Iberclear manages the ARCO Settlement System. Its purpose is to execute transactions involving securities and cash transfer orders for securities held in the Iberclear register, regardless of the trading venue where the oders were agreed upon or whether a clearing house was involved.
Iberclear settles via the corresponding securities credits and debits in the accounts held in the Central Register. Participants must also make corresponding entries in their detailed registers simultaneously.
According to the instructions received, transactions may be settled either free of payment or against payment. When a transaction is settled against payment, Iberclear will execute the cash transfer order using the corresponding credits and debits in the dedicated cash accounts (DCAs) designated by participants for cash settlement.
Iberclear performs this service using T2S technical support. The settlement procedures include providing, optimizing, and recycling already validated and matched transactions, which are then sent to the settlement process on the intended settlement date.
Depending on the communication, acceptance and execution of settlement instructions, Iberclear offers the following settlement services:
- Settlement of instructions form CCPs
- Settlement of instructions from trading venues without CCP intervention
- Settlement of instructions sent by Iberclear participants
Iberclear offers the following settlement services: