KELER KSZF
KELER KSZF is a Hungarian central counterparty (CCP) providing clearing and settlement services for capital markets, gas markets, and energy markets across Central-Eastern Europe. The company serves banks, investment firms, and energy traders through clearing memberships and is EMIR-authorized.
- Company typePrivate
- Founded2006
- HeadquartersBudapest, Hungary
- Headcount11–50
- GTM typeB2B
- OfferingServices
What KELER KSZF does
KELER KSZF Zrt. (KELER Központi Szerződő Fél Zrt.) is a Hungarian central counterparty (CCP) and clearing house established in 2006 as a subsidiary of KELER Zrt. The company provides central counterparty clearing and settlement services across three market segments: Financial Market (clearing for Budapest Stock Exchange, BÉTa, Xtend, XBond, and MTS Hungary), Gas Market (clearing for FGSZ, CEEGEX, HUDEX, and Balkan Gas Hub platforms), and Energy Market (indirect clearing access to major European energy exchanges via European Commodity Clearing AG). The company is EMIR-authorized and operates as the leading clearing house in Central-Eastern Europe with nearly 20 years of experience.
KELER KSZF's technology infrastructure provides core CCP services including trade novation, multilateral netting, risk management, guarantee fund management, and margin calculation across all three market segments. The company's technical architecture enables a single connection to access multiple European energy markets through its GCM (General Clearing Member) relationship with ECC, which serves as a key differentiator. The company is integrated with the Hungarian National Bank's Viber system for settlement operations and provides EMIR Article 9 and REMIT Article 8 trade reporting services.
The company's revenue model is based on transaction fees for clearing and settlement services, collateral management fees, and guarantee fund contributions across its three market segments. Pricing is regulated and governed by published fee schedules (Díjszabályzat). KELER KSZF operates as a monopoly CCP for Hungarian capital markets and gas markets, with its go-to-market focused on direct clearing membership relationships with banks, investment firms, energy traders, and gas market participants. The company is part of the KELER Group alongside KELER Zrt. and operates from its headquarters in Budapest, Hungary.
KELER KSZF firmographics
Firmographics- Name
- KELER KSZF
- Legal name
- KELER KSZF Zrt.
- Website
- https://kelerkszf.hu
- Company type
- Private
- Founded year
- 2006
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- KELER KSZF is a Hungarian central counterparty (CCP) providing clearing and settlement services for capital markets, gas markets, and energy markets across Central-Eastern Europe. The company serves banks, investment firms, and energy traders through clearing memberships and is EMIR-authorized.
- Ownership category
- akta.pro rank
KELER KSZF industry classification
Industry- Product category
- Central Counterparty (CCP) and Clearing House Services
- NAICS
- Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320), Commodity Contracts Intermediation (523160), Commodity Contracts Intermediation (52316)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211), Commodity Contracts Brokers & Dealers (6221)
- akta.pro primary industry
- Clearing Houses / Central Counterparties (CCPs) (FSACAHAC)
- akta.pro secondary industries
- Commodities / Energy Clearing CCPs (FSAFAFAF), Listed Derivatives CCPs (Futures & Options) (FSAFAFAA), CCP Settlement & Payment Infrastructure Services (FSAFAFAL)
Keywords
Where KELER KSZF is headquartered
LocationHeadquarters
- HQ city
- Budapest
- HQ country
- Hungary
- HQ region
- Europe
Offices1 record
Markets served
KELER KSZF business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Technology or R&D, Personnel, Operations, Infrastructure, Others
Revenue model
- Clearing and Settlement Fees: Fees charged for CCP clearing services across financial, gas, and energy markets including transaction fees, margin requirements, and guarantee fund contributions
- Collateral Management Fees: Fees for collateral management services including guarantee fees and margin handling across clearing member positions
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Transaction based/ take rate | Pay-as-you-go | Clearing membership tiers based on market segment participation |
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
KELER KSZF product offering
Product offeringCore offering
KELER KSZF operates as a Central Counterparty (CCP) providing clearing and settlement services across three market segments: Financial Market (clearing for Budapest Stock Exchange, BÉTa, Xtend, XBond, and MTS Hungary), Gas Market (natural gas clearing for Hungarian and Balkan platforms), and Energy Market (indirect clearing for European power exchanges via ECC). Core services include trade novation, multilateral netting, guarantee fund management, margin calculation, and EMIR/REMIT trade reporting.
