Company Structure

Background
Spain, with an outstanding government debt of more than 300 billion Euros, is one of the most important debt issuers in Europe. Although the Spanish Benchmark securities have been and are successfully traded on EuroMTS since October 1999, the market participants together with MTS decided to create a domestic market on its own, to respond to the need of trading the whole yield curve in a more efficient and Pan-European manner.

MTS Spain was successfully launched with full support of its participants on May 27th 2002, after the Cabinet of Ministers gave green light to MTS Spain's application to obtain the license of Sistema Organizado de Negociacion (SON). Thanks to this license MTS Spain has attained the status of Secondary Supervised Spanish Market for the trading of the Spanish Public Debt.

The supervised status held by MTS Spain, ensures that official Spanish Primary Dealers; Creadores de Mercado, are able to comply with their market making obligations towards the Treasury when operating in MTS Spain.

Structure
MTS Spain, or MTS ESPAÑA.SON, is the company that operates the supervised electronic market for Spanish government bonds. MTS Spain's main objective is to contribute to the creation of a more liquid and efficient secondary market for the trading of Spanish Public Debt.

Currently, 30 participants are active on MTS Spain, 21 acting as Market Makers 16 of whom are Official Primary Dealers, 8 participants as Price Takers and 1 broker.. The strong presence of Market Makers ensures the liquidity of the system.

In terms of efficiency, MTS Spain is based on an automated clearing process conducted through Iberclear.

In addition, as a Supervised Market, the market activity carried out by participants will be held accountable when monitoring their compliance with the market making obligations established by the Treasury.

The majority of the stake of the Company was acquired by the Primary Dealers, while the rest remains in the hands of MTS SpA, as a minor shareholder.

The Board of Directors elected by the shareholders governs MTS España being responsible for defining the Market Rules and operational instructions.

Downloadable Documents
PDF	Document
	Company brochure
	Overview
	MTS Markets