13 February 2018
- The Spanish wholesale bank has extended its agreement with the global clearing house LCH to include stock markets
Cecabank announced that it has extended its EquityClear agreement with the global clearing house LCH.As a result of this, it has become the first Spanish bank with global clearing status.
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 to offering a greater range of counterparty suppliers across Europe.All this, based on an open access concept that allows market members to maximise efficiency and make the most of clearing opportunities".
