MADRID STOCK EXCHANGE 2015 FEES

Transcription

1 MADRID STOCK EXCHANGE 2015 FEES The Board of Directors of Sociedad Rectora de la Bolsa de Valores de Madrid, S.A.U. held a meeting held on 27 November 2014 and prepared the Fees that shall be applied starting on 1 January 2015, as follows: 1. Transaction fee The following scale shall be applied to the cash value of the securities traded on the same day for the same final client, security, price and direction (buy or sell) to determine the applicable fee: TRADING (*) Range in euros Applicable fee To From to 3, bp From 3, to 35, bp From 35, to 70, bp From 70,000 to 140, bp From 140, The transactions fee applies to settled transactions, i.e. for settlement instructions carried out by market members. (*) If the total of this fee for the same final client, security and direction (buy or sell) is higher than 110, the lesser of the following amounts shall be charged: 0.33 basis points (bp) (0.33/10,000) of the cash amount traded (a minimum of 110). The rate already calculated. Special rules a) Securities specialists shall receive a 50 percent discount on the fee for trades which they make on the electronic fixed-income securities trading platform during each session in their capacity as specialists and covering securities of this nature. Said discounts shall not apply to third-market trading, price agreements and registration operations conducted outside normal trading hours.

2 bb) ) In the exchange-traded funds (ETFs) segment, specialists may opt for a transaction fee of 0.50bp (0.50/10,000) of the cash amount traded in securities by specialists in their capacity as such, provided that the attendance parameters laid down in the Operating Instructions are met. c) A special fee equivalent to half a basis point (0.5/10,000) shall apply for trades performed on the open market involving share baskets that track the Ibex-35 index. d) For trading of subscription rights there is a special fee of 0.15 for cash amounts less than 20 for the same client, direction, security and price. e) A special fixed fee of 20 shall apply for trades performed involving securities that have been suspended when involving the same client, security and direction. 2. Listing fee This fee, for which the governing body could request a provision of funds, includes the following rights: 2.1 A flat fee of 1,160 for reviewing, checking and processing the listing application. 2.2 As a listing charge: a) For domestic shares, a 0.1 per mille fee shall be charged on the capitalisation of the securities admitted to trading resulting from their first market price, with a minimum of 6,000 and a maximum of 500,000. A limit of 0.5% of the capitalisation object of admission shall however be applied if the fee exceeds 0.5% of the new securities listed. b) For domestic fixed-income securities, per mille of face value, up to a ceiling of 1,750 and a minimum of 50. c) For each listed investment fund a flat fee of 10,000 shall be applied, excluding that set out in section 2.1. This fee shall be capped at 50,000 for those funds of the same issuer whose listing is requested simultaneously. In case of compartment funds, the fee shall be charged for each compartment. d) For certificates or warrants, the charge is 0.05 per mille of the amount which results from multiplying the issue price by the total number of securities to be listed.

3 2.3 Complementary rules on charging of listing fees: a) The fees applicable to foreign securities are 50% of those foreseen for domestic securities, and are computed on the capitalisation of the first market price at which the securities have been placed or offered in Spain prior to these being listed, except certificates, listed investment funds and warrants. b) Domestic or foreign securities listed ex officio or at the request of the issuer as per the provisions of Article 32 of the Securities Market Act are subject to fees amounting to 25% of those mentioned in sections 2.1 and 2.2. As an exception to the previous rule, Government Public Debt and securities of regional governments are exempt from listing fees. c) Public debt issued by local corporations and international firms to which Spain belongs as a member are exempt from listing fees. d) The maximum fee for the listing of fixed-income securities after the relevant rules are applied shall be 2,910. e) The charge for listing domestic shares issued by SICAVs is 1 per mille of face value of subscribed and paid-up share capital at the time of listing. A fee of 0.5 per mille of the increase in paid-up capital is charged, calculated as the difference between the amount on which the last invoice was based and the amount on the last day of the calendar year, without taking into consideration any variations in the interim period. f) On listing shares which result from converting fixed-income securities which are already listed, for which the applicable listing fees have already been paid, the amount already paid for the listing of the fixed-income securities shall be discounted from the currently applicable listing fee. g) In the case of issues taking place as a result of mergers or takeovers between companies with all their share capital listed on this stock exchange, only 50% of the listing fees established in section 2.2 shall be charged. h) If the application for a listing and the necessary documents for processing the application at the stock exchange have not been filed within a term of less than four months following the deadline for underwriting the initial public offering or public offer for subscription or the statutory deadline for creation of the new securities, applicable fees according to section 2.2 shall be increased by 50%.

