Generalitat de Catalunya Public Debt Issues
In accordance with the article 2 of the Order of March 22, 1994 and the Order of April 7, 1999 of the Department of Economy, Finances and Planning of the Generalitat de Catalunya, the Barcelona Stock Exchange operates a market for the negotiation of Public Debt of Catalonia in which the different types of operations foreseen in the aforementioned Order can be carried out.
In order to adapt the regulations of the Barcelona Stock Exchange to the new requirements established by MiFID II - MIFIR, Circular 5/2017 of this Governing Company entered into force, dated December 14, which establishes the Contracting Rules applicable in the Catalan Public Debt Market and other fixed income securities listed exclusively on the Barcelona Stock Exchange.
Issues of the Public Debt of the Generalitat of Catalonia, the Catalan Institute of Finance (Institut Català de Finances) and other fixed income securities admitted to trading on the Barcelona Stock Exchange.
- By price. Prices will be expressed as a percentage of the nominal and with three decimal places. They may be ex coupon or with coupon.
- For profitability. The IRR will be expressed to 3 decimal places.
The reference price of each issue will be the closing price of the last session in which there was negotiation in the market.
For securities that are listed by price, the daily variation margin will be +/- 10% with respect to the reference price of the issue. For securities that are listed for profitability, the variation margin will be +/- 50 basis points (BP) with respect to the reference price.
The maximum limit will be 30 calendar days.
- Simple spot purchase or.
- Simple forward purchase or sale.
- Purchase or sale with a repurchase agreement on a fixed date.
- Purchase or sale with a sight repurchase agreement.
- Spot Simultaneous.
- Forward Simultaneous
These securities are traded through the Electronic Debt Trading System (SEND Platform).
The contracting that is carried out electronically, in nominal euros, and through the Electronic Stock Market System of Fixed Income and Public Debt, integrated into the SIBE electronic platform since December 14, 2016. The market has two trading systems:
- Through the order book, allowing multilateral and bilateral operations (in the latter case they may be at an agreed price, applications or simultaneous at an agreed price),
- Or through the multilateral trading system with request for quotation (RFQ).
The market will be open every business day from Monday to Friday that appear in the calendar legally established for that purpose on the Barcelona Stock Exchange, from 9 a.m. to 5:30 p.m.
The executed operations will be published in the System in real time with details of the same, and also in the daily Bulletin of the Barcelona Stock Exchange.
The settlement of the operations is carried out, under the regime of book entries, in the Compensation and Settlement Service (Iberclear), being able to settle the operations on the same day of the contracting through the treasury accounts of the Bank of Spain.