Cecabank extends its agreement with LCH, becoming the first Spanish bank to obtain the EquityClear 'clearing member' status
The wholesale bank Spanish has extended its agreement with the global clearing house, LCH, to include trading venues.
Cecabank, the wholesale bank specialised in Securities Services, has announced the extension of its agreement with the global clearing house, LCH, for the EquityClear sector, thus, becoming the first Spanish company to acquire the global clearing member status.
The inclusion marks a milestone for Cecabank, strengthening its equity services at a crucial time for the domestic market, after the entry into force of the requirement to comply with the best execution policy.
José Luis Rebollo, Cecabank Director of Securities, stated that “becoming an LCH clearing member broadens the range of services we offer to our customers. This agreement makes Cecabank the benchmark partner for market members who want to access international contracting platforms, where it is necessary to have clearing member status. For market members to comply with the MiFID II best execution policy it is essential to gain access to these platforms”.
Bruce Kellaway, Global Head of RepoClear, EquityClear and Collateral, LCH stated that “we are delighted to have Cecabank as the first Spanish EquityClear clearing member. Since its launch, this service has recorded a significant increase in volume, and we hope that this trend continues in 2018. LCH is committed to its objective of offering a greater range of counterparty suppliers throughout Europe, based on open access enabling the market members to boost their efficiency and to make good use of clearing opportunities”.