Equities
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STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
From an operational perspective, the secu-
rities listed on Latibex are traded and settled like
any other security on the Spanish stock market: the
same brokers provide electronic trading through
SIBE, settlement is carried out in the same time pe-
riods and conditions and the same fees are charged.
For operational reasons, the trading of some
shares on Latibex requires grouping together a cer-
tain number in “trading units”. For example, the tra-
ding unit for BancoBradesco is just 1 share, 20 for
AméricaMóvil, 600 for Banco de Chile, etc.
Investors access Latibex in the same way as
they do the Spanish stock market, i.e. the brokers
and dealers of the Spanish market also trade on La-
tibex. The market also has the direct participation of
the members of other Latin American markets, who
are experts in the stocks of their countries.
The FTSE Latibex All Share covers all the com-
panies listed on Latibex and is weighted by capita-
lisation and adjusted for the free float of each com-
pany.
The FTSE Latibex Top is the leading index for
Latin American stocks in Euros. It comprises the lar-
gest stocks by market capitalization and liquidity,
whose weighting in the index cannot exceed 10%
in each review.
The most liquid securities from Brazil form part
of the FTSE LatibexBrasil Index, which shows the
performance of Brazilian securities listed on the
market for Latin American securities in Euros.
Latibex also has its own website (
.
com) which gives investors information on the mar-
ket and the securities traded. Of note are the historic
series of prices, as well as a new section on securities
analysis (fundamental, technical and risk analyses),
economic-financial information, and the relevant
events of listed companies.
FEATURES
Market authorised by the Spanish government.
Trading and settlement platform in Europe of the
main Latin American companies.
Currency: Euros.
Trading: via the SIBE electronic system.
Settlement: D+3 via the book-entry system.
Connected to the market of origin by Iberclear
agreements with the central Latin American custo-
dians or via a link entity.
Brokers: Members of the Spanish market as well
as operators of Latin American markets admitted as
market members.
Specialists: Brokers committed to providing in-
vestors with a counterparty at all times, both for bu-
ying and selling.
Indices:
• FTSE Latibex All Share, which covers all the Latibex
listed companies, provided that they fulfil the mini-
mum requirements set forth in the index’s regula-
tions.
• FTSE Latibex Top, which groups together the shares
with the largest capitalisation and liquidity. Drawn
up with FTSE, which prepares the indices for the Fi-
nancial Times Group.
• FTSE LatibexBrasil, the index comprising the Brazi-
lian companies listed on the LATIBEX. As with the
two previous indices, their weighting is determined
by their capitalisation and free float.
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