Spain

  • Spain

1 Country overview

MTS facilitates a regulated market for the wholesale electronic trading of Spanish government bonds and other types of fixed income securities.

2 Instruments

For a full list of available instruments, click here.

2.1 Minimum lots

For Proposals

Benchmark securities: EUR 5 million for benchmark securities

Liquid securities: EUR 2.5 million for liquid securities

Segregated securities (strips): EUR 1 million for principal only strips / EUR 1 million for coupon only strips

Increments: EUR 0.5 million for all types of securities

For Orders

Minimum order quantity: EUR 1 million for benchmark, liquid and segregated securities

Order increments: EUR 0.5 million for benchmark, liquid and segregated securities

2.2 Quoting obligations for treasury bills market makers

Minimum tradable amounts:

For Proposals

Treasury bills with benchmark reference: EUR 20 million

Treasury bills with non benchmark reference: EUR 10 million

Increments: EUR 0.5 million

For Orders

Minimum order quantity: EUR 1 million for treasury bills

Orders increments: EUR 0.5 million for treasury bills

3 Participants

For a list of participants, click here.

3.1 Requirements

Market makers: institutions that may apply to operate as market makers are official Spanish primary dealers (Creadores de Mercado), and other entities willing to participate under this figure. Market makers will be obliged to commit to:

− Provide two-way proposals for a predefined set of securities (including strips).

− Display proposals for the assigned bonds for a minimum amount of time during the trading.
session

− Respect a minimum volume and maximum bid/offer spread.

− Market making obligations on MTS Spain replicate those established by the Spanish Treasury for its Official Primary Dealers.

Price takers: entities that wish to participate as price takers will not have any quoting obligation to the platform, additionally as opposed to market makers, price takers will not be able to enter two way prices, but only lift or hit prices

4 Market Hours

Cash Market Hours (CET)

Pre-Market: 7:30am – 8:00am

Trading Hours: 8:00am – 5:30pm

Market Closed: 5:30pm

Repo

Market Hours (CET)

Pre-Market: 7:30am – 7:45am

Market Open: 7:45am – 5:15pm

GC allocation window: 5:15pm – 5:30pm

Market Closed: 5:30pm

5 Settlement

Trades on Spanish Government bonds settle at Iberclear. MTS sends an unique Swift settlement instruction on behalf of both participants to Iberclear. MTS participants must hold a securities account at Iberclear either directly or indirectly through a custodian.

LCH.Clearnet SA is available as a Central Counterparty: for CCP transactions MTS sends Swift trade messages on behalf of both participants to LCH.Clearnet SA.

 The settlement cycle is T+2. The settlement calendar follows the TARGET calendar skipping value date only on TARGET non-business days.

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