4 i) The fee for listing securities on the secondary market shall be 50% lower than those described above. The applicable fees shall be paid once only at the stock exchange where the listing application is filed initially, without prejudice to the proceeds then being distributed internally among the different Spanish stock exchanges. 3. Securities maintenance fees The annual fee shall be calculated using the following percentages: a) In the case of equities, 0.05 per mille of their market capitalisation at the close of the last trading session in the prior year. b) In the case of fixed-income securities, per mille of the face value of the listed securities at the close of the last trading session in the prior year. This fee shall not be charged if the amount paid for listing and maintenance fees throughout the life of the issue equals 0.05 per mille of the face value of the listed securities, up to a maximum of 55,000. c) The maintenance fee for ETFs shall amount to per mille of the asset value registered at Iberclear at the close of the last trading session in the prior year. The minimum maintenance fee applicable per ETF shall be 1,000, while the maximum fee per ETF shall be capped at 20,000. d) Maintenance fees shall not be charged for securities that, as per Article 32 of the Securities Market Act, are listed ex officio or at the issuer s request. e) Equally, public debt issued by local corporations and international firms to which Spain belongs as a member are exempt from maintenance fees. f) A 50% discount shall be applied to the maintenance fee for securities listed on the secondary market. g) This fee shall be capped at 325,000 and the minimum fee shall be 100. This fee is payable to one stock exchange only, without prejudice to subsequent distribution among the different stock exchanges. 4. Stock exchange membership dues a) Every member of the Madrid Stock Exchange shall pay a fee of 25,000 upon joining. This fee is deemed to be a requirement for all new members to begin trading on the Madrid Stock Exchange and is a one-off charge. It is irrevocable and nonrefundable in all cases, including if the firm subsequently de-registers as a member regardless of the reason.

5 The fee shall not be charged to firms that are already members of other Spanish stock exchanges and decide afterwards to become members of the Madrid Stock Exchange. This fee shall not be charged to firms applying for membership as ETF market specialists. This fee shall therefore only be charged once by the first of the Spanish stock exchanges that the firm in question wishes to join, without prejudice to any agreements reached between these stock exchanges on the distribution of this fee. b) Every member of the Madrid Stock Exchange shall pay a fixed fee of 2,900 per annum, plus per mille of the total cash value traded (taken as the sum of sales and purchases) completed during the year. These dues shall be billed quarterly. 5. Processing fee for the partial redemption of securities and delistings A 3 per mille fee shall be charged on the capitalisation of the securities to be partially redeemed, based on their last market price, with a minimum of 10 and a maximum of 29,500. A fee shall be charged of 3 per mille of the face value of the securities to be delisted resulting from their last market price, with a minimum of 10 and a maximum of 29,500, except in the case of ex officio delisting ordered by the National Securities Market Commission (CNMV). The delisting fee for SICAVs that opt to remove their securities from trading on this stock exchange is 1, Fee for publishing out-of-market transfers as per Article 36 of the Securities Market Act and transfers involving securities subject to usufruct or pledge The general fee specified in Article of this fee schedule shall be charged for publishing these trades in the Official Bulletin of the Stock Exchange. 7. Special fixed fee for government debt securities traded by book entry For each trade: 2.97

6 8. Service fees 8.1. Treatment of financial transactions Work relating to Public Takeover Bids, Initial Public Offerings and Public Offers for Subscription formalised through sale and purchase operations. 1,750 fixed per Stock Exchange involved. 145 per each trustee involved per each transaction processed. With a minimum of 12,000 With a maximum of 175,000 The minimum of 12,000 shall not be applied to Public Takeover Bids of listed securities on a single stock exchange that do not exceed 500 transactions. The pro-rata fee and the fee for additional processes shall be set according to the tasks to be carried out. This fee shall be increased by 25% when the handling of the financial transaction have to been carried out at night, or on Saturdays or a public holiday Tasks relating to the processing of Scrip Dividend purchase or sale transactions. 87 per trustee per transaction processed. With a minimum of 3,500 With a maximum of 50, Work related to issues, increases of share capital, underwritings and in specie dividends payments, Public Offers for Subscription, both formalised by means of capital increases or issue of new securities 87 per each trustee involved per transaction processed. With a minimum of 3,500 With a maximum of 40,000 The pro-rata fee and the fee for additional processes shall be set according to the tasks to be carried out. This fee shall be increased by up to 25% when the handling of the financial transaction have to been carried out at night, or on Saturdays or a public holiday.

