It’s not often in an esoteric industry made up of high-frequency trading firms, multilateral trading facilities and central counterparties that a service comes to light that has an obvious and immediate effect on a national economy.

The arrival of a new HFT, MTF or CCP may send shockwaves around the trading rooms of the City of London and Canary Wharf, but it is rare for these events to have little resonance outside of our little world. LCH.Clearnet's Spanish bond and repo clearing service is different however, or at least it has the potential to be different.