Citi Becomes A New Member Of The Spanish Stock Exchange Under The Trading, Non-Settling Status

Citigroup Global Markets Limited has become a new member of the Spanish Stock Exchange, with the new status of Trading, non-Settling Membership.

The approval of the Minister of the Economy and Competitiveness’ Order ECC/680/2013, which amends Iberclear’s regulations, allows the creation of this new type of figure.

Those members of the Spanish Stock Exchange wishing to act under the trading, non-settling category will have to hold an agreement with an Iberclear participant, which will be responsible for the registration, clearing and settlement obligations arising from the trading activity carried out by the trading, non-settling member. CITIBANK International PLCwill act as settling participant for this new member. 

This new model adds flexibility in becoming a Stock Exchange member, and at the same time it keeps the standards and technical requirements that guarantee an orderly functioning of the market and a level-playing field for all participants.

 
For Jorge Yzaguirre, Director of the BME Equities unit, "the addition of Citigroup is great news for the Spanish stock market. New opportunities open up for many brokers and foreign firms that wanted to operate in Spain. This new figure will allow a quick and easy connection to the market that will have a positive impact on the volumes and liquidity of all the securities listed".

Andrew Thompson, EMEA Head of Equities, Citi, said: “our trading membership and direct access from London will reduce latency, improving performance for our clients”.