Equities
2
14
STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
• Market to Limit orders: These are entered with no
price limit, and so will be executed on the open
market at the best matching price available at the
time they are entered. In the event there should be
insufficient volume at the best price to fulfil the or-
der, the said order shall be partially fulfilled, and the
rest shall be limited to the said price. Should there
be no matching trade price, the order is eliminated
from the System. These auctions do not trigger vola-
tility auctions.
Order conditions
• Fill or kill: the order is executed immediately and in
its entirety with the System rejecting the rest of the
order’s volume.
• Minimum volume: the moment this order enters the
market it must be executed at the specified mini-
mum amount. If this does not occur, the order is
rejected by the System.
• All or None: this order must be executed in its enti-
rety, or not at all. This is a special type of minimum-
volume order where the said minimum volume is
equal to the total order.
• Undisclosed volume: volume may be assigned to an
order which is not visible to the rest of the market. It
will become visible to the market as trading begins.
Amendments
All details of an order entered and not traded
may be amended except for the direction (sale or pur-
chase) and the value at which it is to be traded. Any
price modifications and volume increases lead to a
loss of priority of the order.
Cancellations
It is possible to cancel the outstanding part of an
order or group of orders.
Validity of the orders
When entering an order it is possible to set its dura-
tion:
• Valid for the current session.
• Valid to a certain date.
• Valid up to 90 days.
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