SpainAtMid is a non-displayed order book that allows executing trades at the mid-point of the spread in Spanish stocks listed on BME. This functionality is available exclusively for stocks in continuous market, where BME is the main market in terms of liquidity, and allows transactions to be executed confidentially and efficiently during the open market phase.
SpainAtMid Features
SpainAtMid allows you to trade on a non-displayed order book, ensuring that your transactions are carried out discreetly and without revealing strategic details. SpainAtMid contributes to maintaining operational control by minimizing market impact.
With SpainAtMid you can optimize your operations with orders at the mid-point of the spread: buy or sell shares at a fair price among the best offers of the continuous market, guaranteeing efficiency and balance in each transaction.
The SpainAtMid functionality is available for all those stocks that trade in the continuous market segment.
Trading on SpainAtMid will be possible during the open market phase, from 9:00 a.m. to 17:30 p.m.
Instituto BME
How Is the Price Calculated in Spainatmid?
Discover in this video how to maximize your trading with SpainAtMid through case studies explained by Instituto BME experts.
How to Get the Most out of Spainatmid
To maximize the benefits of SpainAtMid, there are two types of orders available:
- Direct orders
- SWEEP
Seamless and Efficient Execution
Orders are only sent to SpainAtMid for execution at the midpoint of the spread, where they will remain until executed or cancelled.
Orders can be limit orders or market orders. In addition, they have different terms: they can be daily, which automatically expires at the end of the day if not executed; Immediate-or-Cancel (IOC), which requires immediate execution or cancellation if it cannot be filled immediately; or Good-to-Date, which remains active until filled or reaches its expiration date.
“SpainAtMid has been developed to meet the growing demand from our clients for execution on a non-displayed order book for Spanish securities. Thanks to our broad experience in this area in the Swiss market, we believe we are well placed to offer this option in Spain”
Gregor Braun, Head Equities & ETF/ETP Sales, Exchanges, SIX
Getting Started with SpainAtMid
Contact and Access to BME Smart Platform
If you are already a market member, start now and elevate your trading experience with SpainAtMid. Contact us and we will guide you to maximize the benefits of your executions.
If you are not yet a member: learn the steps to follow and the advantages of becoming a BME member.
Frequently asked questions
Pre-transparency in a financial market refers to the availability of information about buy and sell orders before they are executed. This includes details such as the price and volume of orders that are in the market order book.
In markets without pre-trade transparency, such as SpainAtMid, this information is not disclosed prior to the execution of orders, which may offer advantages in terms of confidentiality and reduced market impact.
Orders executed in SAM have their own MIC: DMAD. Orders executed in the market with pre-transparency and without pre-transparency are identified with different codes.
All types of investors can execute their orders on SpainAtMid and benefit from improved execution prices.
In particular, institutional investors looking to access the liquidity of Spanish securities with improved execution, without disclosing information about their trading strategy, are particularly interested in SpainAtMid.
Inter-market latency refers to the time it takes for an order to travel from one market to another and be executed.
As SpainAtMid uses the BME order book as a reference, orders that are entered can be executed with minimal latency between the two order books.