Spanish Exchange Group, Bolsas y Mercados Españoles (BME), could see a delay to the launch of its new clearing and settlement system.
According to a circular from Clearstream sent to clients, the first phase of the “Spanish Reforma” , which includes the planned launch of a new securities clearing, settlement and registry system, may not go live in October as initially foreseen.
“Confirmation of the possible new implementation date is expected within the coming weeks,” the circular adds.
The planned changes are fundamental to BME’s central securities depository, Iberclear, integrating with Europe’s new settlement system TARGET2 Securities (T2S).
It was not stated whether BME will postpone the migration to a T+2 settlement cycle, which has been scheduled for November this year.
BME provided no statement at the time of being published.