The system incorporates all securities represented by book entries that are listed for trading in the securities markets, the AIAF Fixed Income Market and the Book-Entry Public Debt Market. It also incorporates securities listed for trading in other official secondary markets, regulated markets and multilateral trading facilities provided that their governing bodies appoint Iberclear as the entity responsible for the book-entry register.
Foreign securities are incorporated into the system either through accounts opened by Iberclear in other central securities depositories or clearing and settlement systems, or through an entity acting as a link between the security’s country of origin and the Spanish registration system.
As an exception, it may also include securities represented by physical certificates which will be subject to blocking in Iberclear.
In addition, Iberclear nay maintain a register of securities that are not listed for trading in official secondary markets, regulated markets, or multilateral trading facilities if the issuer determinem it necessary.
Iberclear will apply the same registration system to all securities in the system, including foreign securities. This will not change the representation system corresponding to them in accordance with their law of origin.
The securities incorporated into the system will be identified by their security code (ISIN code). The number of securities or the total face amount of each security code registered in the system will be known as a control sum. Equity securities are generally recorded based on the number of securities, whereas fixed-income securities are recorded based on their face value.
Finally, Iberclear has obtained authorization to provide the initial registration and maintenance of securities accounts for non-equity securities issued under the laws of France, Germany, Luxembourg, the Netherlands and Austria. This passport is in addition to the one Iberclear already held for providing these services under UK law. According to the CSDR regulation, Iberclear is authorized to provide these services with respect to non-equity securities, such as bonds, warrants, other structured products, promissory notes, and exchange-traded funds.