Informe_Anual_Cecabank

47 / 76

Page. 47 Cecabank 2015 Annual Report
Treasury Management
The Trading Room performs operations in the main
national and international (public and private) fixed
income, currency, equity and derivatives markets,
both on a proprietary basis and for our clients. These
activities are always conducted following principles
which guarantee a comfortable liquidity position and
high solvency. Moreover, Cecabank is the market maker
for Spanish Treasury Public Debt, taking an active part
in auctions and facilitating liquidity in the secondary
market, not only in spot purchases and sales, but also in
financing in the repomarket. The bank is a direct member
of the main Central Counterparty Clearing Houses (BME
Clearing, LCH London, LCH Paris and Eurex).
Moreover, Cecabank is a benchmark in the market for
the purchase and sale of foreign banknotes.
Spanish Treasury market maker for
Public Debt
A direct member of the main Central
Counterparty Clearing Houses
BME Clearing
Eurex
Trading Room
Activity during the year
Cecabank’s Treasury Management Department
has responded well to the new challenges. From the
liquidity standpoint, there was a change in the source
of business from securitization fund accounts, which
moved away with the drops in ratings of previous
years, to a more stable situation stemming from the
depositary service activity, in a process which was
efficiently adjusted over time and which has raised the
daily operating volume in a sustained manner.
On rating our entity, the ratings agencies value three
key aspects: compliance with our Strategic Plan, greater
business stability and diversification, and comfortable
compliance with the new regulatory liquidity and
leverage ratios. As a result of this, Moody’s upped its
rating 4 notches on 17 July 2015, putting our rating
at Baa2. In the course of 2015, a large number of
counterparties reopened their lines to us, not only
because of the improved perception of country-risk, but
also because of our enhanced positioning and business
consolidation as a wholesale bank. In addition, the
central counterparty clearing houses have raised their
operating limits with us.
Moreover, Cecabank worked even harder to attract
new direct cross-sales customers amongst depositing
entities and entities with which it had never had a
commercial relationship. As a result, operations in
currency with third parties, fixed income and repo
operations increased.
In respect of currency operations, there was a change in
technology as the former SICE price platformwas replaced
by a new, more technically advanced platform, which
basically functions through the internet and speeds up
and improves the service provided for our clients.
LCH Londres
LCH Paris
I
03 Our Business Model