AIAF

AIAF (AIAF Mercado de Renta Fija S.A.) is the Spanish fixed-income market where public and corporate debt securities are traded and listed. It is the reference regulated market for fixed income in Spain, offering access to sovereign and corporate bonds, promissory notes (pagarés), covered bonds (cédulas), securitisations and hybrid debt. It serves both institutional and retail investors, providing liquidity, transparency and security in trading. AIAF is one of the fixed-income platforms of BME Exchange, alongside SENAF and MARF. The market traces its origins to meetings convened by the Banco de España in 1986, which led to the creation of the Asociación de Intermediarios de Activos Financieros (AIAF). At the time, the corporate promissory note market was growing in a disorderly way and the solvency of some issues was doubtful. Through this association, the Banco de España sought to have the market self-regulated by its main participants. Information dissemination and transparency improved, a clearing and settlement company (Espaclear) was created, and shortly afterwards AIAF was constituted as an organised non-official market. Because its commissions were lower than those of the stock exchange, its popularity grew quickly among the main financial institutions and its trading volume increased. In 2001, AIAF was integrated together with MEFF and SENAF into MEFF AIAF SENAF Holding de Mercados Financieros, S.A., to benefit from synergies between the different markets and optimise resources. That group is in turn integrated into Bolsas y Mercados Españoles (BME). Today BME is the manager of the Spanish stock exchange and financial markets and has been part of the SIX group since 2020. BME describes AIAF as the Spanish public and corporate debt market, an officially organised secondary market currently made up of 40 members, including the country's main banks, savings banks, stockbrokers and financial intermediaries. Within BME's fixed-income offering, AIAF is presented as the reference regulated market in fixed income in Spain, while MARF targets alternative fixed income and SENAF serves other segments. The market is characterised by its diversity: public and corporate debt can be traded across several markets, with Spanish and international issuers meeting resident and foreign investors. AIAF thus functions as a core piece of Spain's financial market infrastructure, connecting issuers seeking financing with a broad investor base.

AIAF's origins lie in meetings held at the initiative of the Banco de España in 1986, which created the Asociación de Intermediarios de Activos Financieros (AIAF). At that time the corporate promissory note market was growing in a disorderly manner and the solvency of some issues was doubtful. Through this association, the Banco de España aimed to have the market self-regulated by its main participants. Information dissemination and transparency improved, a clearing and settlement company (Espaclear) was created, and shortly afterwards AIAF was constituted as an organised non-official market. Because its commissions were lower than those of the stock exchange, its popularity grew quickly among the main financial institutions and its trading volume increased. In 2001, AIAF was integrated together with MEFF and SENAF into MEFF AIAF SENAF Holding de Mercados Financieros, S.A., in order to benefit from synergies between the different markets and optimise resources. That group is in turn integrated into Bolsas y Mercados Españoles (BME). BME is the manager of the Spanish stock exchange and financial markets and has been part of the SIX group since 2020. Within BME Exchange, the fixed-income market is characterised by its diversity: public and corporate debt can be traded in several markets — AIAF, SENAF and MARF. AIAF is described as the Spanish public and corporate debt market, an officially organised secondary market currently made up of 40 members, including the country's main banks, savings banks, stockbrokers and financial intermediaries. It is the reference regulated market for fixed income in Spain, offering access to sovereign and corporate bonds, promissory notes, covered bonds, securitisations and hybrid debt, aimed at institutional and retail investors and providing liquidity, transparency and security in trading.

• 2020

  BME, the group integrating AIAF, becomes part of the SIX group.

• 2001

  AIAF is integrated with MEFF and SENAF into MEFF AIAF SENAF Holding de Mercados Financieros, S.A.

• 1986

  Meetings convened by the Banco de España lead to the creation of the Asociación de Intermediarios de Activos Financieros (AIAF).

• 1986

  AIAF is constituted as an organised non-official market; a clearing and settlement company (Espaclear) is created.

Reference regulated market for fixed income in Spain, offering liquidity, transparency and security to institutional and retail investors.

• Sovereign bonds

• Corporate bonds

• Promissory notes (pagarés)

• Covered bonds (cédulas)

• Securitisations

• Hybrid debt

1. 1Invertir en renta fija | BME Exchangebolsasymercados.es
2. 2Sobre BME | BME Bolsas y Mercados Españolesbolsasymercados.es
3. 3Trabajar en BME | BME Bolsas y Mercados Españolesbolsasymercados.es
4. 4Securities Services | BME Bolsas y Mercados Españolesbolsasymercados.es
5. 5AIAFwikidata.org
6. 6AIAFes.wikipedia.org