KDPW, for Krajowy Depozyt Papierów Wartościowych (lit.
'National Securities Depository'), is a Polish financial market infrastructure that serves as both a central securities depository and trade repository and also operates a central counterparty clearing house.
KDPW had originally operated as a department of the Polish Stock Exchange from 1991, then became a joint-stock company in November 1994.
Since then it has been owned by three shareholders, each of which holds one-third of KDPW's equity capital: the Polish Ministry of Treasury, the Warsaw Stock Exchange, and the National Bank of Poland.
[1] KDPW holds securities in uncertificated (dematerialized) form.