Custody/clearing  
BBVA    
SANTANDER    
 
 
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.