capítulo 1: disposiciones generales

CHAPTER 5.
TRADING
ARTICLE 11.
CONTRACTS ADMITTED TO TRADING
Contracts whose General Conditions set forth that they shall be admitted to trading shall be subject to trading in
the Market.
ARTICLE 12.
GENERAL TRADING CRITERIA
1. Trading shall be governed by the principles of Unity of price and publicity of trades, and shall be governed by
the provisions of the Rule Book, and of the relevant General Conditions of the Contracts, Circulars and
Instructions.
2. All buy or sell Orders communicated to the Market trading system shall be binding from the moment of
acceptance thereof by MEFF, unless they should be cancelled. Buy or sell Orders may be cancelled at any
time, provided that they have not been previously executed.
3. MEFF must expressly accept a buy or sell Order, and its execution or cancellation, in order for such buy or
sell Order, execution or cancellation to be valid.
4. Buy or sell Orders shall be processed according to their order of arrival.
For execution purposes, accepted buy or sell Orders shall be given the priority determined by MEFF pursuant
to a Circular, in accordance with the following criteria:
A)
Best price.
B)
Earliest time of arrival of the buy or sell Order.
C)
Type or volume of the buy or sell order.
D)
Type of Order.
5. MEFF shall develop, pursuant to a Circular, the features and requirements of the different types of buy or sell
Orders.
6. From the moment on which two buy or sell Orders are matched and may be executed as a result of their being
of the opposite sign, referred to the same Series, and for the same or a better Premium or Price, as
applicable, they shall be executed in accordance with the established priority order. Once executed, they shall
be final and shall give rise to a Transaction which, once confirmed by MEFF, if it is on Contracts admitted to
trading and for central counterparty purposes, shall be registered immediately in the corresponding Account of
the Central Register and, as the case may be, simultaneously in the Second-Tier Register; or if it is on
Contracts admitted only to trading, it will be communicated to the relevant central counterparty clearing house,
and recorded, cleared, settled and object of central counterparty in accordance with the General Conditions of
such Contracts.
7. Trading hours for each Contract shall be determined by MEFF pursuant to a Circular. Under exceptional
circumstances and for the benefit or safeguard the interest of the Market, MEFF may change the trading hours
previously set, informing the Comisión Nacional del Mercado de Valores thereof.
8. On the Expiration Date of each Contract, trading hours may be different from the usual hours, as specified in
the General Conditions of the Contract or pursuant to a Circular.
9. MEFF will keep an auditable register of the orders and executions handled by the Market’s trading system for
all Contracts that are subject to trading.
ARTICLE 13.
1.
DISSEMINATION OF TRADING INFORMATION
Trading information shall be disclosed by MEFF as follows:
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A. In real time:
1.
Through its proprietary information systems; and
2.
Through professional broadcasters of financial information.
B. Regularly, in the Daily Bulletin.
2.
At least the following information in connection with the trading of each Contract Series shall be disseminated
in real time:
A. The best offered buy and sell price.
B. The number of Contracts offered for such prices.
C. The price of the last Transaction.
D. The cumulative number of Contracts traded during the session up to a particular time at any price.
E. For Futures, the Settlement Price applied on the last Variation Margin, and the maximum and minimum
price of Transactions of the current Session. In case the Variation Margin is not applied daily, the date to
which the Settlement Price refers shall be informed.
F.
Such other information determined pursuant to the General Conditions of the Contracts as requiring to
be broadcast in real time.
ARTICLE 14.
SUSPENSION OF TRADING ON CONTRACTS
1.
MEFF shall enforce any resolutions on suspension of trading of Contracts adopted by the Comisión Nacional
del Mercado de Valores pursuant to article 33 of the Securities Market Law.
2.
MEFF may decide the suspension of trading of one or more Contracts, for the period deemed suitable, in
cases of force majeure or where this should be necessary for the protection of MEFF itself, of the Market or
of its participants. MEFF shall inform the Comisión Nacional del Mercado de Valores of such decisions, as
soon as possible, and shall make them public. The Comisión Nacional del Mercado de Valores may order to
lift the suspension.
3.
MEFF may decide the suspension of all trading on the Market, for the period deemed suitable, in cases of
force majeure or where this should be necessary for the protection of MEFF itself, of the Market or of its
participants. MEFF shall inform the Comisión Nacional del Mercado de Valores of such decisions, as soon as
possible, and shall make them public. The Comisión Nacional del Mercado de Valores may order to lift the
suspension.
4.
The Expiration Date of the Contracts shall not be amended as a result of suspension of trading. Settlements
and payments shall take place on the expected date or as soon as possible, in accordance with the
provisions of the General Conditions of each Contract.
5.
Suspension of trading shall in no event limit MEFF’s right to request Margins or the obligation to post them on
the part of Members and Clients.
ARTICLE 15.
CANCELLATION OF TRADING ON CONTRACTS (DELISTING)
MEFF, as a result of lack of liquidity or of the general interest of the Market, may decide the cancellation of trading
on Contracts. This cancellation shall involve not introducing new Series to trading and the continuation of trading
of open Contracts only until maturity thereof, without this in any way entailing the termination of any rights or
obligations linked to such open Contracts. MEFF shall inform the Comisión Nacional del Mercado de Valores of
such decisions, as soon as possible, and shall make them public.
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