Warrants Admissions

The admission process is designed to ensure that only transparent and high-quality products are available to investors. The main requirements include:

• Authorized Issuer: The issuer must be a credit institution or a financial entity with sufficient solvency and experience in issuing securitized derivatives.

• Regulatory Compliance: A Base Prospectus must be previously registered and approved by the CNMV (Spanish National Securities Market Commission). For each specific series, the issuer must file the Final Terms.

• Eligible Underlying Assets: The warrants must be linked to recognized underlyings, such as high-capitalization stocks, major indices, currencies, or commodities that provide reliable and continuous pricing. 

• Liquidity Commitment (Specialist): It is mandatory to appoint a Specialist (Market Maker). This entity is committed to providing bid and ask prices in the market, ensuring that investors can enter or exit positions at any time during the trading session.

• Operational Suitability: The securities must be represented by book entries and be compatible with the technical systems of BME and the settlement infrastructure (Iberclear).

Each warrant admission on BME is formalized through a technical data set that defines the product's operational behavior. The admission document includes the following key fields:

• ISIN Code: The international identifier.

• Product Type (Codification): The specific nature of the instrument is identified by a one-letter code:
  • Underlying Asset (Subyacente): I assume this identifies the specific stock or index (e.g., TEF, IBEX).
  • W: Warrants | T / P: Turbo / Turbo Pro
  • K / H: Bonus / Bonus Cap
  • Y / J: Stay High / Stay Low
  • I: Inline | G: Discount | C: Certificate
  • L: Sprint | Z: Multi | O: Other
  • (C/P): Indicates whether the instrument is a Call or a Put.
  • Issue Size (Tit. Emisión): The total number of units or certificates issued in the series.
  • Exercise Style: A (American): Exercisable at any time until expiration.
  • E (European): Exercisable only on the expiration date.
  • Strike Price: The price at which the underlying right is fixed.
  • Ratio (Parity): The number of units required to represent one unit of the underlying.
  • Expiration Date and the official Admission Date.