KELER Zrt

What KELER Zrt does

KELER Zrt is Hungary's sole licensed central securities depository (CSD), founded in 1990 and headquartered in Budapest, providing the foundational infrastructure for the Hungarian capital market. The company delivers end-to-end securities lifecycle services — dematerialized securities management, settlement and custody, ISIN allocation and central register maintenance, corporate actions processing, cash account management, investment fund administration, LEI code services, EMIR/REMIT regulatory trade reporting, and daily AFR foreign exchange rate publication. Its proprietary technology stack centers on the KELER Online client portal, the WARP system for investment fund unit administration, and the CAPS clearing and payment engine, all fully integrated with the European Central Bank's Target2-Securities (T2S) pan-European settlement platform.

KELER's technology architecture combines domain-specialized proprietary systems with European infrastructure interoperability. T2S integration enables cross-border settlement of Hungarian securities for international participants, while ISIN/LEI issuance, EMIR/REMIT reporting, and corporate actions processing operate under regulatory exclusivity granted by the CSD Act and CSDR. The wholly-owned subsidiary KELER KSZF Zrt provides central counterparty clearing for both financial and energy market segments, tightening the structural linkage between depository and clearing within the KELER Group. All operations are centralized at the Budapest headquarters at Rákóczi út 70-72.

The business model is B2B-only, generating revenue through fee schedules for settlement, account management, ISIN issuance, trade reporting, and ancillary services (pricing is not publicly disclosed and is available only to registered members via the Dokumentumtár). Go-to-market is direct institutional: member banks, investment firms, listed issuers, fund managers, and clearing house participants connect via the KELER Online platform and dedicated client services. KELER serves as the exclusive CSD for Hungary under statutory regulation, with no competing domestic CSD permitted, and operates under the supervisory oversight of the Magyar Nemzeti Bank (MNB), which is also reported as its owner. Customer segments include financial institutions (banks, investment firms), issuers (listed companies, fund managers), clearing house participants, and energy market REMIT reporters.

Name

KELER Zrt

Legal name

KELER Zrt

Website

https://keler.hu

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

101–250 employees

Short description

KELER Zrt is Hungary's sole licensed central securities depository, providing dematerialized securities settlement, custody, ISIN allocation, corporate actions, EMIR/REMIT trade reporting, and investment fund administration to banks, issuers, and clearing members via T2S-integrated proprietary systems.

Ownership category

akta.pro rank

Product category

Central Securities Depository Services

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Securities and Commodity Exchanges (5232), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)

SIC

Functions Related To Depository Banking, Nec (6099), Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Finance Services (6199)

akta.pro primary industry

Regulatory Reporting Hubs & Aggregators (Multi-Regime/Multi-Asset) (FSAFAJAF)

akta.pro secondary industries

AML/KYC, Investor Onboarding & Compliance Services (FSAAAMAE), Regulatory Reporting & Recordkeeping (AML/CTF) (FSAMAMAG)

Keywords

• Central securities depository
• Securities settlement services
• Dematerialized securities handling
• Investment fund administration
• Trade reporting services

Headquarters

HQ city

Budapest

HQ country

Hungary

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure, Others

Distribution channels2 records

Marketing channels5 records

Core offering

KELER Zrt operates as Hungary's sole licensed central securities depository (CSD), providing dematerialised securities management, settlement, custody, and registry services to financial institutions, issuers, and clearing house participants. Its core platform is integrated with the European Target2-Securities (T2S) infrastructure and complemented by the proprietary KELER WARP system for investment fund administration, KELER CAPS for clearing and cash management, and KELER Online for client access. Additional services include ISIN issuance, LEI code services, corporate actions processing, EMIR/REMIT trade reporting, and daily AFR FX rate publication.

Product overview

KELER Zrt operates as Hungary's central securities depository (CSD) and clearing house, providing a comprehensive financial market infrastructure platform. The core offering consists of depository services for dematerialized securities, supplemented by the WARP system for investment fund units, CAPS for clearing and settlement, and the KELER Online client portal. Additional services include ISIN search functionality, corporate actions management, trade reporting (EMIR/REMIT), LEI code services, cash account management, and cross-border settlement. The company publishes statistical data including daily OTC statistics, AFR FX rates, and monthly/weekly/annual statistics for the Hungarian capital market. Services are delivered through the Target2-Securities (T2S) European settlement platform.

Differentiator

Problem solved

Functional benefit

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature10 records

Partnerships

Five partnerships are on record, tiered core and minor.

