BASIC TRANSACTION FEES

For the cash traded on a single day by the same final client, security, price and direction (buy or sell), the amount resulting from application of the following table:
TRADING (*) in Euros To From From From From From 300.01 3,000.01 35,000.01 70,000.01 140,000.01 to to to to 300 3,000 35,000 70,000 140,000 Fee 1.10 Euros 2.45 Euros + 2.4 BP 4.65 Euros + 1.2 BP 6.40 Euros + 0.7 BP 9.20 Euros + 0.3 BP 13.40 Euros

(*) In case the adittion of this fee for the same final client, security and direction (buy or sell), is higher than 125 euros, the smaller value among the following amounts will be applied:

y y

0.40 Basis Point (0.4/10,000) on the traded cash with a minimum of 125 Euros. The fee already calculated.

Special Rules a. A discounted fee of 50% is applied to transactions executed by securities specialists who, acting in such a capacity, trade in each session on the on-line Fixed-income Securities System. This discount is not applicable, however, to third-market trading, price agreements, and registration operations outside normal trading hours. For transactions, made in open market, with shares baskets that track the Ibex 35 index, a special fee equivalent to a half basis point (0.5/10,000). For trading of suscription rights there is a special fee for cash of same final client, direction (buy or sell), and price under 30 Euros. This special fee is of 0.10 Euros

b. c.

SCHEDULE OF RATES & FEES MADRID STOCK EXCHANGE 2010 1. Basic Transaction Fees 2. Listing 3. Maintenance 5. Delisting 6. Out the S.Exchange 7. Gorvernment Debt 2. LISTING FEES

4. Membership 8. Service

These fees include: 2.1 A flat fee of Euros 1,160 for reviewing, checking and processing the listing application. 2.2 As a listing charge: a. For domestic shares: o From 0 to 230 Euros million: 1 per thousand. o Over 230 Euros million: 0.1 per thousand. The foregoing schedule applies to total face value of the traded securities, with a minimum of Euros 50. b. For domestic fixed-income securities, 0.025 per thousand of face value, up to a ceiling Euros 1,750 and

c.

d.

a minimum of Euros 50. For each listed investment fund a flat fee of euros 10,000 will be aplied, excluding the fee set forth in section 2.1. This fee will have a maximum of 50,000 euros for those funds of the same issuer whose listing is requested simultaneously. In case of compartment funds, the fee will be aplied to each compartment. For certificates or warrants, the charge is 0.05 per thousand of the amount which results from multiplying the issue price by the total number of securities to be listed.

2.3 Complementary rules of application: a. b. The fees applicable to foreign securities are 50% of those foreseen for domestic securities, and are computed on the actual price at which the securities have been placed or offered in Spain prior to these being listed, except certificates, listed investment funds and warrants. Domestic or foreign securities listed as per provisions of Section 32 of the Stock Market Act are subject to fees amounting to 25% of those mentioned above (sections 2.1 and 2.2) As an exception to the previous rule, Government Public Debt and Autonomus Regions securities are exempt from listing fees. c. d. e. Public Debt issued by Local Corporations and International Entities to which Spain belongs as a member are exempt from listing fees. Maximum fee amount for listing of fixed-income securities is Euros 2,910. The charge for listing domestic shares issued by SICAVs is one per thousand of face value of underwritten and paid-up share capital at the time of listing. A fee of 0.5 per thousand is charged on the increase in paid-up capital, calculated as the difference between the amount on which the last invoice was based and the amount on the last day of the calendar year, without taking into consideration any variations in the interim period. In technical listings or delistings the fees are computed on the basis of the imaximum face amounts eventually listed in such technical cases. On listing shares which result from converting Fixed-Income securities which are already listed, for which the applicable listing fees have already been paid, the amount already paid shall be discounted from the currently applicable listing fee. In the case of issues taking place as a result of mergers or take-overs between companies whith a share capital listing on this Stock Exchange, only 50 % of the listing fees (section 2.2) shall be charged. If the application for a listing and the necessary documents for processing the application at the Stock Exchange have not been filed within a term of less than four months following the deadline for underwriting the IPO, to the offering or the statutory deadline for creation of the new securities as per the pertinent issue Prospectus, applicable fees acording to section 2.2 shall be increased by 50%. For securities listed on the Second Market the fees shall be 50% of those mentioned above.

f. g. h. i.

j.

The applicable fees shall be paid once only at the Stock Exchange where listing application is filed initially, without prejudice to the proceeds then being distributed internally among the different Stock Exchanges.

