Admission Of The First Turbo Warrants On Shares On The Spanish Stock Exchange

The Spanish stock exchange will today list the first 20 Turbo Warrants on shares, issued by BNP PARIBAS. These Turbo Warrants are issued on Telefónica, BBVA, Iberdrola and Repsol and they are the first Turbo Warrants on shares listed on the Spanish stock exchange.

Turbo Warrants started trading on the Spanish stock exchange in 2007. These products offer the possibility of bringing forward the expiry date with respect to that set in the terms of the issue. This possibility is linked to the setting of a barrier level, whereby if the price of the underlying asset hits or exceeds the said barrier the expiry date for the Turbo Warrant is brought forward. The main variable that determines the price of a Turbo is the trend followed by the asset to which it is linked and its operation and functioning are simple.

With these Turbos, BNP Paribas rounds up its range of assets listed on the stock exchange, which comprises Turbos on indices, shares, commodities and currencies.

The trading volume reached by the warrants and certificates segment of the Spanish stock exchange in 2009 totalled €1.80 billion and the number of trades was 358,578. The number of warrants listed in 2009 came in at 7,237.