Citi Becomes Direct Member of the Spanish Stock Exchange

Citi has become a direct member of the Spanish Stock Exchange, under the new trading, non-Settling membership category.
By Janet Du Chenne(59204)
Citi has become a direct member of the Spanish Stock Exchange, under the new trading, non-Settling membership category.

Membership follows recent regulatory developments, which amended Iberclear’s regulation to create a new trading, non-settling membership category, permitting participants to trade directly on the Spanish Stock Exchange. Financial institutions can choose a settlement and clearing agent with access to Iberclear to handle the registration, clearing and settlement obligations arising from the trading activity carried out by the trading, non-settling member.

Citi will provide direct access to liquidity in the Spanish market via a single platform centralizing trading flows, helping to reduce operational risk and improve trading execution for clients. Citi is now a direct member of 16 European stock exchanges- in addition to pan-European Multilateral Trading Facilities.

Jorge Yzaguirre, director of the BME Equities said: “The addition of Citi is great news for the Spanish stock market. New opportunities open up for many brokers and foreign firms that want to operate in Spain. The new membership category will allow a quick and easy connection to the market and we are confident that this development will have a positive impact on the volumes and liquidity of all the securities listed on the Spanish Stock Exchange.”

Andrew Thompson, EMEA head of Equities, Citi added: “We are pleased to become a direct member of the Spanish Stock Exchange. The direct access from our centralized, London-based trading platform will reduce latency and improve performance for our clients.”

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