Spain: Spanish Reforma - timeline confirmed

Further to our Marketflash M15011, dated 14 August 2015, Clearstream Banking wishes to inform its customers that the Comisión Nacional del Mercado de Valores (CNMV) and the Banco de España have jointly confirmed, on 4 September 2015, the postponement of the reform of Spain's securities clearing, settlement and registration system and the shortening of the settlement cycle to T+2 (“Spanish Reforma”).

The following timeline has been confirmed for the Spanish Reforma:

• Implementation of the first phase of the Reforma between 3 February 2016 and 8 February 2016;
• T+2 settlement cycle to go live by the end of February 2016, with final possible date for implementation, 4 March 2016;
• Implementation of the second phase of the Reforma will coincide with Iberclear's connection to the European platform TARGET2-Securities, scheduled for February 2017.

Clearstream will continue to monitor the situation in the Spanish market and will provide further information as it becomes available. Impacts to customers of the Spanish Reforma phase 1 will be published within the same timeframe.