Fixed
Income
3
43
STRUCTURE ORGANISATION AND OPERATION
OF THE SPANISH SECURITIES MARKET
Members of the Book-Entry Public Debt Market
can become participating entities of the Public Debt
Market when they fulfil the formal and material requi-
rements to become a member of the book-entry public
debt market regime.
BARCELONA STOCK EXCHANGE
Public debt issues of the Catalan government and
the Catalan Institute of Finance are traded on the Pu-
blic Debt Market of Catalonia. These issues are traded
over the telephone and backed by screens which give
the trading information and the positions. Trading
hours are from 9.00am to 5.00pm. These trades are
settled by the Clearing and Settlement Service of the
Barcelona Stock Exchange (SCL BARNA-Deuda).
Bonds and debentures of the Catalan government
targeting retail investors are traded on the BME fixed
income electronic trading platform.
Asset-securitisation securities are traded using the
same systems and during the same trading hours as for
the Public Debt Market of Catalonia.
Some fixed income issues are traded on trading
floors on an open-outcry basis.
BILBAO STOCK EXCHANGE
Fixed income issues (especially bonds and deben-
tures) of the Basque government, district council issues
and issues by financial institutions are traded on trading
floors.
Basque government debt is traded via the Book-
entry System of the Basque Country (SAC).
VALENCIA STOCK EXCHANGE
Fixed income issues of the Bank of Valencia, Ban-
caja, Caja de AhorrosdelMediterráneo and Caja de
Ahorros de Sagunto are traded on trading floors. These
issues are settled by the Book-Entry and Settlement Ser-
vice of the Valencia Stock Exchange (SACL).
Bond issues by the Valencian government and the
Valencian Institute of Finance that form part of the Re-
gional Public Debt Book-Entry Market of the Valencian
government are contracted on the BME electronic fixed
income trading platform.
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