# C_2005112EN.01000201.xml

| 12.5.2005 | EN | Official Journal of the European Union | C 112/2 |
| --- | --- | --- | --- |

12.5.2005

EN

Official Journal of the European Union

C 112/2

---

Annotated presentation of regulated markets and national provisions implementing relevant requirements of ISD (93/22)

(2005/C 112/02)

Article 16 of the Investment Services Directive 93/22 (OJ L 141 of 11.6.1993) authorises each Member State to confer the status of ‘regulated market’ on those markets constituted on its territory and which comply with its regulations.

Article 1.13 of Directive 93/22 defines a ‘regulated market’ as a market for the financial instruments listed in section B of the annex to the Investment Services Directive, which:

| — | is recognised as such by its home Member State (where home Member State is determined in accordance with Article 1(6)c of ISD); |
| --- | --- |

—

is recognised as such by its home Member State (where home Member State is determined in accordance with Article 1(6)c of ISD);

| — | functions regularly; |
| --- | --- |

—

functions regularly;

| — | is characterised by the fact that regulations issued or approved by the competent authorities define the conditions for the operation of the market, the conditions for the operation of the market, the conditions for access to the market and where Directive 79/279 [on admission to official listing] is applicable, the conditions governing admission to listing imposed in that Directive and, where that Directive is not applicable, the conditions that must be satisfied by a financial instrument before it can effectively be dealt in on the market; |
| --- | --- |

—

is characterised by the fact that regulations issued or approved by the competent authorities define the conditions for the operation of the market, the conditions for the operation of the market, the conditions for access to the market and where Directive 79/279 [on admission to official listing] is applicable, the conditions governing admission to listing imposed in that Directive and, where that Directive is not applicable, the conditions that must be satisfied by a financial instrument before it can effectively be dealt in on the market;

| — | complies with all the reporting and transparency requirements laid down pursuant to Articles 20 and 21 [of the ISD]. |
| --- | --- |

—

complies with all the reporting and transparency requirements laid down pursuant to Articles 20 and 21 [of the ISD].

Article 16 of Directive 93/22 requires that each Member State maintain an updated list of regulated markets authorised by it. This information should be communicated to other Member States and the Commission. Under the same article, the Commission is required to publish a list of regulated markets notified to it on a yearly basis. The present list has been compiled pursuant to this requirement.

The attached list indicates the title of the individual markets which are recognised by national competent authorities as complying with the definition of ‘regulated market’. In addition, it indicates the entity responsible for managing these markets and the competent authority responsible for issuing or approving the rules of the market.

As a result of reduced entry barriers and specialisation in trading segments, the list of ‘regulated markets’ is subject to greater turnover. Consequently, the European Commission will, in addition to yearly publication of a list in the Official Journal, maintain an updated version of this list on its official website [http://europa.eu.int/comm/internal_market/en/finances/mobil/isd/]. This list will be updated regularly on the basis of information communicated by national authorities. The latter are called upon to continue to advise the Commission of any additions to or deletions from the list of regulated markets for which it is the home Member State.

| Country | Title of regulated market | Operating entity | Competent authority for designation and oversight of market |
| --- | --- | --- | --- |
| Austria | 1. | Amtlicher Handel (official market) |

Country

Title of regulated market

Operating entity

Competent authority for designation and oversight of market

Austria

Austria

1.

Amtlicher Handel (official market)

| 2. | Geregelter Freiverkehr (semi-official market) |
| --- | --- |

2.

Geregelter Freiverkehr (semi-official market)

| 3. | Dritter Markt (third market) |
| --- | --- |

3.

Dritter Markt (third market)

Wiener Börse AG (1.-3.)

Finanzmarktaufsichtsbehörde

Belgium

Belgium

| 1. | Bourse de valeurs mobilières de Bruxelles (Euronext Brussels):






  — | le premier marché (official market) |
| --- | --- | --- |

1.

Bourse de valeurs mobilières de Bruxelles (Euronext Brussels):

—

le premier marché (official market)

| — | le second marché |
| --- | --- |

—

le second marché

| — | le nouveau marché |
| --- | --- |

—

le nouveau marché

| — | le marché ‘Trading Facility’ |
| --- | --- |

—

le marché ‘Trading Facility’

| — | le Marché des Instruments dérivés d'Euronext Bruxelles |
| --- | --- |

—

le Marché des Instruments dérivés d'Euronext Bruxelles

| 2. | Le marché secondaire hors bourse des obligations linéaires, des titres scindés et des certificats de trésorerie |
| --- | --- |

2.

