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Trading/ Trading Platform/ SENAFHigh Liquidity for Primary Dealers


High Liquidity for Primary Dealers


SENAF is BME’s electronic trading platform for Spanish Public Debt traded by Primary Dealers. It began operating in 1999 and is currently an MTF (Multilateral Trading Facility). It was adapted to the MiFID II directive in 2018.

SENAF is automatically connected to Iberclear’s clearing and settlement system and Meffclear, the central counterparty.

SENAF is recognized as a Multilateral Trading Facility (MTF) by the National Securities and Exchange Commission following MIFID Directive and the Spanish Securities Market Law. It also has the Spanish Treasury authorization so that the Primary Dealers can fulfill their liquidity commitments through it.

Transaction types

Cash market

  • Sale and purchase transactions. Sale and purchase of bonds, debentures and treasury bills.
  • Switches. Simultaneous purchase/sale of one security and sale/purchase of another security,

Reverse repos

A reverse repo transaction involves two related sales/purchases of bonds, debentures or treasury bills issued by the Spanish Treasury, which are entered into at the same time but with different settlement times.

There are two forms of trading:

  • General market: Paper is sold for a certain amount of time in order to fund the investment or trading portfolio. It is called general as, prior to the transaction, the issue to be delivered is in a pool of eligible assets.
  • Specific market: This entails searching for a specific bond, debenture or Treasury bill with a certain maturity in order to cover possible short positions in the trading portfolio.

SENAF is a blind market. Trading is anonymous, a priori and a posteriori, which guarantees the confidentiality of their Members’ actions in the market.

SENAF MTF Model (Bonds, Obligations, Strips, FRNs and FROBs Segment)

SENAF MFT Model (Sell-Buyback and Treasury Bill Segment)