SPANISH EXCHANGE MOVES OPEN OUTCRY STOCKS TO ELECTRONIC ENVIRONMENT

Posted July 7, 2009

MADRID -- The Spanish Stock Exchange has decided to transfer the shares that are traded in open outcry pits to an electronic trading environment. The initiative is intended to boost the shares’ liquidity, transparency and accessibility.

The switch to the new electronic trading system – a more agile and modern mechanism – will take place on July 10. At present, 42 companies are traded in outcry pits and represent less than one percent of the total trading volume on the Spanish stock exchange.

With this initiative, the exchange provides the different trading segments of the market with a more modern trading environment for any type of company, whether large or small, while at the same time offering all investors, whether retail or institutional, the chance to trade with greater transparency.

Trading on the new electronic platform will take place from 8:30 a.m. to 4 p.m. weekdays in fixing format, where prices will be fixed twice during trading session, at 12 and 4 p.m., with the aim of more efficient price discovery for these stocks.