Visual Trader internally manages the combined orders in towards the market, which supposes:

Introduction of combined orders into the market: If the issuer is a not a member, the order is introduced into the Market through the designated market member specialist, and through the filters defined by such member.

Management of orders rejected by the market: The combined order has the objective to introduce a market position, and consequently it cannot be negotiated at the moment of its introduction against an already existing position in the market. For this reason, if at the moment of introducing a combined order, a position in the market susceptible to be attacked exists, SIBE would reject this order. In order to avoid this disadvantage, Visual Trader will automatically generate a simple order, which will produce an execution in the Market. Subsequently, Visual Trader will resend a combined order to the Market. This process allows the Issuer to develop a transparent fixing prices procedure, independently from SIBE’s peculiarities.

Reduction of possible queues in SIBE: This means another added valued service in situations of heavy trading in which incoming messages may queue for entering the market. Whenever such queuing is produced, Visual Trader manages the last received orders in such a way that, if there are previous combined orders which need to be communicated to SIBE, last received orders will update the previous ones, therefore the queuing effect will be reduced. As a result, there is no need for the Issuer to wait for the market acceptance of one position in order to send another one.

Fast access channel: As a result of:
* Direct connection to the Market
* Work in memory
* Real time market data
combined orders sent through Visual Trader reach the market before any other type. of order.

Way of access: The warrants issuer has two options to connect its system for generating prices:

* VT Gateway "Host to Host" connection: it’s a connection based on FIX protocol, through which the issuer could link its own system of generation of prices and positions.

* DDE or COM (Component Object Model) Interface from a VT Server with an Excel trading spreadsheet. This option allows the sending of orders, quotes and updates to the warrants module of SIBE directly through the Visual Trader network or through a Specialist connected to Visual Trader (in case the issuer is not a member).

Visual Trader offers to the issuers of warrants the possibility of connecting its systems of generation of prices to Visual Trader to communicate quotes, through the market members, to the Spanish market. Access to Euronext, Frankfurt and Italian warrants markets will be included soon.