The reorganisation of Spain's financial market under the national umbrella of the Spanish Stock Market includes the bolsas, the derivatives markets, and fixed-income markets. Trading is linked through the electronic Spanish Stock Market Interconnection System (SIBE), which handles more than 90% of transactions; all fixed-income assets are traded through SIBE.

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Currency: Euro (EUR)

Trading Hours

• Opening Auction - 8:30am to 9:00am
• Open Market - 9:00am to 17:30pm
• Closing Auction - 17:30pm to 17:35pm

Holiday Calendar

Interconnection Trading System (S.I.B) - S.I.B is the current trading platform that communicates the four Spanish stock exchanges (Madrid, Barcelona, Bilbao and Valencia), ensuring a single point of liquidity per share and facilitating direct, real time communication among the stock exchanges, allowing for a single price and order book per share.

Most shares listed on the S.I.B. form part of the Main Trading market, which is an orderdriven continuous market with an opening auction at the session’s beginning and a closing auction at the end. In addition, some of these shares have specialists who are basically in charge of providing liquidity for the stocks and have acquired certain commitments with the stock exchanges.

For more information on the trading system for Madrid, please see here

• Limit Order
• Market Order
• Market-On-Close Order
• Limit-On-Close Order

• BATS CHI-X Eruope
  
• Turquoise
  

• Lot Size - a standard round lot size is 100 shares
• Tick Size

^ Price Range (Euro) ^ Tick Size (Euro) ^

* Short Sale Rules - short sell is allowed. However naked short is prohibited.

• Circuit Breakers - Circuit Breakers Activates when either the static or dynamic price limits are exceeded. An auction follows the break, lasting 5 minutes with a 30 seconds.

The Opening Auction phases are from 8:30am to 9:00am. The session begins with the Opening Auction, during which the order book is partially visible. During this time, orders can be entered, altered and cancelled, but no trades can be executed. All previous days’ orders remaining in the order book and entered during the Opening Auction participate.

This period (for the Main Trading segment) lasts for 30 minutes , with a 30-second random end period to prevent prices from being manipulated. After the random end, the allocation period begins, during which the shares included in orders subject to execution at the fixed auction price are traded. During the allocation period, orders cannot be entered, altered or cancelled. On special occasions, the opening auction may be extended.

Once the shares are allocated, members receive information on the total or partial execution of their orders. All non-executed orders in the allocation period remain on the order book. The market is informed of the opening price, trading volume, time of each trade and the identity of the trading members. After this the market is open.

For main trading, the session ends with a 5-minute auction, between 5:30pm and 5:35pm, with the same characteristics as the opening auction and a 30-second random end period. The price resulting from this auction shall be the closing price of the session. If there is no auction price or if fewer than 500 shares are traded during the auction, the closing price shall be the price of the last 500 traded units closest to the weighted average. If two prices have the same difference with respect to this weighted-average price, the price will be the last executed.

If 500 trading units have not been traded, the closing price will be the reference price of the session.

For the Latibex segment, having specialists and liquidity providers, the session will end without a closing auction at 5:30, with the closing price being the midpoint between the best buy and sell prices, rounded up. If at the close either the buy or sell price is missing, or the resulting closing price is outside the static range, or the instrument is suspended, the closing price will be that of the last traded price of the session. In the case of a failure to meet all of the previous criteria, the closing price will be the reference price of the session.

For more information on the auction mechanisms on Madrid Stock Exchagne, please see here

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