Forex glossary of terms
The first exchanges in Spain were commodities markets known as Lonjas.
Although Spain did not have a stock market then, it was a Spaniard, Jose de la Vega, who wrote the first book on exchange trading, called Confusion de Confusions, in 1688 in Amsterdam.
It was not until 1831 that the King of Spain created the first Madrid Stock Exchange. Although other regional bourses emerged, Spanish capital markets did not flourish until the later part of the 20th century after the death of General Franco.
Spain adopted a new constitution in 1978, which created a more favorable framework for investments. In July 1989, the Spanish Securities Market Act took effect, paving the way for broad reforms. Open-outcry was abandoned in 1995, with the four exchanges in Madrid, Barcelona, Bilbao and Valencia trading on the same electronic platform.
In 2003, Bolsas y Mercados Espanoles or BME Group integrated the four bourses, as well as MF Mercados Financieros or MEFF, Iberclear and BME Consulting.
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