Instinet Europe is set to join Spanish CCP, BME Clearing, as a general clearing member, as well as joining as a direct member of Spanish CSD, Iberclear as it enhances its Spanish offering.
Following the move, Instinet – the independent equity trading arm of Nomura Group – will be able to directly access the post-trade services of both businesses for their primary execution services in Spain.
Tanith Johnson, European head of operations at Instinet, highlighted the key benefits of the move: “As an international equities trading business, the ability to operate locally in the Spanish post-trade infrastructure with domestic and international counterparties allows us to gain operational and cost efficiencies.
“The Spanish market will present many opportunities for us, and we believe that having direct access will allow Instinet to take advantage of any future changes in the Spanish financial market infrastructure.”
Read more: Instinet on navigating fragmented European markets and sourcing unique liquidity
José Manuel Ortiz, head of clearing and repo operations at SIX, and chief executive of BME Clearing, said: “We are delighted to announce that Instinet Europe Limited has become a new Clearing Member in our Cash Equities Segment, strengthening our position with such a reference in the global financial markets […] Their expertise and commitment have been key in ensuring a smooth integration into the CCP.”
Last year, Instinet completed its purchase of the FIS’ execution services business, just a few months after announcing the deal. FIS’ execution services unit offering includes trading algorithms and execution services, including direct market access and sales trading.