Search

The CNMV also supervises post-trading activities (novation, clearing, settlement and recording) carried on by market infrastructures and their members to record cash and instruments in the respective accounts of the buyer and seller.

Therefore, the CNMV supervises the organisational requirements and the functioning of central counterparty clearing houses and central securities depositories domiciled in Spain, in order to ensure the integrity of the recording and the efficiency and security of the clearing and settlement.

The central counterparty clearing house domiciled in Spain is BME Clearing, S.A.

With regard to the central counterparty clearing house, the CNMV supervises, inter alia, its capital and organisational requirements, rules of conduct and risk management. 

In addition to its activities related to the central counterparty clearing house, the CNMV is responsible for supervising counterparties’ compliance with the duty of clearing through the clearing house derivatives contracts which are subject to such obligation. This task includes the management of requests to waive this clearing requirement.

The central securities depository domiciled in Spain is Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A.U. (Iberclear or Spanish Payments Systems Company).

With regard to the central securities depository, the CNMV supervises, inter alia, its organisational requirements, rules of conduct, integrity of issues, safeguards of securities, settlement firmness, prudential requirements and links with other central depositories.

Other CNMV post-trading activities related to derivatives

With regard to derivative instruments that are not cleared through central counterparty clearing houses, the CNMV supervises, among other counterparties’ obligations, the reporting of contracts to a firm authorised to record such transactions and the exchange of collateral between these.