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Fixed income and registered debt electronic market

The fixed income and registered debt electronic market has signified, since it's beginning on 7 October 1991, the establishment of a trading system that is linked to all of the Spanish stock exchanges, thus enabling a global market for fixed income securities to be formed, similar to that which exists for variable yield securities (the Permanent Market, known as the SIBE). Currently, practically all of the fixed income securities and registered debt transactions on the Spanish stock market have been traded on this electronic system.

The Barcelona Stock Exchange provides the necessary conditions for all of its members to carry on their business efficiently on this Market, from both the trading floor and their offices.

  Deuda publica y rf privada

The main characteristics of this Market are detailed below:

 

TYPES OF SECURITIES TRADED

  • Fixed income securities and warrants quoted on the Stock Exchanges.
  • Registered public debt incorporated at the Central Gilts Office ("Central de Anotaciones en Cuenta del Banco de España").

 

TRADING SYSTEM

A multilateral and automated electronic trading system, in which priority for closing transactions is determined on the basis of price and, if the prices are identical, priority is given to the sequence in which the orders were entered.

 

TRADING SESSIONS AND TIMETABLE

The Market is open on all working days that appear in the legal calendar from Monday to Friday, from 8.30 am to 4.30 pm.

 

UNITS OF TRADE

  • The unit of trade for issues quoted in euros is the minimum nominal value tradeable, which may be multiples of the face value.
  • With respect to issues quoted in pesetas, the unit of trade is the issue face value.
  • Warrants are quoted in units (number of warrants).

 

PRICES AND VARIATIONS DURING THE TRADING SESSION

  • The prices are quoted as percentages of the nominal trading unit, including accrued interest (cum coupon) or excluding the coupon (ex-coupon), according to the type of security.

    Treasury bills and Notes by yield.

    Warrants trade in euros at two decimal places.

  • Minimum variation:

    For prices quoted in percentages and rates of return: 0.001%.

    For prices quoted in euros: 0.01 euros.

  • Maximum variation:

    10% of the closing price of the last day on which the issue was traded, except for treasury bills, which are not subject to this variation.

 

FIXING OF PRICES AND ALLOCATION OF TRADING UNITS

Trading of securities during the session commences as soon as there is matching between the bid and offer prices.

Orders are executed, firstly, according to the best price and, secondly, according to the sequence in which the orders were entered on the system, giving preference to the oldest.

 

 

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