SEND

SEND was set up by BME through its AIAF Market on 10 May 2010 to improve transparency and liquidity in the Spanish Debt Market.

With its creation, the Spanish Fixed Income market has kept one step ahead of the potential new regulation governing fixed income and provides its members with a valuable tool with which to execute their trades meeting the best-execution requirement.

It helps protecting retail investors, who will be able to buy and sell easily in a direct and transparent manner as if they were physically at the stock exchange while affording them greater freedom and independence.

SEND is a benchmark in providing retail investors with information on fixed income prices at a time when private saving is on the increase. This potential encourages issuers to launch issues aimed at these retail savers.

The trading system can be used for multilateral, request for quote or bilateral orders, with spot and forward trading permitted. 

Private investors can directly purchase any type of asset issued by the Treasury using the SEND platform: treasury bills, government bonds and STRIPS.

The platform may be used by both: investors holding public debt securities acquired at the primary market and by investors trading directly on the secondary market.

For public debt trades, SEND platform functions in a similar way to the stock market and offers a transparent market model in which all positions are listed in an orderbook, with price time priority that provides greater transparency.

Private investors report their transactions to SEND participating entities, which transmit them to the platform’s single, centralised order book.

The design of the platform and the fact it allows Participating Entities to route their client’s orders directly to the book, complies with “best execution” practices as defined in the Spanish Securities Market regulations and EU directives.

The design of the platform and the fact it allows Participating Entities to route their client’s orders directly to the book, complies with “best execution” practices as defined in the Spanish Securities Market regulations and EU directives.

AIAF, the regulated market for public and corporate debt, and MARF, the self-regulated fixed income market for small and medium-sized companies, are both integrated into the SEND platform. This integration enhances electronic fixed income trading and anticipates future regulatory developments and requirements for fixed income assets.

With the objective reference for fixed income asset prices offered by SEND, investors have access to more information, disclosed directly through various channels.

Debt securities which can be traded on SEND include commercial papers, bonds, structured notes, preference shares, convertible bonds, covered bonds and securitizations.