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Fixed income and registered debt electronic market

The Electronic Market for Fixed Income and Annotated Debt has meant, since its launch on October 7, 1991, the establishment of a trading and connection system between all the Spanish Stock Exchanges, which has made it possible to configure a global market for fixed income, similar to the existing one in the field of variable income (Continuous Market -SIBE). At present, practically the entire volume contracted on the Spanish fixed income and recorded debt stock market is traded through this electronic system.

The Barcelona Stock Exchange enables all its Members to act efficiently in this Market, both from the Electronic Trading Floor and from the offices of each Member.

  Deuda publica y rf privada

The main characteristics of this Market are detailed below.

 

TRADED SECURITIES

  • Annotated Public Debt incorporated into the Bank of Spain's Central Account Annotations (State Debt, some Autonomous Communities and certain Public Bodies).
  • Other assets issued by the rest of private, public or semi-public entities or companies.

 

TRADING SYSTEM

Electronic multilateral and automatic trading system, in which the priority of closing operations is determined by the price and, in the case of equal prices, by the temporal priority in the introduction of orders. The market is blind, so the members are not identified in the positions and negotiations, but both the buying and selling positions, as well as the negotiations carried out, are displayed.

The system has two types of negotiation:

  • Order Book Trading System
    • Multilateral negotation
    • Bilateral negotiation
    • Trading system with request for quotation (RFQ)

 

SESSIONS AND SCHEDULE

Every business day from Monday to Friday that appears in the calendar legally established for this purpose, from 9:00 a.m. to 5:30 p.m.

PRICES AND VARIATIONS FOR EACH SESSION

  • The contracting is carried out in nominal euros and prices are expressed as a percentage of the nominal value, with four decimal places for all assets, except for discounted assets, which are expressed in profitability with four decimal places.
  • The minimum variation allowed is 0.0001 percent.
  • Ex-coupon prices are expressed without the running coupon, and coupon prices are expressed with it included.

 

PRICE SETTING AND ASSIGNMENT OF CONTRACTING UNITS

Securities will start trading during the session as soon as supply and demand coincide.

The execution of the orders is carried out according to the best price in the first place and, secondly, to the moment of their introduction and, consequently, giving preference to the oldest.

 

 

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