Chris Richardson

CEO & System Architect

Address 288 Bishopsgate, EC2M 4QP, City of London, UK
Telephone +44 20 8123 0842
Contact Person Elen Käsk

FEAS Membership Status Affiliate member: Joined FEAS in 2022

Percival is a developer and vendor of advanced software solutions for Central Securities Depositories with Central Registry (CSD / CSDR) and Share Registration and Transfer Agents (RTA).

Today’s products from Percival include the REGARD system for RTAs, and the DEPEND system for CSD or CSDR operations.

It was founded in 1986 in the UK, and since that time has developed and renewed its products continuously until the present, seventh development cycle. Percival’s first RTA system was implemented in 1986 and its first CSD system was implemented in 1991.

With DEPEND, Percival have won 9 CSD contracts since 2008, spanning 21 countries.

Our team has been together for over 15 years and is the most tightly-knit, knowledgeable, and efficient team committed to the continuous improvement of its expertise and product quality.

World’s longest established vendor of CSD systems with over 30 years’ history.

Percival was one of the first suppliers of Crest-compliant software to the UK and Irish markets and the largest single package supplier in that market.

Percival’s CSD solution, DEPEND, is the core CSD system for five (5) European countries, namely: Estonia, Iceland, Latvia, Lithuania, and Malta.

Percival’s CSD solution handles the largest number of T2S accounts with DEPEND processing final settlement for more accounts than all other markets’ T2S solutions combined.

DEPEND is currently the core CSD solution for 19 main markets across the world

Percival’s implementation of DEPEND for the Estonian CSD in 2011 enabled it to become one of only five (5) CSDs with 100% compliance with the then applicable ECSDA standards, along with SIX SIS (Switzerland), Clearstream (Germany), Interbolsa (Portugal) & Euroclear (UK and Ireland).

Malta CSD, as a user of our DEPEND solution, was one of only five (5) CSDs that successfully joined T2S in the very first wave in July, 2015.

Estonia’s implementation of DEPEND in 2011, was the first in the world to offer a fully message-based service to account operators using the new ISO 20022 standard.

DEPEND’s clients, the Baltic countries of Estonia, Latvia, and Lithuania in 2017, were the first to comply and register the EU’s CSDR regulations.

In 1997, Percival re-established their technical team to Estonia to take advantage of the high level of local IT competencies.

Percival’s DEPEND is the only CSD solution that supports multiple regional markets using a common consolidated platform; DEPEND handles two regional markets: an eight-country regional market in French West Africa, and a four- country regional market in the Baltics.

Percival’s DEPEND is the only packaged-based CSD solution deployed any main market connected to T2S (all others are in-house or bespoke).

DEPEND represents the 8th generation of Percival’s CSD solution, these regular re-developments take advantages of the latest advances in technology and capital market regulations and disciplines; Percival offer a clear migration path to new versions of their products for all clients so that they can continue to have the latest functionality in production.

Percival have carried out eight (8) migrations from clients’ CSD legacy systems to the DEPEND CSD solution, including three from Equator.

One of the largest vendors of trade and post-trade solutions use Percival’s DEPEND for their own CSD business operations.

DEPEND was benchmarked in 2014 for the processing of single batch of 1,000,000 settlement instructions; the settlement batch took 9 minutes and 30 seconds to prepare; applying settlement finality took 5 minutes and 41 seconds.

All Percival products run on a mature, well supported and secure technical base with typically the lowest cost base in the CSD world for both implementation and ongoing operations.

During DEPEND’s implementation for the Baltic CSDs, it was subjected to and passed its penetration test to the highest standards.

Due to the configurability of the product and the ease with which it can be implemented and updated, Percival’s DEPEND implementation project team is typically at most five (5) people.

DEPEND’s active implementations cover four languages: English (default), French, Ukrainian, and Armenian; the product lends itself extremely well to translation to new languages.

Percival have recorded 27 years of profits and only three years of minor losses, in over 30 years of operations.

Percival customer statistics:

  • Largest CSD by number of accounts: 3 million, NDU, Ukraine
  • Largest CSD by number of registered instruments: 11,000, NDU, Ukraine
  • The largest number of countries run from a single instance of DEPEND: 8 countries, DC/BR, covering the region comprising Benin, Burkina Faso, Guinea Bissau, Côte d’Ivoire, Mali, Niger, Senegal, & Togo; this is unique amongst CSD vendors of any size
  • Longest standing CSD customer: 29 years for Malta
  • Over 4 million CSD accounts maintained by DEPEND across all 19 customers
  • An additional 500,000 shareholder registry accounts are maintained by Percival’s, standalone REGARD RTA product
  • The fastest Percival CSD solution implementation was 5 months and 2 weeks from start of project to live date; the slowest CSD solution implementation was 1 year and 11 months from project start to live date
  • Customers span multiple global regions: Europe, Africa, Asia and the Caribbean
  • Most populated client country: Ukraine with 42 million
Working days
Country United Kingdom
Time Zone GMT+1
Days Monday / Tuesday / Wednesday / Thursday / Friday /