FUNDS
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Overview

BME Fondos is the new investment fund segment which Bolsas y Mercados Españoles is making available to investors and management firms.

Investors can buy, sell and transfer investment funds registered with the platform using the same stock exchange circuit as for other products such as shares. Spanish and foreign management firms alike can have any kind of investment fund listed provided it is registered with the Comisión Nacional del Mercado de Valores, or CNMV, Spain's securities market regulator.


HOW THE MARKET WORKS

  • Trading in funds

Subscription and redemption orders are made in cash in line with current practice in the investment fund market. Securities need not be traded in whole numbers and orders stating decimals are allowed.

Trades are denominated in euros.

Orders received after the cut-off for a fund are saved by the platform for processing on the following trading day.

After an order is entered, the management firm must report the net asset value within the deadline set for each fund. After this, trades are matched at a price equal to the reported net asset value.

Depending on whether the position was entered before or after the cut-off for the given fund, the net asset value applied is the one for the current trading day or the following trading day.

Before the cut-off, an order can be modified or cancelled.

  • Types of order

The following order types are available:

• Subscription order: cash purchase of units, expressed to a maximum of 6 integer places and 6 decimal places.

• Redemption order: sale of units; expressed in cash if the redemption is partial, in units if the redemption is for the   full holding.

• Transfer order: Transfer positions are allowed, both in full (by number of units) and in part (in cash).

• Mixed transfer order: Transfers are allowed if only one of the funds involved is on the platform.

 

  • Timetable

Orders must be notified from 9:00 to 16:00 on a trading day, and account must be taken of the cut-off time for each fund.

 

 

 

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