BME adds EU sovereign bonds to clearing service
22 November 2019 Paris
Image: Shutterstock
BME Clearing, the central counterparty (CCP) arm of the Spanish stock exchange, now offers repo clearing on sovereign bonds from several European countries including Italy, Germany and France.
The CCP will leverage its network established by Iberclear, the Spanish central securities depository, with its peers across Europe to expand clearing to repo trades executed by its members on sovereign debt.
Other in-scope countries include the Netherlands, Austria and Portugal.
BME Clearing says its clients will be able to clear these trades without having to change their processes and systems.
The bonds service comes in addition to the clearing of Spanish sovereign debt repo trades that BME already offers.
This initiative is part of BME Clearing’s broader offering in the fixed income segment and adds to the launch of the connection with the BrokerTec platform in December 2018.
Ignacio Solloa, CEO of BME Clearing, highlights that this new service expands the options available to participants in the CCP for clearing fixed-Income trades and facilitates the management of their treasury.
The clearing service expansion comes in the same week it was revealed that the Spanish stock exchange is in talks with both SIX and Euronext on a potential merger.
SIX Group, the Swiss financial services provider, has laid down an all-cash tender offer for BME, while Euronext is only in the negotiations phase of talks.
The CCP will leverage its network established by Iberclear, the Spanish central securities depository, with its peers across Europe to expand clearing to repo trades executed by its members on sovereign debt.
Other in-scope countries include the Netherlands, Austria and Portugal.
BME Clearing says its clients will be able to clear these trades without having to change their processes and systems.
The bonds service comes in addition to the clearing of Spanish sovereign debt repo trades that BME already offers.
This initiative is part of BME Clearing’s broader offering in the fixed income segment and adds to the launch of the connection with the BrokerTec platform in December 2018.
Ignacio Solloa, CEO of BME Clearing, highlights that this new service expands the options available to participants in the CCP for clearing fixed-Income trades and facilitates the management of their treasury.
The clearing service expansion comes in the same week it was revealed that the Spanish stock exchange is in talks with both SIX and Euronext on a potential merger.
SIX Group, the Swiss financial services provider, has laid down an all-cash tender offer for BME, while Euronext is only in the negotiations phase of talks.
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