Participating entities

Primary Public Debt Market Members will be entities accomplishing requirements established by Orden EIC/1300/2017.
Those requirements are:

  • Being a credit institution or investment firm
  • Taking part at the Spanish Central Securities Depository
  • Passing Banco de España connectivity technical test

Also, will be Members, Market makers and Administración General del Estado, Tesorería General de la Seguridad Social, and those Public law institutions and private legal entities when a general provision expressly allows them.

Market makers:

  • They are entities whose purpose is to promote market liquidity and to help the Treasury disseminate government debt in the national market and abroad.
  • They are the only entities authorised to participate in the second rounds of government debt auctions subject to certain conditions.
  • Market makers for treasury bills have existed since 2003 in addition to market makers for bonds and debentures.