Criteria for evaluating Primary Dealer activity

The General Secretariat of the Treasury and Financial Policy evaluates monthly the activity of Market Makers in Letras del Tesoro, in accordance with the following areas,


- Participation in the Treasury Bills auctions.

- Listing of Treasury Bills in the regulated markets or multilateral trading systems determined by the General Secretariat of the Treasury and Financial Policy.

- Participation in the total monthly trading in Treasury Bills in the regulated markets or multilateral trading systems determined by the General Secretariat of the Treasury and Financial Policy.

- Participation in the monthly trading in Treasury Bills between members of the market of Public Debt in Book Entries.

- Participation in the monthly trading in Treasury Bills carried out by Market Makers with companies which are not members of the market of Public Debt in Book Entries.

- Qualitative aspects, such as participation in operations promoting Government Debt nationally and abroad, the level of distribution of Government Debt in strategic countries or geographical zones, regularity in the behaviour of Market Makers and any other activity that reflects commitment to the Spanish Public Debt market.

- Aspects will be penalized such as not contributing information or advice requested by the General Secretariat of the Treasury and Financial Policy, not attending meetings of the General Secretariat of the Treasury and Financial Policy with the Market Makers, presenting requests in the auctions that deviate significantly from the price or the yield in the existing secondary market five minutes before the holding of the auction, or carrying out actions that could negatively affect the functioning of the market.

- In all cases companies will be penalised who do not comply with the obligations of participating in auctions and do not guarantee the liquidity of the secondary market through listing.