Equities
2
19
STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
The primary market uses the general trading rules
and is open from 9.00am to 5.30pm for inputting sales
and buy orders and trading the associated stock.
Block trades enable large volume operations to
be conducted. There are price limits and a minimum
volume requirement for inputting block trades. The
minimum volume of a trade is €50,000 cash value.
The price must be within the prevailing static range
of each stock involved. Block trades are performed at
an agreed price when they are between two market
members; if a market member inputs the matched ope-
ration, they are via applications.
Block trades cannot be conducted when the stock
is in a volatility auction phase, suspended or interrup-
ted.
After the close of market (from 5.40pm to
8.00pm), the system allows special operations.
Types of order
• Limited orders: These are orders with a price.
They are executed at their price limit or best price.
Buy limit orders are executed at this price or lower
than that specified on the matching sell limit order.
Sell orders are executed at this price limit or higher
than that specified on the matching buy limit order. If
no matching offer exists or the price is not sufficient,
the order or the unfilled part thereof will be placed on
the market in order of priority based on price criteria
and the time at which it is inputted, and remain on the
market until the order is filled or cancelled.
• Combined orders: These are orders limited
by price that enable specialists to simultaneously send
buy and sell orders automatically via approved exter-
nal applications. These orders are only for specialists.
All orders are valid until the end of the trading session.
The order or the part not traded is automatically eli-
minated if it is not completed on the day it is placed.
A distinction is made between the ability of a market
member to trade for their own account and for the
account of clients (third-party orders) and that of a spe-
cialist.
Specialists
The specialist is a market member through
whom the issuer contributes liquidity by entering buy
and sell prices on a continuous basis in real time, via
combined orders. Each stock has a specialist (specific
to each stock) who during the trading session has buy
and sell prices within a range of prices and minimum
volumes on the basis of each stock’s features.
Trading units and prices
There is no limit on the number of shares that can be
traded. Any order as of one share is admitted unless
it comes with a minimum trading volume limit or a
number of shares specified.
Trading is in Euros to two decimals. The minimum price
variation (tick) is €0.01.
• Closing price
The closing price of each trading session is the average
of the best buy and sell position, rounded up.
If there is not such a position or the resulting closing
price is outside the dynamic range of the stock, or
the stock is suspended from trading, then the closing
price is that of the last trade.
In the absence of the above mentioned, the closing pri-
ce will be the benchmark price for the session.
• Benchmark price
At the start of each session, the benchmark price will be
the closing price from the previous session.
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