Most intermediaries operating on the Spanish Stock Exchange are members of the Mercado Alternativo Bursátil or MaB. If your usual intermediary is not a member, he will channel your orders through one.
Entities seeking to become a member of MaB should submit a formal application in that regard to the Stock Exchange and should be a participating entity in the Iberclear securities' registration, clearing and settlement systems or should formulate an agreement with an Iberclear participating entity. For their part, Management Companies for Collective Investment Institutions (Sociedades Gestoras de Instituciones de Inversión Colectiva or SGIIC) and self-managed SICAVS, referred to as "Participating Entities", may operate directly in the market to trade securities of the SICAV under their management at book value and provide liquidity for them, without needing to designate another intermediary for that purpose.
Each participating entity must pay an admission fee of €30,000 to the MaB.
This fee is a mandatory requirement before participating entities may start trading on MaB; it is a one-off, irretrievable charge which does not convey any right of reimbursement, of any kind, in the event that the entity is subsequently discharged as a participating entity, regardless of the reason for such discharge.
What is MaB
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