BME Clearing is the entity that acts as the Clearing House in the Spanish futures and options market ( MEFF Exchange ). It is part of the Spanish Bags and Markets (BME) group.
Its main activity is the liquidation and compensation of futures and derivatives, being the central counterpart (ECC) of the BME Group.
BME Clearing activity segments
The derivatives for which BME Clearing is the counterparty are the following:
- Financial derivatives traded in MEFF(futures and options IBEX 35, futures and stock options, futures on the dividend index, futures on stock dividends and futures on the 10-year Notional Bond)
- Reposon Public Debt
- Interest Rate Derivatives
- Variable Income
BME Clearing was split in 2013 from MEFF Holding company of derivative financial products, following the EMIR (European Market Infrastructure Regulation), which specified that the counterparty function must be separated from the market function. Therefore, the company MEFF Exchange, which is the Spanish market for financial futures and options, was also split from this company.
In accordance with the aforementioned regulation, on September 16, 2014, BME CLEARING received the authorization of its competent authority, the National Securities Market Commission (CNMV), to operate as a Central Counterparty Entity (ECC).