Clearing,
Settlement and registry
5
53
STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
C. New developments
LINK UP MARKETS
IBERCLEAR is a member of Link Up Markets, a
joint venture in which a total of 10 central securities
depositaries (CSDs) are participants, the purpose of
which is to develop shared infrastructure to drive up
the efficiency of cross-border settlement processes by
means of interoperability between different CSDs.
Each CSD can access the services of other parti-
cipating CSDs through Link Up Markets infrastructure.
Market members are able to access essential clearing
and settlement services through a single link. This sig-
nificantly narrows the gap between the costs of cross-
border settlement processes and those at a national
level. Link Up Markets aims to contribute to construc-
ting a more integrated and efficient securities market
in Europe.
OTC DERIVATIVES REGISTRY. REGIS-TR
REGIS-TR is a central trade repository for OTC de-
rivatives transactions across multiple product classes
and jurisdictions. REGIS-TR facilitates administrative
tasks and helps improve the operational management
of these transactions. For the contracts entered, REGIS-
TR offers services including data management, certifi-
cation and positions reconciliation.
REGIS-TR collects and administers details of OTC
transactions reported by users, giving market partici-
pants and regulators access to a consolidated global
view of these OTC derivative positions, an overview
that was not available until now. The trade repository,
operated by Iberclear and Clearstream complies with
all new regulatory proposals that have been made pu-
blic to date and serves both financial and non-financial
institutions. The trade repository aims to deliver flexi-
ble participation levels that adapt to the diverse profiles
and needs of all stakeholders and actors in the OTC
derivatives market.
NATIONAL REGISTRY FOR EMISSION
ALLOWANCES. RENADE
The National Registry for Greenhouse Gas Emis-
sion Allowances (RENADE) is an electronic database
which ensures the public availability and permanent
update of the ownership and control of emission
allowances in Spain. The registry is permanently acces-
sible to the public and its users on the Internet (www.
renade.es). RENADE is part of the EU’s system of shared
registries. It is also connected to the daily Community
Independent Transaction Log (CITL) The registry allows
for strict control and registration of all transactions
related with the issuance, ownership, transmission,
delivery, withdrawal, settlement, and other transfers
of emission allowances and units under the purview
of the Kyoto Protocol. The registry itself and the EU
registry are responsible for this control in such a way
that all processes associated with emission allowances
performed by RENADE are validated and completed by
exchanging data via CITL.
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