A Relationship Manager within EuroCCP will meet with the applicant to determine the applicant’s membership needs. Account Administration will then send out the required legal agreements in Stage 2.
Executed agreements will be returned once the Participant is activated. Several documents will need to be submitted to Companies House for registration which can take up to 3 weeks to be returned.
Legal documents can be submitted at anytime in the process, but we encourage applicants to complete these documents as soon as possible.
All documents requiring physical signatures must be submitted as hard copies to EuroCCP Account Administration, 1 Snowden Street, Broadgate West, 7th Floor, London EC2A 2DQ. It is recommended, however, to email scanned copies first to euroccpaa@dtcc.com to ensure they are deemed acceptable.
All other documents not requiring physical signatures can be submitted via email to euroccpaa@dtcc.com
The Spanish market operates differently from other European markets in that under Spanish law Spanish equities must be registered at Iberclear in the name of the beneficial owner of the securities (known as the Registration Name). Every change in ownership must be recorded via a registration number. A registration reference number can only be obtained via a transaction on the Spanish stock exchange. EuroCCP puts all transactions through the Spanish Exchange however this can mean that the change of Registration Name is not effected at the same time as the settlement of the Participants payment obligation to EuroCCP. Accordingly for an interim period securities which have been delivered to EuroCCP or which are due to be delivered may be held in a special account at Iberclear which is managed on behalf of EuroCCP but with the Registration Name of the Participant. As a consequence EuroCCP requires a specific Power of Attorney and Designation Letter to protect EuroCCP during this interim period.
Although agreements are standard, EuroCCP asks that if you have any concerns to please contact your Relationship Manager.