![]() ![]() Warrants, certificates and exchange-traded funds (ETFs) are traded in addition to equities. The market is based on a model functioning with orders, a single electronic ledger and a trade-matching system operating on the basis of price-time priority. Spain's regulated Equity market is managed by the Stock Exchanges and operates on the "SIBE" electronic trading platform fully developed by BME as an interconnection for the country's four Stock Exchanges, which operate as a single market. Spain's regulated markets are known as official secondary markets, as follows: the Stock Exchanges, the public and private Fixed-Income Market ("AIAF") and the Futures and Options Market ("MEFF"). The Markets in Financial Instruments Directive (MiFID) recognises the regulated market as the main benchmark, and determines the need for strict authorisation requirements for regulated markets, as well as the operators and intermediaries. ![]() ![]() The new trading environment is now open to greater competition, where Regulated Markets co-exist alongside other newly created concepts, particularly the Multilateral Trading Facilities (MTFs). Major changes have emerged in the structure and functioning of Europe's securities markets over the last three decades. From the 1993 Investment Services Directive (ISD) to the major reform introduced in 2018, entailing application of MiFID II and the MiFIR Regulation, regulations have been adapted to the complexity of markets, services and financial instruments. The current Spanish regulations on securities markets and financial instruments are chiefly comprised of European regulations which have gradually been transposed into Spanish law. The market's current technical and operating systems and organisation have been able to channel large volumes of investment to make markets more transparent, liquid and efficient. The Spanish securities market has undergone an intense and extensive process of change and growth over the last 30 years. Structure and Organization of Spanish Markets.Appointments and Remuneration Committee. ![]()
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