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Market Passport

Market information

Supporting you

Key market information

  • Local currency icon
    Local currency

    Euro
    (EUR)

  • 2017 GDP icon
    2017 GDP

    USD
    1,314bn

  • Time zone icon
    Time zone

    GMT
    +1 hour

  • Numbering system icon
    Numbering
    system

    ISIN

  • Stock exchange index icon
    Main stock
    exchange index

    IBEX

Key market figures

Market capitalisation USD 889bn
Number of listed companies 3,136
2017 value of share trading USD 730bn
Number of ETFs listed 8
2017 value of bonds trading USD 7,228bn
Number of bonds listed 2,390
Number of futures contracts traded in 2017 12.02m
Number of options contracts traded in 2017 20.32m

Local market infrastructures

Equities Bonds Derivatives
Main trading venues Bolsas de Valores (Madrid, Barcelona, Bilbao, Valencia). MAB (for SICAVs, SOCIMIs). Latibex (Latin-American companies) Public Debt market, AIAF, SEND, SENAF, MARF and Bolsas de Valores (Madrid, Barcelona, Bilbao, Valencia) MEFF
Main clearing venue BME Clearing BME Clearing BME Clearing
Settlement and custody T2S/Iberclear T2S/Iberclear n/a
Cash leg T2S/Central bank money € T2S/Central bank money € n/a

Local market authorities and regulators

  • The Bank of Spain is the Central Bank, the supervisor of the Spanish banking system and of the public debt market
  • CNMV (Comisión Nacional del Mercado de Valores) supervises the corporate debt markets, stock exchanges and derivatives, market infrastructures (CSD, CCPs) and their participants

Market practices (ALL TIMES ARE LOCAL)

SECURITIES
Settlement cycles
Equities T+2
Bonds T+2
Cash T+0
Cut-off times
Equities & Bonds 4.00pm DVP/6.00pm FoP
Cash: net payment systems (local and cross-border) 3.30pm
Cash: T2 payments 5.00pm
Omnibus account/securities No
Omnibus account/cash Yes
Pre-matching Yes
Irrevocable pre-matching No
Short selling No
Cash settlement/DVP Yes
Securities lending Yes
Foreign ownership limits Yes
Derivatives
Settlement Cash and physical
Trading cut-off 5.35pm
Clearing cut-off Depends on individual products
Tradable currencies EUR
Account structure members Segregated
Account structure non-members Segregated and omnibus
Give-up Yes
Give-up cut-off No limit
Adjustable ITM (In The Money minimum) No
Intra-day margin call Yes
Risk algorithm MEFFCOM2
Tolerance limits

The TARGET2-Securities (T2S) tolerance limits are applicable in Spain:

  • Up to EUR 100,000 trade value: EUR 2.00
  • Over EUR 100,000 trade value: EUR 25.00
Examples of market penalties

In 2016 with the introduction of a local CCP in Spain, market penalties were moved from the settlement level (Iberclear) to the clearing level (BME Clearing). A clearing member failing to deliver to the CCP is penalised at a fixed rate of EUR 20, plus a variable fee of 0.9 basis points, both per day failed.

Buy-in practice

Buy-ins are applied on International Settlement Date (ISD)+4 when a party fails to deliver to the CCP. The failing party is penalised a fixed fee of EUR 1,000, plus 10 basis points of the value of the failed trade. In addition, the failed seller has to pay any negative difference between the price of the original sale and the price of the buy-in.

If no buy-in is possible, a cash compensation takes place on ISD+5 with a 20% penalty applied.

BNP Paribas customers benefit from free access to more detailed market information on our NeoLink webportal. Click here to access the Market Profiles or contact your relationship manager.

Supporting you

BNP Paribas Securities Services in Spain

We are a leading provider of clearing, settlement, custody and depositary services in the Spanish market, serving over 250 clients including ICSDs.

Our main services

Core

We offer local clearing and custody to domestic and foreign institutions. Our core services include settlement, on‑exchange clearing, safekeeping, corporate actions, proxy services, cash and collateral management.

Market-specific

  • As a General Clearing Member (GCM), complete clearing services for trading and non-trading participants via the Spanish give-up process
  • All settlement models, including the new market-specific Special Financial Intermediary model (SFI), the account operator services and the different cash T2S options: client Dedicated Cash Account (DCA) vs. BNP DCA
  • Custody+ to facilitate the management of final investor accounts by our clients, offering features that cannot be provided at an omnibus level
  • Global custody access point
  • Fund administration and middle-office services for asset managers
  • Corporate trust services for issuers

What makes us different

  • Spanish Registration Application (SRA) service simplifying the client registration process. It has recently been complemented with other services to manage Post‑trading Interface (PTI) communication and other Spanish peculiarities
  • Automatic enrichment of client instructions to fulfil Spanish transactions
  • Close relationship with AMI-SECO, BME Clearing, Iberclear and other market infrastructures and regulators to contribute to, and anticipate, market changes

Selected market recognition

  • Global Custodian Agent Banks in Major Markets Survey (2017): ranked first, maintaining our leading position in all three categories: Global Outperformer, Market Outperformer and Category Outperformer
  • BME Clearing GCM: since 2016, ranked first in terms of equity executions cleared and margins posted

A sound partner

We have been operating in Spain for close to 40 years, offering full settlement and custody services for all Spanish securities. We have offered global custody services to local Spanish players since 2001. In 2014, we acquired Banco Popular’s depositary banking business in Spain. This acquisition boosted our depositary banking business reinforcing our local expertise.

Contact

For more information, please contact your relationship manager or
Soledad Lecube, Head of Location
Email: soledad.lecube@bnpparibas.com

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