Spain – CNMV Authorized MIFID OTFs

Spain – CNMV Authorized MIFID OTFs

On 4 January, CNMV authorized organized trading facility per MiFID.

  • CNMV authorized two MIFID organized trading facilities: CAPI OTF and CIMD OTF.


  • Organized Systems of Contracting (SOC), also known as organized trading facility.
  • OTF new kind of trading centers in which, under MIFID II, multiple purchase, sale
    of interests of third parties interact to create contracts in fixed income, derivatives.
  • Approved regulations include operating rules of these SOC in relation to categories
    of instruments that may be negotiated, conditions of access to the trading systems.
  • Also negotiation forms or systems, compensation measures, efficient settlement of
    operations, negotiation transparency levels, suspension and exclusion mechanisms.
  • CNMV confirmed regulations in accordance with MIFID II, implementing regulations.

Authorized Firms

  • CAPI OTF to be managed by CM Capital Markets Brokerage, S.A. Securities Agency
    and also the CIMD OTF, which will be managed by CIMD Sociedad de Valores, S.A.
  • Both entities have requested and obtained the corresponding authorization for the
    extension of their respective programs of activities to include management of SOC.