1 Barcelona Stock Exchange Clearing and Settlement Service SCLBARNA Disclosure Framework for Securities Settlement Systems February,
2 Table of contents Disclosure framework SCLBARNA I. Basic information... 2 II. Rules and procedures of the SSS... 7 III. Relationships with participants IV. Relationships with other SSSs and commercial intermediaries V. Securities transfers, funds transfers and linkages between transfers VI. Default procedures VII. Securities overdrafts, securities lending and back-to-back transactions VIII. Risk control measures IX. Operational risks Glossary Appendix
3 DISCLOSURE FRAMEWORK FOR SECURITIES SETTLEMENT SYSTEMS I. BASIC INFORMATION A. What is the name of the SSS? The name of the SSS in Spanish is the Servicio de Compensación y Liquidación de la Bolsa de Valores de Barcelona (abbreviated to SCLBARNA) which in English is the Barcelona Stock Exchange Clearing and Settlement Service. B. Where and in which time zone is the SSS located? The address of SCLBARNA is Paseo de Gracia 19, 08007, Barcelona, Spain. This is in the Central European Time zone. C. What functions does the SSS perform? a) SCLBARNA keeps the accounting register of all stocks listed exclusively in the Barcelona Stock Exchange and some securities listed in the Mercado Alternativo Bursátil (MAB), via a book-entry system. b) SCLBARNA also keeps the accounting register of other stocks not listed, via a book-entry system. c) SCLBARNA carries out the clearing and settlement functions for all operations involving stocks listed exclusively in the Barcelona Stock Exchange and some securities listed in the Mercado Alternativo Bursátil (MAB). d) SCLBARNA can become a shareholder of, or reach agreements with companies that keep accounting registers of stocks or that carry out clearing and settlement services. 1. Does the SSS serve as a securities depository and/or provide securities settlement services? SCLBARNA, in co-operation with its participants, serves as a central securities depository and provides security settlement services for all stocks listed exclusively in the Barcelona Stock Exchange and some securities listed in the Mercado Alternativo Bursátil (MAB), via a book-entry system. (a) What types of instrument are eligible for deposit at the SSS (e.g. debt, equities, warrants, etc.)? Commercial paper, bonds, treasury bonds, public debt, shares, warrants, share issue rights, etc. are eligible for deposit at SCLBARNA. (b) What types of instrument are eligible for transfer within the SSS. All the instruments mentioned in point (a) above are eligible for transfer within SCLBARNA. 2
4 (c) Please describe whether eligible securities are dematerialised, immobilised or transferred physically All eligible securities mentioned in point (a) above are dematerialised in a book-entry system. (d) Does the SSS provide safekeeping for physical certificates? No, SCLBARNA does not provide safekeeping for physical certificates, because, as previously stated, all securities are dematerialised in a bookentry system. 2. Does the SSS provide cash accounts and/or provide fund transfers in conjunction with securities transfers? If so, in what currencies? SCLBARNA does not provide cash accounts, but it does provide funds transfers. All funds transfers are effected in Euros, through the cash accounts that participants maintain at TARGET2-Banco de España. SCLBARNA carries out the securities transfers in parallel with cash settlements, guaranteeing delivery against payment. 3. Does the SSS provide a trade matching service? Do others provide such services for securities settled at the SSS? A trade matching service is provided by the Barcelona Stock Exchange. Once operations have been matched, they are sent to SCLBARNA which verifies this matching. Following this, participants must confirm the operations that have been attributed to them. If an operation is rejected by a participant for a justifiable reason, SCLBARNA puts it down to the broker or dealer to be settled. 4. Does the SSS provide a trade netting service (as distinct from undertaking the settlement of securities transfers on a net basis)? Do others provide such services for securities settled at the SSS? In either case, what types of netting (bilateral or multilateral), if any, are performed? SCLBARNA offers a trade netting service that calculates the net balance for each participant per settlement period. The settlement resulting from the trade netting is multilateral. In the Catalonia public debt market, SCLBARNA offers a bilateral real-time gross settlement system, both for cash and securities. 5. Does the SSS offer a securities lending or borrowing programme? SCLBARNA does not offer a securities lending or borrowing programme, though in the main area of activity (Generalitat of Catalonia public debt market) the supervisory department of the Barcelona Stock Exchange ensures that there are sufficient securities in the account of every 3
