Cecabank extends its agreement with LCH to become the first Spanish EquityClear clearing member
13 February 2018
- The Spanish wholesale bank has extended its agreement with the global clearing house LCH to include stock markets
Cecabank announced the extension of its agreement with the overall clearing house LCH for the sector of EquityClear. As a result, becomes the first company andspañola on condition of overall compensator.
It's inclusion represents a milestone for Cecabank, which has strengthened its equity services at a key moment for the domestic market. The entry into force of this agreement must comply with conventions such as the principle of best execution.
Cecabank, a benchmark in international trading
Cecabank's Securities Manager, José Luis Rebollo, said: "By being an LCH Clearing Member, we can expand the services we offer our customers. Cecabank has become an important partner for members of the market who want to access international trading platforms. Having access to a clearing member is a requirement for these platforms. Members of the market need to access these platforms in order to comply with the MIFID II best execution requirement".
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 registered significant growth. We hope it will continue in 2018. LCH is committed in offering a great suppliers range of Europe-wide counterparty. All of this on an open access that allows maximising the efficiency and make good use of opportunities of the compensation”.