KDPW

What KDPW does

KDPW (Krajowy Depozyt Papierów Wartościowych S.A.) is Poland's central securities depository (CSD), established on 7 November 1994 as a private joint-stock company, operating as critical national financial market infrastructure with over 30 years of uninterrupted service. It forms a capital group with its subsidiary KDPW_CCP S.A., the authorized central counterparty for clearing transactions. KDPW provides end-to-end post-trade services including securities registration in primary and secondary depositories, settlement, custody, corporate actions, eVoting, and the Investor Compensation System (System Rekompensat), serving 96 direct participants comprising banks, brokerage houses, and pension fund management companies.

Its core technology stack comprises the proprietary kdw_stream settlement system, multiple secure portals (Service Portal, Data Portal, KDPW TR+, LEI portal), and multi-factor authentication via the KDPW Group Authenticator mobile app. KDPW holds full ESMA authorizations for EMIR and SFTR trade repositories and MiFID II/MiFIR ARM status, making it a one-stop regulatory reporting partner for EU financial institutions. It is the sole GLEIF-accredited LEI issuer in Poland, managing nearly 100% of Polish LEI codes (~37,748 codes) and serving 35 European countries. KDPW is also pioneering DLT-based post-trade innovation through its CSDonDLT project (Hyperledger Besu-based, white paper published June 2025) and the Hyperledger Fabric-based Blockchain Platform for Capital Market.

Revenue is generated through subscription/recurring fees for CSD and LEI services, usage-based fees for transaction reporting (EMIR, SFTR, ARM), transaction fees for corporate events and eVoting, and managed services for the Guarantee Fund and investor compensation system. Customer acquisition is regulatory-mandated for domestic participants, supplemented by direct institutional sales relationships and self-service online channels for LEI in 35 European jurisdictions.

Name

KDPW

Legal name

Krajowy Depozyt Papierów Wartościowych S.A.

Website

https://kdpw.pl

Company type

Private

Founded year

1994

Operating status

Operating

Short description

KDPW is Poland's central securities depository providing post-trade infrastructure — securities registration, settlement, EMIR/SFTR/ARM regulatory reporting, LEI code issuance, and DLT-based settlement innovation — for Polish and broader European capital market participants.

Ownership category

akta.pro rank

Product category

Central Securities Depository Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Functions Related To Depository Banking, Nec (6099)

akta.pro primary industry

Fund Custody & Depositary Services (UCITS/AIFMD & Mutual Funds) (FSAFAHAD)

akta.pro secondary industries

Transaction Reporting & Trade Surveillance Controls (MiFID/MiFIR, CAT, EMIR, SFTR) (FSAFAKAD), Securities Financing Transactions (SFT) & Repo Reporting Utilities (FSAFAJAE), Post-Trade Compliance & Transaction Reporting (MiFID/EMIR/SFTR/CAT) (FSACAJAD)

Keywords

• Central securities depository
• Trade repository services
• LEI code issuance
• Post-trade infrastructure
• Regulatory transaction reporting

Headquarters

HQ city

Warsaw

HQ country

Poland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Central Securities Depository Services: Revenue from securities registration (depozyt macierzysty and depozyt wtórny), securities account management, and settlement services for direct participants including banks, brokerages, and issuers.
2. Transaction Reporting Services (KDPW TR+): Fees for EMIR Trade Repository, SFTR Trade Repository, and ARM (Approved Reporting Mechanism) services for regulatory transaction reporting under EU regulations. Revenue is usage-based depending on transaction volumes reported.
3. LEI Code Issuance and Renewal: Fees for issuance and renewal of Legal Entity Identifier (LEI) codes. Pricing tiers range from 260 PLN (1-year) to 1,050 PLN (5-year), including GLEIF fee of 40 PLN. Also includes transfer fees for moving LEIs from other registrars to KDPW.
4. Corporate Events Services: Revenue from eVoting and eVoting-board platforms for shareholder voting, corporate event management, and payment agent services.
5. Public Task Services: Revenue from administering the Fundusz Gwarancyjny (Guarantee Fund) for pension funds, managing transfer payments between OFEs, and operating the investor compensation system, funded through mandatory contributions from system participants.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels7 records

Core offering

KDPW operates Poland's central securities depository, providing securities registration, account keeping, and settlement for direct participants (banks, brokerages, issuers), alongside EMIR and SFTR trade repository services, MiFID II/MiFIR Approved Reporting Mechanism (ARM) reporting, and GLEIF-accredited LEI code issuance across 35 European countries. It also administers the System Rekompensat investor compensation scheme and the Fundusz Gwarancyjny pension guarantee fund.

