VCCs

The BME MTF Equity market model for securities issued by VCCs is based on a price-setting mechanism whereby supply and demand meet during auction periods ("fixing") within a distinct trading segment. Prices are determined at 12:00 and 16:00.

Another key feature is the role of the specialist intermediary, who undertakes a commitment to provide liquidity and act as counterparty in accordance with the specific characteristics of each security. The specialist must place bid and ask orders for a minimum amount, with a maximum spread between bid and ask prices relative to the reference price of each security.

The requirements and the admission procedure applicable to securities issued by ECR entities are set out below:

1. Securities issued by ECR entities operating under the ordinary regime, as defined in Law 25/2005 of 24 November, may be admitted to the Market.
2. In order to be admitted to the Market, ECR entities must be previously registered with the CNMV.
3. The Coordination and Admissions Committee of BME MTF Equity will propose the necessary technical procedures so that the Market can obtain the required documentation evidencing registration with the CNMV. Such documentation will include the report and the prospectus, under the terms referred to in Article 9 of Law 25/2005.
4. The ECR or, where applicable, its management company, shall inform Iberclear of the entity responsible for maintaining the Shareholders’ or Unitholders’ Register.
5. The application for admission to the Market may be submitted by the ECR or, where appropriate, by its management company, and must be accompanied by the corresponding communication from a member or participating entity of the Market detailing the terms of its liquidity provision and counterparty commitment in its capacity as market maker for the security. In the application for admission, the ECR, or where applicable its management company, undertakes to submit any relevant information, on a periodic or ad hoc basis, that may affect the trading of its securities and that is applicable under the prevailing general regulations and the rules governing the Market.
6. Once the application has been received, the Market’s Coordination and Admissions Committee will assess whether the securities for which admission is requested meet the applicable requirements and will forward the application to the CNMV.
7. The Coordination and Admissions Committee will submit the Evaluation Report to the Board of Directors together with a proposal for admission.
8. The Board will approve the admission of the securities for trading on the Market, which will be published in the Market Bulletin and notified to the CNMV.