Citi has joined the Bolsa de Madrid (BME) as a direct member through its new trading, non-settling membership category.
Changes to regulation in Spain have recently opened up the market, enabling international market participants to trade directly on the exchange.
The trading non-settling category enables the member to choose a settlement and clearing agent with access to Iberclear to handle registration, clearing and settlement.
Citi said obtaining direct access for its London-based trading platform will help to reduce latency and improve market performance for its clients. Previously, trades would have to be handled via a local broker.
The addition of Spain brings Citi’s direct membership to 16 European stock exchanges in addition to pan-European venues and completes its access to developed cash equities markets on the continent.
Jorge Yzaguirre, director of equities at BME, said: “New opportunities have opened up for many brokers and foreign firms that want to operate in Spain. The new membership category will allow a quick and easy connection to the market and we are confident that this development will have a positive impact on the volumes and liquidity of all the securities listed on the Spanish Stock Exchange.”