MERCADO DE VALORES LATINOAMERICANOS (LATIBEX)
Acces to the Latin American Market LATIBEX
 The Mercado de Valores Latinoamericanos en Euros (Market For Latin-American Stocks In Euros), or LATIBEX, was created by the four Spanish Stock Exchanges as a meeting place for European investors and Latin-American companies with capitalizations of more 300 million euros. LATIBEX is also open to members of the four Spanish Stock Exchanges, subject to equal conditions of access.
LATIBEX is a Market authorised by the Spanish Government and regulated under Article 31 of the Spanish Stock Market Act. LATIBEX became available as of 1 December, 1999.
LATIBEX is an ideal vehicle for directing European investment to Latin-America, as it allows European investors to access Latin-American companies in the forefront through one individual market, one trading and settlement system, recognised transparency and security standards, and using one exchange unit: the Euro.
TRADE SHARES
Shares admitted to LATIBEX must be previously accepted for trade by the Bolsa Latinoamericana (Latin-American Stock Exchange) and have similar trade conditions, supervision and information access as required by the Spanish stock exchange.
PURCHASE OF SHARES
The Mercado de Valores Latinoamericanos (LATIBEX) uses the same electronic exchange system used by the Spanish market, or Mercado Contínuo Español (SIBE), with share values in Euros.
Priority for the end of trading sessions is determined by price, and in the case of price equality, by the time priority in which orders were introduced.
TRADING PERIODS AND HOURS
All regular work days, from Monday to Friday as included in the calendar, and according to the following timetable:
The hours of 8:30 and 11:30 are reserved for the introduction, modification and cancellation of orders. No other transactions will occur during this period. The session may end at any given moment within 30 seconds after the hour of 11:30.
Designated hours for regular continuous trade operations are from 11:30 to 17:30.
The hours of 17:30 and 17:35 are reserved for the introduction, modification and cancellation of orders. No other transactions will occur during this period. The session may end at any given moment within 30 seconds after the hour of 17:35.
PRICES AND VARIATIONS FOR EACH SESSION
The following are the minimum and maximum price variations:
- A minimum unit price of 0.01 or 0.05 euros, in accordance with a matched or surpassed price of 50 euros.
- A general maximum unit price, of 15% above the reference price, in accordance with each trade session, although in special circumstances, agreements for higher prices could be authorised.
CLEARING AND SETTLEMENT OF OPERATIONS
Shares traded with through the Mercado de Valores Latinoamericanos (LATIBEX) are documented in accounts information; share transactions are subject to D+3 clearing and liquidation, according to the Servicio de Compensación y Liquidación de Valores, S.A (Share-Clearing And Liquidation Service, Ltd.).
THE FTSE LATIBEX ALL-SHARE INDEX
The Mercado de Valores Latinoamericanos (LATÍBEX) began calculating and posting the FTSE LATIBEX All-Share Index, with a base of 1,000-to-1 as of 1 December 1999.
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