Meff

MEFF, short for Mercado Español de Futuros Financieros, is the Spanish derivatives clearing house responsible for clearing and settlement of standardized futures and options contracts traded on the MEFF platform. As a central counterparty, MEFF novates and guarantees the performance of trades, thereby reducing counterparty risk for both buyers and sellers. It also handles daily settlements, margin requirements, and risk controls to monitor and manage potential default scenarios.

MEFF operates as part of Bolsas y Mercados Españoles (BME), the operator of Spain’s securities and markets infrastructure. Through this affiliation, MEFF aligns with Spanish and European financial regulation and follows governance and risk-management practices typical of central counterparties within the European market framework.

The products cleared by MEFF include futures and options on the IBEX 35 stock index, along with a range of other derivative contracts such as interest-rate products and fixed-income futures. The platform serves participants in Spain’s financial markets and maintains connections to broader European clearing networks to support cross-market activity and interoperability.

MEFF’s operations rely on electronic trading and post-trade processing that link to settlement and custody facilities. Its objective is to provide efficient, transparent, and resilient clearing services to support derivatives trading and risk management within the Spanish market, while integrating with the broader EU financial-market infrastructure.