The Spanish
Securities Market
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STRUCTURE, ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
Clearing and settlement
The acceleration of European financial integration
has led to significant improvements in trading proces-
ses and major advances in securities’ registration, clea-
ring and settlement systems. In keeping with modern
trading systems, the Spanish securities market has de-
veloped an agile and efficient settlement system. All
stocks are “book-entered”, that is to say, registered by
a computerised accounting register run by IBERCLEAR.
Via IBERCLEAR acting as the Spanish Central
Securities Depository, BME manages the registration,
clearing and settlement systems for Spanish Equity and
listed Corporate Debt and Public Debt operations.
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