5 participant before accepting any sale. For this reason it is not possible to have overdrafts in the securities accounts that would have to be covered by lending or borrowing programmes. As far as other areas of activity are concerned (private bonds, shares, etc.) SCLBARNA has an agreement with IBERCLEAR (Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A.U.) which allows it to automatically receive the software developed by IBERCLEAR including lending and borrowing facilities. At the moment, these facilities are not required by SCLBARNA due to the low settlement volume in these other areas. However, if the volume of trading and settlement were to increase, SCLBARNA could implement these facilities immediately. 6. Does the SSS provide custodial and/or related services such as the collection of interest, dividends, principal or withholding tax reclamations? Which types of service are provided? SCLBARNA provides some services, such as to inform its participants about the number of securities held and, consequently, the amount to be paid by the Issuer or the Issuer s paying Agent. Upon request of the Issuer and the Issuer s paying entity the corporate actions can be paid thought the SCLBARNA. In the Catalonia public debt market, SCLBARNA manages automatically the corporate actions for the registered securities. On maturity date, as set up on the issuance date, the redeemed securities are debited in the participants' accounts. Simultaneously, the cash account of the participant who maintains balance of the redeemed securities is credited and the global amount is debited to the issuer or its paying agent. In the same way, on payment day for periodical coupons, SCLBARNA credits to each entity the corresponding cash amount in relation to the balances the participants have at the end of the day prior to payment day. According to the tax treatment of the issue, the coupon payment is made on a net basis, once the tax has been withheld. The sum of the credits is debited in the account of the issuer or its paying agent. There is a specific procedure for non-residents in order to refund the withholding tax the day the coupon is due. 7. Does the SSS act as a central counterparty or principal to transactions with its participants? No. 8. Other? Please specify. N/A 4
6 D. What type of organisation is the SSS SCLBARNA is a service of the Barcelona Stock Exchange and is run by the Board of Directors of the Exchange in accordance with its statutes. 1. Please indicate whether the SSS is a public sector or private sector entity. As indicated above, SCLBARNA has no separate legal identity to that of the Barcelona Stock Exchange, as it is a service of the Exchange. This is in accordance with Spanish legislation set out in article 44 bis of the Spanish Securities Market Act, 24/1988. The Barcelona Stock Exchange is a private entity though its functions are regulated by law and it comes under the supervision of the National Securities Market Commission (CNMV) and the Generalitat of Catalonia Government. 2. Please indicate whether the SSS is organised on a for-profit or a non-profit basis. SCLBARNA works on the principle of covering the costs of the services it provides. As stated in question 1 above, SCLBARNA is a service of the Barcelona Stock Exchange, which is a private entity, operating on a forprofits basis. 3. What is the legal basis for the establishment of the SSS and for securities transfers made through it? The legal basis for the establishment of SCLBARNA is set out both in Spanish law and in legislation passed by the Autonomous Government of Catalonia, as outlined below: Article 44 bis of Spanish Securities Market Act, 24/1988. Organic Law 6/2006 (Catalonia Autonomy Statute). Spanish Royal Decree 116/1992, of 14 February, covering legal norms for book-entry and the settlement of securities traded on stock exchanges. Decree 101/2009 and Order 5/5/2000 of the Generalitat of Catalonia. Regulations of Organisation and Functioning of the settlement service of the Barcelona Stock Exchange, passed in the Resolution of 3 August 2011 by the Counsellor of Economy and Finance of the Generalitat of Catalonia, with the modification of articles 11 and 12 of this Regulations by the Resolution of 4 July 2013 of the Generalitat de Catalonia. Rules of the market for public debt of Catalonia passed in the Resolution of 26 May 1995 by the Counsellor of Economy and Finance of the Generalitat of Catalonia. Finality of transfer orders is governed by Law 41/1999, of 12 November, on payment and securities settlement systems. 5
7 E. Please describe and provide a diagram outlining the organisational and ownership structure of the SSS. The organisational structure of SCLBARNA is defined in the diagram to be found in appendix 1. As can be seen, the governing body of SCLBARNA is the Board of Directors of the Barcelona Stock Exchange. All SCLBARNA executive positions answer to this body. The CEO is the General Director and under him there is a General Vice Director in charge of the different activities of SCLBARNA (Operating Procedures, Manuals, Circulars and Instructions, Daily Control of Clearing and Settlement, Management of Financial Operations and Risk Management Systems). The ownership structure of SCLBARNA is defined in the diagram to be found in appendix 2. As can be seen, Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A.