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Market:Bonds and Repos
Products:Spanish government bonds
Date:13 September 2011

Bonds and Repos – Spanish government bonds: Update on the Roadmap

Executive summary

The time frame for on-boarding has been extended to allow additional clearing members to participate and to give custodians sufficient time to meet the target requirements.

The go-live for the Target solution, originally planned for Friday 30 September 2011, is postponed by a few weeks.

Update on the Roadmap

End-to-end tests have been conducted successfully with the clearing members and a vast majority of the active clearing members on the Spanish market have completed the on-boarding steps to get ready for a go-live on 30 September.

As a few clients experienced some difficulties during the holiday break in the process to become direct participants on the Spanish market, LCH.Clearnet has decided to provide clients with more time in order to complete their on-boarding.

Additionally, and despite the fact that most of the operational issues has been tackled, the Spanish custodians requested additional time to implement the evolutions necessary to achieve the CCP standards, allowing the novation and the management of the clients’ net position.


Since the go-live for the "interim" solution in December 2010, Spanish regulators have defined the principles of post trade services infrastructure in Spain (which formally replicate those applied by LCH.Clearnet SA) and have been fully supportive of LCH.Clearnet SA to provide European clearing standards in Spain, including a full netting solution.

Clearing members were also very supportive of such a required evolution, as netting can offer cost reductions and full Straight Through Processing.

LCH.Clearnet SA is committed to offering key features with its clearing service of the Spanish government bonds market:

Next Steps

Ongoing consultations with the different market participants are being conducted to shorten the delay and to identify the next closest target date.

A communication will be sent early October to confirm the new go live date.


For further information, please contact:

Your LCH.Clearnet SA product implementation manager:

Mykael Lemosle: +33 (0) 1 70 37 65 27 – mykael.lemosle@lchclearnet.com
your account manager

Michel Bokobza: +33 (0) 1 70 37 65 55 – michel.bokobza@lchclearnet.com
Mireille Van den Neucker: +32 (0) 2 274 55 10 – mireille.vandenneucker@lchclearnet.com

Customer and Market Management LCH.Clearnet SA

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