Collateral
Management

Accepted Collateral

Fixed Income Securities

 

They must consist of Spanish Sovereign debt or Basque Country regional debt, registered with IBERCLEAR. Sovereign public debt securities of Germany, France, the Netherlands, Austria, Italy and Portugal registered at IBERCLEAR through the connections with other central securities depositaries will also be accepted. 

Sovereign public debt securities of Germany, France, the Netherlands, Belgium, Austria, Italy, Portugal, United Kingdom and the United States registered in EUROCLEAR BANK SA/NV and in CLEARSTREAM BANKING (LUXEMBOURG) is also accepted. 

Eligible Securities, Conditions and Concentration Limits

  • In all cases above Treasury notes and bonds with fixed, floating coupons, or issued as zero-coupon bonds, will be accepted. 
  • Any issuance must have a minimum outstanding nominal balance of €5 billion, except for the regional debt for which there is no such restriction, and for the Portuguese sovereign debt for which the required minimum outstanding nominal balance will be of €1 billion 
  • The collateral provided by one single clearing member in the same issuance must not exceed 10% of its outstanding nominal balance, and the total collateral provided by all the members in that issuance must not exceed 25% of the outstanding nominal balance. 
  • Securities must have a residual life of over three months on the date they are posted as collateral. 
  • A clearing member’s exposure in any residual maturity of the same issuer term cannot exceed: 
    • Ten times the daily average volume of the corresponding residual maturity term for assets maturing within 11 years
    • Six times the daily average volume of the corresponding residual maturity term for assets maturing after 11 years.

Equities

These must be shares listed on the IBEX 35 index (excluding, where applicable, the shares of BME Group). 

Eligible Securities, Conditions and Concentration Limits 

  • Securities issued by the party subject of the secured obligation or by any entity pertaining to the same corporate group as the party subject of the secured obligation cannot be offered as collateral; neither can securities issued by the clearing members, non-clearing members or clients thereof. 
  • The maximum collateral that a clearing member can post in a single stock cannot exceed 15% of the total collateral provided by said clearing member. 
  • The maximum collateral in shares in a specific economic sector that a clearing member can post cannot exceed 30% of the total collateral provided by said clearing member.
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