SCHEDULE OF RATES & FEES MADRID STOCK EXCHANGE 2010 1. Basic Transaction Fees 2. Listing 3. Maintenance 5. Delisting 6. Out the S.Exchange 7. Gorvernment Debt 3. SECURITIES MAINTENANCE FEES

4. Membership 8. Service

The annual sum which results from applying the following percentages: a. b. In the case of shares, 0.045 per thousand of their market capitalisation at the closing of previous year last trading session. In the case of fixed-income securities, 0.015 per thousand, to be applied on the face value of the listed

000 Euros. 1. Delisting 6. securities listed ex officio or at the Issuer's request. Minimum is Euros 100. c. STOCK EXCHANGE MEMBERSHIP DUES a.05 per thousand of the face value of the listed securities. Work related to Public Takeover Bids and Initial Public Offerings: For the applicant's account the following pricing table will be applied: 1. According to section 32 of the Securities Market Act.45 Euros per transaction handled. This fee will not be charged if the amount paid for listing and maintenance fees throughout the life of the issue equals 0. d. are exempt from maintenance fees.025 per thousand of asset registered at Iberclear at the closing of previous year's last trading session. without prejudice to subsequent distribution among the different Stock Exchanges.000. Gorvernment Debt 8.000 . Out the S. Membership 8. 145 Euros per trustee. Fees are payable to one Stock Exchange only.000 per listed security. This fee will not be applied to firms which are already members of other Spanish stock exchange and decide afterwards to become members of Madrid Stock Exchange. Listed Investment Funds: a maintenance fee of 0. Service 8. Basic Transaction Fees 2. f.1 Corporate actions processing 4. Likewise. The maximum maintenance fee to be apply per listed fund will be Euros 20. g. Minimun maintenance fee to be apply per listed fund will be Euros 1.900 plus 0. Maintenance 5.750 Euros fixed rate per Stock Exchange involved.Exchange 7. . Listing 3. Minimun: Euros 12. each member of the Madrid Stock Exchange is subject to annual dues of Euros 2. Securities listed on the Secondary Market are entitled to a 50% discount on maintenance fees. b. up to Euros 55. Entrance Fee (first year only): 100. e. This charge will be not refundable in case of resignation.000 Maximum: Euros 175.001 per thousand based on the cash value traded on prior year (the total sum of purchases and sales) SCHEDULE OF RATES & FEES MADRID STOCK EXCHANGE 2010 1. Payable quarterly. are exempt from maintenance fees. SERVICE FEES 8.000. Public Debt issued by Local Corporations and International Entities to which Spain belongs as a member.1. Maintenance fee maximum is set at Euros 325.securities at the closing of previous year last trading session.000.1.

2.000 The prorate fee shall be set accordding to the jobs to be carried out.1.500 by way of a general fee except for issuers of fixed price securities. Minimun: Euros 3. mergers. 8. which include the publication of announcements in the Stock Market Bulletin (Boletín de Cotización). The relevant amounts for different cases are detailed below: y y y y Issuers of equity securities bought and sold in trading rings shall pay Euros 750 except for SICAVs.2.000 The fees of sections 8. access to the digital broadcasting media and dissemination via the trading floor¶s specific media.000 Maximum: Euros 50.75 Euros per transaction handled.1. which shall pay Euros 500. Minimun: Euros 6.1. conversions.3. Issuers of securities traded on the Spanish electronic trading platform (Sistema de InterconexiónBursátil): Euros 1.2.2. Announcements: y Variable charge according to length: Number of words: Euros 0. increases of share capital. Saturdays or a holiday day 8. Work related to issues. 0.42 Euros per transaction handled. Official Bulletin of the Stock Exchange: free access through the Internet and the annual summary will cost 30 Euros.1. Work related to swaps . which shall pay 50% of .1. Issuers of fixed-income securities shall pay Euros 300.000 shall not be applied to Public Takeover Bids of listed securites on a single Stock Exchange. the amount of euros 1.1. that do not exceed 500 transactions.500 Maximum: Euros 30.2 Information Fees 8. 8. with a minimun of Euros 1.700 8. Managing companies of Listed Investments Funds.The minimum of Euros 12.1.500. 8. underwritings and in specie dividends payments: For the applicant's account the following pricing table will be applied: 87 Euros per trustee. Access for issuers of listed securities to information products and services: Issuers entities of listed securities shall pay an annual fee for access to the Stock Exchange's information products and services.2 and 8. publication of quarterly and half-yearly information about the entity.3. will be increased by 25 per cent when the handling of the financial operations have to been carried out on a night timetable.70 per word. 0. stock consolidations and others: For the applicant's account the following pricing table will be applied: 200 Euros per trustee.

A.01 per operation communicated. The frequency of this fee will be monthly. which has been negotiated by the member of the Rectora in the Spanish Stock Exchange Interconnection System (SIBE). 54. Euros 300/month.35 for each one of the following.431.1. S. Transactions report fee for transactions carried out on BME regulated markets and Multilateral Negotiation Systems. Equities Spain A.: 91.3 Other Services fees 8. 28014 Madrid TEL. Euros 8 for the first certified data and Euros 2. S. in the Fixed Income Electronic Market. in the Mercado AlternativoBursátil (MAB).3. 22. taking into account the number of outstanding issues at the closing of previous year last trading session: More than 100 issues Fewer than 100 issues Euros 1. 3º Dcha. in the Equity Market and Fixed Income Trading Floors.A.500 Euros 300 Entities which carry out different issues shall only pay the amount that relates to the issue with the highest fee.3. Certificates of a security average prices will be Euros 17.V. Claudio Coello. in the Autonomic Debt Market.2. Alcalá.90 for each one of the following. 8. 1ª planta 28001 Madrid TEL. By paying this fee.3.T.592.B. while the following scale will apply to issuers of warrants and certificates.this amount.577.FAX: 91.V.8170 Eurodeal A. with a minimum of Euros 250 monthly. understood as each of negotiations carried on the markets or on the MNSs of BME.2. Euros 300/month.9507 .1.FAX: 91. Allocation cost of physical maintenance of trading floor: For each Stock Exchange non-member desk For each Non-member double desk For each Stock Exchange member desk over two desks 8. The fee for the provision of service of transactions report to the CNMV is ¼ 0. 8.592.8188 . Individual certificates related to a single trading session. Euros 500/month.: 91. issuers are exempt from paying the announcement fee provided for in the second paragraph of section 8.1055 .3. BROKERS A.90 for the first certified data and Euros 5.B. Certificates. and in the Mercado de ValoresLatinoamericanos(Latibex).

