Equities
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STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
In order to measure the liquidity of shares, the
Technical Advisory Committee takes into account the
following factors:
• The volume of trading in Euros in the main
market, or orders (the General Trading segment of the
electronic trading platform).
• The quality of the trading volume.
• The suspension of listing or trading for a pe-
riod that the Technical Advisory Committee considers
sufficiently significant.
On the basis of the index’s use as an underlying for
the trading of derivatives, the Technical Advisory Com-
mittee evaluates that it is sufficiently stable and that it is
an efficient replication thereof.
The weighting of the shares in the IBEX 35® is cal-
culatedon the basis of the floating capital in accordance
with the following percentages of that capital:
WEIGHTING OF COMPONENTS OF THE IBEX 35
Free float
Applicable coefficient
10% or less
10%
10-20%, inclusive
20%
20-30%, inclusive
40%
30-40%, inclusive
60%
40-50%, inclusive
80%
Over 50%
100%
In order for a share to join the IBEX 35®, its ave-
rage capitalisation for calculation in the index must be
more than 0.30% of the index’s average capitalisation
during the period of control.
The IBEX 35® is adjusted for the corporate actions
of companies listed therein. The purpose of these ad-
justments is to guarantee, where possible and simply,
that the index reflects the performance of a portfolio
consisting of the same shares composing the index.
The adjustments are performedin such a mannerthat
the value of the index is not altered in any way.
IBEX MEDIUM CAP®
This index consists of medium cap companies
that trade on the SIBE electronic trading platform. It
consists of 20 securities.
IBEX SMALL CAP®
This index consists of small cap companies that
trade on the SIBE electronic trading platform. It con-
sists of 30 securities.
Regulations applied to IBEX MEDIUM CAP® and
IBEX SMALL CAP® in relation to calculation, pri-
ce, number of shares and adjustments due to corpora-
te actions are the same regulations applied to IBEX 35®
IBEX TOP DIVIDEND®
IBEX TOP DIVIDEND® is an index weighted by
dividend yield.
It is made up of the 25 stocks that belonging to
IBEX 35®, IBEX MEDIUM CAP® AND IBEX SMALL
CAP®, show a better dividend yield in the twelve
months prior to each review.
IBEX 35® CAPPED
The IBEX 35® CAPPED comprises the same se-
curities and has the same calculation criteria as the
IBEX 35®. Adjustments to the index include the same
adjustments to the IBEX 35®, although a maximum li-
mit of 18% is established for the weighting of a stock
in the index.
IBEX 35® CAPPED NET RETURN
The IBEX 35® CAPPED NET RETURN comprises
the same securities and has the same calculation crite-
ria as the IBEX 35® CAPPED. Adjustments to the index
include the same adjustments to the IBEX 35® CAP-
PED, plus a technical adjustment for each ordinary di-
vidend payment and other payments to shareholders
similar to ordinary dividends.
1...,19,20,21,22,23,24,25,26,27,28 30,31,32,33,34,35,36,37,38,39,...83