Product overview
KELER KSZF is a Central Counterparty (CCP) and Central Securities Depository service provider operating three distinct market segments: Financial Market (capital markets clearing for Budapest Stock Exchange, BÉTa, Xtend, XBond, and MTS Hungary), Gas Market (natural gas clearing for Hungarian and Balkan platforms including FGSZ, CEEGEX, HUDEX, and Balkan Gas Hub), and Energy Market (indirect clearing access via European Commodity Clearing AG to major European energy exchanges including EEX, EPEX, HUPX, and others). The company provides core CCP services including clearing, settlement, guarantee fund management, and risk management, supplemented by Trade Reporting services for EMIR/REMIT compliance and CCP Academy training. It operates as a single unified clearing infrastructure rather than a modular platform architecture.
Differentiator
Problem solved
Functional benefit
Products and services
- Financial Market Clearing Services Clearing and settlement services for capital market transactions, including Multinet (cash equities), Derivative market, and MTS Hungary. Provides central counterparty services for Budapest Stock Exchange (BÉT), BÉTa Market, Xtend Market, and XBond Market for banks, investment firms, and trading venues.
- Gas Market Clearing Services Guarantee and clearing services for natural gas market transactions, including balancing clearing, trading platform services, and CEEGEX-HUDEX exchange operations. Covers Hungarian platforms (FGSZ) and Bulgarian Balkan Gas Hub for natural gas trading entities.
- Energy Market GCM Services As general clearing member of European Commodity Clearing AG (ECC), provides indirect clearing access to major European energy markets including EEX, EPEXSPOT, HUDEX power, HUPX, NOREXECO, PXE, SEEPEX/BSP, and SEMOpx for energy traders and generators.
- Central Counterparty (CCP) Services Core central counterparty services providing guarantee for financial, gas, and energy market transactions. Manages counterparty risk and margin requirements across all markets served by KELER KSZF.
- Risk Management and Margin Services Risk management, guarantee fund requirements, margin calculation and management services across all markets served, supporting clearing members' exposure management.
- Trade Reporting Services Reporting services for EMIR Article 9 data to trade repositories and REMIT Article 8 data to energy market agency, supporting regulatory compliance for clearing members.
- CCP Academy Educational and training services including tutorials on capital market clearing, gas market clearing, and energy market clearing operations for clearing members and prospective members.
- Membership Services Clearing membership services including membership application processing, KYC procedures, and ongoing member support for financial, gas, and energy markets.
Quantifiable outcome
- Access to major European energy markets including EEX, EPEX SPOT, HUPX, PXE, SEEPEX
Companies that use KELER KSZF
Customer profileSegments3 records
Ideal customer profiles3 records
KELER KSZF technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration10 records
Feature3 records
KELER KSZF partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered core and regional.
- European Commodity Clearing AG (ECC)coreKELER KSZF operates as a General Clearing Member of European Commodity Clearing AG (ECC), providing its sub-clearing members (alklíringtagok) access to major European spot and futures energy markets including EEX, EPEX SPOT, HUPX, HUDEX power, NOREXECO, PXE, SEEPEX/BSP, and SEMOpx through a single harmonized connection.
- Budapesti Értéktőzsde (BÉT)coreKELER KSZF provides clearing and settlement services for the Budapest Stock Exchange (BÉT), serving as the central counterparty for securities transactions on Hungary's primary equity market.
- CEEGEX Zrt.coreCEEGEX (Central Eastern European Gas Exchange) operates natural gas exchange platforms. KELER KSZF provides guarantee and clearing services for transactions executed on CEEGEX platforms.
- HUDEX Energiatőzsde Zrt.coreHUDEX operates Hungarian derivatives energy exchange. KELER KSZF provides clearing and guarantee services for HUDEX power and gas market products.
- FGSZ Zrt.coreFGSZ operates natural gas transmission and trading platforms in Hungary. KELER KSZF provides clearing services for transactions on FGSZ platforms and FGSZ KP Kft. services.
- Balkan Gas Hub EADregionalBalkan Gas Hub operates Bulgarian gas market platforms. KELER KSZF provides guarantee and clearing services extending to Bulgarian gas market transactions on the BGH platform.
- MTS HungarycoreMTS (Money Market Trading System) operates government bond trading platforms. KELER KSZF provides clearing and settlement services for MTS Hungary fixed income transactions.
