The “National Commission of Securities Market”.Is an institution under the Ministry of Economy and Competitiveness
Of Spain. The basic function of the CNMV is to monitor the functioning of securities
Markets in Spain, which include:.1. Ensuring transparency of the Spanish market
2. Ensuring the correct formation of prices of the financial instruments,
3. Protecting investors.
The CNMV exercises prudential supervision over the following entities in order to ensure
and the solvency of the system:
• Collective Investment Schemes (instituciones de inversión colectiva), a category
Which includes: investment companies (securities and real estate), investment funds
(securities and real estate) and their management
• Broker-Dealers and Dealers, which are entities engaged primarily in the purchases
And sales of securities.
• Portfolio Management Companies, i.E. Entities
Focusing primarily on managing individuals assets (principally securities).
Primary market is one in which the placement of the primary assets of the issuer to the
Investor takes place in exchange for the funds with which funding is obtained. Therefore,
A financial asset is subject to single trading on the primary market.
Theme 2. Financial markets and securities markets.
In contrast, in the secondary markets the purchasers of the securities buy them from their
Owners and not from the issuer (i.E. From brokers and intermediary agents). In this market
There is no new funding and no transfer of resources into productive investment.
The secondary market performs several functions to support the primary market. A
company, when it decides to issue new financial assets, attends the secondary market,
Which always indicates the price investors are willing to pay to purchase the securities, in
Order to know the appropriate issue price and ensure their placement among them.
Therefore, this serves to establish a "reference price". It also provides liquidity to
Investors owing the assets, which indirectly also provides liquidity to the primary market
Through the divestment opportunity (i.E. Sale of assets) offered
In Spain there are four stock
Located in Madrid
, Bilbao and Valencia. The most important of the four is the
Madrid Stock Exchange. A continuous market also exists which is an electronic system.
Nevertheless, in Spain stock markets are integrated in the institution called BME (Bolsas
Y mercados españoles), meaning “Spanish Stock Markets and Markets”. BME is the
Company that integrates all securities markets in Spain 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. BME is made up of, among others, the Madrid, Barcelona, Bilbao and Valencia
Stock exchanges, the Options and Futures market MEFF, the Fixed Income Market AIAF,
And the business unit responsible for the registration, clearing and settlement of equity
And fixed income securities.There are several:
Madrid Stock Exchange • Barcelona Stock Exchange.
• Bilbao Stock Exchange.
• Valencia Stock Exchange
• Sociedad de Bolsas (Stock Markets Society). SIBE is the technical trading
Platform of the Spanish stock exchange market. Sociedad de Bolsas is the original
Source of the information generated from SIBE and is in charge of its organization and
• MEFF AIAF SENAF Holding de Mercados Financieros, S.A.