7 Work relating to swaps, mergers, conversions, stock consolidations, specie dividends payments formalised through the delivery of treasury shares, Public Takeover Bids formalised through swaps and others 200 per trustee involved per transaction processed. With a minimum of 6,000 With a maximum of 60,000 This fee shall be increased by up to 25% when the handling of the corporate actions have to been carried out at night, or on Saturdays or a public holiday. In the Public Takeover Bids contemplated in this section, a fee of 1,750 shall apply for the work performed by this stock exchange Work involving the verification of ownership and supplementary processes involving Scrip Dividend transactions. 35 per trustee involved per transaction processed. With a minimum of 4,000 With a maximum of 15,000 This fee shall be increased by up to 25% when the handling of the financial transaction have to been carried out at night, or on Saturdays or a public holiday Information fees Official Bulletin of the Stock Exchange Freely available on the Internet. Announcements: Variable charge according to word count: 0.70 per word, with a maximum of 1,500 per announcement Access for issuers of listed securities to information products and services. Issuers of listed securities shall pay an annual fee for access to the Stock Exchange's information products and services, which include the publication of announcements in the Official Bulletin of the Stock Exchange, publication of quarterly and half-yearly information about the firm, access to the digital broadcasting media and dissemination via the trading floor s specific media. The relevant amounts for different cases are detailed below:

8 - Issuers of equity securities bought and sold in trading rings shall pay 750 except for SICAVs, which shall pay Issuers of fixed income securities shall pay 300. Managing companies of ETFs, the amount of 1,500. Issuers of securities traded on the Spanish electronic trading platform: 1,500 by way of a general fee except for issuers of fixedprice securities, which shall pay 50% of this amount, while the following scale shall apply to issuers of warrants and certificates, taking into account the number of outstanding issues at the close of the last trading session in the prior year: o More than 100 issues: 1,500. o Fewer than 100 issues: 300. Firms which carry out different issues shall only pay the amount that relates to the issue with the highest fee. By paying this fee, issuers are exempt from paying the announcement fee provided as per section Access of clearing members to information on trades performed by their non-clearing trading members: A fee of 150 per month shall be charged to the clearing member to access information on trades performed by their non-clearing trading members Fees for other services Certificates: Individualised certificates relating to the same session, 10 for the first certified datum, and 3 for each datum thereafter. When a large volume of information is requested, the aforementioned fees will be applied to the first 100 data points. A fee of 0.25 will be applied to each datum starting at 101. Certification of average changes in value, 20 for the first certified datum, and 10 for each datum thereafter. When a large volume of information is requested, the aforementioned fees will be applied to the first 100 data points. A fee of 0.60 will be applied to each datum starting at 101.

9 Fee for reporting trades on BME regulated markets and multilateral trading systems A fee of 0.01 per trade shall be charged for reporting trades to the CNMV, referring to trades performed on the markets or on BME s multilateral trading systems by a member of the governing company of the Spanish Stock Exchange Interconnection System (SIBE), on the equity market and fixedincome trading floors, on the fixed-income electronic market, on the selfgoverning regional government debt market, on the Alternative Equity Market (MAB) and on the Latin-American Securities Market (LATIBEX), with a minimum fee of 250 per month. A fee of 0.02 shall be charged per trade reported to the CNMV after the trading day immediately following the date on which a trade is executed. A fee of 0.02 shall be charged for any special extractions of information related with the service offered to report trades to the CNMV. This fee shall be charged on a monthly basis Fee for obtaining a licence to access the post-trade services on behalf of market members: - Post-trade service provider licence: 9,000 (one-off fee) - Technical tests: 1,500 (one-off fee) - Per market member using the provider's services: 575 per month