Bonds and Repos – Spanish government bonds: Updates on Roadmap

Executive summary

The Target solution go-live with domestic settlement for direct participants in Iberclear is scheduled for Friday 30 September 2011.

Reminder of key features & client benefits of the Target solution

Netting facility

• Optimisation of the settlement cost;

Direct access to Iberclear the domestic settlement platform

• Liquidity;
• No Cross-border cost;

Access to several trading & matching platforms

• BTEC (ICAP);
• MTS Italy, EuroMTS & MTS Spain;
• tpREPO (Tullett Prebon);
• ETCMS (Euroclear);

Transactions eligible for clearing

• Repos (Buy & Sell Back);
• Buy/Sell (cash transactions).

Updates on roadmap – Account opening in Iberclear

To benefit from the Spanish government bonds clearing service and key features of the Target solution, all clients are required to have a settlement solution in Iberclear via clients’ own proprietary accounts. Note that the Interim solution will not be maintained.

Iberclear and LCH.Clearnet SA will jointly assist clients concerned by providing all the necessary information and documentation to facilitate and speed up the on-boarding process.

On-boarding steps to become a participant with Iberclear:

• Request to become a participant on the Spanish market from Bank of Spain:
  Contact Unidad de Emisión de Deuda, Departamento de Operaciones at [email protected].
• Open a cash account in Bank of Spain:
  Contact Unidad de Pagos, Departamento de Sistemas de Pago at [email protected].
• Open an account in Iberclear:
  Contact [email protected].

Next Step

All clients who do not hold an account in Iberclear will be contacted by LCH.Clearnet shortly to provide assistance and details. Clients with an account in Iberclear can continue to test on the External User Acceptance platform.

For further information, please contact:

Your LCH.Clearnet SA Product Implementation manager:
Mykael Lemosle: +33 (0) 1 70 37 65 27 - [email protected]

Or your account manager.
Michel Bokobza: +33 (0) 1 70 37 65 55 – [email protected]

Click to see a PDF version of this information