Trading is continuous and carried out electronically in real time from 9:00 to 16:30h. This is a blind market whereby the parties are anonymous but where bid and ask positions and the trades carried out can be seen.

Trading is for the nominal amount in euros and prices are expressed as a percentage of the nominal amount up to three decimal points for all assets. Those assets issued at a discount are expressed as yields up to three decimal points (base 365). The minimum difference allowed is 0.001%. Clean prices are expressed without the accrued interest, and dirty prices are expressed with the accrued interest.

The system has two trading procedures:

• Multilateral trading
• Bilateral trading