FAX: 91.FAX: 91. 2 Centro Empresarial El Plantío 28023 Madrid TEL.9030 . Sociedad de Valores.V. Almagro.324. Meridiana.: 91. Planta 3ª 08018 Barcelona TEL.6371 Auriga Securities. fax or denomination.B. S.FAX: 91.436. 39 28001 Madrid TEL. 8.: 91.390. write us: info@bolsamadrid.FAX: 91.: 91.319.1660 .A.7800 . S.4911 . S. 1º Dcha 28010 Madrid TEL.A.324.6200 . Almagro 21 .495. Serrano.Gefonsa S.347. Paseo de la Castellana.A.9450 .: 91. A.V.A.319.390.FAX: 91.: 91.308.: 91.0865 Gestión de PatrimoniosMobiliarios A.FAX: 91. 8 28010 Madrid TEL.5781 Caja Madrid Bolsa S.338.B.509.319.9100 .FAX: 93. S.A.319.A.FAX: 91. 1º Derecha 28001 Madrid TEL.: 91.9024 Bestinver..9784 (Last update: 20/07/2010) For any change in address.V. C/ Serrano.0600 .1684 ..: 93. Sociedad de Valores Mesena.FAX: 91. S.A. Paseo de la Castellana 89. S.: 91. telephone number.A.436. S.595. Sociedad de Valores.FAX: 91.7802 CM Capital Markets Bolsa. Sociedad de Valores.495.V. 27.es DEALERS ACA. S.338.FAX: 91.4200 .A. 1 28046 Madrid TEL.V. C/ Ochandiano. 16.372. Miguel Angel.A.3448 . Sociedad de Valores Av.4º 28010 Madrid TEL. S.3668 Mercados y Gestión de Valores A. Juan de Mena 8 .586.556. 7º 28046 Madrid TEL.319.4204 BanestoBolsa. please.: 91.V..8128 CréditAgricoleCheuvreuxEspaña S.B.1648 . 80 28033 Madrid TEL.4919 AhorroCorporaciónFinanciera S. S.A.: 91.1º 28014 Madrid TEL.

S.FAX: 91.V.8710 .426.432.514.B.A. 41.V.A. 6º 28007 Madrid TEL. Edif.FAX: 91.3333 .555.A. 5ª planta48001 BilbaoTEL.3000 .A. Eduardo Dato. 4 28001 Madrid TEL.6400 . C/ Ayala.FAX: 91.. 15.514. S.423.9870 . 7º Izda 28001 Madrid TEL.791.V. 82 28001 Madrid TEL.A. S.791.: 91.39º-40º 28020 Madrid TEL. S.V.319. S.555.A.A.556.661.781.0612 . Juan Esplandiú. Torre Picasso .A. Paseo de la Castellana.A. S.56.6013 Finanduero S.770.8718 C/ Gran Vía 2.432.504.: 91.A.V.: 91. S.: 91. Planta 22 28020 Madrid TEL.: 91. S.FAX: 91.6172 .V.B.V. 64-66.5606 .: 91.. S.6001 IntermoneyValores S.FAX: 91. S. S.781.: 94. Príncipe de Vergara.789. Pº de la Castellana. 23 28010 Madrid TEL.431.22 FAX: 94.A. Villanueva. 4ª Planta 28046 Madrid TEL. 93. Pedro Muñoz Seca.V.5400 .9433 .V.FAX: 91.V. Edif.576.432.310.: 91.6452 InversegurosSociedad de Valores.FAX: 91.5404 GVC GaescoValores. S.432.4535 Link Securities S.: 91. 42.789.Credit Suisse Securities.4046 MediaciónBursátil S.FAX: 91.1460 Mercagentes S.2937 InterdinBolsa S.504.3330 . 11 28001 Madrid TEL.FAX: 91. S. S. Torre Picasso.FAX: 91.22.: 91. Velázquez .3820 .: 91.577.FAX: 91.: 91.4945 . C/ Velázquez. S. 1º 28001 Madrid TEL.A. 32 28001 Madrid TEL. S.4791 Merrill Lynch Capital Markets España.B. 12º 28046 Madrid TEL.81 Mercavalor S.3001 MirabaudFinanzas.FAX: 91.: 91.V.

