Equities
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STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
E. MAB: Mercado
AlternativoBursátil
The MAB’s primary aim is to offer an organised
system of trading, settlement, clearing and registra-
tion; back office services; and dissemination of infor-
mation for:
• Shares and other securities of CISs.
• Securities and instruments issued by or linked
to small cap companies
• Other securities and instruments which, be-
cause of their special characteristics, require a special
set of regulations.
MAB FOR SICAV
The first MAB segment was designed to pro-
vide liquidity to SICAV –a requisite of the current
legislation of CISs. The system seeks to providethe
necessary back office infrastructure, facilitating all
the subsequent administrative tasks after trading.
The settlement and clearing of securities and pur-
chases/sales is performedvia Iberclear following in
general terms the same procedures and periods as
currently usedfor shares listed on the stock market
(D+3). The registry of the book entry system of tra-
ded securities is updated in Iberclear and the regis-
tries of the Settlement Services of Barcelona, Bilbao
and Valencia on the basis of the instructions sent
by Iberclear as a result of the settlement of tran-
sactions or communication of other changes in ow-
nership. Iberclear is also notified of the entity that
has been appointed to keep the shareholder register
up to date. The market ensures daily dissemination
of transactions as well as of the prices and the li-
quidating value of mutual funds. This information
is included in the Bulletin distributed by the stock
exchanges and the media.
On February 21, 2006, the BME officially es-
tablished the SociedadRectoradel Mercado Alter-
nativoBursátil, a limited company belonging to the
BME holding charged with managing the MAB. Du-
ring the first half of 2010, BME Sistemas de Nego-
ciación was incorporated to take over management
of the MAB.
This first segment for SICAVs was well recei-
ved, and satisfaction with it has grown year after
year. On May 29, 2006, MAB began with 28 SICA-
Vs managed by 17 different fund managers. By the
end of 2006 there were 2,381 companies. In 2007,
a further 907 companies were added: 715 from the
stock market and 192 new incorporations, bringing
the total to 3,288 companies.
During 2008, 139 companies were added: 137
new companies and two from the traditional stock
market. By the end of 2009 there were 3,261 com-
panies, and at the end of 2010, 3,140. 2011 closed
with 3,061 SICAVs.
MAB FOR GROWTH COMPANIES IN EXPANSION
MAB for growth companiesis designed to help
small and medium-sized companies access markets
so that they can benefit from financing and liquidity.
2009 was the first year companies joined the MAB
when Zinkia joined in July and Imaginarium in Decem-
ber. In 2010, ten new companies from a wide range
of sectors were listed: Let,sGowex and Medcomtech in
March, Negocio&estilo de Vida and Bodaclick (June),
Neuron Biophar-ma and AB-Biotics (July), Grupo Nos-
trum (November) and Altia, Eurona and Commcenter
(December). Five companies joined in 2011: Euroes-
pes (February), Catenon (June) and Lumar, Secuoya and
Griño (July). A further four companies were listed on
this market up to July 2012: Bionaturis (January), Carbu-
res and Ibercom (March), and Suavitas (April). Over the
three years of operations from July 2009 to July 2012,
the MAB for growth companieslisted a total of 21 com-
panies.
1...,14,15,16,17,18,19,20,21,22,23 25,26,27,28,29,30,31,32,33,34,...83