 2010-2013. KDPW_CCP is responsible for the clearing of transactions concluded on the regulated market and in the alternative trading system and the operation of a clearing guarantee system. These functions were performed by KDPW until 1 June 2011. KDPW_CCP is a company 100 percent owned by the National Depository for Securities (KDPW). By establishing the clearing house on the Polish market, KDPW implemented the highest international standards and significantly strengthened the competitiveness of the Polish capital market.
An important function of the National Depository on the capital market is to establish operational links which enable the settlement of transactions in foreign stocks dual-listed on the WSE. KDPW has the highest number of operational links among all central securities depositories in Central and Eastern Europe. The National Depository currently operates 18 operational links with foreign depository institutions. The links established by KDPW enable the listing on the WSE of several dozen foreign companies from countries including Austria, Bulgaria, Canada, the Czech Republic, Estonia, France, Germany, Hungary, Italy, Lithuania, Slovakia, Sweden, UK, USA.