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MTF Equity Funds

MTF Equity Funds

What is BME Fondos?

BME Fondos is the new investment fund segment which Bolsas y Mercados Españoles is making available to investors and management firms.

Investors can buy, sell and transfer investment funds registered with the platform using the same stock exchange circuit as for other products such as shares. Spanish and foreign management firms alike can have any kind of investment fund listed provided it is registered with the Comisión Nacional del Mercado de Valores, or CNMV, Spain's securities market regulator.

How the Market Works

Trading in Funds

Subscription and redemption orders are made in cash in line with current practice in the investment fund market. Securities need not be traded in whole numbers and orders stating decimals are allowed.

Trades are denominated in euros.

Orders received after the cut-off for a fund are saved by the platform for processing on the following trading day.

After an order is entered, the management firm must report the net asset value within the deadline set for each fund. After this, trades are matched at a price equal to the reported net asset value.

Depending on whether the position was entered before or after the cut-off for the given fund, the net asset value applied is the one for the current trading day or the following trading day.

Before the cut-off, an order can be modified or cancelled.

Contact

To obtain the technical documentation, please contact our funds team.  

Contact us

Types of Order

  • Subscription order: cash purchase of units, expressed to a maximum of 6 integer places and 6 decimal places.

  • Redemption order: sale of units; expressed in cash if the redemption is partial, in units if the redemption is for the full holding.

  • Transfer order: Transfer positions are allowed, both in full (by number of units) and in part (in cash).

  • Mixed transfer order: Transfers are allowed if only one of the funds involved is on the platform.

Timetable

Orders must be notified from 9:00 to 16:00 on a trading day, and account must be taken of the cut-off time for each fund.

Market Model

Download

How to be a member

PoMembership is open to entities that have the legal form of securities brokerages, securities houses or banks, and which are also members of BME MTF Equity

BME Fondos members, which are current members of BME ETF Equity (securities brokerages, securities houses and banks), notify subscription, redemption and transfer orders on behalf of clients and disclose beneficial owners to the BME trading platform.

Market members are subject to supervision, inspection and control by the CNMV (Comisión Nacional del Mercado de Valores, Spain's securities market regulator) in all matters relating to their operation in securities markets. The CNMV is an entity under public law having its own legal personality. Its main objects are the regulation, supervision and inspection of the securities market and of the activities of all natural and legal persons involved in it.

Access to Platform

The exchange of information between the funds segment and the management company is given effect using the single format and the SFTP communication mode.

The management company must carry out the following functions:

  • Validate the subscription, redemption and transfer positions processed through the segment.

  • Notify the net asset value of the fund and, for redemption orders, the net amount (after any applicable tax withholdings and subscription or redemption fees).

  • Specify the cutoff times for each admitted fund.

  • Issue or redeem units as applicable, based on validated subscriptions and redemptions.

To obtain the technical documentation, please write to BME at: fondosbme@grupobme.es

Listing a fund - Admission process

Fund Admission Requirements

Funds must meet the following requirements to be admitted to the BME fund segment:

  • Funds registered with CNMV

  • Spanish or international funds denominated in euros

  • Funds in the form of book entries and registered with IBERCLEAR

  • Newly created  are admissible

At first, investment funds admitted to this segment will be tradable only through the segment. Management companies will be able to create funds and classes of funds that satisfy the conditions referred to above.

Admission Procedure

  • Application for admission. The management company applies for admission of the funds to the fund trading segment.

  • Documentation to be submitted:

    For the admission process the management company must submit the following documentation, listed here for illustrative purposes and without limitation: 

    • Prospectus filed with CNMV.

    • Statement of the management company and the counterparty member whereby the former appoints the latter, and the latter accepts, to intervene in all orders on behalf the management company.

    • A completed form identifying the investment fund for which admission to the platform is requested, containing detailed information on the management company and on each fund for which admission is requested.

  • The management company (S.G.I.I.C) must sign an agreement with a counterparty member that is a market member to cover unmatched redemption, subscription and total transfer positions. This entity must be MAB market member.

    Circular 2/2017: Requisitos y procedimiento aplicables a la Incorporación y exclusión en el Mercado Alternativo Bursátil de participaciones de fondos de inversión y su régimen de información.

Management Firms List

Management firms list
​Buy & Hold​
​Fonditel​
​Gesiuris ​
​Gestifonsa​
​Magallanes​
​Merchbanc ​
​Solventis​
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