Intermediaries
Most intermediaries operating on the Spanish Stock Exchange are members of BME Growth If your usual intermediary is not a member, he will channel your orders through one.
Trading is carried out using the same system as that in the Stock Market. The brokerage services for investors are also the same and are basically offered by the same members.
Companies wishing to list on BME Growth must designate a Liquidity Provider who is also a member of this market. The main function of the Liquidity Provider is to ensure the liquidity of trades and achieve a sufficient trading frequency. The Liquidity Provider will be totally independent to the company, and may not receive instructions regarding trades to be carried out on the market. The Liquidity Provider agrees to hold buy and sell positions for a minimum cash amount that must be maintained during the session. This will allow the investor to have a certain counterparty to close the trades.
Entities seeking to become a member of BME Growth should submit a formal application in that regard to the Stock Exchange and should be a participating entity in the Iberclear securities' registration, clearing and settlement systems or should formulate an agreement with an Iberclear participating entity. For their part, Management Companies for Collective Investment Institutions (Sociedades Gestoras de Instituciones de Inversión Colectiva or SGIIC) and self-managed SICAVS, referred to as "Participating Entities", may operate directly in the market to trade securities of the SICAV under their management at book value and provide liquidity for them, without needing to designate another intermediary for that purpose.
Each participating entity must pay an admission fee of €30,000
This fee is a mandatory requirement before participating entities may start trading on BME Growth; it is a one-off, irretrievable charge which does not convey any right of reimbursement, of any kind, in the event that the entity is subsequently discharged as a participating entity, regardless of the reason for such discharge.
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