Iberclear, BME’s Spanish Central Securities Depository, is to launch a cross-border custody and settlement service on 17 December, called Cross-Border Services (CBS).
Spanish financial institutions will be able to register and settle international securities through Iberclear, which will act as a single gateway to Target2-Securities (T2S) and international markets.
Access will first be offered to markets in Germany, France, Italy, The Netherlands and Austria, with Portugal expected to be integrated in 2019.
CBS comprises settlement and custody services, all grouped into three categories—management of corporate events, proxy voting and tax reclaims.
All the activity that may be demanded by an Iberclear participant dealing in foreign securities is covered.
CBS will also feature value-added services and increase self-collaterisation capabilities with T2S.
According to Iberclear, the service will allow participants to make good use of the accounts they have with Iberclear not only for domestic securities, but also for the those from T2S markets by building upon the developments brought about by the reform of clearing and settlement in Spain.
Jesús Benito, CEO of Iberclear, said: "This new solution offers opportunities for clients and the broader Spanish investment community. It represents a step forward for Iberclear in a new strategic path of expansion of the service range following its successful migration to T2S.”
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