Le marché secondaire hors bourse des obligations linéaires, des titres scindés et des certificats de trésorerie

| 1. | Euronext Brussel SA |
| --- | --- |

1.

Euronext Brussel SA

| 2. | Fonds des rentes |
| --- | --- |

2.

Fonds des rentes

| 1. | Ministre des Finances sur avis de la Commission Bancaire, financière et des assurances (CBFA);
  Autorité de marché: CBFA |
| --- | --- |

1.

Ministre des Finances sur avis de la Commission Bancaire, financière et des assurances (CBFA);

Autorité de marché: CBFA

| 2. | Législateur (art. 144, §2 de la loi du 2.8.2002);
  Autorité de marché: Comité du fonds des rentes, pour compte de la CBFA. |
| --- | --- |

2.

Législateur (art. 144, §2 de la loi du 2.8.2002);

Autorité de marché: Comité du fonds des rentes, pour compte de la CBFA.

Cyprus

Cyprus

Cyprus Stock Exchange

Cyprus Stock Exchange

Cyprus Securities and Exchange Authority

Czech Republic

Czech Republic

| 1. | Main Market |
| --- | --- |

1.

Main Market

| 2. | Secondary Market |
| --- | --- |

2.

Secondary Market

| 3. | New Market |
| --- | --- |

3.

New Market

| 4. | Free Market |
| --- | --- |

4.

Free Market

| 5. | RM System Official Market |
| --- | --- |

5.

RM System Official Market

| 1.-4. | Prague Stock Exchange |
| --- | --- |

1.-4.

Prague Stock Exchange

| 5. | RM System organizer of Regulated Market |
| --- | --- |

5.

RM System organizer of Regulated Market

Czech Securities Commission authorises organisers of Regulated Markets

Organisers are obliged to monitor and assess trading on the market organised thereby

Denmark

Denmark

| 1. | Københavns Fondsbørs






  — | Equity market; |
| --- | --- | --- |

1.

Københavns Fondsbørs

—

Equity market;

| — | Bond market; |
| --- | --- |

—

Bond market;

| — | Derivatives market. |
| --- | --- |

—

Derivatives market.

| 2. | XtraMarket — Authorised marketplace for unlisted units of investment associations (UCITS) and Special Purposes Associations. |
| --- | --- |

2.

XtraMarket — Authorised marketplace for unlisted units of investment associations (UCITS) and Special Purposes Associations.

| 3. | Dansk Autoriseret Markedsplads A/S (Danish Authorised Market Place Ltd. (DAMP)) [authorised market place = regular trade in securities admitted for trading but not listed on stock exchange] |
| --- | --- |

3.

Dansk Autoriseret Markedsplads A/S (Danish Authorised Market Place Ltd. (DAMP)) [authorised market place = regular trade in securities admitted for trading but not listed on stock exchange]

| 1. & 2. | Copenhagen Stock Exchange Ltd. |
| --- | --- |

1. & 2.

Copenhagen Stock Exchange Ltd.

| 3. | Danish Authorised Market Place Ltd. (DAMP) |
| --- | --- |

3.

Danish Authorised Market Place Ltd. (DAMP)

Finanstilsynet (Danish financial supervisory authority)

Estonia

Estonia

| 1. | Stock Exchange






  — | Main list |
| --- | --- | --- |

1.

Stock Exchange

—

Main list

| — | Investor List |
| --- | --- |

—

Investor List

| — | List for debt instruments |
| --- | --- |

—

List for debt instruments

| — | List for Fund shares |
| --- | --- |

—

List for Fund shares

| 2. | Regulated Market






  — | Free Market |
| --- | --- | --- |

2.

Regulated Market

—

Free Market

Tallinn Stock Exchange

Estonian Financial Supervision Authority

Finland

Finland

| 1. | Arvopaperipörssi (Stock Exchange)






  — | Päälista (Main List for equity and Debt Instruments); |
| --- | --- | --- |

1.

