The Investor Ombudsman Service is available to answer queries, questions or requests for information about stock market trading. On this page, you will find a selection of frequently asked questions to help you quickly get answers to the most common queries.
If you need to submit a specific request, simply complete and send the form provided for that purpose.
Having trouble sending it? We’re here to help: you can contact us at +34 915 89 1184.
Below you will find three thematic blocks with the most frequently asked questions:
A Market Member has direct access to operate in the Spanish stock exchange system on its own behalf or on behalf of clients.
If your bank or broker is not a Member, you can still invest: your entity will manage transactions through a Market Member that provides access to the system (for example, another bank or securities firm).
For the complete list of BME Equity Members, please refer to: Equity Members.
The National Securities Markets Commission (CNMV) is the body responsible for supervising and inspecting the Spanish securities markets and the activity of all those operating in them. You can consult the CNMV website if you have any doubts about an entity: CNMV Website. Furthermore, in order to make it easier for investors to identify entities operating without authorisation, the CNMV's website offers a search engine in the "Warnings to the public" section that allows them to be quickly and directly identified.
To purchase securities, it is necessary to open a securities account and sign a securities custody and administration contract with a financial institution. The financial institution manages the investor's portfolio through this securities account (subscriptions, collection of dividends, etc.). This account shall be associated with the cash inflows and outflows corresponding to the securities transactions carried out by the customer.
The securities custody and administration service can only be performed by authorised entities. The depositary will charge fees for this service. All items for which fees may be charged, as well as their maximum amount, are set out in a fee schedule. These schedules are public and registered with the CNMV.
The fact that the shares are represented in book-entry form implies that the custodian charges fees for the maintenance of the accounting records that represent the ownership of the shares in the book-entry system.
When the company is delisted, there is an option to stop incurring this expense, i.e. not to charge these fees. This is at the client's request, in the case of inactive companies, i.e. those that have not made any entries in the Commercial Register for more than four years. The procedure can be initiated to voluntarily waive the maintenance of the shares in the book-entry system, by requesting this from our custodian and providing proof of this situation with the certificates from the Commercial Register and clearly stating the desire to do so, and thereby obtaining the deregistration of our ownership with Iberclear.
The Financial Transaction Tax (FTT) or Tobin Tax will be levied on the purchase of shares in Spanish companies with a capitalisation of more than 1 billion euros and the tax rate will be 0.2%.
The taxable amount is the amount of the consideration for the taxable transactions, excluding any associated costs or expenses. It will be applied regardless of the place where the acquisition is made and regardless of the residence or place of establishment of the persons or entities involved in the transaction. In other words, anyone who buys Spanish shares affected by this tax will pay the tax whether they are a Spanish, German, English or American investor. The financial intermediary who executes the share purchase transaction will be responsible for collecting the tax from the investor. The companies whose shares are subject to this tax will appear on a list published annually each December.
There are several free resources that allow you to learn about financial markets, understand listed assets and practice investment management:
Online training resources:
Practical tool “My Portfolio” (BME):
Combining training resources with practice in “My Portfolio” helps consolidate learning and does not require actual financial investment.
When a security is no longer listed on the Stock Exchange, it loses liquidity, but you are still a shareholder. If you want to sell them, it has to be through a private sale, meaning that you have to find a buyer, agree with a third party to sell them at the price freely agreed upon or contact the Board of Directors of the Company in case it is interested in acquiring them. To do so, each of the parties will contact their bank, agent or securities firm, indicating the desire to carry out such a transaction, and they will usually take care of everything, charging the corresponding fees. They may even be able to engage them to find such a buyer.
In order to find out the date and price at which shares were purchased, please note that we are unable to provide this information through the Stock Exchange's Investor Protection and Information Office. This information must be requested from the Depositary Entity (the bank where the shares are deposited), or from the member for which it operates in the market (Investment Services Companies (ISFs) as they are obliged to keep the information on the orders and operations of their customers. It is important to bear in mind the temporary nature of this obligation, as they do not have to keep such information indefinitely.
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*Last Trading‐Date: The last trading day on which the security is traded with entitlement to receive the dividend.
*Ex‐Date (Ex-Dividend Date): The date as from which the security is traded on the market without entitlement to receive the dividend.
*Record‐date: The date on which the holders and positions entitled to receive the dividend are determined, in accordance with the applicable settlement cycle.
Transactions pending settlement may be subject to subsequent adjustment.
*Payment Date: The date on which the dividend is paid to the entitled holders.
In accordance with the applicable settlement cycle (D+2) and the rules governing dividend distributions:
Limit order:
You set a maximum price to buy or a minimum price to sell.
The order is fully or partially executed if there is a counterparty at that price or better.
If there is not a sufficient counterparty, the order remains in the order book until one is found.
It can be introduced at auction or on the open market.
Both types of orders do not set a price limit, only the quantity of securities, and are traded at the best available price.
Market order: If it is not completed with the best order on the opposite side, it is executed in successive tranches until completed.
At-best order: If the best price does not have sufficient volume, the unsatisfied party is limited to that price. It will not be “dragged” to other prices.
