Collateral management services
Iberclear’s Collateral Management project will come
into operation shortly. Implementation has now been
completed and a number of entities have already
accessed the system to enter transactions. These services
will improve the company’s offering, enabling financial
entities to optimise the guarantees available for their
funding transactions.
The service will be launched with bilateral transactions
among participants, enabling the collateralisation of
both repo and free-of-payment transactions.
The service will also shortly be extended to mone-
tary policy transactions with the Banco de España and
the guarantees that entities have to deposit with BME
Clearing.
The National Emissions Rights Registry: Changes
following the opening of the EU registry
2013 saw the definitive implementation of the new Euro-
pean Union Registry, as the single connection platform
for the 31 member states, in accordance with EU Regu-
lation 1193/2011, of 18 November. The Registry will be
fully operational from 20 June.
Iberclear will continue to carry out National Adminis-
trator functions within the Single Registry, in direct coor-
dination with the Commission. It provides a help desk,
through its own Customer Service Centre, to all owners
of accounts registered in the Spanish Registry.
BME Clearing centralises BME’s Central Counter-
party activities
In 2013, the Spanish stock exchange worked intensively
to respond effectively and rapidly to the new regulatory
requirements we have mentione
The European EMIR Regulation requires the separation
of trading and clearing activities. Until 2013, MEFF was
both the official market and the central counterparty. As
a result of the separation of functions, MEFF now is only
responsible for market activity as the Sociedad Rectora
del Mercado de Productos Derivados (Derivatives Prod-
ucts Market Management Company) whilst BME Clearing
now acts as the central counterparty.
BME Clearing now channels trades in the three segments
of BME Group activity: financial derivatives, public debt
repos and electricity derivatives. In future, it will also be
expanded to include the cash segment for equity and
fixed income instruments, which is being prepared as
part of the Clearing and Settlement Reform in Spain.
The clearing and settlement area is a clear example of the
BME Group’s capacity to adapt and grow as a company,
responding adroitly to new business opportunities. This
is demonstrated by the creation of REGIS-TR to grasp the
opportunity created by the OTC derivatives reporting
requirement established under EMIR, and the speed
with which MEFF was split up with the creation of BME
Clearing, also in response to European regulation. The
company has been able to maximise its resources to
meet these new challenges effectively, whilst finding
ways to diversify its operations and continue growing.
BME Clearing, encompasses all the CCP activity in BME.
56
Business Areas
Annual
Report 2013
BME
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