Rule detail : 114064

ESP BME CCP Rulebook and Conditions

Updated on: Jun 26, 2025

Latest Event

Jun. 2025 CCP General Conditions
On Jun. 23, 2025, ESP BME CCP issued updated general conditions for derivatives.
Change impacts on para 8.3 Changes to closing time for xRolling FX Currency Futures.
New version 3.0, adopted on May 22, 2025, enters into force on Jul. 7, 2025 and follows version 2.0 from Dec. 2023 on adaptation to CCP RRR regulations (1.14, 1.15).

On Jun. 3, ESP BME CCP issued rulebook and general conditions.

ESP BME CCP has issued its rulebook and also general conditions on derivatives and general conditions regarding variable income (all effective as from Jul. 1, 2021).
Follows Mar. 2021 issued general conditions on fixed income (effective from Apr. 1, 2021), energy (effective from Oct. 1, 2020) and swaps (effective from Dec. 2, 2019).
(The content was issued on Jun. 3, 2021 and added to Reg-Track on Aug. 24, 2021).
Company Overview
ESP BME CCP is the Central Counterparty (CCP) of BME Group with over 30 years of experience in managing counterparty risk for a range of financial, non-financial assets.
As a Central Counterparty (CCP), ESP BME CCP acts as a buyer to every seller and a seller to every buyer, making the markets in which the CCP intervenes safer.
Its main purpose is making sure that in case of a participant’s default, the rest of participants do not suffer any losses. Therefore, it eliminates or mitigates credit risk.
ESP BME CCP is the CCP for financial derivatives, fixed income, energy, swaps, equity.
On May 5, ESP BME CCP announced on Apr. 26, it registered first Repo transaction in Spanish debt that required a cross-border settlement with Italian CSD Monte Titoli.
The operation was closed between a national counterparty and another international counterparty, through the Brokertec platform, which has been settled satisfactorily.
Rates
Details on general rates were issued Mar. 26, 2021 effective as from Apr. 1, 2021.
Also fixed income securities segment rates, variable income segment rates, rates segment of OTC derivatives of interest rates, energy segment rates: electricity and gas, financial derivatives segment rates all issued Dec. 21 2020 effective Jan. 1, 2021.
Further Information
Details regarding its regulation were issued on Jun. 3, 2021 effective Jul. 1, 2021.
Circulars have been issued on Jul. 23, 2021 on the valuation haircuts applied to assets accepted as collateral (applied as from Jul. 28, 2021) and on Jun. 25, 2021 on parameters used to calculate guarantee for position (applied as from Jun. 29, 2021).
Contractual obligations of confidentiality and protection of personal data of clearing members and direct clients and guidelines and the requirements for the incorporation of an entity as a member were issued on Jun. 3, 2021, applied as from Jul. 5, 2021.
Circular providing information on how ESP BME CCP will communicate transactions to a trade repository was issued on Apr. 12, 2021 and applied as from Apr. 22, 2021.
Circular on types of transactions was issued on Mar, 26, 2021 applying Apr. 1, 2021.
Procedure to request registration of transactions communicated via IBERCLEAR and information trading platforms and settlement systems also apply from Apr. 1, 2021.
Circulars on constitution of financial guarantees through securities in Euroclear and through securities in Clearstream were issued on Jan. 26, 2021, apply Feb. 2, 2021.
Apr. 2022 xRolling Contracts
On Apr. 25, 2022, ESP BME CCP issued circular C-GEN-09/2022 on xRolling contracts.
It amends by the entry into force of the contracts of xRolling shares, includes table.
The new circular repeals circular C-GEN-07/2021 and enters into force on May 3, 2022.
On the same date it issued C-DF-15/2022 repealing C-DF-01/2022 on rates/fees for derivatives segment due to incorporation of xRolling shares contracts, in force May 3.
In Apr. 2022, ESP BME CCP updated rules on admitted contracts, see #136002.
In Feb. 2023 ESP BME CCP issued regulation in force as of Feb. 1, 2023, see #161940.
Apr. 2023 New Circular
On Apr. 11, 2023, ESP BME CCP published Circular C-GEN-05/2023 of Mar. 31, 2023.
It deals with rules on incorporation of new clearing members in accordance with Arts 3 and 4 of ESP BME CCP Regulations, sets guidelines, requirements for the incorporation.
It adapts rules to strengthen measures to maintain conditions to be Clearing Member.
Includes modifications re training accreditation, operations requirements of members.
The new circular, replacing cir C-GEN-10/2021, entered into force on Apr. 11, 2023.
Sep. 13, 2023 New Rules in Force
On Sep. 13, 2023, ESP BME CCP announced new terms and conditions in force Sep. 7.
Application date refers to updated terms for fixed income and for energy segments.
The rules were adopted on Jul. 14, both sets established entry into force on Sep. 7.
For fixed income rules change refers to Settlement Bank incorporated for constitution of cash guarantees now in S3 and 16; the same applies to energy now in S1.3, 1.9.
Sep. 22, 2023 New Circulars
On Sep. 22, 2023, ESP BME CCP issued cir C-RV-08/2023 repealing cir C-RV-14/2020.
Identifies trading platforms (per art 27 of Reg), settlement systems (per art 37 Reg) with which it signed agreement to act as CCP re transactions part of Variable Income Segment; the new circular enters into force on Oct. 2, 2023.
Also issued Cir C-ENE-03/2023 replacing C-ENE-06/2020 on platforms re gas contract.
Identifies platforms, all are systems organized contracting bodies (OTF) with which it signed agreement to act as CCP re transactions of Energy Segment, for Gas Contracts.
This enery related circular enters into force on Sep. 29, 2023.
Oct. 2023 New Circular
On Oct. 30, 2023, ESP BME CCP issued circular C-RV-09/2023 on Trading Platforms and Settlement Systems replacing circular C-RV-08/2023 with effect on Oct. 30, 2023.
Identifies Trading Platforms (per art 27 of Regs) and Settlement Systems (per art 37).
Entities with which ESP BME CCP has signed agreement for its performance as a CCP with respect to transactions that are part of the Variable Income Segment.
Nov. 2023 Digital Asset Derivatives Segment
On Nov. 20, 2023, ESP BME CCP issued conditions for CCPs in Digital Asset Derivatives Segment v2.0 adaptation to CCP RRR regulations (paras 1.13, 1.14) in force Dec. 5.
Document dated Nov. 20, 2023, was added on Jun. 26, 2025 due to editorial backfill.
Dec. 2023 Energy Related Rules
On Dec. 1, 2023, ESP BME CCP issued updated rules for energy segment per CCP RRR.
Changes in version 2.0 are found in paras 1.12, 1.13, and effective on Dec. 5, 2023.
Dec. 20, 2023 Rates New Circulars
On Dec. 20, 2023, ESP BME CCP issued Cir C-VRF-01/2024 on fixed income securities segment, Cir C-CRV-01/2024 on variable income segment, Cir C-IRS-01-2024 on OTC derivatives segment of interest types, Cir C-GEN-01/2024 on general rates.
In addition, Cir C-ENE-01/2024 on energy segment rates (electricity and gas), and Cir C-DF-01/2024 on financial derivatives segment rates; all effective Jan. 1, 2024.
Dec. 21, 2023 Contracts Admitted to Clearing
On Dec. 21, 2023, ESP BME CCP issued Cir C-DF-10/2023, containing the coding and specifications of the contracts listed in ESP BME CCP, replacing Circular C-DF-06/2023.
This version had been modified by change in coding of contracts, after allowing for an adjustment for corporate events that had transpired since release of previous circular.
Mar. 2024 General Rates
On Mar. 4, 2024, ESP BME CCP issued Cir C-GEN-06/2024 replacing C-GEN-01/2024.
Establishes general rates per introduction of eligible currencies additional to the Euro.
The circular enters into force on Mar. 11, 2024.
Apr. 2024 New Circular
On Apr. 8, 2024, ESP BME CCP issued Cir C-GEN-08/2024 replacing C-GEN-09/2021.
Circular provides information on how BME will communicate operations, positions, valuation and collateral to selected TR, REGISTR, from entry into force of EMIR Refit.
Its approach is based on applicable regulations, changes in requirements derived from EMIR Refit, FAQ, ESMA Responses and regulations and configuration of the system.
Enters into force on Apr. 29, 2024; update due to reporting adaptation per EMIR Refit.
Jun. 2024 Fixed Income Securities
On Jun. 20, 2024, ESP BME CCP issued Cir C-VRF-03/2024 on fixed income securities segment rates to replace Cir C-VRF-01/2024 of Dec. 20, 2023; applies on Jul. 1, 2024.
Re fixed income segment rates, rate re registration and compensation commissions, the membership fee segment, the open account maintenance fee and the BME-PC fee.
Dec. 2024 Energy Segment Rules
On Dec. 23, 2024, ESP BME CCP issued general conditions for CCP in energy segment.
Version 3.0 re modifications to gas products referenced to TTF in force Jan. 9, 2025.
Jun. 2025 CCP General Conditions
On Jun. 23, 2025, ESP BME CCP issued updated general conditions for derivatives.
Change impacts on para 8.3 Changes to closing time for xRolling FX Currency Futures.
New version 3.0, adopted on May 22, 2025, enters into force on Jul. 7, 2025 and follows version 2.0 from Dec. 2023 on adaptation to CCP RRR regulations (1.14, 1.15).