374.A.1811 SocieteGenerale.FAX: 91.1440 Popular Bolsa.2300 . Sucursal en España Plaza Pablo Ruiz Picasso.2358 .FAX: 91. S.782.46.781. Sucursal en España C/ Serrano. (FIBANCMEDIOLANUM) Avda. C/ Lagasca. de Cantabria. S. s/n Ciudad Grupo Santander 28660 Boadilla del Monte (Madrid) TEL. Diagonal 668-670 08034 Barcelona TEL.FAX: 91. Príncipe de Vergara.: 91. 55 28006 Madrid TEL.FAX: 91.A. Sociedad de Valores.8060 .0639 .65 Banco de Finanzas e Inversiones. Avda. Pº de la Habana. Argentaria 28033 Madrid TEL. S. Avda. S. 92. 1 Torre Picasso 28020 Madrid TEL.: 91.A.FAX: 91.: 91. telephone number.436.: 91.FAX: 91.: 91.U.9000 .1877.557. Labastida. S.8070 .A.8508 RIVA Y GARCIA .520..418.A.431.557. S. 74 28036 Madrid TEL. 125 28002 Madrid TEL.589.9165 BancoFinantiaSofinloc.FAX: 91. S.A.257.360. fax or denomination.0318 RENTA 4 Sociedad de Valores.8090 UBS Securities España S.FAX: 91.es BANKS Banco Bilbao VizcayaArgentaria. 28006 Madrid TEL. S. please.FAX: 91.0860 Santander Investment Bolsa.: 91. 88 28006 Madrid TEL.400.: 91.1200 .A. 67 28009 Madrid TEL.9063 BancoEspírito Santo de Investimento.418. 11 28034 Madrid TEL. write us: info@bolsamadrid.A.FAX: 91.V.Morgan Stanley.60.: 91.00 .FAX: 91.A.782.: 91.5400 . S.589.257.384.: 91.9051 (Last update: 20/07/2010) For any change in address.V.A. S.FAX: 93 253 54 01 Banco de Sabadell S.8500 . C/ Serrano.384..: 91.. Menéndez Pelayo.V.9000 .436. S. 2º 28010 Madrid TEL.: 93 253 54 00 .A.2301 .374.V. Fortuny 18. 2º dcha. S.360. Vía de los Poblados s/n Edf. S.

Avda.436. C/ Marqués de Urquijo.782.436. 3º 28046 Madrid TEL.: 91.FAX: 976.: 91. 20 28010 Madrid TEL.: 91.A..: 91.P.A..767595 .1498 Kepler Capital Markets Sucursal en España C/ Alcalá. 40 Bis 28046 Madrid TEL. 6 28042 Madrid TEL. 2 50008 Zaragoza TEL.404.: 91. Sucursal en España Pº de la Castellana.4607 Barclays Bank PLC (Sucursal en España) Plaza de Colón.5603 Ibercaja CAMP de Zaragoza.782.A. Sucursal en España. S.FAX: 91. Investor Services España. 4ª planta 28042 Madrid .336.: 93. Sucursal en España Paseo de la Castellana.209.1437 .5005 Deutsche Bank AG.FAX: 91.: 976.400.FAX: +34..FAX: 91. 2º 28009 Madrid TEL. 5 28008 Madrid TEL.6000 .4602 . Aragón y Rioja Plaza Basilio Paraíso. Sucursal en España Serrano.303 J.A. Fernando el Santo. S. Diagonal 621-629 08028 Barcelona TEL.5100 .336.: 91.360.1400 . de la Hispanidad.1200 .781.BancoInversis S.Spain TEL.: 91.1808 Caja de Ahorros y Pensiones de Barcelona (La Caixa) Av.9900 .789. 18.FAX: 91.FAX: 91.FAX: 91. S.400. S.FAX: 91.516.360.330.781. 1 28046 Madrid TEL. Morgan Securities Limited.A.436.FAX: 93.A.: 91.516.FAX: 91.91. C/ Ribera del Loira.4019 . 28.5151 RBC Dexia.FAX: 91. Sucursal en España José Ortega y Gasset. 95.4010 .: +34.1401 BancoPortugués de Investimento.9901 Self Trade Bank. 29 28006 Madrid TEL. 73 28006 Madrid TEL.8465 Fortis Bank S.902505050 .: 91.7550 CortalConsors.8400 .5600 .789.436.217.

