Repsol

How do I buy Repsol YPF shares?

The most direct way of buying Repsol YPF shares in the continuous market is by accessing the stock exchange through any of the market members, Securities Brokerage Houses, Stock Market Agencies, or credit entities. These brokers, specialised in investing in the stock market, are the only ones able to buy and sell directly in the stock exchange.

Other financial entities are able to handle securities, manage portfolios, or pass orders to market members, but are unable to act as brokers directly in the market. Banks and Savings Banks are the entities which, thanks to their widespread branch network, are in closest contact with the greatest number of investors. Other intermediaries, such as Portfolio Management Companies and brokers can receive orders from clients and pass these to market members for execution.

The first step investors must take is to contact one of these brokers and open a securities account. The investors securities portfolio is managed through this account (purchase, sales, subscriptions, dividends, AGM attendance, etc.). All cash transactions involved in market operations are processed through this account.

Once the securities account has been opened and a sufficient cash deposit made, clients may pass their respective buy or sell orders.

Orders may be given in person, by phone, fax, or internet. Although there are several peculiarities depending on the method, the regulations applied by entities are the same in all cases, particularly with respect to minimum orders, prior information, order processing or execution, etc.

After the client and his/her financial entity have executed a contract, orders can be channelled in the following manner:

In person:

Clients may pass their orders in writing at their respective entity by filling out and signing a form specifying the conditions considered most appropriate.

The possibility of passing the order verbally is not recommended for individual investors and is generally used by professional investors since, among other reasons; the execution notice also serves as the order confirmation.

After the order has been given, it is considered a firm order and sent to a stock exchange member for its execution, if the entity passing the order is not a member. Therefore, to protect the clients interests, the order should be given in writing.
By phone:

In this case, it is necessary to draw a distinction between orders that are passed automatically through a service contracted by the client after entering into a specific e-banking or other type of contract, from those that may be given over the telephone rather than in writing directly to the entity.

In the first case, the client must previously confirm his/her identity through the procedures established by the entity (code or password). The order is recorded, with the entity keeping the tape for at least three months or longer, if the party who placed the order has expressed his/her disagreement with the results of the executed transaction.

In the second case, the order must also be recorded and would also require subsequent confirmation in writing, with the entity requiring the fulfilment of this requisite before processing and executing the order. These types of orders are also tacitly confirmed when the party that received the order notifies the party placing the order the transactions execution and settlement, and the latter does not express his/her disagreement within the timeframe established by the entity which, under no circumstances, could be less than 15 days after this information has been received.
Fax:

This method may only be used if the entity considers it valid as part of the contractual relationship between the parties involved. Orders given by fax must be included in the order receipt file and handled in the same manner as orders in writing.
Internet:

The widespread on-line service offering by brokerage houses offers the advantages of accessibility, speed, etc. and, in some cases, with respect to commissions. Brokerage house must have the suitable means for offering this service and sufficient technical capability to ensure the security and confidentiality of transaction, and must also execute an agreement containing provisions on the specific terms and conditions governing this service.

When the order has been formalised, a rapid execution and confirmation process ensues. The systems for handling orders installed by Securities Brokerage Houses and Agencies and most of the financial intermediaries will pass the order related information within seconds to the continuous market operators, who will then validate the data and enter the order in SIBE where it will be crossed with the counter order in tenths of a second, thereby giving rise to an investment information flow that will enable the investor to have confirmation of the transaction.

Immediately after the transaction has been executed, the broker will prepare the necessary data for the settlement of the transaction and the securities and cash exchange process involved in all market transactions.

All information related to the trade and the appropriate settlement instructions are sent by the Stock Exchange to IBERCLEAR, the entity in charge of securities registration and the settlement system (Brokerage House and Securities Agencies, Banks, and Savings Banks). The securities will then be booked at the entity designated by the client, with instructions given for debiting or crediting the corresponding cash amounts in the accounts opened by the entities in the Bank of Spain for this purpose.