Regulatory Alerts2013-08-14
Order ECC/1556/2013 Authorizing MEFF to Separate Trading, Clearing, and Settlement Functions
The Spanish Ministry of Economy and Competitiveness authorized MEFF Sociedad Rectora de Productos Derivados, SAU to split its operations into two distinct entities: MEFF Exchange for trading and MEFF Clearing for central counterparty, clearing, and settlement functions. This structural separation aligns with Articles 59 and 44 ter of the Securities Market Law, ensuring regulatory compliance and adequate capitalization for both the new market operator and the central counterparty. The authorization was granted following favorable reports from the CNMV, the Bank of Spain, and relevant autonomous communities, with MEFF Clearing required to obtain further authorization under the EU EMIR regulation.
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