BME Adds Belgian Market to Its Cross-Border Services

BME, the operator of stock markets and financial systems in Spain, announced that it has included the Belgian market in its Cross-Border Services (CBS) on June 26, 2023 through Iberclear, the Spanish Central Securities Depository. BME clients will be able to access the market through the connection with the Belgian central securities depository, National Bank of Belgium operator of the securities settlement system.

Markets currently connected to Iberclear include Germany, France, Italy, Netherlands, Austria, Portugal, Switzerland and most recently Belgium.

BME stated in the announcement: "Access to this market is of particular relevance given that the Belgian CSD has been designated by the European Commission for the registration and the issuance of NextGenerationEU (NGEU) assets on the T2S platform."

From the second half of 2023, the issuer CSD will be responsible for maintaining the book entry register of these securities.

Iberclear will accept NGEU securities as well as other eligible securities of this CSD. Meanwhile, primary dealers authorized by the European Commission can use their accounts in Iberclear to settle transactions related to the primary market.

In addition, Iberclear has requested the Bank of Spain to grant eligibility to the link, so that the securities are eligible assets, accepted as collateral by the Eurosytem to provide credit.