Bolsas y Mercados Españoles (BME), the Spanish stock exchange, has announced that it will transfer the remaining shares traded by open outcry to an electronic system.
From this Friday, the shares of 42 companies traded in open outcry pits will be migrated to the more modern electronic trading system. These 42 companies’ stocks account for less than 1% of total trading volume on the BME.
According to the exchange, the switch is intended to boost the shares’ liquidity, transparency and accessibility.
Trading on the new electronic system will take place from 08:30 until 16:00 in a fixing format. This means that prices will be fixed twice during the trading day – at 12:00 and 16:00 – with the aim of improving price discovery efficiency.