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Description of the Market
TYPES OF SECURITIES Issues of Public Debt of the Catalan Self-Government and the Catalan Institute of Finance, that are listed on the Barcelona Stock Exchange.
TYPES OF TRANSACTIONS
TRADING SYSTEM Telephone trading, supported by computer screens which provide information on the trading and on the positions declared. Market information can be accessed from the equipment connected to the Information Dissemination System of the Stock Exchange (Databolsa) and from the Reuters terminals. TRADING HOURS The Market is open on all working days of the Barcelona Stock Exchange, from 9 am to 5 pm. PUBLICATION OF TRANSACTIONS Notice of all transactions should be communicated by the members of the exchange to the Department of Supervision of Markets and Information of the Barcelona Stock Exchange, which verifies their proper compliance with the trading regulations. SETTLEMENT Settlement of transactions, in terms of the accounting entries, are carried out by the Clearing and Settlement Service of the Barcelona Stock Exchange, with transactions being settled on the same day as their execution through the cash accounts of the Bank of Spain. Entities holding deposits of Catalan Self-Government Public Debt should also be linked to the Clearing and Settlement Service. GUARANTEES FOR FUTURES CONTRACTS In order to cover the risks derived from interest rate movements, investors are required to provide a guarantee deposit in the case of simple forward transactions on the Catalan Self-Government Public Debt Market. The guarantee is calculated as 0.15% of the nominal value of the notes or as 1.65% of the nominal value in the case of bonds and debentures. The guarantee is returned on the maturity date of the transaction together with the interest earned from its placement on the money market. CHARGES The Barcelona Stock Exchange has established a specific flat fee for transactions involving Catalan Self-Government Public Debt, of 3.5 euros per transaction, without any additional charges being applied for the components of the deal. The first 100 transactions executed in any month by a member are exempt from this charge.
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