Sale and purchase of bonds, debentures and spot or maturity treasury bills..

This is the simultaneous purchase/sale of one security and sale/purchase of another security, understood to mean different issues traded on the SENAF bonds, debentures, strips and treasury notes platform.

A reverse repo transaction involves two related sales/purchases of bonds, debentures or treasury bills issued by the Spanish Treasury, which are entered into at the same time but with different settlement times.

There are two forms of trading:

• General market: Paper is sold for a certain amount of time in order to fund the investment or trading portfolio. It is called general as, prior to the transaction, the issue to be delivered is unknown.
• Specific market: This entails searching for a specific bond, debenture or Treasury bill with a certain maturity in order to cover possible short positions in the trading portfolio.