On 10 March 2025, Spain entered a new chapter in post-trade harmonization with the go-live of Reforma 3. This landmark reform aligns the Spanish market with TARGET2-Securities (T2S) standards, bringing greater efficiency, transparency, and simplicity across post-trade operations. As one of the first solutions providers to respond to these regulatory changes.
Vermeg is proud to have successfully supported its Spanish clients through the transition—ensuring full compliance while enhancing operational performance—via its modular post-trade solution, Megara Suite.
/ Reforma 3:
A Strategic Shift in Post-Trade Infrastructure through five key changes designed to modernize Spain’s post-trade ecosystem
· PTI Elimination – Daily operational registration replaces the former Post Trade Interface.
· Party 2 Field Redefined – Now reflects the direct client instead of the registral owner, streamlining the custody chain.
· Removal of Financial Intermediary (IF) Accounts – Reduces account duplication and structural complexity.
· Harmonization of Transaction Types (OWNI/OWNE) – Fully aligned with T2S for better classification of internal/external movements.
· Operational Streamlining – Simplified workflows for intermediaries, enabling faster processing and improved data consistency.
/ How Megara Suite Responded
Megara, Vermeg’s flagship post-trade platform, was proactively updated to reflect the full scope of Reforma 3. These enhancements were implemented within existing modules, removing the need for costly reengineering:
· Automated handling of PTI elimination, fully integrated into Megara’s daily workflow engine.
· Configurable fields and logic for Party 2 and new transaction classifications.
· Support for new custody structures, including the removal of IF accounts.
· Native T2S alignment, ensuring seamless communication and compliance.
“Megara was built for this kind of regulatory transformation,” said Khaled Ben Abdeljelil, Global Head of Strategy, Banking Division at Vermeg.
“We worked hand-in-hand with our Spanish clients to ensure a compliant, frictionless transition—and delivered measurable operational gains in the process,” added Ben Abdeljelil.
/ Feedback from the Market
As Reforma 3 marks its first full month in production, initial results have been positive. Clients leveraging Megara report a smooth cutover, reduced manual workload, and increased clarity across the settlement chain.
Our clients confirmed that the transition to Reforma 3 was very smooth and that we have delivered with an understanding of the reform’s operational impact while meeting the regulatory deadline.
/ Still Navigating Reforma 3?
If your institution is still working through the implications of Reforma 3 or facing unexpected operational complexity, Vermeg is ready to help.
Our teams combine deep regulatory insight with proven technology to support a faster, more efficient adaptation—whether you need to accelerate compliance, improve workflows, or reconfigure your custody setup.
Reach out today to learn how Vermeg can support you and unlock new efficiencies in your post-trade operations.
/ About Vermeg and Megara
Vermeg is a global provider of financial software solutions, recognized for modernizing post-trade operations across banks, custodians, and market infrastructures.
Its flagship platform, Megara, supports the full spectrum of securities processing, settlement, custody, corporate actions, and collateral management.
Deployed by leading financial institutions across Europe and internationally, Megara offers robust functionality, real-time reporting, and seamless T2S integration—all within a modular and configurable framework.
Next to post-trade, Vermeg is also a leading solution provider in the fields of collateral and liquidity management, trusted by financial institutions and central banks for its state-of-the-art technology, use of AI, and deep industry expertise.
Author:
Vermeg
Pierre-Nicolas BISSONNET
Email: pnbissonnet@vermeg.com
Website: www.vermeg.com
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