Product overview

KDPW (Krajowy Depozyt Papierów Wartościowych S.A.) operates as Poland's central securities depository, offering a multi-module platform for the capital market infrastructure. The core offering includes central depository services for securities registration and settlement, supplemented by specialized reporting services under the KDPW TR+ brand (encompassing EMIR and SFTR trade repositories and ARM for MiFID II/MiFIR), and LEI code issuance under the KDPW LEI brand. Additional modules include eVoting for electronic shareholder voting, the Investor Compensation System, Data Portal, and services for pension fund management companies. KDPW is also pioneering DLT-based innovation through the CSDonDLT project and Blockchain Platform for the Capital Market, built on Hyperledger technologies. The Service Portal at online.kdpw.pl serves as the unified gateway for all applications, with KDPW Group Authenticator providing multi-factor authentication security.

Differentiator

Problem solved

Functional benefit

Brands

• KDPW LEI: LEI (Legal Entity Identifier) issuance service for legal entities in 35 European countries
• KDPW TR+
• CSDonDLT
• Platforma Blockchain dla Rynku Kapitałowego

Products and services

• Central Securities Depository (CSD) Services Core service for registration of securities in primary (depozyt macierzysty) and secondary (depozyt wtórny) depositories, maintenance of securities accounts, and securities settlement for the Polish capital market. Used by direct participants (banks, brokerage houses, issuers) for post-trade infrastructure.
• KDPW TR+ Reporting Services Package Comprehensive reporting services package covering EU regulatory obligations: EMIR Trade Repository (derivative transaction reporting), SFTR Trade Repository (securities financing transactions), and ARM (Approved Reporting Mechanism for MiFID II/MiFIR), complemented by LEI code issuance. Full ESMA authorization as EU transaction repository and MiFID2/MiFIR ARM authorization. Available to EU financial institutions from small local brokers to the largest international banking groups.
• EMIR Trade Repository Trade repository collecting information about derivative transactions under the European Market Infrastructure Regulation (EMIR). Authorized by ESMA as EU trade repository.
• SFTR Trade Repository Trade repository for Securities Financing Transactions Regulation (SFTR), collecting information about securities financing transactions. Authorized by ESMA as EU trade repository.
• Approved Reporting Mechanism (ARM) Approved Reporting Mechanism for MiFID II/MiFIR transaction reporting to supervisory authorities. Authorized under MiFID2/MiFIR.
• KDPW LEI Code Issuance Service Legal Entity Identifier (LEI) issuance, renewal, and transfer service. Only Polish institution authorized by GLEIF to issue LEI codes. Manages approximately 37,748 LEI codes covering 35 European countries (all EU member states, UK, Norway, Switzerland, Armenia, Ukraine, Iceland, Liechtenstein). Online self-service issuance within hours of payment via lei.kdpw.pl.
• eVoting Electronic Voting Platform Electronic voting platform enabling shareholders to participate in general meetings and exercise voting rights digitally for issuers of securities registered with KDPW.
• eVoting-board Corporate Governance Voting Board-level electronic voting system for corporate governance proceedings.
• System Rekompensat (Investor Compensation System) Compensation system for investors managed by KDPW, providing payouts in case of participant insolvency. Covers loss of cash funds and compensation for value of lost financial instruments, regulated under EU Directive 97/9/EC. Manages contributions from 96 brokerage houses, banks, and investment fund companies.
• Rejestr Zobowiązań Emitentów (Issuer Obligations Register) Register of issuer obligations for bonds, mortgage bonds, and investment certificates. Collects data on issuance size, obligation amounts, and fulfillment status. Accessible 24/7.
• Service Portal (Portal Usług) Service portal providing the access point for applications used for electronic communication with KDPW (online.kdpw.pl), with test (TST) and education (EDU) environments. MFA-secured.
• Data Portal (Portal Danych) Data portal providing market data and information services for capital market participants, including securities reference data and issuer obligation information.
• Pension Fund Services (Usługi dla PTE) Services for Pension Fund Management Companies (PTE) including Guarantee Fund (Fundusz Gwarancyjny) administration and transfer payments between open pension funds (OFE).

Quantifiable outcome

• Near 100% of Polish LEI codes managed by KDPW
• +2 more outcomes

Named customers6 records

Segments6 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature6 records

Partnerships

Eight partnerships are on record, tiered flagship, core and minor.

