The financial markets segment, with a cyclical behavioural pattern, is beginning to show signs of improvement under ever-changing and uncertain economic conditions.

There is an effort to maintain margins, somewhat eroded, through a reduction in operational costs, adequate capital management, efficiency in processes (STP), accurate reporting and complying with the ever-shorter settlement requirements.

Forced to constantly re-invent itself, this area has a plan of action which contains the following aspects:

	SEPA (Single European Payments Area) future single market and pan-european payment system. It will affect products and operations.
	The fusion of national payment platforms with the Central European Bank´s payment system TARGET 2 (Trans-European Automated Real-Time Gross Settlement Express Transfer System), will create a Single Shared Platform (SSP).
	o The use of Iberclear´s settlement system (SCLV y CADE) entails the integration of all services and the consolidation of communications through the SWIFT messaging service.

	Strategic analysis on the deployment of new financial market services.
	Design and implementation of securities contracting services.
	Adjustment to TARGET 2
	Real Time Integration (STP - Straight Through Process)
	Efficiency and process automation in the Front/Middle/Back-Offices (purchasing, settlement, and custody of securities).
	Integration and development of customised solutions for Asset Management Companies.
	Market studies (benchmarking of companies and systems).
	Redesign of operational processes.
	Improvements in the purchase and use of financial data sources (market data in real time).
	Reporting solutions.
	Adjust and adapt to rules and investment standards.
	Design solutions for the further development of services (cash pooling, cash management, on line billing, etc).
	Implementation of treasury systems, and asset management.