27 July 2016
Find out more

BME delays launch of EU-wide OTC repository; welcomes Clearstream as partner

01 June 2010  |  7016 views  |  0 Financial numbers

Spain's Bolsa Y Mercados Españoles (BME) has set back the launch of a planned OTC trade repository by six months until the end of the year. The project's cross-border aspirations have received a boost, however, with Clearstream banking announcing its support for the venture.

The Spanish stock exchange operator first released details of its plans in November, with a launch date set for the second-quarter. The initiative is in line with the European Commission's forthcoming regulations, which aim to achieve greater operational control and transparency in OTC derivatives.

The BME now says customer testing within the registry is scheduled to start in July with full implementation scheduled for the fourth quarter of 2010.

In the first phase, only interest rate derivatives - IRS, FRA, Cap and Floor - will be available. The next phase of development will encompass a broader scope of OTC derivatives, covering underlying assets such as fixed income, equities, currencies, commodities and others.

Jesús Benito, CEO of BME's Iberclear, says Clearstream's involvement is "indicative of the international appeal" of the repository.

Philip Brown, head of relationship management at Clearstream Banking, adds: "Customers are now looking for a European solution that will deliver their upcoming obligations on transparent registration of OTC derivatives. The joint know-how and existing market coverage of our combined organisations will allow us to roll-out the service quickly and expand its offering to cover all types of OTC derivatives."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Major dealers outline next steps in OTC clean-up

Major dealers outline next steps in OTC clean-up

03 March 2010  |  9758 views  |  0 comments
Regulators fast-track global review of OTC derivatives clearing

Regulators fast-track global review of OTC derivatives clearing

02 February 2010  |  8165 views  |  0 comments
BME to take on DTCC with trade repository plan

BME to take on DTCC with trade repository plan

03 November 2009  |  5744 views  |  0 comments
CLS Bank to establish FX trade data repository

CLS Bank to establish FX trade data repository

29 October 2009  |  7133 views  |  0 comments
DTCC calls on lawmakers to mandate use of central trade reporting utility

DTCC calls on lawmakers to mandate use of central trade reporting utility

09 October 2009  |  6420 views  |  0 comments
Dealers to accelerate central clearing of OTC trades

Dealers to accelerate central clearing of OTC trades

09 September 2009  |  8414 views  |  0 comments
Markit and DTCC derivatives trade processing JV set for September launch

Markit and DTCC derivatives trade processing JV set for September launch

11 August 2009  |  6353 views  |  0 comments
US regulatory reforms to drive automation in OTC trading

US regulatory reforms to drive automation in OTC trading

14 May 2009  |  7887 views  |  0 comments
CESR calls for EU-based derivatives information repository

CESR calls for EU-based derivatives information repository

27 February 2009  |  7780 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit capgemini.comFind out moreVisit VocaLink.com

Top topics

Most viewed Most shared
satelliteContactless Bitcoin startup Plutus Tap &am...
9478 views comments | 9 tweets | 4 linkedin
MasterCard agrees £700m VocaLink acquisitionMasterCard agrees £700m VocaLink acqu...
9386 views 14 comments | 32 tweets | 38 linkedin
Apps crush internet for UK banking loginsApps crush internet for UK banking logins
8183 views comments | 19 tweets | 25 linkedin
Telefonica Germany launches Fidor-backed mobile banking serviceTelefonica Germany launches Fidor-backed m...
6254 views comments | 15 tweets | 19 linkedin
hands typing furiouslyHow machine learning can cut costs on tran...
6030 views 0 | 9 tweets | 3 linkedin

Featured job

Find your next job