bolsademadrid
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| bolsademadrid [2017/02/02 13:15] – [Dark Order-types] maya | bolsademadrid [2019/12/09 14:40] (current) – [Bolsa de Madrid (BME)] maya | ||
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| ====== Bolsa de Madrid (BME) ====== | ====== Bolsa de Madrid (BME) ====== | ||
| + | |||
| BME is the largest and most international of Spain' | BME is the largest and most international of Spain' | ||
| - | The reorganisation of Spain' | + | The reorganisation of Spain' |
| [[ http:// | [[ http:// | ||
| - | Currency: Euro (EUR)\\ | + | Currency: Euro (EUR) |
| - | Time Zone: +01:00 | + | |
| [[http:// | [[http:// | ||
| [[http:// | [[http:// | ||
| + | |||
| ===== Trading Summary ===== | ===== Trading Summary ===== | ||
| + | |||
| Interconnection Trading System S.I.B. (Sistema de Interconexión Bursátil) is a trading platform used by the four Spanish stock exchanges (Madrid, Barcelona, Bilbao, and Valencia) that ensures a single point of liquidity per share and facilitates direct, real-time communication among the stock exchanges, allowing for a single price and order book per share. | Interconnection Trading System S.I.B. (Sistema de Interconexión Bursátil) is a trading platform used by the four Spanish stock exchanges (Madrid, Barcelona, Bilbao, and Valencia) that ensures a single point of liquidity per share and facilitates 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 order-driven 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 responsible for | Most shares listed on the S.I.B. form part of the Main Trading market, which is an order-driven 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 responsible for | ||
| providing liquidity. | providing liquidity. | ||
| - | ==== Lit Order Types ==== | ||
| - | * Limit Order | ||
| - | * Market Order | ||
| - | * Market-On-Close Order | ||
| - | * Limit-On-Close Order | ||
| - | |||
| + | ==== Order Types ==== | ||
| + | * Limit Buy/ | ||
| + | * Limit-On-Close Buy/ | ||
| + | * Market Buy/ | ||
| + | * Market-On-Close Buy/ | ||
| ==== Available ATS ==== | ==== Available ATS ==== | ||
| - | | + | |
| - | * [[ turquoise | Turquoise | + | |
| + | * Turquoise | ||
| ==== Basic Market Rules ==== | ==== Basic Market Rules ==== | ||
| - | | + | |
| - | * Tick Size | + | |
| + | * Tick Size: varies by price, as follows: | ||
| ^ Price Range (Euro) ^ Tick Size (Euro) ^ | ^ Price Range (Euro) ^ Tick Size (Euro) ^ | ||
| Line 39: | Line 42: | ||
| | 100 and greater | 0.05 | | | 100 and greater | 0.05 | | ||
| - | * Short Sale Rules - short sell is allowed. | + | * Short Sale Rules: short sell is allowed. |
| - | * Circuit Breakers | + | * Circuit Breakers: activates |
| + | * **Note:** as part of pre-trade transparency requirements under the new MiFID II rule, Europe hidden or hidden portion of iceberg (e.g., CHIX-X Bats and Turquoise reserve/ | ||
| ==== Auction Mechanisms ==== | ==== Auction Mechanisms ==== | ||
| + | |||
| === Open === | === Open === | ||
| - | 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, | + | The Opening Auction phases are at 8:30 - 9:00. The session begins with the Opening Auction, during which the order book is partially visible. During this time, orders can be entered, |
| - | 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. | + | This period (for the Main Trading segment) lasts 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. | + | 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. |
| === Close === | === Close === | ||
| Line 57: | Line 62: | ||
| **Auction** means an auction conducted in a trading platform in respect to qualifying orders to determine the auction price pursuant to the following process: | **Auction** means an auction conducted in a trading platform in respect to qualifying orders to determine the auction price pursuant to the following process: | ||
| - | | + | * a) The price at which the largest volume of shares is executed |
| - | | + | * b) If there are two or more prices at which the same number of shares can be executed, the auction price will be that which leaves the smallest surplus (difference between bid and ask volumes) |
| - | | + | * c) If the above two conditions are the same, the price of the side with the largest volume will be taken |
| - | | + | * d) If the above three conditions are the same, the price which is closest to the last executed price will be taken |
| - | | + | * e) Orders will be executed based on price-time priority |
| **Auction Periods** | **Auction Periods** | ||
| 1. **Open market** (09:00 - 17:30) | 1. **Open market** (09:00 - 17:30) | ||
| - | * Orders may be entered, amended | + | * Orders may be entered, amended, and cancelled |
| * No closing orders will be matched, all other orders will be matched to the open market | * No closing orders will be matched, all other orders will be matched to the open market | ||
| - | 2. **Closing auction** (17:30-17:35) | + | 2. **Closing auction** (17:30 - 17:34:45) |
| * Orders may only be entered | * Orders may only be entered | ||
| * No orders will be matched | * No orders will be matched | ||
| - | 3. **Uncross** (17:35:00 - 17:35:30) | + | 3. **Uncross** (17:34:45 - 17:35:30) |
| * Closing orders will be matched | * Closing orders will be matched | ||
| * Trades will be reported | * Trades will be reported | ||
| - | **Order Types:** Market, Limit and Market-On-Close (MOC) orders are eligible to participate in the closing auction | + | **Order Types:** Market, Limit, and Market-On-Close (MOC) orders are eligible to participate in the closing auction. |
| - | |||
| - | For more information on the auction mechanisms on Madrid Stock Exchange, please see [[ http:// | ||
| ===== Additional Info ===== | ===== Additional Info ===== | ||
| - | [[ http://es.finance.yahoo.com/ | Yahoo! Finance Spain ]]\\ | + | * [[ http://www.expansion.com/ | Expansion Financial News ]] |
| - | [[ http://www.finanzas.com/ | + | |
| - | [[ http:// | + | |
| - | [[ http://www.invertia.com/ | + | |
| - | [[ http://www.expansion.com/ | Expansion Financial News ]]\\ | + | |
| ===== See Also ===== | ===== See Also ===== | ||
| * [[market_guides|Market Guides]] | * [[market_guides|Market Guides]] | ||
| - | ===== References ===== | + | |
bolsademadrid.1486059324.txt.gz · Last modified: 2017/02/02 13:15 by maya