(BME) is the only shareholder of the Barcelona Stock Exchange. As we have explained before, SCLBARNA is a service of the Barcelona Stock Exchange and is run by the Board of Directors of the Exchange in accordance with its statutes. 1. Who are the owners of the SSS? The owner of the Barcelona Stock Exchange is Bolsas y Mercados Españoles, Sociedad Holding de Mercados y Sistemas Financieros, S.A.(BME). Section D above explains that SCLBARNA is a service of the Barcelona Stock Exchange. 2. What entity or entities operate the SSS? Which functions of the SSS, if any, are outsourced to third parties? SCLBARNA is operated by the Barcelona Stock Exchange. No functions are outsourced to third parties. 3. Does the SSS have a Board of Directors? As previously indicated, SCLBARNA is a service of the Barcelona Stock Exchange and is subjected to the Board of Directors of this Exchange. (a) What is its composition? The Board of Directors is composed of 6 participants who are representatives of the brokerage firms and dealing companies that are Members of the Barcelona Stock Exchange. (b) What are its responsibilities? The responsibilities of the Board of Directors are to define the general strategy and main improvements to be included in SCLBARNA. Other areas of responsibility cover decisions on risk control, fees and the general supervision of the correct functioning of the service. 6
8 F. Please describe the financial resources of the SSS The Board of Directors of Barcelona Stock Exchange approve the fees that will be applied for the services provided by SCLBARNA to the participants and issuing companies. The income from these fees constitutes the financial resources generated by SCLBARNA. 1. Amount of paid-in capital and retained earnings? The annual report of BME (holding company of Barcelona Stock Exchange) is available on its website. 2. Guarantees, insurance coverage or other similar arrangements? Barcelona Stock Exchange maintains a reserve for operating losses, an insurance for operational errors among many other insurances. 3. Credit lines or letters of credit? Blocked cash account with the Banco Santander which it uses to guarantee payments are immediately settled in the event a cash settlement fails. If the account is used, in the last instance, the funds will be recovered by debiting them from the collateral deposited. 4. Powers to assess participants or equity holders? SCLBARNA has powers to control and supervise the activity of the participants to guarantee the smooth functioning of the Service. If a potential risk is detected, SCLBARNA could ask participants for complimentary guarantees. G. Please describe whether the SSS or its operator is subject to authorisation, supervision or oversight by an external authority. SCLBARNA is under the supervision and oversight of the Generalitat of Catalonia. It is the responsibility of the Department of Economy and Finance of the Generalitat of Catalonia to ensure that SCLBARNA has the right means to carry out its designated functions. II. RULES AND PROCEDURES OF THE SSS A. Does the SSS maintain a complete list of the Rules and Procedures governing the rights and obligations of participants and the duties of the SSS? Yes, a complete list of rules and procedures is maintained. This list includes the following rules and procedures governing the rights and obligations of participants and the duties of SCLBARNA: Act 24/1988 of July 28 th (Securities Market Law). Law 41/1999 on payment and securities settlement systems. Spanish Royal Decree 116/1992 of 14 th February. Organic Law 6/2006 (Catalonia Autonomy Statute). 7
9 Decree 101/2009 of the Generalitat of Catalonia. Order 5 May 2000 of the Generalitat of Catalonia. The Regulations Governing the Organisation and Functioning of the Settlement Service of the Barcelona Stock Exchange. Rules of the market for public debt of Catalonia. Circulars and Instructions with the operating procedures. 1. How can participants obtain a copy of the Rules and Procedures? All the Rules and Procedures explained above are available to participants. If they require copies SCLBARNA will provide them on request. Regulations Governing the Organisation and Functioning of the Settlement Service of the Barcelona Stock Exchange, Circulars and Instructions are published in Barcelona Stock Exchange website This website has links to the National Securities Market Commission (CNMV) and to the Generalitat of Catalonia to get the national and the autonomous regulations, respectively. 