“Complexity and scale of the project” have prevented complete on schedule.

The reform of the market, which affects the system of clearing, settlement and registration of securities, delayed until February 2016, the month in which begins the first phase of the project, as reported by the Bank of Spain and the National Commission Stock market (CNMV) in a joint statement.

Both institutions argue that the “complexity and scale of the project” have prevented complete on schedule (in autumn this year) regulatory, technical and contractual amendments necessary to implement the reform.

“In this context, it is considered appropriate to postpone the launch of the new system to allow end entities and infrastructure to adapt their procedures and make the necessary additional tests,” they note.

Thus, the migration of the new system will take place between 3 and 8 February 2016. Later that same month the settlement will be performed within two days after the trade date.

The second phase of the reform will be completed to coincide with Iberclear connect to TARGET2-Securities European platform, scheduled for February 2017.


Bank of Spain and CNMV explained that the timing of tests to be carried out market members of the CCP and participating in the central securities depository entities will be published in a private area of the web pages of Iberclear Clearing and BME.

Once past the summer, the usual section on notions of trading and trading in financial markets will take a somewhat different tack. After laying the foundations are the main philosophy and approach to trading, all that land plays in practice everyday.
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