Passionate to deliver
November 28, 2017
Santander Securities Services (S3) Spain and VERMEG, one of the leading software provider for Financial Markets and Securities Services, are glad to announce another big achievement by joining Eurosystem’s TARGET2-Securities (T2S) platform.
Megara© Settlement, Megara© Corporate Actions and Megara© Clearing modules of VERMEG, are fully operating in the Spanish Market under T2S Standards, since the 18th of September 2017.
The T2S Go-Live is the epilogue of many years of hard work on several market initiatives that drastically reshaped the Spanish market landscape. Preparations for this successful project started back in 2013 and were led by a talented team of experts from both organizations (VERMEG and S3) and has required a huge amount of teamwork, coordination and cooperation.
The Reform of the Spanish Clearing, Settlement and Registration System has been implemented in two main stages:
A first milestone had already been reached in April 2016, introducing a “BIG BANG” change in the Equities post-trade process by eliminating the Registration References (RR), introducing a Central Counterparty (BME Clearing) and Post Trading Interface (PTI) database; thus reducing the settlement cycle from T+3 to T+2.
The second one, completed with T2S connection, harmonizes settlement procedures for Equities and Fixed Income transactions into a single Iberclear platform “ARCO” and moves from Iberclear's settlement cycles to T2S’ real time and night time settlements.
With 100% of its settlement volumes processed using Megara©, now operated via the T2S platform, the bank can forecast to reap the benefits of the single European platform for securities settlement: reduced cross border settlement costs and deeper market harmonisation.
Rafael Garcia, Global CIO of S3, said “S3 is delighted at the successful consecution of this key major project for us. S3 teams’ compromise and great work have been key to this excellent outcome. It was a pleasure to count on VERMEG’s cooperation and professionalism.”
Khaled Ben Abdeljelil, Executive Director in charge of Financial Markets & Securities Services department at VERMEG, said: “VERMEG is delighted to have played such a significant role to ensure S3 Spain being compliant to T2S harmonisation standards. T2S is a major milestone in the transformation of the European securities market and VERMEG is proud to connect its Megara solution to T2S and continues to offer its Clients state of the art products in compliance with the market standards.
S3 is a strategic partner of VERMEG and we are committed to supporting the bank as its operating models and global market practices evolve.”