To the effects settled in the two previous paragraphs.com If you need further information about the requirements to become a member. The web site of the CNMV is www. 3.sbolsas. investment firms and credit institutions are subject. The registration fee to acquire membership.com.REQUIREMENTS FOR MEMBERSHIP TO BOLSA DE MADRID 1. relating to the taking up and pursuit of the business of credit institutions. inside and outside the European Union. Barcelona. The entity.es Sectorial Classification General Information List SECTORIAL CLASSIFICATION Appendix Listed companies traded on the SIBE electronic platform or traded on the floor of the four exchanges in Madrid. of 10 May. at the proposal of the ComisiónNacional del Mercado de Valores (CNMV). to be issued by the Ministry of Economy. 4. Investment firms and credit institutions outside the European Union are subject to obtaining express authorisation for that purpose. to the terms of the Council Directive 93/22/EEC. entity which manages the said system. of 20 March. as the entity in charge of the regulation of the stock exchange. The applicant entity must meet the requirements set out by the CNMV in order to obtain the certification issued by the said Public Body. managed by the Sociedad de Gestión de los Sistemas de Registro. to trade in the market it is indispensable to deposit a collateral to warrant the settlement. the entity needs to meet the requirements set out by Sociedad de Bolsas. .cnmv. on investment services in the securities field and the Directive 2000/12/EC of the European Parliament and of the Council. section ³Fees´. this application being subject to an express admission act by the SociedadRectora de la Bolsa de Valores de Madrid. the entity must accredit that it possesses in Spain the necessary personal and technical means to warrant its capacity. please contact the Legal Department of Bolsa de Madrid at ajuridica@bolsamadrid. Its web site is www. to be made in one single payment. it is not required to be a shareholder of the SociedadRectora de la Bolsa de Madrid neither of any other company of the Bolsas y MercadosEspañoles group. respectively. must necessarily hold the status of adhered entity to the securities settlement and clearing system. are grouped together under a unified classification for sectors and sub-sectors. 5. To operate in the Sistema de InterconexiónBursátil (SIB). as well as commit to comply with the market¶s rules on organization and functioning. as member of Bolsa de Madrid. Additionally. which accredits the suitability of the entity to provide financial services in Spain as a member of the stock exchange. Regarding this issue you will find additional information in its web site www. as well as to foreign entities. and the periodical fees are indicated in our web Site . Within the European Union. 2. Compensación y Liquidación de Valores (Iberclear). To become a member of Bolsa de Madrid. Bilbao and Valencia.es The entity must formally apply to Bolsa de Madrid for the acquisition of membership.iberclear. once it has been verified that the entity meets the concrete technical and operational requirements set out by Bolsa de Madrid to operate in its market. Membership to Bolsa de Madrid is open to Spanish investment firms and credit entities. This classification was reorganized on 1 January 2005.

intermediaries and firms demand an ever-expanding range of services and products within a framework of security. industry and construction Consumer goods Consumer services Financial services and real estate Technology y Telecommunications A second tier has been established under which the activities of listed companies is broken down into sub-sectors. decision-taking and coordination unit. IGBM sectors New sectorial and sub-sectorial indices . the Spanish securities market has made significant progress. where investors. Their calculation and dissemination started on 3 January 2005 with base 1000 as of 31 December 2004. liquidity and efficiency. The BME Group is formed by the Barcelona. operational and structural systems underlying the market today have resulted in significant growth in its activity and importance. This growth and new EU market regulations are directing the current efforts of all participants in the Spanish securities market. fixed-income and derivatives markets and their clearing and settlement systems. BME is the Spanish markets¶ response to the new international financial setting. Madrid and Valencia stock exchanges. BME is set to play a decisive role in the shaping of the stock market map in Europe.The new classification comprises 6 sectors: y y y y y y Petrol and power Basic materials. transparency. . flexibility and competitiveness. Bolsas y MercadosEspañoles (BME) encompasses the companies that direct and manage the securities markets and systems in Spain. The Spanish Stock Market Structure Trading Systems Settlement System STRUCTURE Markets Settlement Supervision In recent years. By uniting their efforts. Large investment volumes have been processed and the markets have been given greater transparency. under a single activity. Bilbao. This allows the addition of new sub-sectors as appropriate without altering the composition of the 6 basic sectors. Spanish markets have attained a top-level size within the European setting and a diversified structure that covers the entire chain of value in securities markets from trading to settlement. This size and structure permit a more efficient use of resources. including the provision of information and data-processing services. MF MercadosFinancieros and Iberclear. The technical. Thanks to this position. It brings together. cost reduction and the streamlining of services. the Spanish equity.

Any others." At the end of 90s the fixed income market of the Asociación de Intermediarios de ActivosFinancieros (AIAF) was recognised as an official organised market. information and advertising. listing. The Public Debt Market. operating procedures.STRUCTURE >> MARKETS Stock markets Derivatives Public Debt According to Spanish Securities Market Law (LMV): "These are official secondary securities markets which operate on a regular basis in accordance with the provisions of this law and the regulations which develop it especially with regard to conditions of market access. are authorised within the framework of the provisions of this Law and the regulations developing this. and those of a regional scope. be it financial or otherwise. meeting the requirements provided. The following markets shall be deemed to be official secondary securities markets: y y y y Stock Markets. . Futures and Options Markets whatever the underlying security.which. which are authorised by the autonomous communities with relevant powers. of a national scope.