2. Does other documentation provided to participants (e.g. user guides) have the same status as the Rules and Procedures? Participants are periodically informed of any data that might affect the settlement procedures (for example the processing of financial operations, the codes of newly listed securities etc.) The documents that carry this information are called Announcements and Notices. These documents do not have the same status as the Rules and Procedures but are very important from the operative perspective and, for this reason, these documents are also published in Barcelona Stock Exchange website 3. Describe the process for changing Rules and Procedures, including any need for regulatory approval. The process for changing Rules and Procedures is as follows: 1. The need to modify an existing rule or procedure or introduce a new one is assessed by the management team in the interest of improving existing procedures or as a result of a change in the overall legal framework. Is necessary also to mention that SCLBARNA studies the requests of participants through the Technical Advisory Committee of IBERCLEAR. There is a representative of the SCLBARNA in this Technical Advisory Committee to guarantee the incorporation in the SCLBARNA of continual updating of all systems and rules in the interest of maximum security and efficiency in the settlement process. 2. A draft of the new rule or procedure is drawn up and distributed to the Department of Economy and Finance of the Generalitat of Catalonia. 3. Once a general consensus has been developed, the contents of the new rule or procedure is submitted for approval to the Board of Directors of the Barcelona Stock Exchange and the Department of Economy and Finance of the Generalitat of Catalonia. 8
10 4. Once the new rule or procedure has been approved it is published in the Listings Bulletin of the Barcelona Stock Exchange and all participants of SCLBARNA receive a copy. 5. If it is necessary, more detailed information developing the new Rules and Procedures is distributed to all participants in the form of an Instruction. 6. An appropriate margin of time is always left between notification of the new Rules and Procedures and their becoming enforceable. 7. All the new Rules and Procedures are published in the Barcelona Stock Exchange website. a) What authority is required, and how does this differ depending on the type of change involved? Both the introduction of new rules and the modification of existing ones must be approved by the Board of Directors of the Barcelona Stock Exchange and the Department of Economy and Finance of the Generalitat of Catalonia. Instructions with more detailed information developing the new Rules and Procedures are distributed with the approval of the General Director of the Barcelona Stock Exchange or his designated representative. b) How are participants notified of changes in Rules and Procedures? Changes in rules are published as a Circular in the Listings Bulletin of the Barcelona Stock Exchange and distributed to all participants and other affected parties. Instructions are also communicated to all participants and other affected parties. As we explained before, Circulars and Instructions are also published in the Barcelona Stock Exchange website. c) Is there a procedure for participants or others to comment on proposed rules changes? Changes can be proposed by participants through the Technical Advisory Committee of IBERCLEAR. There is a representative of the SCLBARNA in this Technical Advisory Committee to guarantee the incorporation in the SCLBARNA of continual updating of all systems and rules in the interest of maximum security and efficiency in the settlement process.. B. Are the Rules and Procedures binding on the SSS as well as its participants? Under what conditions and on whose authority can written Rules and Procedures be waived or suspended by the SSS? The rules and procedures are legally binding on both SCLBARNA and its participants and under no circumstances can they be waived of suspended. The 9
11 only possible alternative is the replacement of a previous rule or procedure by of a new one through the process outlined in point II.A.3 above. III. RELATIONSHIPS WITH PARTICIPANTS A. Please describe the types of membership offered by the SSS Spanish Royal Decree 117/1992, of 14 th of February, establishes the existence of only one type of participants of SCLBARNA. All participants have the same rights and obligations. Nevertheless, from a technical point of view, one participant may authorise another to keep the book-entry register on its behalf, although in this case the authorising participant is not exempted from its obligations either to the SCLBARNA or to third parties. Participants must have an account in TARGET2-Banco de España for cash settlements. But in some cases, settlements can be carried out through another participant s account in TARGET2-Banco de España. 1. How do the types differ? In spite of the operative explanations offered in last two paragraphs of point A above, there is only one type of participant of SCLBARNA. 2. Within each membership category, are all participants subject to the same Rules and Procedures? Please describe important exceptions, including both differences in rules across participants and the rationale for these differences. All the participants of SCLBARNA are subject to the same Rules and Procedures. Operational differences are described in point A above. B. Can participants establish accounts for their customers' assets that are segregated from their own asset accounts at the SSS? It is obligatory for participants to separate their own accounts from those of their customers. Accordingly, SCLBARNA keeps separate securities accounts for each participant, one being for securities traded by the participant on their own behalf and the other being an account for securities traded on behalf of their customers. 1. If so, is this accomplished through a single omnibus customer account or through a multiplicity of accounts and/or sub-accounts? Participants must open a securities account for each of their customers. The sum of all the securities in each of these accounts must coincide exactly with the balance of the customer account recorded by SCLBARNA for every 10
