BME Clearing is the central counterparty (CCP) of the BME Group that offers clearing services in the following segments: (i) repo agreements on Spanish Public Debt; (ii) energy derivatives; (iii) financial derivatives traded in MEFF; (iv) OTC interest rate derivatives, and (v) equity instruments transactions traded in the Spanish stock exchanges.
Banco de España responsibilities
Article 250 of Law 6/2023, of March 17, on Securities Markets and Investment Services, includes the competence shared with the National Securities Market Commission (CNMV) to ensure the proper functioning of securities clearing, settlement and registration systems to preserve the stability of the financial system as a whole.
In carrying out its functions, Banco de España maintains ongoing contact with BME Clearing, ensuring the proper functioning of the system.
Participation in the BME Clearing college of supervisors
Article 18 of EMIR of the Regulation (EU) nª 648/2012 of the European Parliament a and of the Council, 4 July 2012, on OTC derivatives, central counterparties and trade repositories (EMIR) lists the members of the colleges of supervisors of CCP. Inter alia, it includes the central banks of issue of the most relevant Union currencies of the financial instruments cleared, the members of the ESCB responsible for the oversight of the CCP and the competent authorities responsible for the supervision of the clearing members of the CCPs, which are established in the three Member States with the largest contributions to the default fund on an aggregate basis over a one-year period.
Banco de España is member of the college according the different responsibilities it has assigned, namely, as Eurosystem representative as euro central bank of issue, as responsible for the oversight of the CCP, and as supervisor of the most important clearing members in BME Clearing.
The Banco de España participated in the authorisation process for BME Clearing carried out in 2014 under EMIR, and continues contributing to the tasks entrusted to the supervision college as it is the extension of services or other relevant changes in BME Clearing
The link to the statistics on securities clearing systems in the EU in the column of related information is included for the purposes of providing an overview of the activity and the importance of BME Clearing in the area of European securities market infrastructure.