Arvopaperipörssi (Stock Exchange)

—

Päälista (Main List for equity and Debt Instruments);

| — | I-, NM-, Pre- ja Meklarien lista (parallel Lists I-, NM-, pre- and Brokers' list for equity and debt instruments); |
| --- | --- |

—

I-, NM-, Pre- ja Meklarien lista (parallel Lists I-, NM-, pre- and Brokers' list for equity and debt instruments);

| 2. | Optioyhteisö (Option Corporation).
  (Derivatives exchange and clearing house). |
| --- | --- |

2.

Optioyhteisö (Option Corporation).

(Derivatives exchange and clearing house).

For both 1. & 2.:

Helsingin Arvopaperi- ja johdannaispörssi, selvitysyhtiön Oy, (Helsinki Securities and Derviatives Exchange, Clearing House Ltd)

Designation: Ministry of Finance

Oversight:

| — | Approval of rules: Ministry of Finance; |
| --- | --- |

—

Approval of rules: Ministry of Finance;

| — | Supervision of compliance: Rahoitustarkastus/Finnish Financial Supervision Authority. |
| --- | --- |

—

Supervision of compliance: Rahoitustarkastus/Finnish Financial Supervision Authority.

France

France

| 1. | Eurolist by Euronext |
| --- | --- |

1.

Eurolist by Euronext

| 2. | MATIF |
| --- | --- |

2.

MATIF

| 3. | MONEP |
| --- | --- |

3.

MONEP

Euronext Paris (1.-3.)

Proposition de l'Autorité des marchés financiers (AMF).

Reconnaissance par le ministre chargé de l'économie (cf. article L.421-1 du code monétaire et financier).

Germany

Germany

| 1. | Börse Berlin-Bremen (Amtlicher Handel, Geregelter Markt) |
| --- | --- |

1.

Börse Berlin-Bremen (Amtlicher Handel, Geregelter Markt)

| 2. | Düsseldorfer Börse (Amtlicher Handel, Geregelter Markt) |
| --- | --- |

2.

Düsseldorfer Börse (Amtlicher Handel, Geregelter Markt)

| 3. | Frankfurter Wertpapierbörse (Amtliche Markt, Geregelter Markt) |
| --- | --- |

3.

Frankfurter Wertpapierbörse (Amtliche Markt, Geregelter Markt)

| 4. | Eurex Deutschland |
| --- | --- |

4.

Eurex Deutschland

| 5. | Hanseatische Wertpapierbörse Hamburg (Amtlicher Markt, Geregelter Markt, Startup market) |
| --- | --- |

5.

Hanseatische Wertpapierbörse Hamburg (Amtlicher Markt, Geregelter Markt, Startup market)

| 6. | Niedersächsische Börse zu Hannover (Amtlicher Markt, Geregelter Markt) |
| --- | --- |

6.

Niedersächsische Börse zu Hannover (Amtlicher Markt, Geregelter Markt)

| 7. | Börse München (Amtlicher Markt, Geregelter Markt) |
| --- | --- |

7.

Börse München (Amtlicher Markt, Geregelter Markt)

| 8. | Baden-Württembergische Wertpapierbörse (Amtlicher Markt, Geregelter Markt) |
| --- | --- |

8.

Baden-Württembergische Wertpapierbörse (Amtlicher Markt, Geregelter Markt)

| 1. | Berliner Börse AG |
| --- | --- |

1.

Berliner Börse AG

| 2. | Börse Düsseldorf AG |
| --- | --- |

2.

Börse Düsseldorf AG

| 3. & 4. | Deutsche Börse AG |
| --- | --- |

3. & 4.

Deutsche Börse AG

| 5. | BÖAG (Börsen AG) |
| --- | --- |

5.

BÖAG (Börsen AG)

| 6. | BÖAG (Börsen AG) |
| --- | --- |

6.

BÖAG (Börsen AG)

| 7. | Bayerische Börse AG |
| --- | --- |

7.

Bayerische Börse AG

| 8. | Börse-Stuttgart AG |
| --- | --- |

8.

Börse-Stuttgart AG

Börsenaufsichtsbehörden der Länder (stock exchange supervisory authorities of the federal states) and the Bundesanstalt für Finanzdienstleistungsaufsicht (BAFin).

State authorities:

| 1. | Senatsverwaltung für Wirtschaft und Technologie, Berlin; |
| --- | --- |

1.