- XBond PiaccoreXBond operates as a Hungarian government bond trading platform. KELER KSZF provides clearing services for bond market transactions.
Scale indicators3 records
Recent moves6 records
Expansion highlights5 records
KELER KSZF competitors and assessment
Company assessmentDirect peers
- SIX x-clear: Swiss-based CCP providing securities clearing services across European markets, comparable to KELER KSZF's capital-market clearing business. Operates at smaller scale than tier-1 European CCPs and targets similar exchange-traded securities flows.
- European Commodity Clearing AG (ECC): ECC is the central counterparty for European energy markets (EEX, EPEX SPOT, etc.) and is both a direct competitor in energy clearing and KELER KSZF's General Clearing Member partner. Highly comparable business model and customer base.
Regional players
- BME Clearing: Spanish CCP clearing equity and derivatives transactions on Spanish exchanges, part of BME Group (now part of SIX). Comparable as a single-country European CCP with similar regulatory and operational profile.
- ATHEX Clear: Greek CCP clearing Athens Stock Exchange transactions. Comparable as a single-country European CCP operating under EMIR with similar size and business model constraints.
- CC&G (Cassa di Compensazione e Garanzia): Italian CCP providing clearing for Borsa Italiana markets, comparable as a regional European CCP serving a single national exchange group. Similar business model and regulatory framework under EMIR.
- KDPW (Krajowy Depozyt Papierów Wartościowych): Polish central securities depository and CCP providing clearing and settlement for the Warsaw Stock Exchange. Highly comparable as a CEE-based central securities infrastructure operator with similar regulatory and operational profile.
Broad incumbents
- ICE Clear Europe: ICE Clear Europe clears energy, agricultural, and financial derivatives on ICE's European exchanges, including significant energy market clearing. Comparable in energy clearing overlap but with broader global reach than KELER KSZF.
- Nasdaq Clearing: CCP within Nasdaq group providing clearing for Nordic and European derivatives markets. Comparable as a multi-asset European CCP, though operating at larger scale and broader geographic scope than KELER KSZF.
- Eurex Clearing: One of the largest European derivatives CCPs, part of Deutsche Börse Group. Comparable in core CCP function for listed derivatives but operates at much larger scale across multiple jurisdictions.
Others
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
KELER KSZF social profiles
Digital presenceKELER KSZF compliance and trust
Trust signalCompliance1 record
KELER KSZF financial estimates
Financial estimateRevenue estimate
Valuation estimate
KELER KSZF leadership team
Management profileNumber of profiles
KELER KSZF funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
KELER KSZF M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about KELER KSZF
What does KELER KSZF do?
KELER KSZF operates as a Central Counterparty (CCP) providing clearing and settlement services across three market segments: Financial Market (clearing for Budapest Stock Exchange, BÉTa, Xtend, XBond, and MTS Hungary), Gas Market (natural gas clearing for Hungarian and Balkan platforms), and Energy Market (indirect clearing for European power exchanges via ECC). Core services include trade novation, multilateral netting, guarantee fund management, margin calculation, and EMIR/REMIT trade reporting.
Is KELER KSZF a public or private company?
KELER KSZF is a private company. It is classified as corporate owned and is currently operating.
When was KELER KSZF founded?
KELER KSZF was founded in 2006. It employs 11 to 50 people.
Where is KELER KSZF based?
KELER KSZF is headquartered in Budapest, Hungary, in the Europe region.
How does KELER KSZF make money?
Two revenue lines are on record. Clearing and Settlement Fees are the primary driver. The others are collateral Management Fees.
Who are KELER KSZF's main competitors?
Direct peers on record are SIX x-clear and European Commodity Clearing AG (ECC). Regional players are BME Clearing, ATHEX Clear, CC&G (Cassa di Compensazione e Garanzia) and KDPW (Krajowy Depozyt Papierów Wartościowych). Broad incumbents are ICE Clear Europe, Nasdaq Clearing and Eurex Clearing. LCH (LSEG) is listed as an others.
Does KELER KSZF have an API?
No public API is recorded for KELER KSZF.
What industry is KELER KSZF in?
KELER KSZF's product category is Central Counterparty (CCP) and Clearing House Services. Its primary akta.pro industry code is FSACAHAC, Clearing Houses / Central Counterparties (CCPs), with a secondary code of FSAFAFAF, Commodities / Energy Clearing CCPs. Its NAICS code is 522320 and its SIC code is 6211.