Frequently Asked Questions



  • I want to invest in investment funds through BME. Where do I start?

    The best way is to approach a market member broker (see list on the website), because they have direct access to stock exchange investment.

    First, you need to open a securities account, which is similar to a current account. The only difference is that instead of containing money it contains investment fund units, shares and other securities.

    Every securities account is linked to a current account, which is where the money must be when you place a subscription order, and where the proceeds of redeeming an investment fund are deposited.

    Most brokers offer accounts that you can manage over the Internet. You can also place orders through other brokers who are not members of the stock exchange, but they will always channel those orders through a member.


  • Who are market members?

    Membership of the investment fund trading segment is open to entities that have the legal form of securities brokerages, securities houses or banks, and which are also members of Mercado Alternativo Bursátil (MAB, Spain's alternative stock exchange).


  • How can I subscribe for or redeem an investment fund?

    Subscription and redemption orders are made in cash in line with current practice in the investment fund market. Securities need not be traded in whole numbers and orders stating decimals are allowed.

    Trades are denominated in euros.

    Incoming orders build up an order book on a "first in" basis, and subscription orders are then matched to redemption orders.


  • Can I switch funds on the platform?

    The platform supports switching between funds. A new type of order called "funds transfer" has been created whereby an investor redeems one investment fund and uses the proceeds to subscribe for units in another fund.


  • Which are the trading hours for the investment funds segment?

    Orders must be notified from 9:00 to 16:00 on a trading day, and account must be taken of the cut-off time for each fund. After an order is entered, the management firm must report the net asset value within the deadline set for each fund. After this, trades are matched at a price equal to the reported net asset value.

    Depending on whether the position was entered before or after the cut-off for the given fund, the net asset value applied is the one for the current trading day or the following trading day. Before the cut-off, an order can be modified or cancelled.


  • What is the cut-off time?

    The cut-off is the time set by the management firm for each listed fund after which any later order is saved by the platform for processing on the following trading day.


  • Should I enter orders in cash or in number of units?

    In line with usual practice in investment fund trading, the funds trading segment takes order entries on a cash basis. Positions can be expressed to up to 6 integer places and 6 decimal places. If the position refers to a full redemption or transfer, it must be entered in terms of the number of units; again, to up to 6 integer places and 6 decimal places.


  • What types of order are there?

    The following order types are available:

    • Subscription order: cash purchase of units, expressed to a maximum of 6 integer places and 6 decimal places.

    • Redemption order: sale of units; expressed in cash if the redemption is partial, in units if the redemption is for the full holding.

    • Transfer order: Transfer positions are allowed, both in full (by number of units) and in part (in cash).

    • Mixed transfer order: Transfers are allowed if only one of the funds involved is on the platform.


  • How are trades executed on the market?

    Orders received are sent to the management company for validation. Orders received after the cut-off for a fund are saved by the platform for processing on the following trading day. Outstanding orders yet to be validated by the management company may be cancelled or modified by the party placing the order. Incoming orders build up an order book on a "first in" basis, and subscription orders are then matched to redemption orders at a price equal to the net asset value notified by the management company. Trades are denominated in euros.


  • How are trades settled?

    Fund subscription, redemption and transfer transactions on the platform are settled without the involvement of the central counterparty; instead, they are settled directly through Iberclear.


  • How is market information reported?

    The fund trading segment, as part of the Smart platform, is based on a specialised reporting system that provides detailed information on market events in real time, covering both the order book and trades as they happen. The system is designed to ensure market transparency.

    In addition, the website provides detailed information on funds admitted to trading in the segment.


  • What does it cost to invest in investment funds through BME?

    Any transaction executed on the Spanish market carries a range of costs and fees that must be clearly specified in the management or deposit contract which the client signs when opening the securities account.

    Trading costs: Trading costs on the Spanish market are among the lowest in the world for investors. Market members usually charge their individual clients 0.25% to 0.35% of the cash amount for each trade. Fees tend to be even lower for brokers offering online services. A minimum amount per trade is often included.  If an investor trades on the market through his or her usual bank, the bank will charge a similar brokerage fee.

    Pursuant to prevailing legislation, all intermediaries must publish their fees and report them to the CNMV. This way, investors are aware from the outset of what fees they will be charged for investing in investment funds.

    Stock exchange fees: Stock exchange fees are set annually by the stock exchange governing body and Iberclear. In both cases, the amount is proportional to the cash amount of each trade. Stock exchange fees are calculated on the basis of the cash amount of the trade, and a fee of €1.10 is applied for transactions under €300, rising to €13.40 for transactions over €140,000.

    Securities custody or management fees: The custody fee is usually around 0.25% per annum of the nominal value of the securities in custody, although the fee is often charged on a quarterly basis. A minimum fee is frequently included.


  • Where can I get information about investment funds?

    The funds website provides access to all mandatory financial reporting from the management company to the CNMV.


  • Is there a threshold amount for signing up to an investment fund?

    The minimum amount is set out in the terms and conditions of the fund listed on BME.


  • Can I use any bank or broker I want?

    Yes, but stock exchange member entities specialise in brokerage and have direct access to the market.


  • Can I trade in investment funds through BME without a broker?

    No. Fund subscriptions, redemptions and transfers are only available through brokers.


  • Do all brokers charge the same fees?

    No. In Spain, brokers are free to set their own fees, which accordingly differ from one broker to another. They may also differ on the basis of the services offered. All brokers must inform investors of their official fees and rates.


  • I live abroad. How can I subscribe for investment fund units on the Spanish stock exchange?

    At present there is no special requirement or procedure to be completed before subscribing for investment fund units on the Spanish stock exchange from anywhere in the world. All international brokers have access to the Spanish stock exchange. Contact your usual broker.


  • Where do I get historic prices?

    For historic data, please contact BME Market Data by writing to, or visit