Clearing,
Settlement and registry
5
52
STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
A. Iberclear
IBERCLEAR is the central depository for Spanish
securities responsible for registering, clearing and sett-
ling securities traded on the Spanish stock exchanges,
the Mercado AlternativoBursátil (MAB), the Book-Entry
Public Debt Market, the AIAF Fixed Income Market
and LATIBEX, for Latin American securities in Euros.
The registry is a central one, run by IBERCLEAR,
which sets out the balances of securities aggregated for
each participating entity and a detailed registry, run by
the entities, where the securities are recorded under
the name of each holder.
IBERCLEAR operates two technological platforms:
SCLV, for the registry and settlement of securities listed
on the Spanish stock exchanges, MAB and LATIBEX;
and CADE, for the Public Debt Market and AIAF.
SCLV PLATFORM
For those trades contracted on one of the Spanish
stock exchanges or MAB, the market members who have
participated in the trade inform IBERCLEAR of the amou-
nts, prices and volume of securities involved, all these
immediately after trading. Trades subject to special ru-
les or trading times are also communicated in the same
terms as market trades, but adequately differentiated.
CADE PLATFORM
The settlement system used for securities admitted
for trading in the Public Debt Market and the AIAF Fixed
Income Market (CADE) is the Model 1 delivery versus
payment system, as per the classification of the Bank for
International Settlements: that is, it is a “transaction-to-
transaction” cash and securities settlement system with
simultaneity in its finality.
B. BMEClearing
BME Clearing es la Entidad de Contrapartida Cen-
tral (ECC) del Grupo BME para los siguientes segmen-
tos de actividad en derivados:
•Derivados Financieros negociados en MEFF (fu-
turos y opciones IBEX 35, futuros y opciones sobre ac-
ciones, futuros sobre el índice de dividendos, futuros
sobre dividendos de acciones y futuros sobre el Bono
Nocional 10 años)
•Repos sobre Deuda Pública
•Instrumentos derivados sobre electricidad
BME Clearing tiene su origen con motivo de los
cambios en la normativa europea, a través del Regla-
mento EMIR (European Market Infrastructure Regula-
tion, UE 648/2012), que ha obligado a separar las ac-
tividades de contratación en los mercados (trading) de
las de compensación (clearing).
Hasta ahora ha sido MEFF (la Sociedad Recto-
ra de Productos Derivados, perteneciente al Grupo
BME) quien reunía la condición tanto de mercado ofi-
cial como de Entidad de Contrapartida Central (ECC).
Como consecuencia de la separación de funciones,
MEFF asume la actividad de mercado como Sociedad
Rectora del Mercado de Productos Derivados y BME
Clearing gestiona la actividad de la ECC.
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