Spain: Impact of new Securities Market Act and Reforma 3
Clearstream Banking AG, Frankfurt1 informs clients that effective
10 March 2025
the required adaptations to its systems will be implemented to comply with the new Securities Market Law 6/2023 (SMA), of 17 March 2023. With the new SMA, the Spanish securities market will improve its transparency and efficiency as well as harmonising the Spanish market practices with T2S standards.
From this date, clients must consider the below changes in transaction types and formats while instructing from their account with Clearstream Banking and align with their counterparties accordingly.
Impact on clients
The Spanish Market Reforma 3 delivers multiple amendments to the Spanish post trade environment. The following impacts have been identified as relevant for clients of Clearstream Banking:
- elimination of the Financial Intermediary Model;
- adjusted list of available transaction types;
- amended rules for the Party 2 field.
Transaction types - OAUX, PORT, OWNE, OWNI
With the elimination of the Financial Intermediary Model, the associated OAUX transaction type is removed.
The new list of available transaction types aligns with T2S market practices. This alignment includes the harmonisation of the usage for OWNE and OWNI, and the introduction of the PORT transaction type.
Clients are required to adapt their processes and consider the below changes while formatting and providing transaction type information in their settlement instructions. Clearstream Banking also reminds their clients that the transaction type is a mandatory but a non-matching field.
Other transaction types remain unchanged. The complete list of available transaction types is available in the Market Link Guide - Spain.
Instruction Type | Transaction Type -description | Xact via Swift or | Xact Web Portal | CASCADE Online, menu KVEE WE, p. 2 |
Portfolio movea | Transfer from one investment manager to another or from an account servicer to another | :22F::SETR//PORT | Sec. transaction type = PORT – Portfolio transfer | ISO TRANSACTION CODE : PORT |
External account transfer | Transfer involving more than one instructing party (message sender) or account servicer (message receiver) | T2S eligible ISIN: | Non T2S eligible ISIN: Sec. transaction type = OWNE - External account transfer | ISO TRANSACTION CODE : OWNE |
Non T2S eligible ISIN: | ||||
Internal Account Transfer | Transfer involving one instructing party (message sender) at one account servicer (message receiver) | T2S eligible ISIN: | Non T2S eligible ISIN: Sec. transaction type = OWNI - Internal account transfer | ISO TRANSACTION CODE : OWNI |
Non T2S eligible ISIN: | ||||
Ancillary transaction | Bilateral trades settling against a financial intermediary (i.e. broker) that is a specific participant of Iberclear having an account at CCP level, which is directly linked with an account at Iberclear. | Today: :22F::SETR//TRAD + :70E::DECL///SETR 801 (where 801 corresponds to the transfer reason “IBRC Auxiliary (OAUX) trades”) | Today: Sec. transaction type = TRAD | ISO TRANSACTION CODE : TRAD UEB-GRUND: 801 |
As of 10 March 2025: Decommissioned | As of 10 March 2025: Decommissioned – will be ignored | As of 10 March 2025: Decommissioned – will be ignored |
a. The usage of the PORT transaction type requires the T2S privilege SII_UPORT. DCP clients registered with Clearstream Banking AG will automatically be granted that privilege and need to take no additional action. T2S users who belong to a DCP (DCP’s clients) must request this privilege from their DCP administrators.
Cut-over details
The transaction type PORT will be available from 10 March 2025.
All instructions with requested settlement date up to Friday 7 March 2024, that are not yet settled, will remain available for further matching and settlement, with no action required.
Further information
The Market Link Guide - Spain and the DCP Connectivity Handbook will be updated accordingly on the effective date to reflect the changes.
For further information, clients may contact Clearstream Banking Client Services or their Relationship Officer.
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1. This Announcement is published by Clearstream Banking AG (CBF), registered office at Mergenthalerallee 61, 65760 Eschborn, Germany, registered with the Commercial Register of the District Court in Frankfurt am Main, Germany, under number HRB 7500.