|Main trading venues||Bolsas de Valores (Madrid, Barcelona, Bilbao, Valencia). MAB (for SICAVs, SOCIMIs). Latibex (Latin-American companies)||Public Debt market, AIAF, SEND, SENAF, MARF and Bolsas de Valores (Madrid, Barcelona, Bilbao, Valencia)||MEFF|
|Main clearing venue||BME Clearing||BME Clearing||BME Clearing|
|Settlement and custody||T2S/Iberclear||T2S/Iberclear||n/a|
|Cash leg||T2S/Central bank money €||T2S/Central bank money €||n/a|
The TARGET2-Securities (T2S) tolerance limits are applicable in Spain:
In 2016 with the introduction of a local CCP in Spain, market penalties were moved from the settlement level (Iberclear) to the clearing level (BME Clearing). A clearing member failing to deliver to the CCP is penalised at a fixed rate of EUR 20, plus a variable fee of 0.9 basis points, both per day failed.
Buy-ins are applied on International Settlement Date (ISD)+4 when a party fails to deliver to the CCP. The failing party is penalised a fixed fee of EUR 1,000, plus 10 basis points of the value of the failed trade. In addition, the failed seller has to pay any negative difference between the price of the original sale and the price of the buy-in.
If no buy-in is possible, a cash compensation takes place on ISD+5 with a 20% penalty applied.
BNP Paribas customers benefit from free access to more detailed market information on our NeoLink webportal. Click here to access the Market Profiles or contact your relationship manager.
We are a leading provider of clearing, settlement, custody and depositary services in the Spanish market, serving over 250 clients including ICSDs.
We offer local clearing and custody to domestic and foreign institutions. Our core services include settlement, on‑exchange clearing, safekeeping, corporate actions, proxy services, cash and collateral management.
We have been operating in Spain for close to 40 years, offering full settlement and custody services for all Spanish securities. We have offered global custody services to local Spanish players since 2001. In 2014, we acquired Banco Popular’s depositary banking business in Spain. This acquisition boosted our depositary banking business reinforcing our local expertise.
For more information, please contact your relationship manager or
Soledad Lecube, Head of Location