Bolsas y Mercados Españoles (BME), the Spanish exchange operator, will launch its platform for mutual funds on 27 June, local media has reported.
According to initial reports, the fund platform was expected to be launched by the end of last year, as the BME reportedly asked for authorisation for the launch to the Spanish financial regulator CNMV in September last year.
In 2015, BME said it planned to set up a subscription, redemption and transfer fund platform in order to diversify its business.
The company said then that the platform would be open to all types of investors, market members and collective investment institutions and communication of orders would be executed through the Spanish stock exchange.
More recently, Beatriz Alonso, deputy director of equities at BME told local media the initiative was aimed at national – and international – mutual funds that are registered with the Spanish regulator and euro denominated.
Alonso explained that the cost for an investor who wants to buy or sell a fund on the BME platform will be similar to current stock exchange contractual charges for buying shares, plus commission charged by the broker; while asset managers will pay a premium but the amount is yet to be determined.
BME declined to comment to InvestmentEurope and said an official announcement will be made in due course.