Iberclear Selects Citi to Provide Global Custody Services

 BME´s Spanish CSD launches new client solution and enters a new phase of strategic development following the successful migration to T2S 

Toronto, Madrid (October 17, 2017) - Iberclear, BME’s Spanish Central Services Depository (CSD), today signed a memorandum of understanding with Citi’s Direct Custody and Clearing business to provide global custody services to its clients. The agreement was signed at the securities and financial industry conference SIBOS.  

Through the partnership, Spanish financial institutions will be able to settle international securities via a local CSD. Iberclear will act as a single point of access to T2S [TARGET2-Securities] and international markets by providing settlement and asset servicing solutions as well as safekeeping of assets leveraging Citi’s local custody network and on the ground expertise.

“We are thrilled to launch this new solution which unlocks opportunities for our clients and the Spanish investment community more broadly. Citi’s extensive proprietary custody network has been selected to service the growing demand of our clients efficiently and consistently across geographies. Iberclear enters a new strategic path after its successful migration to T2S with the launching of new services for its clients”, said Jesús Benito, Iberclear’s CEO

“This is an exciting milestone for Iberclear and its clients. We are pleased to support innovative solutions provided by key local market infrastructures and look forward to leveraging the breadth of Citi’s direct custody platform to realize efficiency gains for all local market participants”, said Reto Faber, EMEA Head of Direct Custody and Clearing at Citi.