Entitlement Compensation Rules - Spain

20.06.2011

Bonds

Market compensation basis:Settlement Date
Automatic Compensation Managed by Local CSD:No
Restriction on custody events/transaction types:Not applicable
Service offered by CBL:Not applicable

Equities

Market compensation basis:Trade date
Automatic Compensation Managed by Local CSD:See Additional information below.
Restriction on custody events/transaction types:No restriction
Additional information:
When the trade settles by the Payment Date +2, compensation is automatic on the SCL platform.

For trades that settle after the Payment Date +2, the compensation must be handled directly by the concerned parties. CBL’s depository will, however, initiate the compensation claim for the relevant trade and perform a follow-up with the counterparty.
Service offered by CBL:
Adjustment is performed based on information received from the depository. Depending on the complexity of the trades involved, the compensation process can take up to several months on the Spanish market.