Yes. If you held the shares at the close of the last trading date, you will retain the right to receive the dividend even if you sell on the ex-date.
Last trading date: the last date on which the shares are traded with dividend rights.
Ex-date: starting from this date, the security is traded without dividend rights.
Record date: the date on which it is determined which holders will receive the dividend, adjusted according to the T+2 settlement period.
Payment date: the day on which the dividend is paid to the holders registered on the record date.
In short: If you sell your shares on the ex-date, you will still receive the dividend. Anyone who buys shares on that day will no longer be entitled to receive the dividend.
The objective of the opening auction is to determine a break-even price that allows the market to open in an orderly and transparent manner. It works as follows:
Prior to the trading session, the market holds an opening auction that starts at 8:30 a.m. and ends at 9:00 a.m., incorporating a random closing of up to thirty seconds to avoid possible manipulation.
During this period, participants can enter, modify and cancel orders, but no trades are executed.
After the auction ends, securities are allocated at the break-even price. The order of execution is as follows:
Limit orders with prices better than the auction price;
Limit orders at the auction price, to the extent possible and in the order they are entered into the System.
Orders that are not executed during this process remain valid in the open market.
The figure of the Investor Ombudsman was created for possible irregularities that may have occurred in the trades carried out on the Madrid, Barcelona, Valencia and Bilbao Stock Exchanges, so if you believe that there has been any irregularity you can make file a complaint with the Investor Ombudsman, attaching the sale order with the data, as well as any relevant documentation and information that you can provide, which will help in investigating what has transpired.
The Investor Information and Protection Service can assist you in matters relating to possible errors or irregularities that may occur in the trading or settlement of stock market investments. This is not an Investment Advice Service, we cannot make personalised recommendations on specific investment products.
1. Verify the intermediary
Before investing, confirm that the entity is registered with the CNMV, the Bank of Spain, or the Directorate-General for Insurance and Pension Funds (Dirección General de Seguros y Fondos de Pensiones).
2. Protect your personal data
Never sign contracts or provide your bank details if you are not sure of the source. Only access links and platforms whose origin you can verify and never share your passwords.
3. Be wary of warning signs
Unsolicited “irresistible” offers;
High returns with no risk;
Messages that attempt to impersonate official bodies (CNMV, Bank of Spain, BME) or international investment banks;
“Free” courses or courses linked to trading funded by profit sharing;
Unique cryptocurrency or AI investment opportunities. Do not invest in something you do not understand, and do not let yourself be pressured.
1. Do not make any further payments or contributions
If you detect suspicious behavior (contact that disappears, excuses for not returning your money, pressure to invest more), stop any transactions and do not provide any more personal or financial information.
2. Report as soon as possible
Report the situation to the CNMV, the police, the Guardia Civil, or the court. The sooner you act, the greater the chances of recovering your investment. You have six months from the time you detect the fraud.
3. Gather all available evidence
Collect contracts, invoices, emails, messages and screenshots that prove the facts. This information will help the authorities in their investigation to trace the perpetrators and prevent further fraud.
Yes, BME has detected emails and messages on the network that misappropriate its name and image.
Please remember that BME never contacts individuals directly to offer investment services, solicit money, or make offers or recommendations of any kind.
If you receive such a message:
Do not reply or provide any personal information.
Do not click on links or download attachments.
Report the situation to BME and the CNMV, as well as to the State Security forces.
Save all messages, emails and screenshots. This information will be key to documenting the complaint and identifying those responsible.
If you need to verify any communication received on behalf of BME, or if you have any doubts or suspicions, please contact us through the official channels: https://www.bolsasymercados.es/en/contact.html
Finally, if you want to be protected, it is recommended that you follow the advice and good practices outlined in the INCIBE Internet User Security Office (http://www.osi.es/).
On 19 May 2025, Commercial Court No. 1 of Barcelona issued Order No. 328/2025 declaring the conclusion of the insolvency proceedings and the extinction of La Seda de Barcelona. Additionally, the Mercantile Registry’s Official Gazette (BORME), published on 1 July 2025, records the registry closure dated 19 June 2025, pursuant to said extinction.
Mercantile Registry’s Official Gazette (BORME), 1 July 2025 (see page 57, Spanish only)
Effects on Securities Held in Book-Entry Form
In Case of Prior Voluntary Deregistration of Book-Entry Positions
On April the 9th, 2025, Iberclear (Sociedad de Gestión de los Sistemas de Registro, Compensación y Liquidación de Valores, S.A. Unipersonal) communicates to all its participant entities trough the Notice 291/2025, the documentation received from Abengoa, S.A. relating to WARRANTS ABENGOA CLASE A & WARRANTS ABENGOA CLASE B (ISIN code ES0605200007 & ES0605200015).
After cheking this documentation, which is attached to this response, the Insolvency Administration of Abengoa S.A announces that the cancellation of rights allocated to Abengoa Warrants determines the redemption of the titles with effect 31,2025.
As a result of their redemption, they will be removed from the Iberclear registry and, therefore, the respective maintenance fees will cease.