STRUCTURE>> SETTLEMENT The administration of the settlement and clearing of securities traded on Spanish stock markets is the responsibility of a specific company. equities issuers also use these bourses as primary markets for their share issues or rights issues. . Settlement of MEFF operations is managed by the governing body of this market. IBERCLEAR. Finally. MEFF manages trading in options and futures on the IBEX-35. STRUCTURE>>MARKETS>> DERIVATIVES These markets are organised by MEFF (Mercado Español de FuturosFinancieros). we would mention the Sociedad de Bolsas. In practice. STRUCTURE>>MARKETS>> PUBLIC DEBT Securities traded on this market comprise bonds and T-bills and debt issued by other Public Administrations and Entities. The Bank of Spain is the governing body of this market. These securities are also traded simultaneously on the Stock Markets which have a specific regime for this purpose. the exercising of disciplinary powers over these and other functions. which is owned by the four Spanish stock markets and which is responsible for technical management of the Spanish Stock Market Interconnection System (Sistema de InterconexiónBursátilEspañol. Bilbao. IBERCLEAR is responsible for maintaining the book-entry registry of listed securities. Each bourse¶s organisation and modus operandi depends on its Governing Body. SIBE). on interest rates and bonds and on individual equities. The Bank of Spain¶s Public Debt market is directly supervised by the Bank of Spain itself. the resultant merger between SCLV and CADE (effective from April 2003). Barcelona and Valencia) are official secondary markets which carry out exclusive trading in shares and convertible shares or which grant acquisition or subscription rights. STRUCTURE>> SUPERVISION The Spanish Stock Exchange Commission (La ComisiónNacional del Mercado de Valores) Spanish Securities Market Law entrusts the Spanish Stock Exchange Commission with the supervision and inspection of the securities markets and of the activity of all physical and legal persons involved therewith.STRUCTURE>>MARKETS>> STOCK MARKETS The Spanish stock markets (Madrid.

an international organization comprising representatives of banks. and Latibex All securities brokerage firms and agencies and banks and savings banks that so desire can become participants of IBERCLEAR. two trading systems coexist in the Madrid stock market: traditional open outcry trading and the electronic Spanish Stock Market Interconnection system or SIBE (Sistema de InterconexiónBursátilEspañol). who in 1989 drew up standards to be met by settlement systems aimed at reducing risk and improving efficiency. the AIAF Fixed Income Market. The following graph shows the current general procedure for the settlement cycle at D+3 (three trading days from the trading date). MARKET MEMBER INSTITUTION STOCK EXCHANGE IBERCLEAR IBERCLEAR IBERCLEAR IBERCLEAR / BANCO ESPAÑA IBERCLEAR The Spanish Stock Market Structure Trading Systems Settlement System TRADING SYSTEMS SIBE OPEN OUTCRY At present. CONCEPT BREAKDOWN: Definitive identification of the final owner and the settlement entry CONFIRMATION: Acceptance or rejection of transactions by the settlement entry STOCK IDENTIFICATION:Susmission of stocks Registry References to cover sales and checking by IBERCLEAR SETTLEMENT STATEMENTS: Reports to the settlement entities on the stocks and cash to clear SETTLEMENT: Transfer of cash and securities between IBERCLEAR and the participant BUY-IN: Buying of stocks for uncovered sales on behalf of the settlement entity TERM ENTITY MIN. and the Clearing and Settlement of all trades from the Spanish Stock Exchanges. RESPONSIBLE T T T T T+1 T+2 T+3 T+3 T+3 T+5 MARKET MEMBER SETTLEMENT ENT.SETTLEMENT SYSTEM Stock market settlement in Spain is managed by IBERCLEAR. in other words. SETTLEMENT ENT. The technical security provided by this system is complemented by the financial security guaranteed by the financing system to which all the entities which participate in settlement contribute and which covers any possible incidents in the settlement of operations. 100% of securities are book entries. hold in book-entry form. We describe below the main characteristics of both systems. . SETTLEMENT ENT. SETTLEMENT ENT. MAX. the Spanish securities market has had a flexible and efficient settlement system since 1992. brokers and stock markets. IBERCLEAR is the Spanish Central Securities Depository wich is in charge of both the Register of Securities. they are no longer represented by physical securities but by entries in the computerized book entry system run by IBERCLEAR This system meets all the recommendations of the "Group of Thirty". In line with modern trading systems. the Public Debt Market.

in real time. The volatility auctions last 5 minutes and can be caused by static or dynamic range. The same share price for all four exchanges. block trading and special operations. in which each of the four stock exchanges has a stake. These orders are assigned priority on the basis of price and time introduction. If a counterparty exists at a set price. 0. the respective prices are set. In Main Trading. TRADING SYSTEMS>>SIBE>> CONTINUOS SHARE MARKET Computerised share trading began in 1989 and is managed by the Sociedad de Bolsas. SIBE is an order-driven market. 0. it remains on the order book until there is a counterparty. If not. Tick sizes for each stock will be determined by the Trading and Surveillance Commission according to market price and liquidity. in the interest of an efficient price formation process. minimum price variations are 0. warrants and other securities. an equilibrium price between supply and demand.0005 euros. TICKS SIZES Trading is carried out in euros to four decimal places. any price is admitted (expressed in four whole numbers and four decimal places).005. Auctions are periods when orders are introduced. but trades are not executed and the system calculates. 0. Minimum price for a given stock is 0. Latibex and the Exchange Traded Fund segment. fixed income instruments.05. Over the course of continuous trading one or more shares can have volatility auctions .1. with real-time information and immediate dissemination of trading data.01. 0. Tick sizes for each stock will be communicated to the market by means of an Operating Instruction. modified and cancelled. which ensure equal access.01 euros. At the end of the opening and closing auctions. The Supervision Department guarantees operators equal opportunities in access to the market. There are three types of trading: general trading. 0.5. This system allows the four Spanish stock markets to drive their orders through terminals connected to the same mainframe. . 0.TRADING SYSTEMS>> SIBE Shares Fixed Income Warrants SIBE is used for trading in equities. the trade is executed automatically. In Block market and Special Operations trading. 30 minutes for adjusting positions (8:30am to 9am) and 5 minutes for the closing auction (5:30pm to 5:35pm).001. The leading-edge technology used by SIBE and its operational functions enable large trading volumes to be handled efficiently and transparently. All auctions end with a random closing of 30 seconds.0001 y 0. A new trading system was launched in November 1995: SIBE (Sistema de InterconexiónBursátilEspañol) entirely developed by the Bolsa de Madrid. Trading times and operating rules. SIBE operates as follows: y y y y y Continuous trading: eight and a half hours (9am to 5:30pm) for orders and trades (unless there is a volatility auction).

