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bolsademadrid [2017/11/13 15:07] – [Basic Market Rules] mayabolsademadrid [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's four regional stock exchanges. BME is the largest and most international of Spain's four regional stock exchanges.
  
-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.+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.
  
 [[ http://www.bolsamadrid.es/ing/aspx/Portada/Portada.aspx | Home Page ]] [[ http://www.bolsamadrid.es/ing/aspx/Portada/Portada.aspx | Home Page ]]
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 [[http://www.bolsamadrid.es/ing/aspx/Inversores/Agenda/Calendario.aspx | Trading Calendar]]\\ [[http://www.bolsamadrid.es/ing/aspx/Inversores/Agenda/Calendario.aspx | Trading Calendar]]\\
 [[http://www.bolsamadrid.es/ing/Inversores/Agenda/HorarioMercado.aspx | Trading Hours]] [[http://www.bolsamadrid.es/ing/Inversores/Agenda/HorarioMercado.aspx | Trading Hours]]
 +
 ===== 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.
 +
 ==== Order Types ==== ==== Order Types ====
  
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   * Market-On-Close Buy/Sell→ShortSell   * Market-On-Close Buy/Sell→ShortSell
  
 +==== Available ATS ====
  
- +  * BATS CHI-X Europe
- +
-==== Available ATS ==== +
-  * BATS CHI-X Europe\\+
   * Turquoise   * Turquoise
  
 ==== Basic Market Rules ==== ==== Basic Market Rules ====
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   * Lot Size: 100 shares.   * Lot Size: 100 shares.
   * Tick Size: varies by price, as follows:   * Tick Size: varies by price, as follows:
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   * Short Sale Rules: short sell is allowed. Naked short selling is prohibited.   * Short Sale Rules: short sell is allowed. Naked short selling is prohibited.
   * Circuit Breakers: activates when either the static or the dynamic price limits are exceeded. An auction follows the break, lasting 5 minutes with a 30-second random end.   * Circuit Breakers: activates when either the static or the dynamic price limits are exceeded. An auction follows the break, lasting 5 minutes with a 30-second random end.
-  * **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/dark orders) order must be sent above the Large In Scale (LIS) thresholds as defined by the Europen Securities and Markets Authority (ESMA). For more information about the MiFID II rules, visit ESMA official website at https://www.esma.europa.eu/.+  * **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/dark orders) order must be sent above the Large In Scale (LIS) thresholds as defined by the European Securities and Markets Authority (ESMA). For more information about the MiFID II rules, visit the ESMA official website at https://www.esma.europa.eu/. 
 ==== Auction Mechanisms ==== ==== Auction Mechanisms ====
 +
 === Open === === Open ===
  
 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, amended, and cancelled, but no trades can be executed. All orders from the previous day remaining in the order book and entered during the Opening Auction participate.  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, amended, and cancelled, but no trades can be executed. All orders from the previous day remaining in the order book and entered during the Opening Auction participate. 
  
-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. +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 ===
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   * a) The price at which the largest volume of shares is executed   * 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 that which leaves the smallest surplus (difference between bid and ask volumes)+  * 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   * 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   * d) If the above three conditions are the same, the price which is closest to the last executed price will be taken
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 **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.
 +
 ===== Additional Info ===== ===== Additional Info =====
  
-[[ http://www.expansion.com/ | Expansion Financial News ]]\\ +  * [[ http://www.expansion.com/ | Expansion Financial News ]] 
-[[ http://www.invertia.com/noticias/portada.asp | Invertia Financial News ]]\\ +  * [[ http://www.invertia.com/noticias/portada.asp | Invertia Financial News ]] 
-[[ http://www.eleconomista.es/ | Spanish Economics News ]]\\ +  * [[ http://www.eleconomista.es/ | Spanish Economics News ]] 
-[[ http://www.finanzas.com/noticias/ | Spanish Financial News ]]\\ +  * [[ http://www.finanzas.com/noticias/ | Spanish Financial News ]] 
-[[ http://es.finance.yahoo.com/ | Yahoo! Finance Spain ]]+  * [[ http://es.finance.yahoo.com/ | Yahoo! Finance Spain ]] 
 ===== See Also ===== ===== See Also =====
   * [[market_guides|Market Guides]]   * [[market_guides|Market Guides]]
  
bolsademadrid.1510603658.txt.gz · Last modified: 2017/11/13 15:07 by maya