- BME MTF Equity is a multilateral trading system that integrates segments for SICAVs, venture capital entities, SMEs (BME Growth) and funds (BME Funds).
- The market offers a contracting model in euros, with settlement through Iberclear and detailed publication of prices, volume and cash.
- SICAVs and ECRs gain liquidity and transparency by listing in an organized environment, while BME Growth facilitates financing and visibility for SMEs.
- BME Fondos allows you to buy, sell and transfer investment funds using the stock exchange circuit, with orders linked to the net asset value and multiple types of instructions.
The BME MTF Equity Market has become a key component of Spain's capital markets architecture , especially for investment vehicles such as SICAVs, venture capital entities (ECRs), and growing small and medium-sized enterprises (SMEs). It is a multilateral trading facility designed to accommodate instruments with special characteristics, offering an organized environment with clear rules and an infrastructure very similar to that of a traditional stock exchange.
Over the years, this market has incorporated various specialized segments , from SICAVs to investment funds channeled through BME Fondos, and including BME Growth as a platform for growing SMEs. All of this is under the supervision of the CNMV (Spanish National Securities Market Commission) and with a trading, settlement, and registration model that seeks a balance between flexibility and transparency, something fundamental to building trust among both individual and institutional investors.
What is BME MTF Equity and what is its role in the Spanish market?
BME MTF Equity is a multilateral trading facility (MTF) managed by Bolsas y Mercados Españoles (BME) and supervised by the Spanish National Securities Market Commission (CNMV). It is designed for securities and financial instruments that, due to their specific characteristics, require different regulatory and operational treatment than the official stock exchange, while maintaining a high degree of transparency and operational security.
This environment handles trading in securities with a very specific profile : shares of variable capital investment companies (SICAVs), stakes in venture capital entities that can be listed, investment funds channeled through the BME Funds segment, and, above all, shares of small and medium-sized enterprises that are incorporated into the BME Growth segment. All of this is governed by its own set of regulations that define the trading procedures, settlement, and registration of transactions.
One of the major contributions of this market is that it allows certain vehicles, such as venture capital entities , to be listed in an organized environment. This is possible thanks to the legal framework established by Law 25/2005 of November 24, which regulates venture capital entities and their management companies. Listing on an organized market adds liquidity and transparency, and opens the door for this type of asset to reach a wider range of investors.
On an operational level, BME MTF Equity largely replicates the traditional stock exchange model: electronic trading , standardized clearing and settlement processes through Iberclear (usually within D+2), and book-entry trading. This allows both investors and intermediaries to operate within a familiar and reliable infrastructure, but with regulations tailored to the specific characteristics of these instruments.
Venture capital entities segment on BME MTF Equity
The possibility of private equity firms (PEFs) being traded on an organized market represented a significant change in how investment is channeled into unlisted companies. Before Law 25/2005, these types of vehicles had more limited access to secondary liquidity. With the new regulations, the possibility of these firms' shares being listed on BME MTF Equity is now open, making this asset more accessible and widely known.
BME MTF Equity's regulations allow the trading of securities that, by their nature, require specific rules . This category includes equity capital funds (ECFs) that invest both in other ECFs and directly in securities issued by companies that are part of their investment strategy. In many cases, these are small-cap companies, precisely the type of company that aligns with the market's overall focus.
A clear advantage of listing in this environment is that equity capital gains in liquidity and visibility . The existence of prices formed in an organized market makes it easier for investors to enter and exit positions with less friction than in purely private transactions. Furthermore, the information and transparency regime associated with listing makes it simpler for analysts and investors to monitor these vehicles.
The venture capital segment within BME MTF Equity began operating on June 27, 2007. Since then, it has served as a benchmark for other instruments and segments that have been subsequently incorporated, consolidating BME MTF Equity as a diversified environment where different types of assets oriented towards growth and alternative investment coexist.
Another distinctive feature of this segment is the role of the specialist intermediary . This participant undertakes to provide liquidity and counterparties, adapting to the specific characteristics of each security. To do so, they must continuously enter buy and sell orders with a minimum amount and maintain a maximum spread (specify bid/ask spread) between the buy and sell price relative to the reference price of each instrument.
The presence of a specialist has a direct impact on market quality : it reduces intraday volatility, narrows price spreads, and makes it easier for both retail and institutional investors to execute trades. This role is especially relevant when dealing with securities that have a still-small investor base or a limited free float.
Market model: prices, volume, and operational data
The BME MTF Equity market model is based on trading securities denominated in euros . Trading prices are always displayed in this currency, while cash figures published on screens and in market reports are typically expressed in thousands of euros to simplify data reading and analysis.
Regarding activity information, the market publishes the volume and cash traded for each security, taking into account all transactions carried out up to the close of the regular trading session. This allows participants to get a fairly accurate idea of the security's actual liquidity throughout the day.
