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Members

 

1) The following are eligible to become Members of BME CLEARING:

a) Spanish investment services companies which are authorised to execute client orders or to trade on their own account.

b) Spanish credit institutions.

c) Investment services companies and credit institutions authorised in other member States of the European Union which are authorised to execute client orders or to trade on their own account.

d) Investment services companies and credit institutions authorised in a Country which is not a member of the European Union, provided that they comply with the requirements established in the Securities Market Law to operate in Spain and which, in the authorisation granted by the authorities of their country of origin, are empowered to execute client orders or to trade on their own account.

e) Other persons that, in BME CLEARING's opinion (taking into account the special functions that as participants of BME CLEARING may be carried out by them):

- Are appropriate

- Have a sufficient level of aptitude and competence in clearing and settlement;

- Have established, where applicable, adequate organisational measures, and

- Have sufficient resources for the function they have to carry out, taking into account the various financial mechanisms which may have been established by BME CLEARING to cover the risks arising from their activity in BME CLEARING and to ensure the correct Position Settlement.

All the above mentioned entities must comply with the requirements established in this Rule Book and supplementing regulations. These requirements shall not be discriminatory, and shall be transparent and objective in order to guarantee open and equal access to BME CLEARING.

2) The Bank of Spain and other resident or non-resident entities which carry out analogous activities may also become Members, under the terms and conditions stipulated in the Securities Market Law, its supplementing regulations and in this Rule Book. The latter may become Members of BME CLEARING following approval by the Spanish Securities Markets Commission (CNMV).

3) Membership applications shall be approved by the Board of Directors of BME CLEARING.     

In order to acquire such condition, applicants must apply in writing to BME CLEARING, identifying the Segments to which they request to be admitted, and execute the relevant agreements with BME CLEARING, as well as any additional agreements, if any, to be executed with other.

 

 

 

 

 

 

 

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