- Antonio Giralt and Jesús González Nieto are appointed Chairman and Vice-Chairman and Managing Director of the market, respectively.
- Antonio Gallego and Manuel Ardanza were appointed members of the Board
Antonio Gallego, Head of Market Development, Bolsa de Valencia and Manuel Ardanza, Deputy-Chief Executive Officer, Bolsa de Bilbao, were appointed to the Board today. The rules and regulations which will govern the market’s functioning were also approved.
Bolsas y Mercados Españoles (BME) has created MAB to meet the demands of certain shares which, due to their specific features, require a special treatment. The market was authorised at the Spanish Cabinet Meeting which took place on 30 December 2005.
Trials on the new system will begin on February 27th in order to prepare it for the start of operations. During the next two weeks BME will increase its contact with stock exchange members and SICAVS’ managers in order to explain the technical specifications that affect the trading, breaking down and settlement of operations on this market.
As of today, the website containing all information on MAB is available at www.bolsasymercados.es/mab. It will show all relevant information on this new market, such as its regulations, its management bodies and its listing requirements.
Antonio Giralt, currently Deputy-Chief Executive Officer, Bolsa de Barcelona, said: “on its first stage the market will help SICAVs in its obligation to guarantee liquidity in its shares through an electronic trading platform and will offer Back Office and information dissemination services”
“Trading on MAB will be carried out on the SIBE platform, in contrast with the current outcry model, which will bring about more dynamism, transparency and liquidity to the market’s participants”, said Jesús González Nieto, Head of Market Development, Bolsa de Madrid.
The whole range of services offered by MAB resolves in large part the administrative and legal complexities involved by the new regulation for these companies. The cost of this service for SICAVS is thus 50% lower than that incurred in the floor trading model.
The new market will have its own logo, which is in keeping with the corporate identity and image of BME.
