The aim of the Cross Border Services project is to offer IBERCLEAR participants a single point of access both to settlement and custody services in foreign markets in partnership with a global custodian.
After migration to T2S, IBERCLEAR's value offer must include all of the T2S markets and, in this way, leverage the the use of the accounts open by the participants in IBERCLEAR, not only for domestic securities but also for those coming from other markets in this environment, with the advantages that imply a centralised access via IBERCLEAR. Eventually, the service will enlarge its offer to a global level with the support of a global custodian.
All this is achievable by participants by using the developments they already had to go through with the Reform of the System and the migration to T2S and which are already in use, so this means no additional developments are to be carried out by participants.
One of the advantages which this service implies lays in the use of the securities in the accounts in IBERCLEAR, available for auto-collateralization in T2S as well as for pledges in front of the Bank of Spain, a CCP or any other entity with which the participant may engage in any similar collateralization agreement, something to be rolled out only in the securities accounts within a Central Securities Depository like IBERCLEAR, which are now suitable for domestic and also for foerign securities.