Cecabank becomes EquityClear鈥檚 first spanish member
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Cecabank becomes EquityClear鈥檚 first spanish member 13 February 2018London Reporter: Becky Butcher
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LCH鈥檚 EquityClear has welcomed Cecabank as the first Spanish clearing member.
As part of the membership, Cecabank will benefit from EquityClear鈥檚 access to 13 European equities trading venue, offering risk management across Spain and Europe.
According to LCH, the Spanish equities market has undergone significant change in recent years, with the Spanish Market Reform and Target2-Securities initiatives offering market participants opportunity to access secondary markets and clearing services across Europe.
Bruce Kellaway, global head of RepoClear, EquityClear and Collateral at LCH, said: 鈥淲e鈥檙e delighted to welcome Cecabank as our first Spanish member of EquityClear. Since launch, the service has seen significant growth in volumes, a trend that we anticipate to continue into 2018.鈥�
Jos茅 Luis Rebollo, head of securities services at Cecabank, said: 鈥淭he second Markets in Financial Instruments Directive has a wide reaching impact for market participants in Spain and across Europe.鈥�
鈥淛oining LCH Limited as an EquityClear clearing member is an important step that enables us to clear for clients to assist them in complying with the regulations and allow them to trade on a variety of trading venues, while achieving the risk management and efficiency benefits associated with clearing.鈥�
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