Fixed
Income
3
42
STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
2. Transactions at agreed price
In such trades, two market members previously
agree a trade and post it as already closed on the sys-
tem for the purpose of publication on the market and
inclusion in settlement procedures.
For fixed income assets, these most amount to over
€150,000 net, while no limit is imposed for book-entry
public debt. Price is considered to be unofficial.
3. Applications
These are only for fixed income securities and in-
volve a market member posting a trade on the system
that has already been matched and in which the market
member participates in both the purchase and sale, for
the purpose of publication on the market and inclusion
in settlement procedures.
The amount must be at least €150,000, net. Price
is considered to be unofficial.
Trading units
Trading is conducted in Euros.
Prices
Prices are expressed as a percentage of the nomi-
nal amount up to three decimal points for all assets, ex-
cept for those issued at a discount which are expressed
as yields up to three decimal points (base 365 days).
The minimum difference allowed is 0.001%.
Ex-coupon price: Prices are expressed without the
coupon. Issues complying with a series of standard re-
quirements allowing the various cash flows (redemp-
tion, payment of coupon, etc.) to be known are classi-
fied in the “dirty” (ex-coupon) category. The IRR at this
ex-coupon price is calculated automatically.
With coupon price: Prices include accrued interest
for issues that, given their conditions of issuance, do
not allow the dates on which the various cash flows
(amount of coupon from date on which accrual starts,
redemption by draw, etc.) are traded at the “clean”
(with coupon) price. Neither the accrued interest nor
IRR for these issues are calculated by the system.
Closing price
The closing price shall be the price of the last mul-
tilateral trade performed in each session.
Reference price is the closing price.
Regulation of price swings
The price of an issue, whatever the form of trading,
cannot increase or decline more than 10% over the clo-
sing price of the last day it was traded.
In exceptional cases, for securities that trade by
return (bills, commercial paper, etc.), this rule is not
applied.
Clearing/settlement of trades
Trades involving fixed income assets are disclosed
and reported to Iberclear (SCLV Platform), while clea-
ring and settlement is completed within the periods es-
tablished for this purpose (currently D+3).
Book-entry public debt operations are communi-
cated to Iberclear (CADE platform) by the stock market
system itself within the periods established (currently
D+1).
Market participants
All members of the Spanish stock exchanges can
trade in the fixed income market.
Market members who are also members of the Pu-
blic Debt Market are able to trade in public debt issues
on the stock market system.
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