Equities
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STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
G. Electronic floor trading
The securities that were only traded on the floor of
the four national exchanges changed to be traded on an
electronic system in 2009.
The trading hours consist of two periods under the
auction model which allows orders to be introduced,
modified and cancelled without trading until the end of
period and at the equilibrium price. This reduces volati-
lity and makes price-setting more efficient.
The trading times, based on the SIBE fixing seg-
ment are:
• First auction: between 8:30am and 12.00pm.
• Second auction: between 12.00pm and
2.00pm.
Types of order
The types of order in the electronic system are:
• Limited price orders
• Market orders
• Market to limit orders
Static range of prices
This system also has static ranges (the maximum
variation allowed over the static price, expressed as
a percentage). The static price is the price set in the
last auction (the allocation price of the auction). The
equilibrium price cannot therefore exceed the limits of
the static range.
Special operations
Shares can also be traded between 5.40pm and
8.00pm via the special operations market with the
counterparties set beforehand, provided the condi-
tions established for the effective volume and price
are met.
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