12 participant. However, in some cases nominee accounts are used by some participants (for instance, to maintain securities in Euroclear or Cedel). 2. Is the segregation optional or compulsory? It is compulsory to keep separate securities accounts for each customer. 3. Does the fact that a sub-account at the SSS bears the name of a third party give any rights to that third party as a participant under the rules of the system? No, it doesn t. C. Please describe participant requirements for each type of membership. Participants must be one of the entities indicated in article 76 of Royal Decree 116/1992 and must employ qualified systems and technical resources tested by SCLBARNA and need the formal approval of the Generalitat of Catalonia. They must appoint a cash account in TARGET2-Banco de España to settle the cash leg of transactions and deposit sufficient collateral to ensure settlement. 1. Are participants required to be domiciled or resident in a particular jurisdiction? The Spanish Securities Market Act has established the conditions under which investment firms and banks can render investment services on the basis of home country authorization and supervision. This enables investment firms and banks to acquire remote membership in Spanish secondary Markets, and thus become SCLBARNA participants, without having to be established in Spain, when the requirements of Spanish Markets do not include physical presence in Spain for the conclusion of transactions in such markets. 2. Are participants required to be subject to a supervisory regime? If so, please describe. SCLBARNA verifies that client accounts are administered correctly by participants, that the rules and procedures governing the settlement of financial operations are being adhered to, and ensures the efficient operation of the process of compensation and settlement of securities transactions. SCLBARNA must immediately inform the Generalitat of Catalonia of any irregularity detected. SCLBARNA ensures that all operations undertaken by participants are in accordance with established procedures that operations are settled within the established time periods and that the customer accounts are kept correctly. 11
13 3. Are participants required to hold an equity stake in the SSS? Participants are not required to hold an equity stake in SCLBARNA as, as previously stated, SCLBARNA is not a separate company, but a service of the Barcelona Stock Exchange. 4. Are there financial, economic, personal or other requirements (e.g. minimum capital requirements, "fit and proper" tests)? If so, please describe. As previously indicated in point C above, participants must be one of the entities indicated in article 76 of Royal Decree 116/1992. In practice, this means that the National Securities Market Commission must concede the necessary permission for the establishment of brokers and dealers firms (Investment Services Firms) and ensure that they meet the minimum established financial criteria and have appropriate staffing resources. This control is carried out by the Bank of Spain for the Banks. Additionally, participants in SCLBARNA (Investment Services Firms and Banks) must demonstrate that they possess technological means that meet the requirements of SCLBARNA. To this end, when an entity wishes to become a participant it must present a memorandum listing the technical means at their disposal and must pass technical tests that consist in running the operating procedures currently employed by SCLBARNA. D. Does the SSS engage in oversight of its participants to ensure that their actions are in accordance with its Rules and Procedures? If so, please describe. As observed in point C2 above, SCLBARNA verifies that the actions of participants are in strict conformance with current Rules and Procedures. Any acts not meeting these requirements are rejected. Periodically, participants must present detailed information to SCLBARNA regarding all book-entry records in their registers so that this information may be checked. E. Under what conditions can participants terminate their membership in the SSS? Does this mark the end of all liabilities of the participant? If not, please describe what liabilities could remain. By the entity renouncing its status as a participant. From the moment in which an entity ceases to be a participant it is no longer able to act as such, though it continues to be liable to the settlement and registration of any operations pending. An entity in these circumstances must transfer all their securities deposits to other participants. 12
