Largest and most international of Spain's four regional stock exchanges in Barcelona, Bilbao, and Valencia that trade shares and convertible bonds and fixed-income securities, both government and private-sector debt. The reorganization of Spain's financial market under the national umbrella of the Spanish Stock Market includes the bolsas, the derivatives markets, and fixed-income markets. Trading is linked through the electronic Spanish Stock Market Interconnection System (SIBE), which handles more than 90% of transactions; all fixed-income assets are traded through SIBE. The Madrid Stock Exchange General Index (IGBM) is the exchange's principal index and represents the construction, financial services, communications, consumer, capital/intermediate goods, energy, and market services sectors. The Ibex-35 Index is a capitalization-weighted index comprising the 35 most liquid Spanish stocks traded in the continuous market, and is Bolsa de Madrid's Benchmark. Bolsa de Madrid also offers the FTSE-Latibex Index, a European market for Latin American stocks; and the Ibex New Market Index for emerging companies. Settlement is T + 3. Trading on SIBE is conducted from 9 A.M. To 5:30 P.M.; open outcry, from 10 A.M. To 11:30 A.M., both Monday through Friday. See also Bolsas Y Mercados Espanoles. www.bolsamadrid.es.



