Highly Succesful Launch of Letras Primary Dealership on MTS Spain

Madrid, April 23, 2003 – MTS Spain yesterday surpassed volumes of €170 million in Letras del Tesoro, which represents 58% of the electronically traded T-Bill market, as the Spanish Treasury launches a T-Bill Primary Dealership, committing the Official Primary Dealers to continuously quote on these instruments.

MTS Spain, whose regulated market status allows Official Primary Dealers of Spain ("Creadores de Mercado") to comply with their obligations to the Spanish Treasury by means of the platform, lists 16 Letras representing the entire short end of the yield curve. The Letras also benefit from the market making support of the 14 Market Makers on MTS Spain, in addition to the 4 participating official Primary Dealers.

Gloria Hernández, Director General for the Treasury and Financial Policy, said: "Quoting and trading Letras by Primary Dealers on electronic platforms is an important step in the reforms carried out in this market, aimed at increasing its liquidity and transparency."

MTS Spain and EuroMTS lead the electronically traded Spanish cash government bond market with a combined daily average volume of €1.7 billion, more than half the daily market share. Over 60 Spanish and international financial institutions are trading over 100 Spanish government bonds listed on MTS Spain as well as the 16 Spanish government benchmarks listed on EuroMTS.

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