14 April 2016
- Today Cecabank held the 3rd Securities Services Conference, bringing together representatives from 130 different institutions
- The event featured speakers from ESMA, CNMV, Bank of Spain, Iberclear, BME, Deloitte, Caixabank Asset Management, Ibercaja Gestión, Grupo CIMD and Fogain.
Cecabank today held the III Securities Services Conference at Madrid's Palacio de la Bolsa. It took place at a time when sector stakeholders are immersed in the Reform of the Spanish Securities Clearing, Settlement and Registry System. This is the first step towards harmonising post-contracting processes in the Spanish equity market with those of the rest of Europe.
The event brought together more than 300 representatives from the Securities Services industry. It also included asset management companies, depositaries and investment service providers, regulators and supervisors. Together they reflected on the impact the operational and regulatory changes from the imminent reform would have on the market.
Relevant topics included the implications of MiFID II on investment product marketers. The effect of UCITS V on managers and depositaries, the new Regulations of the Spanish EPSVs Act. They also discussed the implications of EMIR amendments, with the inclusion of over the counter derivatives in clearing. The reform of the Spanish Securities Clearing, Settlement and Registration System was studied as a preliminary step for the incorporation of our market in Target 2 Securities.
MiFID II in the securities market
José María Méndez, CEO of Cecabank, valued the role of the entity. It is a leader in custodian services, securities settlement and depositaries for collective investment institutions and pension funds. He defined the firm as "a committed agent that is collaborating in the evolution of our sector".
He also highlighted the presence of the entity in "all the forums related to this industry. This enables us to work and to contribute our skills and our vocation for service. The aim is to make all these changes a genuine success".
Javier Alonso, General Manager of Operations, Markets and Payment Systems at the Bank of Spain, opened the conference stressing "the importance of adapting to the changes in the planned timetable. With the reform we aim to put the Spanish market on a level playing field. We will compete with the rest of the European players, in the new framework created by a much more integrated market".
Rodrigo Buenaventura, Head of the Markets Division of ESMA and Ángel Benito, Head of Markets of the CNMV, analysed the current challenges and trends in the regulation of European markets. Both presented the position and reflections of their respective institutions in the face of the new reform coming on 27 April. It will represent a historic change for the sector.
During the session, it was made clear that collective investment assets in Spain (CIIs and Pension Funds) ended 2015 with a record volume of assets. This reinforces the growth trend that the industry has seen in recent years.
Lourdes Centeno, Vice-President of the CNMV, closed the Conference by summarising the most relevant aspects of the reform. He stated that "all this work is for the purpose of matching market practices in Europe. This way, settlement, registration and custody will be more efficient and cost effective. There will be fewer national idiosyncracies, which require developments and staff with local knowledge."
About Cecabank
Cecabank is a Spanish wholesale capital bank with a vocation to serve all financial institutions. Specialised in Securities Services, Treasury and Banking Services, it bases its management philosophy on rigour for knowledge, the art of prudence and openness to change.
