Mercado Alternativo Bursátil (MAB) is a stock exchange market focused on smallcap companies that are seeking to expand. Is a place with a specific regulation, designed for that type of projects, with costs and processes adapted to their dimension.
The main characteristic of this market is its adaptability. It is about adapting the system, as far as possible, to companies that are peculiar due to their size and phase of development, which present ample financing needs, they need to value their business and improve their competitiveness with all the tools that a stock market puts at your service. The MAB offers a financing alternative to grow and expand.
This flexibility implies adapting all the existing procedures so that these companies can quote in a market without renouncing an adequate level of transparency. To this end, a new figure has been introduced, the “registered advisor”, whose mission is to help companies meet the information requirements.
In addition, the companies will have a “liquidity provider” or an intermediary to help them find the necessary counterpart so that the formation of the price of their shares is as efficient as possible, while facilitating their liquidity. However, it is necessary to highlight that companies that are listed on the MAB, due to their size, will have certain characteristics in terms of liquidity and risk different from those quoted on the stock market.
The Mercado Alternativo Bursátil (MAB) uses the trading platform of stock exchange trading technology (SIBE).
The contracting is done through a system of pricing through the confluence of supply and demand in two auction periods or daily fixings. The Market Supervision Committee may decide that any of the securities, taking into account its liquidity and diffusion, may have an open market period.
The system requires a double confirmation request for orders starting from a certain amount in each value and thresholds from which authorization must be requested to the Market Supervision.
The system incorporates mechanisms to adjust the oscillations and the setting of reference prices.
The Regulation of the Alternative Stock Market (MAB) aims to regulate the operation of a multilateral trading system called to host the trading of negotiable securities that, by the specific legal regime to which their issuers are subject, by their size or by their special characteristics, require a singularized negotiation regime.
The Regulation regulates the composition, operation, operations and rules of action of the multilateral trading system, in accordance with the provisions of Title X of the consolidated text of the Securities Market Law, approved by Royal Legislative Decree 4/2015, of 23 October.
The complementary regulations of these Regulations will be established in the Circulars and Operational Instructions that the multilateral negotiation system approves in accordance with the Regulations.
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