Iberclear Documents

Law 6/2023 of March 17, on Securities Markets and Investment Services entered into force on April 7, 2023. It establishes a period of two years for central securities depositories, market infrastructures and participatis to adapt to the elimination of the central securities depository's obligation to maintain an information system for the supervision of trading, clearing, settlement and registration of securities. This information system, known as PTI, was established in accordance with the legal and regulatory provisions introduced in 2015.

The technical and procedural adaptations to the proposed regulatory changes aim to fully harmonize settlement processes with European standards, while maintaining the two-tier register system and the daily reporting of shareholders to nominative and assimilated issuers.

As planned on March 10, 2025, all changes to the production environment were implemented as follows.

The Eurosystem Collateral Management System (ECMS) was launched on 16 June 2025 and all the collateral management actors adapted their systems.

Simultaneously to the actual implementation of the ECMS platform, the collateral management-related standards and market practices were harmonized as well, according to the recommendations identified in the Collateral Management Harmonization (CMH) Task Force, and enclosed in the Single Collateral Management Rulebook for Europe (SCoRE).

BME Group will facilitate Swift communications with the ECMS platform, in accordance with both the ISO15022 and ISO20022 standards, offering a "Technical Sender and Converter” service. 

Ministerial Order HFP/308/2023 of 28 March 2023 approves the new Financial Transaction Tax (FTT) model, which includes the regional tax authorities of the Basque Country and Navarre.

In January 2024, Iberclear adapted its processes to distribute this tax directly to the relevant tax authorities included in this model, thereby minimizing the impact of the regulatory change on the participants.

In June 2022, BME, through Iberclear, and its technology partner IoBuilders completed the first issue in Spain of a bond listed on a regulated market and registered using blockchain technology: the BME Digital Bond. This pioneering project also involved the participation of BBVA and IDB (Inter-American Development Bank). It consisted of the development of a blockchain platform that facilitates the registration, secondary trading and lifecycle management of a bond issued in a regulated market. Smart contracts were used to execute the distribution, buy and sell, settlement and corporate action processes, using electronic money tokenized by BBVA to manage cash throughout the life of the issue. The BME Digital Bond demonstrated the benefits that blockchain technology offers to the financial sector, such as efficiency, transparency and security.

In an innovative experiment, through Iberclear, along with Iberpay, as well as major custodians of the Spanish market and in collaboration with the Eurosystem, BME participated in the experimentation program launched by the Eurosystem during 2024, regarding the settlement of tokenized financial assets using wholesale Central Bank Digital Currencies (wCeBDC).

Through this experimentation, Spanish participants were able to evaluate the transformative potential of distributed ledger technology (DLT). This BME project demonstrated the feasibility of issuing, distributing, and settling digital bonds based on the delivery versus payment (DvP) principle by connecting BME’s DLT platforms and central banks.

The results of the experiment showed the benefits that blockchain technology offers to the financial sector, such as efficiency, transparency, and security, and also validated the Spanish market’s technical capacity to implement interoperable solutions with traditional and emerging infrastructures. Additionally, the possibility of entities that do not participate in T2S accessing DLT platforms was highlighted, which would expand access to a greater number of actors within the financial ecosystem.