Market:	Bonds and Repos
Products:	Spanish governent bonds
Date:	24 February 2011

Bonds and Repos – Spanish government bonds: Direct account with Iberclear

Since 17 December 2010, LCH.Clearnet SA offers clearing services for Spanish government bonds with settlement in Iberclear, the domestic CSD, accepting trades from ICAP/BrokerTec, MTS Repo Market and ETCMS.

Reminder

LCH.Clearnet SA previously announced that a direct account has been opened in Iberclear with a move to production expected on Friday 25 February, 2011.

Switch effective on value date

• For trades submitted that have a value date on Thursday 24 February, settlement instructions must still be generated and matched using the indirect settlement solution against the BP2S account;
• For trades submitted that have a value date on Friday 25 February or after, settlement instructions, already matched, will be settled using the indirect settlement solution against the BP2S account;

• For trades submitted that have a value date on Friday 25 February or after, unsettled settlement instructions must be amended and matched using the direct settlement solution against LCH.Clearnet’s account 3863.

Account number with Iberclear

As a direct participant on the CADE platform, LCH.Clearnet SA will use the newly created account number 3863 to match and settle its instructions in Iberclear on a gross basis.

Changes in SSI communication

Once live, all settlement instructions will need to be matched and settled against LCH.Clearnet SA only, i.e. BNP Paribas Madrid must not appear in the SWIFT messages that clients or their settlement agent are generating and sending to Iberclear.

Details of the SWIFT messages to be generated by clients or settlement agents:

95P: DEAG or REAG //BACPFRPPXXX
95P :DECU or RECU //BACPFRPPXXX
95P :SELL or BUYR //BACPFRPPXXX 

For all operational queries, please contact:

[email protected]
+33 (0) 1 7037 6516

Service updates and roadmap

LCH.Clearnet SA is progressing to offer netting facilities under PoA and to accept Cash transactions with an expected implementation early June 2011.

A planning which will include the features of the service will be communicated within the coming weeks.

Members interested in clearing Spanish Government debt can find further information here.

For further information, please contact:

Your account manager:

Michel Bokobza: +33 (0) 1 70 37 65 55 – [email protected]
or your LCH.Clearnet SA product implementation manager:
Mykael Lemosle: +33 (0) 1 70 37 65 27 – [email protected]

Customer and Market Management LCH.Clearnet SA

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