Citi pulls out Spanish stock exchange membership card
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Citi pulls out Spanish stock exchange membership card 18 November 2013Madrid Reporter: Georgina Lavers
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Citi has become a direct member of the Spanish Stock Exchange, under the new trading, non-settling membership category.
The approval of the Minister of the Economy and Competitiveness’ Order ECC/680/2013 amended Iberclear’s regulation to create a new trading, non-settling membership category.
This regulation now allows international market participants to trade directly on the Spanish Stock Exchange and choose a settlement and clearing agent with access to Iberclear to handle the registration, clearing and settlement obligations arising from the trading activity carried out by the trading, non-settling member.
Citi is one of the first international brokers to provide direct access to liquidity in the Spanish market via a single platform centralising trading flows.
The membership completes Citi’s build-out of access to developed cash equities markets in Europe. Citi is now a direct member of 16 European stock exchanges- in addition to pan-European Multilateral Trading Facilities.??
Jorge Yzaguirre, director of the BME Equities, said: "The addition of Citi is great news for the Spanish stock market. New opportunities open up for many brokers and foreign firms that want to operate in Spain. The new membership category will allow a quick and easy connection to the market and we are confident that this development will have a positive impact on the volumes and liquidity of all the securities listed on the Spanish Stock Exchange.”
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