Multilateral trading facilities (MTFs) in Spain: last figures and description
(Source: Bolsa de Madrid)
Multilateral Trading Facilities (MTFs) are those systems which, operated by an investment firm or a managing entity of an official secondary market, have as their only social goal the managing of the system, that gathers, according to its non-discretionary rules, the various buy and sell interests on financial instruments of various third parties (art 118. Securities Market Law)
Apart from the regulated markets, MTFs operate in Spain, trading both shares that are listed in regulated markets (Stock Exchanges) and Public Debt issues and Corporate Debt issues. Among those named Multilateral Trading Facilities, the following are of relevance:
– The Mercado Alternativo Bursátil (MAB) is designed so that small companies wishing to expand can benefit from the advantages offered by the market: financing, visibility, liquidity, valuations. MAB has a tailor-made regulation and costs and processes specifically designed for the listed companies. The MAB market has different sections or segments for: investment companies with variable capital (SICAVs), real estate investment trusts (SOCIMI) venture capital companies (ECRs), hedge funds (SIL), and small and medium sized companies. This market was established in 2006 with the objective of giving entrance to companies of a smaller size, which otherwise, would not have had the possibility to list on a market of a greater dimension.
– The Alternative Market for Fixed Income (MARF), launched in 2013, is a market mainly designed for institutional investors, and offers fixed income securities of medium sized companies, usually not listed on the stock market.
– The Latibex market, created in 1999, is the only international market solely for Latin American stocks. Securities are traded in euros in the Spanish electronic trading system (SIBE) and listed companies provide the very same information they are providing to the regulatory authority of their country of origin (*).
(*) Source: Bolsa de Madrid.
Bolsas y Mercados Españoles (BME)
Bolsas y Mercados Españoles (BME) is the company that manages the main official secondary markets (regulated markets) in Spain, and other multilateral electronic trading systems. Among the companies integrated in BME Group, the following are of particular relevance: the Madrid, Barcelona, Bilbao and Valencia stock exchanges, the derivatives market, MEFF, the Fixed Income Market, AIAF, the Central Counterparty (CCP), BME Clearing, and the business unit responsible for the registration and settlement of equity and fixed income securities, IBERCLEAR.
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