Europe’s best CSD/settlement venue 2026: Iberclear
Iberclear completed a decade-long transformation of Spain’s securities settlement framework in 2025, while improving its efficiency relative to the wider European market.
Reform 3, the final phase of the modernisation process, was implemented in March. It simplified the domestic post-trade model, aligned matching processes more closely with Target2-Securities (T2S) – the pan-European securities settlement platform operated by the European Central Bank and the Eurosystem – and helped prepare market participants for Europe’s transition to T+1.
The reform removed the mandatory Post-Trading Interface, allowing registry management and settlement processing to be handled separately.