Furthermore, trading activity extends beyond the main session. Total volume and cash value , including any special transactions agreed upon after the close, are available in the market's historical data. This allows analysts and investors to reconstruct the activity of each security in detail, not only during the main trading session but also in transactions that are settled later.
In its price publications, BME MTF Equity distinguishes between the last quoted price and the closing price. The "Last" figure reflects the price corresponding to the last cross-trade on the market for a given security. The "Closing" price, however, is determined in accordance with Circular 7/2010, section 5.3, using the closing price as a reference, where applicable.
This closing auction mechanism helps establish a robust reference price at the end of the trading session, reducing the impact of one-off orders that could distort the final trade. Furthermore, it serves as a basis for valuations, index calculations, and adjusting trades that use the closing price as a contractual reference.
SICAVs on BME MTF Equity: requirements, trading and operation
Within BME MTF Equity, SICAVs (Variable Capital Investment Companies) occupy a prominent place. These companies benefit from the collective investment scheme regime, which grants them tax treatment comparable to that of investment funds, an aspect that has traditionally been one of their major attractions for investors with a wealth-focused profile and for medium- and long-term financial planning.
To establish a SICAV, several minimum requirements must be met . Firstly, the company must have at least 100 shareholders. Secondly, it must have variable capital within the limits set by its bylaws, starting with a minimum initial capital of €2.400.000. Furthermore, it is subject to asset diversification rules and a liquidity ratio to avoid excessive risk concentration and ensure that the company has sufficient resources to cover redemptions and portfolio transactions.
From a regulatory perspective, SICAVs must register and submit periodic documentation to the CNMV (Spanish National Securities Market Commission): a full and simplified prospectus, annual report, annual accounts and management report, as well as quarterly and semi-annual reports. They must also report relevant events and significant shareholdings so that the regulator and the market have up-to-date information on their situation and any developments that may affect investors.
On an operational level, SICAVs have two systems for transferring shares . First, there is a special trading regime based on net asset value (NAV), accessible to anyone wishing to buy or sell at the value determined in each session. Second, there is the "fixing" system, which operates through auctions where the price is set based on the convergence of supply and demand at specific times.
The SICAV segment was the first to launch within BME MTF Equity, commencing operations on May 29, 2006. Since then, it has provided these vehicles with an organized trading channel, leveraging the market's infrastructure and offering investors a more standardized way to buy or sell their positions. Settlement and clearing of transactions are carried out through Iberclear , following the same procedures as for publicly traded equities, with a typical settlement period of D+2.
In the "fixing" system, trading is structured around an auction system . Prices are determined at two key times of the day, 12:00 and 16:00, based on the buy and sell orders entered. The collective investment scheme management company (SGIIC) cannot operate directly in the market under this system; instead, it must do so through an intermediary, entering both prices and volumes into the auctions.
The second trading method is the net asset value (NAV) transaction communication module . In this case, the SGIIC (managed investment company) or the self-managed SICAV (if they are participating entities in BME MTF Equity) or, failing that, the market member, enters the order volumes, but the price applied will be the SICAV's NAV at the end of the session. This means that when the order is placed, the price at which it will be executed is not known in advance, as it depends on the NAV calculated later.
Both modules can coexist simultaneously in the market for the same SICAV, offering greater flexibility to participants. Once executed, the transactions are cleared and settled through Iberclear, resulting in an update to the book-entry accounting register. Furthermore, Iberclear is notified of the entity responsible for maintaining the shareholder register, an essential document given the registered nature of the SICAV's shares.
Internally, SICAVs are required to maintain a Shareholders' Register , which lists shareholders and changes in ownership. They must also designate an entity to manage the book-entry system. Unlike companies listed on regulated markets, they are not subject to the same corporate governance obligations, which reduces some of the associated administrative burden.
BME Growth: the market for expanding SMEs
This segment offers growing companies visibility, credibility, and financing . Joining BME Growth allows access to qualified and institutional investors, the ability to raise capital to finance new projects, expand internationally, or undertake corporate transactions, and, in many cases, prepares for a subsequent move to the main stock exchange once the company reaches greater maturity and size.
BME Growth targets companies in virtually every economic sector . However, experience shows a strong presence of technology, biotechnology, and healthcare companies, as well as engineering, telecommunications, and renewable energy firms. The real estate sector also plays a significant role through SOCIMIs (Real Estate Investment Trusts), which have found this market to be an ideal channel for financing assets and projects.
Regarding the origin of the companies, most are local Spanish firms , although BME Growth is open to companies from any country that meet the requirements. The market offers regulations specifically designed for these companies, with costs and processes tailored to their size and characteristics, while maintaining high levels of transparency to protect investors and foster confidence in the system.
