Custody/clearing  
BBVA    
SANTANDER    
Societe Generale Securities Services (SGSS) About Societe Generale Securities Services (SGSS) Contact Societe Generale Securities Services (SGSS) View the web site for Societe Generale Securities Services (SGSS)
 
 
SPAIN - Capital Market Infrastructure Summary

Central Securities Depository
Iberclear

BIS Model
Model 2: SCLV platform (stock exchange and Latibex)
Model 1: CADE Platform (Public debt and AIAF Fixed Income Market)

Settlement Cycle
T+3, set to migrate to T+2 Q4 2015

T2S
Iberclear is set to migrate to T2S in the fourth wave, scheduled for 6 February 2017.

Comment
Iberclear acts as the CSD for Equities, ETFs, Government bonds, Corporate bonds, T-bills, Commercial paper, Investment funds, Rights and warrants.

Key terms defined in our glossary:

Central Securities Depository
BIS Model 2
BIS Model 1
Settlement Cycle
TARGET2-Securities (T2S)

 
The above information is written as a general guide only and is subject to change. Please refer to our 'Terms' page for more details.