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Transactions Registration in the CCP

The register of a transaction at BME Clearing involves the automatic novation of the buyer and seller rights and obligations. These are extinguished arising new rights and obligations with BME Clearing as the unique counterparty: buyer facing the seller and seller facing the buyer. Thus, giving major efficiency in settlement when CCP monitors the delivery of securities and cash.

Buy/Sell Back Transactions are accepted to the Registry, whose Underlying Securities of the accepted transactions to Registry are:

  • Bonds and Obligations of the Kingdom of Spain with fixed coupon.
  • Spanish Treasury Notes 

Debt Strips, Variable Coupon Bonds and terms that exceed 18 months are not accepted.

BME Clearing is authorized to register outright transactions, and the acceptance of other sovereign and corporate debts is under study.

The transactions can be received from SENAF Platform or Iberclear acting as Platform.

In the Central Register and for the Fixed Income Segment can be opened different types of Clearing Accounts:

  • Proprietary Account (PA), whose holder is the CCP Member, in which the Member´s proprietary transactions are registered.
  • Individual Client Account (ISA), whose holder can be any natural or legal person and where Client Position is displayed at any moment.
  • Individual Segregated Account (OSA), with positions of many clients whose holder is a Member, which may be in gross or net register.

Proprietary Account can only target a Proprietary Account or an Individual Account at Iberclear, while the Individual Segregated Account may also target a Third-Party Account at Iberclear. Omnibus Segregated Accounts can only be addressed to a Third-Party Account at Iberclear.

The opening of BME Clearing Repo Clearing Accounts aimed at a Third-Party Account at Iberclear is subject to a prior request from the Member concerned.

The communication and the exchange of information between the different participants that participate in the registry of transactions at BME Clearing Repo is shown in the following table:

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(1)   The Central Counterparty (CCP) will receive in real time information on transactions that the member intends to novate coming from Iberclear or SENAF platform.

(2)   The CCP will confirm the novation of all trades to the Platform.

(3)   The CCP calculates the risk of each account in real time. In addition, at the end of the session, the CCP calculates the risk of the outstanding position pending to be settled, for each Clearing Member. Margins to cover such risk are required to be posted next morning.

(4)   The CCP generates the Settlement Instructions and sends them to T2S through the CSD (Iberclear); then the CSD sends it to its Settlement Participants.

(5)   The CCP will provide its Members, and Iberclear its Settlement Participants, the result of the settlement and the CCP will manage the fails that may occur.

(6)   Debit and credit orders for cash collateral.

(7)   Blocking/ unblocking of securities collateral.

(8)   Cash investment through buy/sell-back transactions.

(9)   If applicable, payment of interests resulting from investment.

(10) Debit and credit orders for other concepts of cash movements, i.e. payment of fees, penalties for fails, etc.

 

 

 

 

 

 

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