Senatsverwaltung für Wirtschaft und Technologie, Berlin;

| 2. | Finanzministerium des Landes Nordrhein-Westfalen, Düsseldorf; |
| --- | --- |

2.

Finanzministerium des Landes Nordrhein-Westfalen, Düsseldorf;

| 3 & 4. | Hessisches Ministerium für Wirtschaft, Verkehr und Landesentwicklung, Wiesbaden; |
| --- | --- |

3 & 4.

Hessisches Ministerium für Wirtschaft, Verkehr und Landesentwicklung, Wiesbaden;

| 5. | Freie und Hansestadt Hamburg, Wirtschaftbehörde; |
| --- | --- |

5.

Freie und Hansestadt Hamburg, Wirtschaftbehörde;

| 6. | Niedersächsisches Ministerium für Wirtschaft, Technologie und Verkehr, Hannover; |
| --- | --- |

6.

Niedersächsisches Ministerium für Wirtschaft, Technologie und Verkehr, Hannover;

| 7. | Bayerisches Staatsministerium für Wirtschaft, Verkehr und Technologie, München; |
| --- | --- |

7.

Bayerisches Staatsministerium für Wirtschaft, Verkehr und Technologie, München;

| 8. | Wirtschaftsministerium Baden-Württemberg, Stuttgart. |
| --- | --- |

8.

Wirtschaftsministerium Baden-Württemberg, Stuttgart.

Greece

Greece

| 1. | Athens Stock Exchange (A.S.E.)/Thessaloniki Stock Exchange Centre (T.S.E.C.)






  — | Main Market |
| --- | --- | --- |

1.

Athens Stock Exchange (A.S.E.)/Thessaloniki Stock Exchange Centre (T.S.E.C.)

—

Main Market

| — | Parallel Market |
| --- | --- |

—

Parallel Market

| — | Parallel Market for Emerging Markets |
| --- | --- |

—

Parallel Market for Emerging Markets

| — | New Market |
| --- | --- |

—

New Market

| 2. | Athens Derivatives Exchange (A. D. EX.) |
| --- | --- |

2.

Athens Derivatives Exchange (A. D. EX.)

| 3. | Electronic Secondary Securities Market (HDAT-Bond Market, under the competence and supervision of the Bank of Greece) |
| --- | --- |

3.

Electronic Secondary Securities Market (HDAT-Bond Market, under the competence and supervision of the Bank of Greece)

| 1. & 2. | Athens Stock Exchange |
| --- | --- |

1. & 2.

Athens Stock Exchange

| 3. | Bank of Greece |
| --- | --- |

3.

Bank of Greece

Capital market Commission

Hungary

Hungary

| 1. | Budapesti Értéktőzsde Rt. (Budapest Stock Exchange)






  — | Részvényszekció (Equities Section) |
| --- | --- | --- |

1.

Budapesti Értéktőzsde Rt. (Budapest Stock Exchange)

—

Részvényszekció (Equities Section)

| — | Hitelpapír Szekció (Debt Securities Section) |
| --- | --- |

—

Hitelpapír Szekció (Debt Securities Section)

| — | Származékos Szekció (Derivatives Section) |
| --- | --- |

—

Származékos Szekció (Derivatives Section)

| 2. | Budapesti Árutőzsde Rt. (Budapest Commodity Exchange)






  — | Pénzügyi Szekció (Financial Section) |
| --- | --- | --- |

2.

Budapesti Árutőzsde Rt. (Budapest Commodity Exchange)

—

Pénzügyi Szekció (Financial Section)

(Financial Section)

| — | Gabonaszekció (Grain Section) |
| --- | --- |

—

Gabonaszekció (Grain Section)

(Grain Section)

| — | Hússzekció (Livestock Section) |
| --- | --- |

—

Hússzekció (Livestock Section)

(Livestock Section)

| 1. | Budapesti Értéktőzsde Rt. |
| --- | --- |

1.

Budapesti Értéktőzsde Rt.

| 2. | Budapesti Árutőzsde Rt. |
| --- | --- |

2.

Budapesti Árutőzsde Rt.

| 1. | — | Pénzügyi |
| --- | --- | --- |

1.

—

Pénzügyi

| — | Szervezetek Állami |
| --- | --- |

—

Szervezetek Állami

| — | Felügyelete (Hungarian Financial Supervisory Authority (HFSA)) |
| --- | --- |

—

Felügyelete (Hungarian Financial Supervisory Authority (HFSA))

| 2. | — | Pénzügyi |
| --- | --- | --- |

2.

