Meff has been offering to its Members "Delta trade facility", this service allows them to report, directly to MEFF stock trades associated with derivatives trades. MEFF then reports the stock trades to Sociedad de Bolsas to be entered into the SIBE system.

The most common application of this facility is to register delta trades . For each trade, the Meff Members involved report, to MEFF, the Stock Exchange Members that will participate in the cash trade, the number of shares and price agreed. At the end of the session MEFF sends a file to SIBE system containing the daily stock trades.

Procedures for the reporting of trades to MEFF :

• The hours to report combined trades to Meff is until 8:30 to 17:45
• For trades reported outside market hours or during market hours, the MEFF Member introducing the derivatives trade must call MEFF and identify the derivatives trade associated to the stock trade. The Member must report the details of the stock trade. MEFF will confirm the trade with the other MEFF Member and will require the name of the SIBE Member on their side. If necessary, MEFF will confirm the stock trade with the relevant SIBE Member o Members. MEFF will add the stock trade to a file with all trades which will be sent to Sociedad de Bolsas minutes after 17:45 hours.
• For Delta trades matched through MEFF´s Options Desk, if both Members are in agreement and so request it, MEFF will add the stock trade to the file to be sent to Sociedad de Bolsas. The Stock trade will have the price and volume determined from the futures or options trade, and will be assigned to the SIBE Members declared by the MEFF Members. MEFF will confirm the stock trade with the SIBE Members, if necessary.
• Please note that, on the SIBE, stock trades will be posted after the regular session and once the file from MEFF is received, and they will be available for checking by the SIBE Members. Later, they will be validated by the Supervision Department of Sociedad de Bolsas, before 20:00 . SIBE Members may review their trades on the Menus of "Operaciones a Precio Convenido" or "Aplicaciones", under "Consulta de operaciones propias "

Circular 1/2004 Sociedad de Bolsas