• KELER KSZF Zrt (KELER Central Clearing House and Depository - Clearing Section)coreStrategic or Co-development PartnerKELER KSZF Zrt is the clearing (CCP) subsidiary of the KELER Group, operating as a central counterparty clearing house separate from the depository entity. KELER Zrt directs clearing-related services to KELER KSZF, which handles guarantee mechanisms, margin management, and counterparty clearing for financial markets. The subsidiary serves both the financial market (pénzügyi piac) and energy market (gázpiac, energiapiac) segments.
• European Central Bank / T2S (Target2-Securities)coreTechnology or IntegrationKELER is fully integrated with the European Central Bank's Target2-Securities (T2S) platform, the pan-European securities settlement infrastructure. This integration enables cross-border settlement of Hungarian securities with European market participants, and allows KELER to offer its clients access to the full benefits of T2S.
• Magyar Bankszövetség (Hungarian Banking Association) - KiberPajzs ProgramminorGTM or Marketing PartnerKELER participates in the KiberPajzs (CyberShield) program run by the Hungarian Banking Association, which provides cybersecurity awareness and protection guidance to financial market participants. KELER displays the KiberPajzs banner on its website as part of this initiative.
• MNB (Magyar Nemzeti Bank / National Bank of Hungary)coreOthersKELER operates in close regulatory and operational relationship with the MNB (National Bank of Hungary), which serves as the national supervisory authority and operates the VIBER real-time gross settlement system with which KELER interfaces for cash settlement. KELER publishes daily AFR (Average FX Rate) reference rates and interacts with MNB systems for regulatory reporting.
• ESMA (European Securities and Markets Authority)coreOthersKELER engages with ESMA on regulatory matters including T+1 settlement transition readiness, EMIR reporting compliance, and other European capital markets regulatory frameworks. KELER participated in the ESMA T+1 transition readiness questionnaire in 2025/2026.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Iberclear: Spanish CSD operated by BME (Bolsas y Mercados Españoles), integrated with SIX Group after acquisition. Comparable to KELER as a domestic CSD providing settlement, custody and registry services within a T2S framework.
• KDPW (Krajowy Depozyt Papierów Wartościowych): Polish CSD providing securities settlement, custody and post-trade services for the Polish capital market. Closest geographic peer to KELER as another CEE national CSD with T2S connectivity and comparable regulatory monopoly status.
• Euroclear: Belgian-headquartered international CSD operating national CSDs in multiple European countries alongside its ICSD. Highly comparable to KELER as a regulated CSD providing settlement, custody and corporate actions across European capital markets.
• Clearstream: Luxembourg-based international CSD (ICSD) and central securities depository subsidiary of Deutsche Börse, providing cross-border settlement, custody and post-trade services across Europe. Directly comparable to KELER as a CSD connected to T2S and serving institutional clients across multiple European markets.
• Monte Titoli: Italian CSD and part of the Euronext group, providing settlement, custody and registry services for Italian securities. Comparable as a T2S-connected national CSD serving a single domestic jurisdiction with cross-border settlement capabilities.
• SIX SIS: Swiss CSD operated by SIX Group, providing dematerialized securities settlement, custody and related post-trade services. Comparable to KELER as a national CSD with T2S access and integrated regulatory reporting capabilities.
• CDCP (Centrální depozitář cenných papírů): Czech CSD operating as the central securities depository and registry for the Czech capital market. Comparable to KELER as a neighbouring CEE national CSD with T2S integration and a similar product set including ISIN issuance.

Broad incumbents

• DTCC: US-based post-trade market infrastructure provider operating the DTC securities depository, NSCC clearinghouse and major trade repositories. Comparable as an integrated CSD/CCP with trade reporting services, but serving the US rather than European markets.
• Nasdaq CSD (Nordic): Nordic CSD operated by Nasdaq, providing settlement and post-trade services across the Nordic and Baltic markets. Comparable as a T2S-connected regional CSD group with broader product scope than a single-country CSD.

Regional players

• ATHEX CSD: Greek CSD operated by the Athens Exchange Group, providing settlement, clearing and registry services for the Greek market. Comparable as a smaller European national CSD with T2S connectivity but operating in a different geography.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/channel/UCP7RJxKfDmsA40UMxXHVD7w
• LinkedInlinkedin.com/company/central-clearing-house-and-depository-ltd-

Revenue estimate

Valuation estimate

Number of profiles

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 KELER Zrt