Madrid Stock Exchange

The Madrid Stock Exchange, or "Bolsa de Madrid," was founded in 1831. Spain has four stock exchanges. Aside from the Madrid Stock Exchange, there are also exchanges in Barcelona, Valencia and Bilbao. The Madrid Stock Exchange is the most international and largest of the four stock exchanges. "Bolsas y Mercados Espanoles" (BME), is the owner and organiser of the Madrid Stock Exchange. As of May 2007, the exchange recorded over €1.2 trillion total market capitalisation of listed equity securities.

The Madrid Stock Exchange makes use of two trading systems. First is the open outcry trading. Open outcry trading is slowly being phased-out in many stock exchanges due to the use of electronic trading systems. Open outcry trading in the Madrid Stock Exchange is carried out between 10:00 am and 11:30 am from Monday through Friday. The Madrid Stock Exchange also uses the "Sistema de Interconexión Bursátil Español" (SIBE). SIBE is an orders-driven electronic trading system that has almost completely replaced the open outcry trading system. SIBE transactions can be conducted on Mondays to Fridays from 9:00 am to 5:30 pm. There are a number of indices used to keep track of the Madrid Stock Exchange. The most notable of the indexes is the IBEX 35 Index, which is capitalisation-based.