Among the listed issues are 5 call warrants and 2 put warrants, all of which work in the same way as American warrants (i.e. they can be exercised at any time, they offer a range of different strike prices and have a one year maturity ).
With the incorporation of these certificates, the number of warrants listed on Bolsa de Madrid amounts to 1,490. The companies and issues that comprise the market are as follows: Banesto, with 90 issues, BBVA with 307, Citibank, with 61, Commerzbank, with 204, SCH, with 318, SGA, with 468 and UBS with 42.
Trading in warrants is keeping a significant growth trend, the number of premiums traded reaching the previous record high of 177.54 million Euros at the end of March.
Since November 2002 both warrants and certificates have been traded on a new specific segment which matches these products' characteristics. The segment relies on the work of specialists, who provide liquidity for the stocks. The trading is carried out electronically on a continuous basis from 9:00 to 17.30 and the data are disseminated in real time.
The new segment has also boosted the market's transparency, liquidity and efficiency for these products. The trading increase posted in the last quarter and particularly in March gives evidence of the growth and expansion this market is reaching this year.
