Instinet Europe Limited has reached an agreement to become a new general clearing member of the Spanish CCP BME Clearing, and a direct member of  the Spanish CSD Iberclear. Instinet will now have direct access to the BME’s Spanish CCP & CSD for post trade services for  their primary execution business in Spain as of August.

José Manuel Ortiz, Head Clearing and Repo Operations, SIX, and CEO of BME Clearing, “We are delighted to announce that Instinet Europe Limited has become a new Clearing Member in our Cash Equities Segment, strengthening our position with such a reference in the global financial markets. I am incredibly thankful to Instinet Europe Limited for their support and collaboration throughout this process. Their expertise and commitment have been key in ensuring a smooth integration into the CCP.”

Tanith Johnson, European Head of Operations, Instinet, “Instinet is delighted to have become a member of BME Clearing and Iberclear.  As an international equities trading business, the ability to operate locally in the Spanish post-trade infrastructure with  domestic and international counterparties allows us to gain operational and cost efficiencies. The Spanish market will present many opportunities for us, and we believe that having direct access will allow Instinet to take advantage of any future changes in the Spanish financial market infrastructure.”

Source: BME