14 F. Under what conditions can the SSS terminate a participant's membership in the SSS? SCLBARNA may terminate a participant s membership: If the entity ceases to be classified as a Bank, Brokerage firm or Dealer (Investment Services Firms). If the entity fails to adopt the technological requirements specified. If the participant does not deposit all or part of the collateral guarantee assigned in relation to settlements pending. If the entity is behind in the payment of any debt to SCLBARNA. In all these cases SCLBARNA must send the proposal of termination to the Generalitat of Catalonia that takes the final decision. From the moment in which the entity ceases to be a participant of SCLBARNA it is no longer able to act as such, though it continues to be liable to the settlement and registration of any operations pending. An entity in these circumstances must transfer all their securities deposits to other participants. G. Please describe the scope of the SSS's liability to participants, including the standard of liability (negligence, gross negligence, wilful misconduct, strict liability or other), the force majeure standard, and any limitation to the scope of liability of the SSS (e.g. indirect or consequential damages). Where are these liabilities and their limitations set out (e.g. in statute or contract)? The nature of the relationship between SCLBARNA and the participants is basically contractual, though it is submitted to some specific public regulations. Accordingly to this nature, the liability of SCLBARNA to participants derives from the contract stipulated with all and each of them. The scope of this liability nevertheless, is extended, by virtue of the Royal Decree 116/1992, of February 14th, only to the damages caused to a participant directly by the conduct of SCLBARNA. It is not liable for any indirect damages. Apart from this limitation, there is no other alteration to the general contractual liability regime. That means that the SCLBARNA is liable for negligence and of course, for wilful misconduct in compliance with applicable rules, unless it may give evidence that the prejudice is due exclusively to the negligence of the prejudiced party. 13
15 IV. RELATIONSHIPS WITH OTHER SSS AND COMMERCIAL INTERMEDIARIES A. Does the SSS maintain linkages (including sub-custodian or cash correspondent relationships) or other relationships with other SSSs? SCLBARNA is linked with the Bank of Spain so that securities of Catalonia public debt market and private fixed interest instruments can be used as guarantee for operations related to monetary policy and operations carried out between European Central Banks within the framework of the TARGET system. 1. Please identify each of the other SSSs used and the type of securities transferred via the linkages. As stated in the previous point, SCLBARNA is linked with the Bank of Spain. The types of securities transferred via the linkage are securities of Catalonia public debt market and private fixed interest instruments. a) What is the name of the other SSS? Where is it located? The name of the linkage maintained is the Bank of Spain, which is located in Madrid. b) What securities are eligible for transfer via the linkage to the other SSS? Securities eligible for transfer via the linkage are securities of Catalonian public debt market and private fixed interest instruments. c) Are transfers of securities made via the linkage to the other SSS limited to only those that are free of payment or are transfers against payment also made via the linkage to the other SSS? If against payment, please describe the timing of the transfers and the corresponding payments. For operations related to monetary policy carried out via the linkage with the Bank of Spain, transfers are against payment. The cash sums involved are settled directly between participants and the Bank of Spain, entirely at their own responsibility. To guarantee DVP, SCLBARNA hands over the securities to the corresponding entity after the Bank of Spain has confirmed cash settlement. The timing of the settlement (transfers and the corresponding payments) of these operations is in T+1. As far as TARGET linkage is concerned, SCLBARNA will apply the securities transfer system (against payment or free of payment) and the timing that may be established. 14
16 d) Does the other SSS provide custody services to the SSS and, if so, who bears any credit or custody risks? No, there is no credit or custody risk at all as the linkage between the Bank of Spain. B. Does the SSS use securities custodians (other than the other SSSs addressed in the previous question) and/or commercial cash correspondents? Please identify the custodians or cash correspondents used and the duties that each performs. No, it doesn t. C. Please describe the standards used in approving or reviewing relationships with other SSSs, custodians or cash correspondents, including any financial or operational requirements or the presence of insurance or public supervision. The standards used in the approving or reviewing of relations with other SSS, custodians or cash correspondents must be approved by the Board of Directors of the Barcelona Stock Exchange and the Department of Economy and Finance of the Generalitat of Catalonia. The