Supervision of the secondary market
The CNMV carries on various activities with regard to official Spanish secondary securities markets and multilateral trading facilities.
Spain's official secondary markets in securities (regulated markets ) are:
- The Madrid, Barcelona, Bilbao and Valencia Stock Exchanges. Together, they sustain the Sociedad de Bolsas, which manages the electronic market ("mercado continuo" - SIB).
- The market in government bonds represented by book-entries.
- The futures and options official market (MEFF Exchange).
- The corporate debt and private fixed income official market (AIAF).
The CNMV's actions with respect to these markets seek to ensure transparency and proper price discovery, as well as secure trading.
To that end, by virtue of the powers vested in it by law, it requires that the following be made public through its public registers:
- prior vetting of securities to ensure that they meet the requirements for listing.
- all relevant information about issuers that may affect the market price of their securities.
- financial and business information of institutions with listed securities.
- changes in significant holdings in the capital of companies with listed securities.
- authorisations to make takeover bids.
Additionally, to detect and, in the event, punish irregular conduct in the securities markets and ensure proper price discovery, the CNMV:
- receives information on-line from all the Spanish securities markets that are under its supervision.
- can suspend trading in a given security where there is insufficient information available to the markets.
- analyses and supervises the technology underlying the markets.