Regulators

ESP BME CCP

Entity Types

B/D; Exch; FCM; OTC

Reference

Rules v 3.0, 6/23/2025; Rules 12/23/2024; Cir C-VRF-03/2024, 6/20/2024; Cir C-GEN-08/2024, 4/8/2024; Cir C-GEN-06/2024, 3/4/2024; Cir C-DF-10/2023, 12/21/2023; Cir C-VRF-01/2024, Cir C-CRV-01/2024, Cir C-IRS-01-2024, Rpl Cir C-GEN-01-2024, Cir C-ENE-01/2024, Cir C-DF-01/2024, 12/20/2023; Rules 12/1/2023; Rules 11/20/2023; Cir C-RV-09/2023, 10/30/2023; Cir C-ENE-03/2023, Rpl C-RV-08/2023, 9/22/2023; Rules 9/13/2023; PR 4/11/2023; Cir C-GEN-05/2023, 3/31/2023; Cir C-DF-15/2022, Cir C-GEN-09/2022, 4/25/2022; Rpl Cir C-DF-01/2022; PR 6/3/2021; PR, 5/5/2021; Cir C-VRF- 01/2021, Cir C-RV-01/2021, C-IRS-01/2021, C-ENE-01/2021, C-DF-01/2021, 12/21/2021; Cir C-GEN-13/2021, 7/23/2021; Cir C-JAN-04/2021, 6/25/2021; Cir C-GEN-11/2021, Rpl C-GEN-10/2021, 6/3/2021; Rpl C-GEN-09/2021, 4/12/2021; Cir C-GEN-06/2021, Rpl C-GEN-07/2021, 3/26/2021; Cir C-VRF-03/2021, C-VRF-04/2021, 3/10/2021; Cir C-GEN-03/2021, C-GEN-04/2021, 1/26/2021; Rpl C-RV-14/2020; Rpl C-ENE-06/2020

Functions

Financial; Operations; Product Administration; Registration/Licensing; Settlement; Trade Reporting; Trading; Training; Treasury

Countries

Spain