MEFF Exchange

economic-dictionary

The MEFF Exchange is the official market for financial futures and options in Spain. Being an official market, it is a market regulated, controlled and supervised by the Spanish economic authorities (CNMV and the Ministry of the Economy). It is part of the Bolsas y Mercados Españoles (BME) group.

The official name is MEFF Sociedad Rectora del Mercado de Productos Derivados, a company that spun off in 2013 from MEFF Holding company for derivative financial products. All this, after the EMIR (European Market Infrastructure Regulation) regulation, which specified that the counterparty function must be separated from the market function. For this reason, the company BME Clearing was also spun off from this company, which acts as the Clearing House and, therefore, is in charge of the settlement and clearing of the futures and options regulated by the MEFF Exchange.

Derivative products included in the MEFF

Its main activity is to allow the trading of futures and options of products regulated by the MEFF.

The derivative products included are the following:

  • Futures and Options of the Ibex 35.
  • Futures and Options on shares.
  • Futures on the dividend index.
  • Stock dividend futures.
  • Futures on the 10-year Notional Bonus.
  • Derivative instruments on electricity.

Connection ways

The MEFF system has a Central Annotations System that is made up of two teams, located in Madrid and Barcelona.

The ways to connect to MEFF instruments are as follows:

  • Direct connection: Direct connection with the MEFF Host, through its lines and equipment maintained by Meff
  • Indirect Connection: Connection through the clearing member. This lowers costs for MEFF.
  • Proximity: The member who so wishes, can request the installation of their hardware in the proximity of Madrid. This room is located at a distance of less than 11 kilometers from the place where the MEFF central system is located, and is managed by Visual Trader. Through it you can also access the cash market.
  • VPN connection: MEFF offers the possibility of Internet access via VPN in those entities whose purpose is not the negotiation, but the registration or management of operations (applications). The following are understood as a record of operations:
    • The introduction of an application between two members that is a private purchase-sale contract.
    • The request or acceptance of a give-up. Very important for the management of derivatives operations of a bank's treasury desk.
    • The transfer of positions.
    • The consultation of session data, such as open position or registered operations of an account.

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