Almost four decades of market infrastructure
Percival is a British software house with one specialism: the systems that run securities markets — depositories, registries, exchanges, and the messaging between them.
One area of expertise
Percival was founded in 1987 as a developer and vendor of advanced software for stock exchanges, central securities depositories, and share registrars and transfer agents. The registry system that grew into REGARD had gone into service in 1986; the first CSD system, the forerunner of DEPEND, followed in 1991. The products have been developed and renewed continuously ever since, and the platforms in production today are the seventh generation.
That makes Percival the world’s longest-established vendor of CSD systems. DEPEND is the core CSD system for the main capital markets of 19 countries, in Northern and Eastern Europe, the Mediterranean, the Caucasus, West Africa and the Caribbean, including the consolidated Baltic and Icelandic depositories and the eight-country DC/BR market. In 2021 Percival moved upstream into trading: REVENUE, its trading platform, went live on the Barbados Stock Exchange.
The firm is deliberately small and deliberately senior. The team has worked together for more than twenty-five years, and the people who design a system are the same people who deliver and support it.
Milestones on a long road
- 1986First registry system in serviceThe registrar and transfer agency system that grew into REGARD.
- 1987Percival founded in EnglandA software house dedicated to capital market infrastructure.
- 1991First CSD system implementedThe depository system that grew into DEPEND goes into production.
- 2008The current DEPEND generationBuilt on a scalable .NET architecture and developed continuously ever since.
- 2019Ukraine goes liveThe National Depository of Ukraine transitions its operations to DEPEND and HUBBLE.
- 2019New trading link in JamaicaIn December, JCSD connects DEPEND to the Jamaica Stock Exchange’s new trading platform.
- 2020Iceland goes liveIceland’s national CSD joins the consolidated DEPEND platform.
- 2021REVENUE goes live in BarbadosThe Barbados Stock Exchange starts trading on Percival’s new platform in September.
- 2022FEAS affiliate membershipPercival joins the Federation of Euro-Asian Stock Exchanges.
- 2023Panama selects PercivalLatinclear, the CSD of Panama, chooses DEPEND and HUBBLE to replace its core system.
- 2026Meta-X Markets goes liveThe Armenian investment company becomes the first custodian to run DEPEND.
We hire rarely, and carefully
A team that has stayed together for twenty-five years does not grow often — but when it does, it grows with people who want to build systems that markets depend on for decades. If that sounds like you, write to us with what you have built: percival@percival.co.uk.
Talk to the people who build the systems
No account managers, no hand-offs — questions about your market reach the engineers who will answer for the result.