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Six SS wins mandate from Hungary CSD

16 December 2013

Six Securities Services takes the mandate from Clearstream

Read more: Six Securities Services Hungary CSD

Six Securities Services has won a mandate to provide international settlement and custody to Keler, Hungary's central securities depository (CSD).

The post-trade provider has taken the mandate from Clearstream.

Six CEO Thomas Zeeb marked the event as an "important step" in establishing SIX as one of the three main European providers of cross-border services at an infrastructure level as the implementation date of Target2-Securities draws closer.

The partnership will enable Keler to optimise its international settlement capabilities, said Six.

György Dudas, CEO of Keler, added, "The key objective of this move is to enhance our cross-border settlement efficiencies and asset servicing capabilities on a truly global scale. This will allow Keler to succeed in an increasingly competitive post-trade environment."

Keler is the sole CSD for Hungary and is owned by the Central Bank of Hungary and the Budapest Stock Exchange.

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