the order or the remaining part stays in the order book until there is a counterparty. 2. If there is no counterparty or the volume is not sufficient. are executed at the best price of the counterparty at the time of introduction.5 million and 40% of the daily average traded over the last completed natural quarter. Operations resulting from the exercise or maturity of futures and options contracts traded on MEFF RV are also introduced. in open market.General trading: This accounted for 61% of the effective daily trading volume in 2008. The price must be within 5% of the closing price or the average weighted price. the order or the part not executed remains as a market order. without another market member being able to get involved. o Best price orders: these orders are introduced without selecting a price limit and. it is partially satisfied and the rest limited to said price. the order is eliminated.Block markets: System of communication of large blocks of shares (9am to 5:30pm). o Market orders: no price limit is specified and. This according to the daily average traded volume of the stock on the latest completed natural year. executing as many prices on the opposite side as are necessary until completed. the best price on the opposite side at the time of introduction.Special operations: trading from 5:40pm to 8pm.000 million and 5% of the daily average over the last completed natural quarter. o Minimum volume: this order. 3. the following amounts. in all these operations the seller introduces his part of the operation and the buyer confirms it.. The effective volume has to be more than ¼1. y y By price: o Limited orders: hese are buying or selling orders introduced with a price limit.. when entering the market. Fixing: this is for less liquid shares within SIBE. must execute a minimum . best price): o Execute or kill: the order is immediately executed as much as possible and the system rejects the rest of the volume. Authorised special operations: they have to be approved by the Trading and Control Committee. The buyer orders have to be executed at this price or one lower on the opposite side of the order book. As a general rule. If there is not a sufficient volume to meet the order at best price. By Conditions of the orders (limited.000 and 20% of the daily average traded over the last completed natural quarter. Depending on the effective volume and price they can be: y y Special operations communicated: effective volume of more than ¼300. with two types. It is for the trading of blocks of shares with previously agreed counterparties. The most liquid shares use this system Latibex: trading from 11:30am to 5:30pm for Latin American shares that trade on SIBE. If there is no price on the opposite side of the market. These orders do not have volatility auctions. Types of orders that can be introduced into general trading.. an order is executed immediately if there is a counterparty at this price or better. The minimum traded volume of the operation must be at least. There are the following ways to trade: y y y General: trading from 9am to 5:30pm. Communications adapted to MiFID requirements on July 2008: y y Blocks on agreed terms: this is used for communicating operations with a 1% rise or decline over the average purchase-sale price. in open market. market. Blocks with parameters: this is used for communicating operations with a price variation of 15% on the reference price ( and a trading volume of more than ¼ 500. If it is not traded or is partially traded. Purchases and sales are grouped together at two moments of the trading session (12am and 4pm) in order to reduce volatility and achieve price efficiency. In open market. Selling orders are executed at the price limit or at a higher price than on the other side of the order book.1.

For 90 days. except the direction (purchase and sale) and the shares to be traded. The dynamic price is the price set at the last trade. These ranges are public and periodically updated. Static and dynamic ranges are calculated with the most recent historic volatility of shares. the auction is ended and shares are assigned (crossing of operations at the equilibrium price calculated in the auction). it is rejected. o With hidden volume: when an order is introduced a volume can be assigned which the rest of the market does not see and which gradually emerges as the visible part is traded.com TRADING SYSTEMS>>SIBE>> THE FIXED INCOME MARKET Trading of fixed income securities on the stock exchange is carried out through an electronic trading system. Volatility auctions can occur because of a break in the static range or the dynamic range.y specified amount. taking into account the specific features of each share on the basis of its most recent performance. y Cancellations: The pending part of an order or group of orders can be cancelled. The electronic fixed-income market trades fixed-income securities listed on the Spanish stock exchanges and . adjusting to the new features that each share acquires. y Duration of orders: When an order is introduced its duration can be decided: o o o For the session under way. If this is not done. The length of volatility auctions on SIBE is 5 minutes plus a random closing of 30 seconds during which at any time. They are unique by share. Changes: o All the figures of an order introduced but not traded can be changed. All or nothing: this order must be fully executed at the time of introduction or rejected before trading. The static price is the price set at the last auction (assignment price). Volatility actions and static and dynamic ranges are the instruments used to manage price variation allowed for SIBE securities. More information at www. A price change and increases in volume produce a loss of priority of the order. The dynamic ranges define the maximum variation allowed (symmetric) with regard to the dynamic price and are expressed in percentage. The static ranges define the maximum variation allowed (symmetric) with regard to the static price and are expressed in percentage. and without prior warning. Until a certain date. It is special type of order with a minimum volume that coincides with the whole order.sbolsas. Management of price.