A key component of the model is the Registered Advisor . This is a professional or entity that supports the company throughout the entire process: from preparing the documentation for listing to the day-to-day fulfillment of reporting and regulatory obligations. This support is crucial for companies that, in many cases, are facing the demands of a stock market for the first time.
The BME Growth ecosystem is complemented by a growing number of qualified investors who closely follow this segment. These investors support the growth plans, both organic (natural business expansion) and inorganic (acquisitions, mergers, etc.), presented by the companies. However, investors must be very clear that these types of companies carry higher risks than large listed companies, both due to their size and the nature of the sectors in which they often operate.
Over the past decade, more than 130 companies have fueled their growth through BME Growth. Some of these have subsequently moved to the main market, having undergone a learning process that includes familiarizing themselves with the trading, settlement, clearing, and registration systems, which are essentially identical to those of the main exchange. In this way, BME Growth acts as a gateway to the regulated market.
BME Funds: trading investment funds on BME MTF Equity
BME Funds is the specific investment fund segment within the BME MTF Equity ecosystem. Its objective is to facilitate the trading and transfer of funds using the same stock exchange circuit employed for shares and other products, thus bringing the world of funds closer to the traditional stock market environment and allowing investors to trade through their usual intermediary.
For investors, this segment offers the possibility of buying, selling, or transferring shares of investment funds registered on the platform. For asset managers, both domestic and international, it provides a way to incorporate all types of funds, provided they are duly registered with the Spanish National Securities Market Commission (CNMV), which guarantees a minimum standard of supervision and transparency.
Subscription and redemption orders on BME Funds are executed in cash , in line with standard fund market practices. To ensure precise investment management, decimal values are accepted for shares, allowing for the purchase of specific amounts rather than being restricted to whole numbers of units. All trading is conducted in euros, simplifying accounting and product comparison.
The operational system is based on the concept of net asset value (NAV ). Orders received after the cut-off time set for each fund are stored and processed in the next trading session. Once the management company provides the NAV within the established timeframe, the platform matches the trades, and this value becomes the price applicable to pending orders. Depending on whether the order was placed before or after the cut-off time, the NAV of the current session or the next session will be applied.
In this context, orders are considered modifiable or cancelable until the cut-off time has passed. Once that time has elapsed, the order becomes firm pending the determination of the corresponding net asset value. The general order entry hours are from 9:00 a.m. to 16:00 p.m. on trading days, always taking into account the cut-off times defined for each specific fund.
BME Fondos accepts several types of orders . First, there is the subscription order, which involves the purchase of shares expressed in cash, with a maximum format of six whole numbers and six decimal places. Second, there is the redemption order, which can be expressed in cash for a partial redemption or in the number of shares for a full redemption.
In addition, fund transfer orders are supported . Both full transfers (specifying the total number of units) and partial transfers (specifying a cash amount) are permitted. There is also the option of mixed transfers, which is especially useful when only one of the funds involved in the transfer is listed on the platform, thus facilitating transactions between products with different operational statuses on BME Funds.
Market data, information and access to documentation
Market information on BME MTF Equity and its segments is published in a structured and standardized format . As previously mentioned, prices are shown in euros and cash values in thousands of euros, while the volume and cash value of each security include all trades executed up to the close of the regular trading session. Subsequent special transactions are reflected in the historical data, which can be consulted for more detailed analysis.
For those requiring more advanced data or data in other formats, BME offers the BME Market Data service . Through this channel, you can request detailed information at varying levels of depth and in formats adapted to information systems, algorithmic trading, or quantitative analysis. You can contact BME Market Data via email at [email protected] and through the corporate website www.bmemarketdata.es.
It is important to bear in mind that the information available on the various BME Group websites is intended for internal use within the group. Any other use for commercial purposes or that involves redistribution to third parties without compensation requires the express authorization of BME Market Data. This framework for use complies with the protection of market information rights and the added value represented by data aggregation and distribution.
The digital environment of these services may include first-party and third-party cookies , used for technical purposes, personalizing the visit, analyzing site usage, and behavioral advertising. This latter type of cookie allows us to obtain data on browsing habits, such as pages visited, and to create profiles that help improve content and the user experience, all within the framework detailed in the corresponding cookie policies.
In addition, some pages may include links to third-party websites with separate privacy policies . By accessing these external sites, the user accepts the cookies and policies of those providers, so it is advisable to review their terms and conditions. This point is especially relevant for those who manage personal data or conduct in-depth analyses based on market and browsing information.
In short, BME MTF Equity is configured as a complete ecosystem for specialized instruments : it offers a regulated and flexible framework for SICAVs and venture capital entities, provides a financing and visibility platform for SMEs through BME Growth, integrates the contracting of investment funds with BME Fondos and is supported by a transparent market model, with accessible data and clearing and registration systems aligned with the standards of listed equities in Spain.
