Iberclear BME: Bolsas y Mercados Españoles
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General Functions

The "Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A. Unipersonal" - whose commercial name is IBERCLEAR- is the Spanish Central Securities Depository.

IBERCLEAR is subject to Regulation (EU) No 909/2014 on improving securities settlement in the European Union and central securities depositories, and regulated in the arts. 97 et seq. of the revised text of the Securities Market Law, approved by Royal Legislative Decree 4/2015 of 23 October. IBERCLEAR is a corporation which was established under the provisions of Article 44a of Law 24/1988 on the Securities Market, dated 28 July, introduced by Law 44/2002 of 22 November, on the measures to reform of the financial system.

 According to its Rules and Regulations, IBERCLEAR can offer the basic services listed below:

- the central deposit or registry function: it is the entity responsible for keeping the 

register of transferable securities represented by book entries;

- settlement management: it processes the transfer of securities and cash through the execution of securities transfers and dispatch to the agent of cash settlement of payment orders resulting from trades carried out on such securities.

It can also offer ancillary services, such as:

  • Services related to settlement systems management, such as:

a) Organising a securities lending mechanism, as an agent among participants of a securities settlement system.

b) Providing collateral management services, as an agent for participants in a securities settlement system.

c) Validation, matching and maintenance of securities and cash transfer orders.

  • Services related to keeping the register of securities, such as:

a) Services related to the records of securities holders.

b) Supporting the processing of corporate actions, including tax services and those related to general meetings and information.

c) New issue services, including allocation and management of ISIN codes and other similar codes.

d) Instruction routing and processing of orders, fee collection and processing, and related information.

  • Establishing links with other Central Securities Depositories, maintaining securities accounts in relation to the settlement service, collateral management and other ancillary services.
  • Any other services, such as:

a) Providing general collateral management services as agent.

b) Providing regulatory reporting.

c) Providing information, data and statistics to market or census bureaus or other governmental or intergovernmental entities.

d) Providing IT services.

 

 

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