—

Pénzügyi

| — | Szervezetek Állami |
| --- | --- |

—

Szervezetek Állami

| — | Felügyelete |
| --- | --- |

—

Felügyelete

Ireland

Ireland

Irish Stock Exchange comprising:

| — | Official List |
| --- | --- |

—

Official List

| — | Exploration Securities Market |
| --- | --- |

—

Exploration Securities Market

| — | Developing Companies Market |
| --- | --- |

—

Developing Companies Market

| — | ITEQ |
| --- | --- |

—

ITEQ

Irish Stock Exchange Ltd.

The Irish Financial Services Regulatory Authority authorises ‘regulated market’ and (with exc. of listing conditions) vets and approves rules for operation of the different segments as prepared by the ISE.

Italy

Italy

| 1. | Stock Exchange, divided into the following segments:






  — | Electronic share market (MTA) |
| --- | --- | --- |

1.

Stock Exchange, divided into the following segments:

—

Electronic share market (MTA)

| — | Electronic market for securities derivatives (SeDeX); |
| --- | --- |

—

Electronic market for securities derivatives (SeDeX);

| — | After-Hours Market (TAH); |
| --- | --- |

—

After-Hours Market (TAH);

| — | Electronic bond and government securities market (MOT); |
| --- | --- |

—

Electronic bond and government securities market (MOT);

| — | Electronic market for Eurobonds, foreign bonds and asset-backed securities (EuroMOT); |
| --- | --- |

—

Electronic market for Eurobonds, foreign bonds and asset-backed securities (EuroMOT);

| 2. | Mercato Expandi (second market); |
| --- | --- |

2.

Mercato Expandi (second market);

| 3. | Derivatives market (IDEM); |
| --- | --- |

3.

Derivatives market (IDEM);

| 4. | Nuovo Mercato (New Market — NM); |
| --- | --- |

4.

Nuovo Mercato (New Market — NM);

| 5. | Wholesale Market for Government Securities (MTS); |
| --- | --- |

5.

Wholesale Market for Government Securities (MTS);

| 6. | Wholesale Market for Corporate and International Organisations Bonds. |
| --- | --- |

6.

Wholesale Market for Corporate and International Organisations Bonds.

| 7. | TLX |
| --- | --- |

7.

TLX

| 1.-4. | Borsa Italiana S.p.A. |
| --- | --- |

1.-4.

Borsa Italiana S.p.A.

| 5.-6. | Società per il Mercato dei Titoli di Stato — MTS S.p.A.: |
| --- | --- |

5.-6.

Società per il Mercato dei Titoli di Stato — MTS S.p.A.:

CONSOB authorises companies which manage markets, and approves

For wholesale markets for Government securities, operating company is authorised by Treasury having regard to the opinion of CONSOB and Banca d'Italia.

Latvia

Latvia

Riga Stock Exchange

JSC Rigas Fondu Birza

Financial and Capital Market Commission

Lithuania

Lithuania

| 1. | Official List |
| --- | --- |

1.

Official List

| 2. | Current List |
| --- | --- |

2.

Current List

National Stock Exchange of Lithuania

Lithuanian Securities Commission

Luxembourg

Luxembourg

Bourse de Luxembourg: Official List

Société de la Bourse de Luxembourg S.A.

Commission de surveillance du Secteur Financier

Malta

Malta

Malta Stock Exchange

Netherlands

Netherlands

| 1. | Euronext Amsterdam Cash Market:






  — | Official market |
| --- | --- | --- |

1.

Euronext Amsterdam Cash Market:

—

Official market

| — | Domestic market for unlisted securities: |
| --- | --- |

—

Domestic market for unlisted securities:

| — | Euro NM Amsterdam |
| --- | --- |

—

Euro NM Amsterdam

| 2. | Euronext Amsterdam derivatives Market |
| --- | --- |

2.

Euronext Amsterdam derivatives Market

Euronext N.V. and Euronext Amsterdam N.V.

Recognition by the Minister of Finance after advice from the Netherlands Authority for the Financial Markets

Supervision by the Netherlands authority for the Financial Markets and The Netherlands Ministry of Finance.

Poland

Poland

| 1. | Main Market |
| --- | --- |

1.

