Spanish stock market operator BME has amended its settlement model in preparation for T+1.
From 17 March, the Spanish central securities depository Iberclear is no longer required to have a post-trading interface (PTI) for the traceability of securities during their lifecycles.
The PTI is an information system for the supervision of trading, clearing, settlement, and registration of negotiable securities.
This means that registry management and the settlement process no longer need to be simultaneously linked, reducing post-trade operational risks and costs and minimising settlement fails, BME said.
The reform aligns Spain with Party 2, the European matching criteria standard, ensuring that it is prepared for the expected October 2027 transition to a T+1 settlement cycle.
José Manuel Ortiz, head of securities services at BME parent company SIX, commented: “The collaboration and commitment of all stakeholders have been key to the success of the project, as well as the involvement and participation of the National Securities Market Commission (CNMV). We are very satisfied with the boost to the efficiency and competitiveness of the Spanish capital markets and their settlement system that this reform brings.”
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