Equities
2
13
STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
MINIMUM DAILY TRADING VOLUME
ADTV < €500,000
€50,000
€500,000 ≤ ADTV < €1,000,000
€100,000
€1,000,000 ≤ ADTV < €25,000,000
€250,000
€25,000,000 ≤ ADTV < €50,000,000
€400,000
ADTV < €50,000,000
€500,000
• Trading in defined blocks: under this option,
transactions are reported with a difference of up to
15% compared to the stock’s static price and turnover
of over €500,000 and 5% of the average daily volume
traded in the stock in question in General Trading in
the preceding quarter.
3. Special operation market: This market opens
once general trading has finished and closes at 8.00pm.
Shares with matching orders already assigned are tra-
ded here. Depending on the turnover and price, these
may be:
• Special reported transactions: For turnovers of
over €300,000 and 20% of the average daily volume
traded of the stock in question in the preceding quarter.
The price must be around 5% of the closing price and
the average weighted price.
• Special authorised transactions: These must
be approved by the Trading and Supervisory Commit-
tee. The turnover needed must be over €1,500,000 and
40% of the daily volume traded of the stock in question
in the preceding quarter.
Also included are transactions from the exercise of
options and the maturity of futures contracts with MEFF
RV and delta transactions related to these products.
Generally speaking, in these kinds of transactions the
seller enters their part of the transaction which is then
confirmed by the buyer thereby preventing any other
market member from getting involved.
Trading is carried out in Euros to four decimal pla-
ces. In General Trading, Latibex and Fixing, stock may
trade with a minimum price difference of €0.1, €0.5,
€0.01, €0.05, €0.001, €0.005, €0.0001 and €0.0005.
The minimum price per stock is €0.01. The minimum
price variation (tick) for each share is set by the Trading
and Supervisory Committee according to the unit pri-
ce and liquidity of each share in order to achieve the
most efficient price formation. Any price is accepted in
Block and Special Transactions (expressed in fourfull
numbers with four decimal points).
Types of order
According to price, we would highlight the following:
• Limited orders: these orders are executed at a spe-
cified price or better. Buy limit orders are executed
at this price or lower than that specified on the mat-
ching sell limit order. Sell limit orders are executed
at this price or higher than that specified on the mat-
ching buy limit order. In the open market, the order
is executed immediately if there is a matching order
on the market at the same price or better. If not mat-
ching order exists or if the volume is insufficient, the
order or the unfilled part thereof shall remain on the
order book.
• Market orders: these orders do not specify a price
limit and will be traded on the open market at the
best matching sell price and executed at as many
matching sell prices are needed to be completed.
Where they are not negotiated or only partially ne-
gotiated, the order, or the unexecuted part thereof,
remains as a market order.
1...,3,4,5,6,7,8,9,10,11,12 14,15,16,17,18,19,20,21,22,23,...83