Main Market

| 2. | Parallel Market |
| --- | --- |

2.

Parallel Market

| 3. | Regulated Off-exchange market |
| --- | --- |

3.

Regulated Off-exchange market

| 1. & 2. | Warsaw Stock Exchange |
| --- | --- |

1. & 2.

Warsaw Stock Exchange

| 3. | Central Table of Offers |
| --- | --- |

3.

Central Table of Offers

Polish Securities and Exchange Commission

Portugal

Portugal

| 1. | Mercado de Cotações Oficiais (Official Quotation Market) |
| --- | --- |

1.

Mercado de Cotações Oficiais (Official Quotation Market)

| 2. | Segundo Mercado (Second Market) |
| --- | --- |

2.

Segundo Mercado (Second Market)

| 3. | Novo Mercado (New Market) |
| --- | --- |

3.

Novo Mercado (New Market)

| 4. | Mercado de Futuros e Opções (Futures and Options Market) |
| --- | --- |

4.

Mercado de Futuros e Opções (Futures and Options Market)

| 5. | MEDIP — Mercado Especial de Dívida Pública (Special Market for Public Debt) |
| --- | --- |

5.

MEDIP — Mercado Especial de Dívida Pública (Special Market for Public Debt)

Markets 1.-4.: Euronext Lisboa — Sociedade Gestora de Mercados Regulamentados SA

Market 5: MTS Portugal – Sociedade Gestora Mercado Especial Dívida Pública SA

Finance Ministry authorises markets on basis of proposal from Comissão do Mercado de Valores Mobiliários (CMVM) — latter responsible for regulation and oversight of market.

Slovak Republic

Slovak Republic

| 1. | Market of Listed Securities






  — | Main Listed market |
| --- | --- | --- |

1.

Market of Listed Securities

—

Main Listed market

| — | Parallel Listed Market |
| --- | --- |

—

Parallel Listed Market

| — | New Listed Market |
| --- | --- |

—

New Listed Market

| 2. | Regulated Free Market |
| --- | --- |

2.

Regulated Free Market

Bratislava Stock Exchange

Financial Market Authority

Slovenia

Slovenia

| 1. | Stock Exchange |
| --- | --- |

1.

Stock Exchange

| 2. | Free Market |
| --- | --- |

2.

Free Market

Ljubljana Stock Exchange

Securities Markets Agency

Spain

Spain

| A. | Bolsas de Valores (all comprise first, second and new market segments)






  1. | Bolsa de Valores de Barcelona; |
| --- | --- | --- |

A.

Bolsas de Valores (all comprise first, second and new market segments)

1.

Bolsa de Valores de Barcelona;

| 2. | Bolsa de Valores de Bilbao; |
| --- | --- |

2.

Bolsa de Valores de Bilbao;

| 3. | Bolsa de Valores de Madrid; |
| --- | --- |

3.

Bolsa de Valores de Madrid;

| 4. | Bolsa de valores de Valencia. |
| --- | --- |

4.

Bolsa de valores de Valencia.

| B. | Mercados oficiales de Productos Finacieros Derivados






  1. | MEFF Renta Fija; |
| --- | --- | --- |

B.

Mercados oficiales de Productos Finacieros Derivados

1.

MEFF Renta Fija;

| 2. | MEFF Renta Variable. |
| --- | --- |

2.

MEFF Renta Variable.

| C. | Mercados FC&M de Futuros y Opciones sobre Cítricos [commodity derivatives not covered by section B annex ISD: related markets do not fall within ISD definition of ‘regulated market’] |
| --- | --- |

C.

Mercados FC&M de Futuros y Opciones sobre Cítricos [commodity derivatives not covered by section B annex ISD: related markets do not fall within ISD definition of ‘regulated market’]

| D. | AIAF Mercado de Renta Fija |
| --- | --- |

D.

AIAF Mercado de Renta Fija

| E. | Mercado de Deuda Pública en Anotaciones |
| --- | --- |

E.

Mercado de Deuda Pública en Anotaciones

| A1. | Sociedad Rectora de la Bolsa de Valores de Barcelona S.A. |
| --- | --- |

A1.

Sociedad Rectora de la Bolsa de Valores de Barcelona S.A.

| A2. | Soc. Rectora de la Bolsa de Valores de Bilbao S.A. |
| --- | --- |

A2.

