BME Clearing signs agreement with NEX
24 July 2018 Madrid
Image: Shutterstock
BME has signed an agreement with NEX, whereby BME Clearing will provide repo clearing services to participants currently connected to NEX Market鈥檚 BrokerTec platform.
The agreement with BME Clearing and NEX Markets will allow banks to trade via the BrokerTec platform, the primary venue for Spanish repo trading, while keeping BME Clearing as their preferred clearing venue.
According to BME Clearing, financial institutions will benefit from access to the deeper pool of liquidity provided by an electronic market as well as transparency from BME Clearing.
Financial institutions trade Spanish repo bilaterally and clear via BME Clearing.
Ignacio Solloa, managing director of BME Clearing, said: 鈥淲hile the electronic Spanish repo market has expanded in recent years, the bilateral market has steadily contracted. We are delighted that the BrokerTec platform offers our central counterparty services to their clients.鈥�
John Edwards, managing director of BrokerTec Europe, the Middle East and Africa, said: 鈥淭he Spanish repo market has seen tremendous growth over the past few years and BrokerTec is a major venue in this market with a solid footprint of Spanish banks.鈥�
He added: 鈥淏y signing this agreement with BME Clearing, we are further expanding that client footprint in Spain, while also providing a new alternative clearing option for our clients.鈥�
The agreement with BME Clearing and NEX Markets will allow banks to trade via the BrokerTec platform, the primary venue for Spanish repo trading, while keeping BME Clearing as their preferred clearing venue.
According to BME Clearing, financial institutions will benefit from access to the deeper pool of liquidity provided by an electronic market as well as transparency from BME Clearing.
Financial institutions trade Spanish repo bilaterally and clear via BME Clearing.
Ignacio Solloa, managing director of BME Clearing, said: 鈥淲hile the electronic Spanish repo market has expanded in recent years, the bilateral market has steadily contracted. We are delighted that the BrokerTec platform offers our central counterparty services to their clients.鈥�
John Edwards, managing director of BrokerTec Europe, the Middle East and Africa, said: 鈥淭he Spanish repo market has seen tremendous growth over the past few years and BrokerTec is a major venue in this market with a solid footprint of Spanish banks.鈥�
He added: 鈥淏y signing this agreement with BME Clearing, we are further expanding that client footprint in Spain, while also providing a new alternative clearing option for our clients.鈥�
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