specific case of the linkage with the Bank of Spain has been approved in this way. D. Does the SSS advance funds or securities to or on behalf of other intermediaries such as issuing or paying agents? If so, please identify the circumstances in which such exposure could arise. No, it doesn t. E. Please describe measures in place to protect the SSS and its members against the failure of other SSSs or commercial intermediaries to meet obligations to the SSS, including risk controls, collateral or alternative sources of funds and securities. Given the fact that the Bank of Spain is the Spanish Central Bank, it has not been considered necessary for SCLBARNA to take measures to protect itself and its participants against a potential risk from this entity. V. SECURITIES TRANSFERS, FUNDS TRANSFERS AND LINKAGES BETWEEN TRANSFERS A. Please discuss whether and how settlement instructions are matched between participants prior to processing by the SSS. The members of Barcelona Stock Exchange inform SCLBARNA of the details of contracted operations and the participants that must settle them. SCLBARNA, prior to processing this information, informs each participant of the operations that they must settle. The participants can accept the operations or reject 15
17 them in the case that they have not received instructions from their customers. If an operation is rejected, SCLBARNA puts it down to the broker or dealer (Investment Services Firms) who negotiated it to be settled in their capacity as participant. These communications take place by electronic means between SCLBARNA, the participants and the brokers and dealers members of Barcelona Stock Exchange. 1. Is matching required for all transactions without exception? Matching is obligatory for all operations contracted on the stock exchange. 2. What procedure is used when instructions do not match? The settlement of operations rejected by an SCLBARNA participant must be undertaken by the broker or dealer who contracted the operation. 3. Are matched settlement instructions binding on participants? Matched settlement instructions are binding on SCLBARNA participants. a) If so, please describe the consequences of failure by participants to meet obligations (e.g. forced settlement, penalties, short positions). Securities bought are not credited to the account of the purchasing participant until they have been paid for (DVP). In the case of failure in the settlement of the purchase, SCLBARNA will sell the securities on the market and the money received will be used to cover the entity s debit position. Differences that may exist between the value of the purchase and that of the sale carried out by SCLBARNA will be covered, if necessary, by obligatory guarantees previously deposited by the participant. In the case of sales, the selling participant does not receive the funds resulting from the sale until the securities sold have been handed over (DVP). In the event that the securities are not handed over on the agreed date, they will be purchased by SCLBARNA on the market to cover the short position. The debiting of this purchase and the crediting of the previous sale will be annotated in the account of the selling participant. Differences that may exist between the value of the sale and that of the purchase will be covered, if necessary, by obligatory guarantees previously deposited by the participant. Participants are required to constitute a collective guarantee fund to ensure their fulfilment with the obligations deriving from their participation in settlements and the obligations resulting from the 16
18 mechanisms SCLBARNA uses to ensure securities and cash are delivered on the settlement date. The part of the collective collateral to be provided and maintained by each participant shall be used, with no limit, to guarantee compliance with obligations undertaken by them in settlement. Every day, the exposure of each entity is therefore evaluated and, if necessary, additional collateral is requested. The collateral of each participant must cover, as co-collateral, compliance of other entities obligations. If a participant should fail to fulfil all or part of a settlement, SCLBARNA shall execute the part of the collateral of this participant necessary to cover the amount of the deficit. If this collateral is insufficient, SCLBARNA shall apply the part of the collateral of the other participants, prorated by each collateral amount. For other transactions, if a participant fails to meet its obligations, the transactions are not settled. The guarantees that all participants must have deposited with SCLBARNA may be in the form of cash deposits, insurance policies and bank guarantees issued by credit entities approved by SCLBARNA. Serious or repeated failure in the settlement process by a participant may result in the loss of participant status. b) Please describe whether this is a feature of the SSS's Rules and Procedures or of national law or regulations. The norms applicable in the event of a failure to meet obligations originate in: Securities Market Act 24/1988, 28 th July Spanish Royal Decree 116/1992, 14 th February Generalitat of Catalonia Decree 101/2009 In the Rules and Regulations of SCLBARNA c) Please provide a time line indicating the points at which matched instructions become binding, as well as any pre-matching process that takes place. Transactions made between brokers and dealers members of Barcelona Stock Exchange are matched by the computer trading system of the Exchange. 17
