Transaction Rules Madrid

Here are the opening hours of markets, the types of orders authorised under the markets, their validity periods, the trading hours. That is to say, all the information you need to invest better!

Opening times

The Spanish market is open from 9 a.m. till 5.30 p.m.

The orders are sent to the stock exchange from 8.30 a.m. onward, but remain in "Wait" status until 9 a.m. Day orders are cancelled at 5.45 p.m. Orders placed after 5.40 p.m. are sent to the exchange on the next trading day.


Continuous trading: eight and a half hours (9 a.m. to 5:30 p.m.) for proposals and trades, 30 minutes for adjusting positions (8:30a.m. to 9a.m.) and 5 minutes for the closing auction.

Two kinds of trading are possible within principal trading:

1° General

Trading from 9 a.m. to 5:30 p.m. The most liquid shares use this system.

2° New Market

Trading from 9 a.m. to 5:30 p.m. This system is used by technology sector companies (product or level of productive process), with an economic cycle or potential market subject to the uncertainty of the novel.

3° Fixing

Used for less liquid stocks in the Spanish Stock Market Interconnection System. All buy and sell orders are grouped together twice during the session (at 12 a.m. and 4 p.m.) so as to reduce volatility and make pricing of these stocks more efficient.

Type of order allowed

1° Market order

A market order makes it possible to buy or sell shares immediately at the best price available on the market if the quantity of the counterparty is large enough. The non-executed part of a market order remains in the orderbook as a 'market order' (without a limit) and is executed at the price of any new incoming order at the opposite of the orderbook. However, the final price is not guaranteed, especially if there is high activity in the share in question.

When introducing a market order, leave the 'price' field empty.

2° Limit order

An order submitted to our trading system with a specified size and price which is either held on our trading system or executes, either in part or in full, against eligible orders with any remaining unexecuted portion being added to the order book.

Duration of the validity of orders

It is possible to specify how long placed orders are to remain valid. There are two possibilities:

  • Day: Your order will be valid for that day only. If it is not executed, it will be automatically cancelled. In case you entered a dayorder after closure of the stock exchange, your order will be valid the next trading day.
  • GTC(Good Till Cancelled): Your order will be valid for 30 days. The orders can be cancelled by you, the stock market or Keytrade Bank.

Remark When a day order partially gets executed during a tradingday, the remaining part that has not been executed yet will be cancelled at the end of the day. If you want the remaining part to be traded, you will have to enter a new order for the remaining part. For this new order a transaction fee will be counted.

When placing a GTC order the remaining part of the order will still be valid on the market until it will be executed or cancelled. In this case you only pay one transaction fee, regardless the number of partial executions.

Remark 2 If you wish to use the revenue of a sell, you must take into account the value date of the generated cash.

Value dates per market:

Euronext (Brussels, Amsterdam, Paris)
London Stock Exchange
Xetra (Frankfurt)
OMX (Helsinki, Stockholm, Copenhague)
US markets
Canadian markets
European options
US options
D+3 (the value date is stipulated by the issuer)
Currency exchange