In accordance with the provisions in Article 28 of Regulation (EU) No. 909/2014, Iberclear has a Users’ Committee for the ARCO Settlement System. The composition of this Committee, its representatives, functions and the responsabilities of the Chair, as well as the rules governing its meetings, are set forth in Circular 01/2019 of 29 January, as amended by Circular 02/2024 of September 24.
The role of the Users’ Committee is to advise the Iberclear Board of Directors on fundamental provisions affecting the various categories of users accessing the ARCO System. If the Users’ Committee deems it necessary, it may issue non-binding opinions on the price structure, as well as review the operating rules of the Information System and any amendments thereto prior to their approval.
The Users’ Committee is composed of fifteen (15) members representing issuers and participants in the ARCO System, who serve a three-year term and may be re-elected without restrictions.
The Chairman of the Users’ Committee is appointed by the Iberclear Board of Directors from among its members. The proposed candidate must be approved by a majority of the other Users’ Committee members. The current Chairman of the Users’ Committee is Mr. Iñaki Varela Legarreta.
The Users’ Committee meets every 6 months or more frequently if deemed advisable by the Chairman or if requested by at least five of its members.
|
Participant |
Representative
|
Interest Represented |
|---|---|---|
|
AEB
|
Pílar Clavería García |
Representative proposed by the Spanish Banking Association |
|
Cecabank, S.A.
|
Aurora Cuadros Sánchez |
Representative proposed by the Spanish Confederation of Saving Banks |
|
BNP Paribas S.A. Sucursal en España
|
Almudena Amor Yebra |
Representative of participants, other than CCP and CSD, which are among the twelve most important participants at the time of designation |
|
CACEIS Bank Spain, S.A.U.
|
Elena Mesonero Lázaro |
Representative of participants, other than CCP and CSD, which are among the twelve most important participants at the time of designation |
|
BBVA, S.A.
|
Diego Pazos García |
Representative of participants, other than CCP and CSD, which are among the twelve most important participants at the time of designation |
|
Citigroup Inc.
|
Manuel Pineda Trill |
Representative of participants, other than CCP and CSD, which are among the twelve most important participants at the time of designation |
|
Deutsche Bank S.A.E.
|
Diego Alfonso García Castaño |
Representative of participants, other than CCP and CSD, which are among the twelve most important participants at the time of designation |
|
Societé Generale, S.A.
|
Gema Moreno Anguita |
Representative of participants, other than CCP and CSD, which are among the twelve most important participants at the time of designation |
|
Kutxabank Investment, Sociedad de Valores, S.A.
|
Iñaki Varela Legarreta |
Representative of participants not included in the above categories |
|
BME Clearing, S.A. |
Mercedes Irigaray Lorea |
Representative of a central counterparty |
|
Issuer
|
Representative
|
Interest Represented |
|---|---|---|
|
Iberdrola, S.A.
|
Juan José Zúñiga Benavides
|
Representative proposed by the Association of Spanish Issuers |
|
Caixabank, S.A.
|
Beatriz Escudero García |
Representative of equity securities issuers |
|
Banco Sabadell, S.A.
|
Alba Peña Castilla |
Representative of equity securities issuers |
|
Haya Titulización, Sociedad Gestora de Fondos de Titulización, S.A.U. |
Jesús Sanz García |
Representative of private fixed income issuers |
|
Tesoro Público
|
Diego Espín Prieto
|
Representative proposed by the Spanish Treasury |
Iberclear guarantees the security of the securities market by centralizing the custody of securities and ensuring the efficient settlement of transactions through the delivery versus payment (DvP) system.
Since 2017, it has been connected to the European TARGET2-Securities (T2S) platform and strictly complies with regulations supervised by the CNMV.
It uses advanced technology and cybersecurity measures to protect operations and data. It also has contingency plans in place to guarantee operational continuity and reinforce market confidence.
A central securities depository (CSD) is a financial infrastructure that registers and settles financial securities such as shares and bonds. It centralizes the secure storage of these assets, usually in electronic form, and ensures accurate and efficient transfer between buyers and sellers after a transaction.
Do not hesitate to contact us if you have any queries or complaints.
