BME has determined to urge its business areas and subsidiaries to intensify and quicken the pace of the ongoing work for enabling BME to assume CPP functions with respect of trades in shares listed on the Spanish stock exchanges by means of an instrument deemed fit for this purpose.
This work should envisage the necessary legal changes, the identification of the specific entity that, within BME, will carry out the said CCP functions for equities and plan the personal and material resources that the task requires.
The said work will particularly focus on the proposed reforms to the clearing, settlement and registry system for the Spanish equity market, which the Spanish regulator, CNMV, has started as part of its Activity Plan for 2010, on the ongoing debate within the EU in connection with the regime applicable to CCPs, on the review that CPSS and IOSCO have started in relation to standards for payments, clearing and settlement systems and any other initiatives that are relevant in defining the corporate, regulatory and functional requirements that CCPs must to meet.
In case of disagreement the Spanish version prevails.