19 Once transactions have been contracted on the market, the Barcelona Stock Exchange informs SCLBARNA, on the same trading day, of the volume in number of securities and cash at their various prices which has been traded at the aggregate level by each of the market members. Volume information is also allowed on the day following trade date, exclusively for special operations effected after market hours. The trading that has been reported in the first instance at aggregate level, must be broken down into itemised transactions specifying ownership and the participant that has to settle it, which can differ from the broker or dealer that negotiated the trade. For this purpose, market members have a set period between day T and PM on T+1 (T being the day on which the trade was negotiated) to communicate this detailed information. Barcelona Stock Exchange communicates the breakdowns that it receives from the brokers and dealers to SCLBARNA in a continuous way until PM in the evening of the trading day (T).This information is in turn placed at the disposal of the participants appointed for settlement at AM on T+1, so that the settling participants may reject the operation before PM of the same day (T+1). It is also possible for Barcelona Stock Exchange to communicate additional breakdowns that it has received from the brokers and dealers to SCLBARNA until PM in the evening of T+1. This information is in turn placed at the disposal of the participants appointed for settlement at AM on T+2, so that the settling participants may reject the operation before PM of the same day (T+2). Thus the period set for participants to reject the breakdowns runs from AM on T+1 to PM on T+2. All operations not expressly rejected by participants within the confirmation period are considered to have been confirmed. Transactions not rejected by a participant are allocated for settlement to this participant and become binding. On the other hand, rejected operations will be reported on the same day to market members (brokers and dealers) for them to rectify their breakdown if there is still time to do so. Once the set period for making and confirming the breakdown is over PM T+2, transactions that have been rejected by participants will be allocated for settlement to the market member who had been their broker. This allocation procedure is also done with the trading volumes still pending breakdowns at PM of T+1. 18
20 In the specific case of operations contracted on a given day (T) in the Catalonia Public Debt market, these operations must be expressly communicated and confirmed by participants to SCLBARNA in one of the following two time periods: a) Before on the same day T, if they are operations which the parties have agreed to settle on the same day T. b) Before on the same day T, if they are operations which the parties have agreed to settle on a fixed date later than T. B. Are securities transferred within the SSS registered? All securities transferred within SCLBARNA are registered. 1. Who is the registrar? SCLBARNA looks after the central book-entry register, which identifies the balance of the securities held in the participants own accounts and the balance of securities held in customer accounts. In addition to these accounts, SCLBARNA keeps a file of register references which supports the securities held by each participant and makes it possible to identify each individual transaction. Each participant maintains the same structure in their detailed register, indicating the balance of securities and the corresponding register reference for each holder. In this detailed register securities are registered under each holder s name. 2. Is it normal practice to register the securities in the name of the SSS (or its nominee) or in the name of the beneficial owner? Are there instances in which securities housed within the SSS are registered to neither the SSS (or its nominee) nor the beneficial owner? Securities must always be registered in the name of the beneficial owner. 3. If the SSS offers custodial services, will it hold securities registered in the name of the beneficial owner? SCLBARNA does not offer custodial services. This service is offered by participants to their clients. SCLBARNA only keeps the aggregate balance of securities for each of the participants 4. Under what circumstances does the SSS initiate registration of securities in the buyer's name? Registration of the transfer of securities arising from a purchase follows the principle of DVP, and is therefore on condition of the payment of cash by the participant. For this reason, SCLBARNA inscribes the transfer of securities resulting from settlements of purchases on the same settlement day after cash settlement finality. 19
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