On April 27th 2016 was the go live the first phase of the Spanish Clearing, Settlement and Registry System Reform that will be completed with the adhesion of Spain to Target 2 Securities in 2017.
SFB has been present in this huge project working with the different BME infrastructures and building an IT solution that has been entrusted by most of the securities industry in Spain.
Since 2014 an SFB’s team of consultants and developers interpreted the documentation that was made available to the entities. The work consisted in visit our potential clients to share our conclusions. SFB design its development strategy sharing it with the market infrastructures (Sociedad de Bolsas, BME Clearing and Iberclear). Our goal was to achieve the confidence of our clients and collaborate with BME to the overall success of the project.
The market place its trust in us. All our traditional clients, the trading members, selected our solution regardless of the role they decided to play vis a vis the BME Clearing CCP. Moreover, important commercial banks trust in our solution to become Clearing members of the CCP. There were 26 financial institution which finally elected SFB’s solutions to address the Reform.
On April 27th it launched simultaneously our client’s applications adapted to the new system. During several days the traditional settlement system and the new one had to coexist. The go live was a total success, all the entities were able to performed the complete trading cycle without incidents.
This work has been recognized by our clients, and it could not have been done without the invaluable assistance of a magnificent and committed team of professionals, and I want to take this opportunity to express my more sincere congratulations to all of them.
CEO Software Financiero Bolsa