The Spanish Corporate Debt Market, AIAF, integrated into Bolsas y Mercados Españoles (BME), is an official organised secondary market, governed by AIAF Mercado de Renta Fija S.A.
It is also a regulated market. Unlike OTC markets, regulated markets are supervised by the authorities who oversee the procedures for listing new companies, dissemination of information, implementation of new regulations, etc... It is considered an organised market precisely because it has internal regulations in place which must be adhered to by its members. These include Market Regulations, circulars and instructions.
The market currently comprises 80 members, including the country’s leading banks, savings banks and brokers and broker-dealers.