The Spanish
Securities Market
1
4
STRUCTURE, ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
The Spanish securities market
has un-
dergone a deep process of change and growth over the
last two decades. Technical, operating and organisation
systems which support the market today have allowed
important investment flows and provided the markets
with greater transparency, liquidity and efficiency.
As a result of the implementation of the Markets in
Financial Instruments Directive (MiFID), there have been
great changes in the structure and functioning of Euro-
pean securities markets. The new trading environment
is characterised by it being opened up to increased com-
petition, a backdrop in which Regulated Markets work
alongside newly created entities, of which the Multilate-
ral Trading Systems (MTS) stands out. MiFID, nonetheless,
recognises the regulated market as the outstanding mar-
ket, the benchmark market, and has determined the need
for strict requirements to give authorisation to regulated
markets, as well as dealers and intermediaries. In the case
of the Spanish securities market, the transposition of the
EU directive into Spanish law was made explicit in the pu-
blication of Act 47/2007, which modified the Spanish Se-
curities Market Act 24/1988.
1,2,3 5,6,7,8,9,10,11,12,13,14,...83