Source: Bolsas y Mercados Españoles
The Spanish stock market regulator, CNMV, has approved BME's application to create a Reporting System for transaction reporting, as required by the new Stock Market Act.
BME's Reporting System will inform the CNMV of the following trades carried out by those financial firms that apply for the facility:
* trades that take place on markets or systems other than those operated by BME in instruments listed on BME markets.
* trades in instruments listed on other Regulated Markets.
* trades in instruments that are not listed on any Regulated Market or Multilateral Trading Facility (MTF).
The Reporting System's operation includes all instruments published by the CNMV so far and it will be implemented as of November 3rd.
In January Bolsas y Mercados Españoles (BME) offered its members a new service for the management of their transaction reporting to the Spanish stock market regulator for the trades on BME markets. This new service is compliant with the new transaction reporting arrangements set out in Section 59 bis of the Stock Market Act. Over 90% of the Spanish stock market's members use the transaction reporting facility.
This initiative is a new service that BME offers to the financial community following the implementation of MiFID. The Spanish Stock market welcomes the Directive as an outstanding opportunity for creating new products and IT services.