Market infrastructure - Spain


Institutions and organisation

Bolsas y Mercados Españoles (BME - encompasses the companies that direct and manage the securities markets and systems in Spain. It is the holding company for the Spanish equity, fixed-income and derivatives markets and their clearing and settlement systems. The parent group comprises the Barcelona, Bilbao, Madrid and Valencia stock exchanges, MF Mercados Financieros, Iberclear and BME Consulting.

Stock Exchanges

The four stock exchanges in Spain are all connected to the Spanish Stock Market Interconnection System (SIBE).

AIAF Fixed Income Market

The AIAF Fixed Income Market is an official Market regulated by Law 37/1998 of 16 November and is supervised by the National Securities Market Commission (CNMV).

The securities traded in the AIAF Market are private fixed income securities such as Corporate bonds (notes, mortgage bonds, etc.) issued by Industrial Companies, Banks, Regional Public Administrations (Autonomous Communities), Local Corporations and other Spanish and International Public Issuers, represented either in a dematerialised form or by certificates.

CSD - Iberclear (

Iberclear is the Spanish central securities depository in charge of both the registration of securities held in book-entry form and the clearing and settlement of all trades from the Spanish Stock Exchanges, the public debt market, the AIAF private fixed income market, and Latibex (the Latin American stock exchange that is denominated in EUR). Iberclear is a member of BME.

Iberclear is in charge of two systems (platforms) for clearing and settlement:

  • CADE registers and settles trades for the public debt market, the AIAF Fixed Income Market and the following corporate bonds: ES0282101007, ES0282102005, ES0282103003, ES0282104001, ES0213469580, ES0213469754, ES0015440011.
  • Servicio de Compensación y Liquidación de Valores (SCL) is Iberclear's clearing system on the Spanish Stock Exchanges for listed corporate bonds, equities, rights, warrants and Matador bonds.

CSD - SCL Barna Deuda (

SCL Barna Deuda is the central securities depository and clearing and settlement system for bonds issued by the government of Catalonia.

CSD - SAC Bilbao (

SAC Bilbao is the central securities depository and clearing and settlement system for bonds issued by the Basque government.


MEFFCLEAR acts as Central Counterparty (CCP) for trades in fixed income securities on exchanges, electronic trading systems or OTC between clearing members and/or other investors.

Regulatory structure

The CNMV and the Banco de España together constitute the regulatory bodies for the securities market.

The Spanish Securities Market Law entrusts the CNMV with the supervision and inspection of the securities markets and the activity of all physical and legal persons involved, as well as disciplinary powers over these and other functions.

The Public Debt market is directly supervised by the Bank of Spain.