A EUROMONEY SURVEY – MARCH 1996
SETTLEMENT
There are three different securities settlement operations in Spain: the Bank of Spain’s Central de Anotaciones for public debt, Espaclear for corporate debt and the stock market’s Servicio de Compensacion y Liquidacion de Valores (SCL) for share settlement.
Share settlement
The creation of the Servicio de Compensacion y Liquidacion de Valores, the settlement and registration system in Spain which began operating in December 1992, means that the country now has a paperless, computerized, centralized and fully fungible electronic system for registration and settlement of all shares quoted on the Spanish stock exchanges.
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