Cecabank extends its agreement with LCH, becoming the first Spanish bank to obtain the EquityClear 'clearing member' status
13 February 2018
- The Spanish wholesale bank has extended its agreement with the global clearing house LCH to include stock markets
Cecabank, the wholesale bank specialised in Securities Services, has announced the extension of its agreement with the global clearing house LCH for the EquityClear sector, thus becoming the first Spanish company to acquire the global clearing member status.
The inclusion marks a milestone for Cecabank, strengthening its equity services at a crucial time for the domestic market, after the entry into force of the requirement to comply with the best execution policy.
José Luis Rebollo, Cecabank Director of Securities, stated that “Become a Clearing Member at LCH expands the range of services we offer to our clients. Cecabank, with this agreement, becomes the partner of choice for market members who want to access international trading platforms, in which it is necessary to have a clearing member. For market members to comply with the MiFID II best execution policy it is essential to gain access to these platforms”.
Bruce Kellaway, Global Head of RepoClear, EquityClear and Collateral, LCH stated that: “we are delighted to have Cecabank as the first Spanish EquityClear clearing member. Since its launch, this service has recorded a significant increase in volume, and we hope that this trend continues in 2018. LCH is committed to the objective of offering a wide range of counterparty suppliers across Europe, on the basis of open access that enables market members to maximise efficiency and take advantage of clearing opportunities”.