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- BME has actively participated in the Comité de Seguimiento (Steering Committee), which has analysed certain aspects of post-trading
- The Spanish clearing, settlement and registration model has proved its renowned robustness
- Interesting business opportunities open up for BME
BME supports the clearing and settlement reform in Spain, whose basic aspects have been announced today by the Comisión Nacional del Mercado de Valores (CNMV), Spain’s stock market regulator. BME has been a member of the Steering Committee, created to examine the reform, and has actively participated in the work it has carried out in 2010.
Over the almost 20 years it has operated, the Spanish clearing, settlement and registration model has proved its security, and it boasts a renowned robustness.
In February 2010, the Board of Directors of BME, agreed to urge the Group’s subsidiaries to accelerate and intensify the work to make it possible for BME to take on, by means of the relevant instrument, CPP functions with respect to trades in shares admitted to trading on the Spanish stock exchange. The Relevant Fact published clearly stated that “the work will especially focus on the project for the reform of clearing, settlement and registration in the Spanish stock market, which the CNMV started as part of its agenda of activities for 2010, while also focusing on the ongoing debate in the EU around the regime applicable to Central Counterparties, on the review started by CPSS and IOSCO of the standards for payment systems, clearing and settlement and on any other relevant initiatives for the definition of the corporate, regulatory and functional requirements that are to be met by Central Counterparties”.
The change in the Spanish system opens up interesting opportunities for BME in areas such as the clearing, custody and settlement of international securities. It will also allow it to incorporate future developments to be implemented in the context of the reform of the system and the Eurosystem’s Target2 Securities project.
BME is deeply committed with the authorities concerning the entire process of reform of the clearing, settlement and registration system in Spain.
