A new step forward has been taken in the integration of BME's activities into SIX, the third largest stock exchange operator in Europe. The Spanish CCP, BME Clearing, and the Swiss Central Securities Depository, SIX SIS, will be connected, following approval by the Spanish stock market supervisor, CNMV. This connectivity between the two entities will bring efficiencies and benefits to clients in managing and optimising their collateral needs.
With this facility BME Clearing can offer its Clearing Members an additional option for posting securities collateral into this account with the Swiss Central Securities Depository SIX SIS.
This securities account is in the name of BME Clearing and will be identified as a collateral account. BME Clearing Members that are SIX SIS participants may post securities collateral directly into this collateral account across the SIS platform. Transfers will be made by means of bilateral instructions between the Member and BME Clearing.
The eligible collateral will be European government bonds issued by Spain, Germany, France, the Netherlands, Belgium, Austria, Italy and Portugal, as well as the United Kingdom and the United States.
José Manuel Ortiz, Head of Clearing & Repo Operations, SIX, explains that "be taking this new step forward in the integration we are able to offer new services and opportunities to our clients, both in Spain and Switzerland. This is yet another example of the advantages of being part of the third largest infrastructure group in the European market and of the boost received by the financial ecosystems of both countries.”
BME Clearing’s website contains the regulations adapted to the Financial collateral in the form of securities in SIX SIS.