Soc. Rectora de la Bolsa de Valores de Bilbao S.A.

| A3. | Soc. Rectora de la Bolsa de Valores de Madrid S.A. |
| --- | --- |

A3.

Soc. Rectora de la Bolsa de Valores de Madrid S.A.

| A4. | Soc. Recotora de la Bolsa de Valores de Valencia. S.A. |
| --- | --- |

A4.

Soc. Recotora de la Bolsa de Valores de Valencia. S.A.

| B1. | Soc. Rectora de Productos Financieros Derivados de RENTA Fija S.A. |
| --- | --- |

B1.

Soc. Rectora de Productos Financieros Derivados de RENTA Fija S.A.

| B2. | Soc. Rectora de Productos Financieros Derivados de Renta Variable S.A. |
| --- | --- |

B2.

Soc. Rectora de Productos Financieros Derivados de Renta Variable S.A.

| C. | (FC&M) Soc. Rectora del Mercado de Futuros y Opciones sobre Cítricos SA. |
| --- | --- |

C.

(FC&M) Soc. Rectora del Mercado de Futuros y Opciones sobre Cítricos SA.

| D. | AIAF Mercado de Renta Fija |
| --- | --- |

D.

AIAF Mercado de Renta Fija

CNMV (Comisión Nacional del Mercado de Valores)

Banco de España responsible for market for public debt.

Sweden

Sweden

| 1. | Stockholmsbörsen: |
| --- | --- |

1.

Stockholmsbörsen:

| 2. | Nordic Growth Market |
| --- | --- |

2.

Nordic Growth Market

| 3. | Aktietorget |
| --- | --- |

3.

Aktietorget

| 1. | Stockholmsbörsen Aktiebolag |
| --- | --- |

1.

Stockholmsbörsen Aktiebolag

| 2. | Nordic Growth Market NGM — Aktiebolag |
| --- | --- |

2.

Nordic Growth Market NGM — Aktiebolag

| 3. | Aktietorget Aktiebolag |
| --- | --- |

3.

Aktietorget Aktiebolag

Finansinspektionen (Financial Supervisory Authority)

United Kingdom

United Kingdom

| 1. | Domestic Market |
| --- | --- |

1.

Domestic Market

| 2. | Gilt Edged and Fixed Interest Market |
| --- | --- |

2.

Gilt Edged and Fixed Interest Market

| 3. | International Retail Service |
| --- | --- |

3.

International Retail Service

| 4. | International Order Book |
| --- | --- |

4.

International Order Book

| 5. | International Bulletin Board |
| --- | --- |

5.

International Bulletin Board

| 6. | Dutch Trading Service |
| --- | --- |

6.

Dutch Trading Service

| 7. | Virt-x |
| --- | --- |

7.

Virt-x

| 8. | EDX |
| --- | --- |

8.

EDX

Markets 1.-6.: London Stock Exchange Ltd.

| 7. | Virt-x Exchange Limited |
| --- | --- |

7.

Virt-x Exchange Limited

| 8. | EDX London Limited |
| --- | --- |

8.

EDX London Limited

Entities operating regulated markets are recognised investment exchanges within the meaning of s285 of the Financial Services Act 2000 and are regulated by the Financial Services Authority (FSA).

Iceland

Iceland

| 1. | Verðbréfaþing Íslands hf. (Kauphöll Íslands. — official market) |
| --- | --- |

1.

Verðbréfaþing Íslands hf. (Kauphöll Íslands. — official market)

| 2. | Tilboðsmarkaður VÞÍ (Regulated OTC Market — not official listing) |
| --- | --- |

2.

Tilboðsmarkaður VÞÍ (Regulated OTC Market — not official listing)

| 1. | Kauphöll Íslands. |
| --- | --- |

1.

Kauphöll Íslands.

| 2. | Kauphöll Íslands. |
| --- | --- |

2.

Kauphöll Íslands.

Fjármála-eftirlitið (Financial Supervisory Authority)

Norway

Norway

Oslo Stock Exchange

| — | Equity Market |
| --- | --- |

—

Equity Market

| — | Derivatives Market |
| --- | --- |

—

Derivatives Market

| — | Bonds Market |
| --- | --- |

—

Bonds Market

Oslo Børs ASA

Kredittilsynet (The Banking, Insurance and Securities Commission of Norway)

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