AThe shares listed on Latibex are traded and settled in the same way as anyothers on the Spanish stock market: the same brokers provide electronic trading through SIBE, settlement is carried out in the same time periods and conditionsand the same fees are charged.

The same shares are traded on Latibex as those issued in the country of origin; there is no need to use instruments such as depositary receipts (DRs).

The trading of some shares on Latibex requires grouping together a certain number in trading units. For example, the trading unit for Telmex is 20 shares, 500 for Eletrobrás, one for Vale Rio Doce and 1,000 for Bradesco.

Investors access Latibex in the same way as they do the Spanish stock market, i.e. the brokers and dealers of the Spanish market also trade on Latibex. The market also offers the direct participation of members of other Latin American markets, who are experts in their own countries. Bradesco Corretora is the first Latin American broker to trade directly on Latibex.

Shares and other securities are traded electronically on Latibex through SIBE, the Spanish trading platform and according to the same market rules. This enables both brokers and investors to enjoy the same access to all securities listed on the Spanish market. Players can introduce buy and sell orders through the same screen both for Telefónica and América Móvil and under the same conditions.

The settlement and clearing of operations on Latibex is the same as for the Spanish market.

Investors in Latibex benefit from very low trading, settlement and custody fees. The Spanish stock market's trading fees are among the lowest in the world.

Latibex has specialists who are brokers committed to providing, at all times, buy and sell prices linked to a certain volume so that investors can trade. The overriding objective is to narrow the spread of buy and sell prices, improve arbitrage with the markets of origin and reduce volatility that is not linked to the market.

Since the specialists began to operate in January 2001, the objectives set are being comfortably met. The spreads of prices have been reduced considerably, the correlation between FTSE Latibex and other Latin American indices has increased and supply and demand and there is a significant volume of bid/ask positions from the start of trading, several hours before Latin American markets open.

Specialists have to introduce buy and sell positions both during the opening and closing auction periods as well as during the trading session. The spread between the buy and sell price cannot exceed than the percentage set by Latibex's Supervisory Committee.

This percentage is different for each share and, in turn, depends on whether the market of origin is closed or open. While the market of origin is closed, a relatively wide spread (4%) exists in order to compensate for the lack of arbitrage. When the market of origin is open the spread narrows, to varying degrees, to a minimum of 1.5-1%.

The Supervisory Committee also sets the minimum volume to be maintained at all times behind buy or sell positions. At the moment it is EUR 20,000 (i.e. the number of securities equivalent to EUR 20,000). At times of high volatility or when the specialist has accumulated a buying or selling balance of more than EUR 200,000 during the trading session, he/she no longer has to fulfil the obligations until the following day. In other words, the specialist has to provide the counterparty with up to EUR 200,000 per day and security.