BME, through its Spanish central securities depository Iberclear, has added the Belgian market to its cross-border services (CBS).
Clients of BME – acquired by SIX in 2020 – will now have access to the market through the connection with the Belgian central securities depository, National Bank of Belgium operator of the securities settlement system.
Belgium joins the markets of Germany, France, Italy, the Netherlands, Austria, Portugal and Switzerland, with which Iberclear has a connection.
“Access to this market is of particular relevance given that the Belgian CSD has been designated by the European Commission for the registration and the issuance of NextGenerationEU (NGEU) assets on the T2S platform,” said BME in a statement.
It will be the issuer CSD responsible for maintaining the book entry register of these securities from the second half of 2023.
Iberclear will accept the NGEU securities in addition to the other eligible securities of this CSD. Primary dealers authorised by the European Commission may settle their transactions related to the primary market using their Iberclear accounts.
Additionally, Ibearclear has requested the Bank of Spain to grant eligibility to the link, so that the securities are eligible assets, accepted as collateral by the Eurosystem to provide credit.