On the occasion of the 11th Securities Services Conference, organised by Cecabank and Expansión, in collaboration with FundsPeople, industry experts analysed the main challenges facing the post-trading industry, such as the transition to the T+1 model, digitalisation and the need to strengthen operational resilience
The T+1 model, digitalisation, and the demand for greater operational resilience are the challenges facing post-trade services, which are fundamental to the financial system.
The post-trade industry is adapting to technological transformation, regulatory pressure, and the integration of financial markets. The transition to the T+1 model, the adoption of digital assets, and the need to strengthen operational resilience have become key priorities for the sector. These challenges were the focus of the 11th Securities Services Conference, organised by EXPANSIÓN and Cecabank in collaboration with Funds People.
The transition to the T+1 model has become a priority for the European financial sector. "This must be done as soon as possible and meticulously to ensure a smooth transition", emphasises Carlos San Basilio, president of the CNMV. The Spanish asset management industry is robust, although he notes that competition should be encouraged, and the benefits of membership of the Economic and Monetary Union of the European Union should be leveraged.
Challenges
Ainhoa Jaúregui, CEO of Cecabank, agrees that the financial system is undergoing a profound transformation: "Technological advances and customer expectations are causing us to redefine our priorities. It is necessary to adapt, anticipate and lead".
The great challenge of T+1 is "doing it right and as a community", explains Jesús Sánchez, head of settlement services at BME. The model requires sufficient liquidity in shorter periods to support stock market operations and banking services. The implementation must be comprehensive: "It's not enough for the infrastructure to be ready; the entire community must be ready".
Benoit Dethier, Citi's sales and relationship manager, emphasises that the transition to T+1 in the US was a success, but "much more demanding than expected". The model can boost European competitiveness. "We have the same savings capacity as the US, but we don't make our market attractive to investors", Dethier points out.
Juan Alfonso Rando, director of securities at CaixaBank, emphasises that "interoperability between the European and American markets will be a great advantage for customers". He encourages each entity to review and adjust their internal processes to facilitate automation, adding that bilateral operations will continue to be a challenge that requires us to define static data until the last minute, making it difficult to reach the trade date.
Elisa Ricón, CEO of INVERCO, defends the need to promote securities lending: "It's a way to offer higher returns without increasing risk for investors". She also calls for simplified regulations and strengthening the role of savings and investment as the country's economic pillars.
If you want to compete at a European level, it is key to eliminate all operational barriers: "We need to have the same tools that asset managers and depositaries in other jurisdictions have", warns Gloria Hernández, representative of Adepo and partner at finReg360.
Demand for crypto-related services is growing rapidly. "We must strike a balance between this demand and institutional supply", explains Alberto Goyanes, head of digital assets at Renta 4. The technology behind crypto assets has the potential to redesign the entire financial infrastructure: "Crypto custody can be extended to other tokenised assets.
Isabel Gómez, director of transformation and innovation at Kutxabank, acknowledges that adapting to the MiCA framework is challenging: "We had to align a traditional bank with a new, more dynamic and innovative environment". The key was managing internal fears and uncertainties, focusing on responding to new customer needs.
"The biggest challenge has been aligning the traditional legal framework with MiCA regulation", explains Mariona Pericás, director of financial regulation at finReg360. Institutions must balance their drive for innovation with customer protection and trust.
The application of artificial intelligence and LLMs in the financial sector "is a breakthrough that can allow many people to access services they haven't been able to access until now if things are done well and with transparency", says Francisco del Olmo, deputy director overseeing fintech and cybersecurity at the CNMV.
Rodrigo Buenaventura, Secretary General of IOSCO, warns that "the next serious incident in market infrastructure is likely to come from a cyberattack, not a financial risk". The increasing use of external providers is a concern to IOSCO due to the concentration of risks and the dependency it creates.