and stays there until it is traded or cancelled. Multilateral trading These are operations which are the result of the crossing of different buy and sell orders introduced by market members. Members of the four Spanish stock exchanges (brokers. dealers and financial entities) and entities adhered via stock market members can use this system. Trading is anonymous. therefore the identity of the market memberswho are trading and placing the orders is not known and the buy and sell orders are shown as well as the turn over. The system provides operators with the necessary resources for managing their orders. Trading procedures Fixed income securities are traded through an electronic trading system fully developed by the Bolsa de Madrid. With restrictions : o All or nothing : the order is executed if there is a counterparty for the whole amount when it is introduced. volumes and historic prices. otherwise it is killed. Ex-coupon price: prices are expressed with out the accrued interest. enabling them to make consultations and maintenance functions. Orders are placed in the market on the basis of price and order of introduction. The electronic trading system has two forms of trading: y y Multilateral trading. Trading is conducted in nominal euros. If there is not a sufficient counterparty to complete the minimum initially required. Trading is done continuously and electronically in real time. The minimum price variation allowed is 0.001%.book-entry public debt. etc. and the market is anonymous in orders and in trades. If at least the minimum amount is executed the order remains in the . Prices of issues traded in the fixed-income and public debt system are expressed in percentage terms of the nominal price with three decimal points. and based on the continuous market with real-time trading and dissemination of information. flow of coupons and redemptions. Trading is automatic and on the basis of these criteria. The continuous trading hours are from 8:30am to 4:30pm. Limited orders are executed with the following conditions : y y Without restrictions :the order is executed immediately if there is a counterparty at this price or better. the order is killed. rate of return calculation (IIR). o Minimum volume : the order comes with a stipulation indicated when introduced that at least a minimum amount is traded. All orders are limited ones to be executed at the price limit set or best price. except issues at a discount that are expressed in yield terms with three decimal points (365 days). It also provides information and tools on the products traded in the system: features of the securities. If there is not or it is not sufficient. With coupon price: prices are expressed with the accrued interest. Bilateral trading. the order or the rest of it is placed in the market by price and time of introduction.

TRADING SYSTEMS>>SIBE>> WARRANTS MARKET A warrant is a right enabling the holder to acquire marketable securities (mainly. paper. etc). Execute or kill : the order is executed for the amount of the counterparty when it is introduced. annulling the rest The orders can be introduced with the following validity: y y y Day validity : The order is only valid for the trading session underway. At the end of the trading session on that date the order or the part not traded is automatically cancelled. The reference price is the closing price. There are two bilateral trading types: . Applications These are only for fixed-income securities and when a market member introduces into the system an already matched operation in which the member is involved in the buy and sell. The amount must be more than ¼150.000 and for book-entry public debt there is no limit in agreed operations.000. The price is considered as not official. Regulation of price swings The price of an issue.Applications Operations at agreed price These operations in which two market members previously agree an operation and introduce it. already closed.o market until the rest is executed. 30-day validity: The order or the part not traded is automatically cancelled after 30 days. In exceptional cases. Regulation of price fluctuations Closing price The closing price is that of the last operation in each trading session in multilateral trading. Valid until a date : a date within the next 30 days can be selected. for the purposes of disseminating it in the market and incorporating it to settlement procedures. whatever the form of trading. into the system for it to be disseminated to the market and its incorporation into settlement procedures.Operations at agreed price . cannot increase or decline more than 10% over the closing price of the last day it was traded. for securities that trade by return (bills. For fixed-income securities operations the amount must be more than ¼150. although not exclusively. The price is considered as not official. . Bilateral trading Trading form that allows the communication of previously agreed operations which are disseminated and settlement through the same systems as the rest of the operations. this rule is not applied.

the exchange provides the different trading segments of the market with a more modern trading environment for any type of company. The initiative is intended to boost the shares¶ liquidity. Other securities similar to warrants are also traded on this market. The reference price is not monitored. . at 12:00 hrs and at 16:00 hrs. with the aim of contributing to the achievement of a more efficient price discovery for these stocks. whether retail or institutional. while at the same time offering all investors. the prices will be fixed twice during trading session. whether large or small. transparency and accessibility. Trading on the new electronic pit take place from 8:30 to 16:00 hrs from Monday to Friday in Fixing format. Warrants may be traded on the blocks market (minimum volume: 150 warrants). Warrant trading has the following characteristics: y y y y Prices are quoted in units (the number of warrants to be traded) and in euros per warrant. at a fixed price and for a fixed period and at the same time is a marketable security in its own right. the chance to trade with greater transparency. TRADING SYSTEMS>> OPEN OUTCRY The Spanish Stock Exchange has decided to transfer the shares that are traded in open outcry pits to an electronic trading pit environment. There are no limits to the amount of agreed applications and prices. that is. With this initiative.shares).