OPEN-DEMAT

Dematerialised Securities Management

OPEN-DEMAT is a system designed for maintaining records on dematerialised securities, and performs the generation and management related to dematerialised securities.

Based on the characteristics of dematerialised securities in circulation in Hungary and abroad as defined in the Securities Act (Act CXI of 1996), the system provides IT support for the management of dematerialised securities.

The system’s key functions and features are as follows:

• Fulfilment of all the functions necessary for the maintenance of dematerialised securities:
• Generation of dematerialised securities
• Recording and management of dematerialised securities
• Recording on a central securities account
• Flexible and configurable modules to meet a wide range of user requirements
• Suitable for integration with the Account Management system
• One-way system connection, to ensure system integrity

The OPEN-DEMAT system performs the generation, recording and management of dematerialised securities, provides support for the dematerialisation of printed securities, enables the conversion (transformation) of dematerialised securities, and performs supplementary issues and deletions.

The functions of the OPEN-DEMAT system:

• Generation of dematerialised securities by three possible methods:
• Initial issuance and generation of dematerialised securities
• Conversion of printed securities into dematerialised securities
• Conversion or transformation of existing dematerialised securities
• Registration of dematerialised securities on a securities account
• Invalidation and deletion of dematerialised securities
• Management of open-end investment fund units: management of daily supplementary issues, deletions
• Conversion (transformation) reconciliations

The OPEN-DEMAT system connects to the Securities Account Management system (Clearing and Securities Account Management applications).

The OPEN-DEMAT system is a modular system with a client-server architecture and a user-friendly graphical interface, and can be flexibly developed to suit a wide range of user requirements.

The protection of the systems in terms of access and authorisation is ensured on multiple levels, partly by leveraging the opportunities offered by the applied technologies and partly by utilising the supplied application-level protection devices.

KELER (Central Clearing House and Depository Budapest) Ltd.

In its capacity as central Depository, KELER Ltd. is responsible for generating (crediting to central securities accounts) and managing (modifying, deleting) all the dematerialised securities issued publicly or privately in Hungary.

In this respect, OPEN-DEMAT operates as an audited system.