The Spanish stock exchange, Bolsas y Mercados Espaoles (BME), has decided to transfer the shares that are traded in open outcry pits to an electronic trading pit environment.
The initiative is intended to boost the shares liquidity, transparency and accessibility.
The switch to the new electronic trading system will take place on July 10. At present 42 companies are traded in outcry pits and represent less than 1% of the total trading volume on the Spanish stock exchange.
The move follows BM&FBOVESPAs recent closure of outcry trading.
LME, Deutsche Borse and the Frankfurt Stock Exchange remain the only outcry exchanges in Europe.