Bolsas y Mercados Españoles (BME) welcomes the start of the process which will culminate in a Report on certain reforms of the Spanish clearing and settlement system, as announced today by the Spanish supervisor, the Comisión Nacional del Mercado de Valores (CNMV).
BME is a member of the ad-hoc follow-up committee and will actively participate in its work, which will analyse a possible reform of the Spanish post-trade system to update it and maintain its security and reliability.
The Spanish clearing, settlement and registry model has attained a recognized robustness since its inception and has proven to be very positive for the Spanish securities industry.
BME considers that new business opportunities arise for the company as well as the chance to expand its current business areas, in fields such as clearing, deposit, custody and settlement of international securities.
A Report is expected by the end of 2010 and subsequent regulations over the course of 2011 and 2012. Based on this calendar, Spain will be better prepared for T2S and it will be possible to take into account some of the actions announced by the European Union or others globally oriented, such as the review of the standards on which CPSS-IOSCO are currently working, with respect to the subject matters. These initiatives could lead to improvements and adjustments of the Spanish system.