On the first day of trading a limited number of SICAVs will be incorporated into MAB while the rest of SICAVs that file for access to the market will be incorporated gradually.
Bolsas y Mercados Españoles (BME) has promoted the development of MAB to meet the demands of certain shares which, due to their specific features, require special treatment. The market will help SICAVS in the obligation established by the new collective investment regulations to guarantee liquidity for the shares.
Trials on the new system began on February 27th in order to prepare it for the start of operations. Over the last few months BME has increased its contact with the CNMV, 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.
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.
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.
MAB will be extended in future to securities other than SICAVS, which, due to their particular features, require specific treatment too. They are low capitalisation companies whose shares are generally affected by low liquidity problems and low visibility among the investing public, which until now have not considered going public due to the listing requirements and the costs associated.