Target2 Securities (T2S)
The single-platform project for the settlement of securities
promoted by the Eurosystem continued to move forward in
2012. In May, the first group of Central Depositories signed
the framework agreement, which entailed a commitment
to carry out the adaptations necessary to incorporate their
settlement activities to the new platform. IBERCLEAR, in its
capacity as the Spanish Central Securities Depository, was
amongthefirstsignatories.23CentralSecuritiesDepositories
have subscribed to the project.
As a consequence of the entering into force of the Frame-
work Contract and the newgovernance ofTarget2 Securities,
the new CSD Steering Group (CSG) was created. This group
will debate on the matters relevant to the Central Securities
Depositories and take part in the decision-making process in
the administration of Target2 Securities. In July, Jesús Benito,
the CEOof Iberclear, was appointed Chairman of this group.
Using this activity area as a launch pad, BME will promote or
participate in a substantial number of projects and market
services aimed at fostering transparency, liquidity and secu-
rity in the financial markets.The following initiatives are clear
examples of these efforts. Some, such as REGIS-TR or Collat-
eral Management are businesses that meet the mentioned
objectives and are expected to help improve markets and
generate gains in the company’s operating revenue in the
near future. Others, such as the National Emissions Rights
Registry, have been up and running for years.
REGIS-TR: shedding light on transactions that have
been opaque up to now
REGIS-TR, the Trade Repository for derivatives developed
by Iberclear and Clearstream, has already completed its
second year of operations with major transformations to
its system and strategy, as a result of the many regulatory
changes and the global economic events of 2012.
After the startup of operations, in the middle of December
of 2010, REGIS-TR started achieving a higher profile among
industry participants and regulators by 2011, and is now
one of the leading Trade Repositories on the European
and global level. It has carried out intense commercial
activity, and participated in international events in places
such as London, Germany, France, Italy, South Africa and
Japan and has continued promoting its brand at events
such as SIBOS, FOW, Market Force and C5, all of which are
leading international venues in the derivatives industry.
REGIS-TR will be ready to offer its reporting services,
especially for derivatives products, both OTC and listed,
in accordance with the dates set by the regulators.
REGIS-TR has been able to offer the market the first
test environment in line with the technical standards of
European regulation.
Collateral management services: reinforcing the
guarantees
Iberclear’s Collateral Management project will increase
the range of services offered and achieve additional diver-
sification of revenue sources in this business area. There-
fore, it represents a value-added service in high demand
from the financial world right now, since it allows financial
entities to optimise the collateral they have available for
their financing operations.
To develop this service, Iberclear collaborated with Clear-
stream Banking Luxembourg, which will contribute its
collateral management software, which connects via an
interface with Iberclear’s settlement and custody systems.
As a result, Iberclear can offer the service to clients for
securities that they have deposited in its systems, without
the need to take on a major development project.
The National Emissions Rights Registry in 2012
2012 saw the definitive implementation of the new Euro-
pean Union Registry, as the single connection platform
for the 27 member states, in accordance with EU Regu-
lation 1193/2011, of 18 November. The creation and
startup of this registry entailed the migration, starting at
the end of 2010, of each of the national registries existing
in each member state to a new platform owned by the
Commission. After the successful uploading of our data-
base into the new production environment, this Registry
became fully operative on 20 June. That date marked the
launch of the initiatives aimed at facilitating all of our
users with access to and the activation of their account
in the EU Registry.
In addition, pursuant to the stipulations of the cited Regu-
lation, in February of this year, the aviation sector was
included in the EU registry. Iberclear has continued to carry
out the functions of National Administrator within the
Single Registry, in direct coordination with the Commis-
sion. It provides a help desk, through its own Customer
Service Centre, to all owners of accounts that are regis-
tered in the Spanish Registry.
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Annual
Report 2012
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