Securities are traded in euros like the rest of securities traded on the Spanish stock market. This enables European investors to trade Latin American securities in their own currency, avoiding the complexity of having to manage different currencies. So far, this has only been possible in dollars and for certain companies. The euro now opens up a new field of possibilities.

Latibex paves the way for investment in Latin American blue chips through a single market, with a modern and efficient technical structure and the rules of the Spanish market, which are well known among European investors. This avoids having to go through different legal environments, settlement systems and market regulations, etc.

Latin American securities are traded electronically via SIBE, guaranteeing speed and transparency. SIBE has been a key element for managing the large volumes of investment in the Spanish stock market over the last few years. Thanks to its advanced technology and flexibility it has led to it being exported to other markets.

European investors are very familiar with the trading procedure.

Latin American securities are book-entry registered in the Spanish Central Depository (Iberclear) and are settled efficiently and safely within three working days of the trade.

The main Spanish financial brokers and dealers included Latin America in their expansion strategy during the 1990s. Their well-placed position in most Latin American countries makes them very knowledgeable about the region's economies.

This experience and knowledge is reflected in high quality analysis, networks of brokers and custody, corporate banking, etc. All these elements are available for Latibex investors.

The commitment of brokers specialising in Latibex guarantees investors a certain level of liquidity, with competitive spreads for each stock.

Latibex offers the posibility to trade while European markets are open. This means that investors can trade for 10 or 12 hours consecutively, as European trading time is followed by that in Latin America. Latibex enables European investors to find not only a counterparty during their normal working hours more comfortably, but also to evaluate their portfolios on the basis of prices set in a system closer to their own, without having to wait for Latin American markets to open.

There is some overlapping of European and American trading hours, providing arbitrage opportunities. The technical infrastructure for settlement allows the connection between markets to be made. Arbitrage operations, along with the desire of Latin American companies to find new shareholders, are two factors that boost the liquidity that European investors need for new securities.

Latibex is the only Latin American index in real time (FTSE Latibex All Share). This index covers all the companies listed on Latibex.

It is important for all markets to have a high quality and internationally recognised index. This is why collaboration was sought with the FTSE, the Financial Times Group company that designs and draws up indices.

The medium-term objective is to create an index made up of the most important Latin American companies listed on Latibex, so that it can serve as an underlying asset for options and futures.

It is very useful for investors to have a single website with all the main information on Latin America. The Bolsa de Madrid has created a website for Latibex (www.latibex.com) so that all investors have at their disposal, free of charge, the prices and trading volumes of the listed stocks, both historic and current ones. Economic and financial information and the main developments of the companies are regularly disseminated; macroeconomic reports on Latin America, analysis by renowned firms, links with the websites of listed companies and with the Latin American media are provided as well as news agency reports that could influence the market.

The Spanish market is one of the least costly in the world. Brokerage, settlement and custody fees are very competitive. Furthermore, trading in euros means there are no currency exchange costs. As Latibex trades the original shares, there are no issuance costs and cancellation of depositary receipts.

As well as the website www.latibex.com, leading international news media also report on Latibex. Reuters in Spain, in collaboration with the Bolsa de Madrid, has created a series of screens for monitoring the performance of Latibex companies in the different stock markets where they are listed. InfoBolsa, the Bolsa de Madrid's market information company, also tracks Latibex.