The software behind the securities markets of 19 countries
Since 1987, Percival has designed and built the depository, registry, trading and messaging systems that securities markets run on — today in production on four continents.
A system for each job
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DEPEND
Central securities depository
Clearing, settlement and registry for national and regional markets — BIS settlement models 1–3, corporate actions, multi-currency money settlement and RTGS integration.
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HUBBLE
Financial messaging
The messaging layer between a depository and the outside world — ISO 15022, ISO 20022 and proprietary messages, connections to SWIFT, T2S and central banks, and a searchable record of every message.
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REVENUE
Trading exchange
A configurable matching engine for emerging and mid-sized venues — order, quote and hybrid markets, auctions, indices, circuit breakers and multi-currency trading.
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REGARD
Registry
The registrar’s system of record — shareholder registers, corporate actions, employee schemes, IPOs and takeovers, for in-house registries and bureau providers.
From order entry to the register of holders
Each Percival system stands alone, but together they form a complete market. REVENUE reports matched trades straight through to DEPEND, which clears and settles them and keeps the register of holders. HUBBLE carries the depository’s messages to and from the outside world — T2S, SWIFT, central-bank RTGS systems and every participant.
Proven where it matters
| Region | Market & institution | Systems |
|---|---|---|
| Northern Europe | Estonia · Latvia · Lithuania · IcelandConsolidated national CSDs on a single platform | DEPEND + HUBBLE |
| Eastern Europe | UkraineNational Depository of Ukraine (NDU) | DEPEND + HUBBLE |
| Caucasus | ArmeniaCentral Depository of Armenia | DEPEND |
| Mediterranean | MaltaMalta Stock Exchange | DEPEND + HUBBLE |
| West Africa | DC/BR regional marketOne depository for eight countries | DEPEND + HUBBLE |
| Caribbean | Jamaica · Trinidad & TobagoNational central securities depositories | DEPEND + HUBBLE |
| Caribbean | Bahamas · BarbadosNational central securities depositories | DEPEND |
| Central America | PanamaLatinclear | DEPEND + HUBBLE |
Built by people who stay
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Longest established
Percival is the world’s longest-established vendor of CSD systems — building depository software continuously since 1987.
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A team that stays
The team behind DEPEND has worked together for more than twenty-five years.
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Standards, by construction
The products meet the standards that financial market infrastructures are held to — from messaging to matching to regulatory principles.
Recent go-lives and announcements
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Meta-X Markets goes live with Percival’s DEPEND post-trade platform
The Armenian investment company Meta-X Markets successfully launched its operations on DEPEND.
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Percival wins project to deliver DEPEND & HUBBLE to Latinclear, the CSD of Panama
Panama’s central securities depository selected Percival to replace its core depository system.
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Percival joins FEAS as an affiliate member
Percival became an affiliate member of the Federation of Euro-Asian Stock Exchanges.
Modernising a depository? Launching a market?
Write to the team that has taken nineteen markets into production — and stayed to support them.