• Central Depository of Armenia (CDA)flagshipChannel Partner/ Reseller/ Distributor · 23 September 2025The Central Depository of Armenia obtained LEI Agent status from KDPW, enabling the launch of a local LEI issuance service in Armenia. This is a strategic expansion partnership responding to growing demand for LEIs in Armenia and supporting financial market transparency in the region. KDPW obtained accreditation to issue LEIs to Armenian entities on June 3, 2025.
• Global Legal Entity Identifier Foundation (GLEIF)coreStrategic or Co-development Partner · 3 June 2025KDPW is accredited by GLEIF as an authorized LEI issuer, one of the first LEI issuers worldwide to receive such accreditation. This partnership enables KDPW to issue and manage LEI codes for legal entities across its accredited jurisdictions, with all LEI data reported to GLEIF for global distribution. GLEIF charges a 40 PLN fee per LEI included in KDPW's pricing.
• KDPW_CCP S.A.coreOthersKDPW forms a capital group with KDPW_CCP S.A. (KDPW Clearing House), which serves as the authorized central counterparty (CCP) for clearing transactions in financial instruments. Both entities share technology infrastructure, IT systems, and operational support functions. KDPW_CCP has its own website (kdpwccp.pl) and logo.
• Capital Market Participants (invited to CSDonDLT)flagshipStrategic or Co-development PartnerKDPW published its CSDonDLT White Paper in June 2025, inviting capital market participants to co-develop the new market model based on DLT technology. This open collaboration aims to modernize Polish capital market infrastructure through joint effort on the CSDonDLT project.
• Capital Market Conference / Izba Domów Maklerskich (IDM)minorGTM or Marketing PartnerKDPW and KDPW_CCP served as Strategic Partners of the 26th Capital Market Conference organized by the Chamber of Brokerage Houses (IDM), under the slogan 'Waking Up the Capital Markets'.
• PostTrade 360°minorGTM or Marketing PartnerKDPW Group participated as a partner in PostTrade 360° 2025, one of the biggest events in the post-trade industry, held in Stockholm on September 3-4, 2025, with approximately 1,600 participants and 200+ speakers.
• European Forum of Deposit Insurers (EFDI)minorStrategic or Co-development PartnerKDPW has been a member of EFDI since 2018. EFDI is an association of European deposit guarantee schemes and investor compensation systems, currently grouping 72 institutions including KDPW and the Bank Guarantee Fund (BFG) from Poland.
• European Association of Central Securities Depositories (EACH)minorStrategic or Co-development PartnerMarcin Truchanowicz from KDPW has been reappointed to the EACH Board, representing KDPW in European CSD policy and standards development.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• REGIS-TR: REGIS-TR is a European trade repository jointly operated by Clearstream and Iberclear, ESMA-registered for SFTR. Comparable to KDPW's SFTR Trade Repository as a directly competing ESMA-authorized SFT reporting utility.
• Clearstream: Clearstream (Deutsche Börse) is a major European CSD providing settlement, custody, and collateral management. Directly comparable to KDPW's CSD, ICSD, and post-trade service portfolio including transaction reporting.
• Euroclear: Euroclear is the largest pan-European CSD operator providing international securities settlement and custody. Comparable to KDPW as a fellow ESMA-recognized CSD operator running national and cross-border depository infrastructure under similar regulatory frameworks.
• SIX SIS: SIX SIS is the Swiss CSD and post-trade infrastructure provider, operating across Switzerland and internationally. Comparable to KDPW as a national CSD with CSDR authorization and post-trade services.
• VP Securities: VP Securities (now Nasdaq Copenhagen) is the Danish CSD operating in the Nordics. Comparable to KDPW as a national European CSD with CSDR authorization and integrated post-trade services.
• Iberclear: Iberclear is the Spanish CSD operated by BME (now part of SIX), providing settlement, registration, and post-trade services for the Spanish capital market. Directly comparable as another EU national CSD with similar regulatory obligations.
• Euronext Securities: Euronext Securities (formerly Monte Titoli) is the Italian CSD within the Euronext group, providing securities settlement, custody, and post-trade services. Directly comparable to KDPW as a national European CSD with integrated CCP and reporting services.
• ATHEXClear: ATHEXClear is the Greek CSD/CCP providing securities settlement and clearing for the Athens Exchange. Comparable to KDPW as another EU national CSD with combined depository and central counterparty functions.
• UnaVista (LSEG): UnaVista is LSEG's Approved Reporting Mechanism (ARM) and trade reporting solution. Comparable to KDPW TR+ as an ESMA-authorized ARM and trade repository serving MiFID II/EMIR/SFTR reporting needs.

Others

• GLEIF (Global Legal Entity Identifier Foundation): GLEIF is the global LEI governing body that accredits issuers like KDPW to issue and manage LEI codes. Not a competitor but a strategic ecosystem enabler, defining the standards and global directory that KDPW's LEI service feeds into.

Market position

Weaknesses4 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/KDPW_
• Facebookfacebook.com/krajowy.depozyt
• LinkedInlinkedin.com/company/grupa-kdpw

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about KDPW