Bonds and Repos - Spanish government bonds: Updates on Roadmap

Executive summary

The Target solution go-live originally planned on Friday 1 July 2011 is postponed to September 2011.

An updated roadmap is being structured to address and meet the Spanish market infrastructures’ specificities.

Updates on roadmap

After continuous discussions with the actors of the Spanish market infrastructures, it was revealed that specificities of the post trade platforms would require evolutions for Settlement Agents providing Third parties with access to Iberclear. This issue could not be addressed before 1 July 2011.

Since the "interim" solution go live in December 2010, Spanish regulators have defined the principles of post trade services infrastructures 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:

• Novation of the trades received from the trading & matching platforms;

• Guarantee of members’ net positions and management of their default risk;

• Settlement management on a net basis in Iberclear, the domestic settlement platform.

Next Step

LCH.Clearnet SA is currently considering a go-live during the course of September 2011.
A communication will be sent at the end of June to provide 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 - [email protected]

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

Customer and Market Management LCH.Clearnet SA

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