Complete Guide: Spanish Stock Exchange Operation Schedule and Best Times to Invest

When does the Spanish stock exchange operate?

The Spanish stock exchange is the main Iberian stock market and coordinates its activity through the SIBE (Spanish Interconnection Stock Market System), which integrates four trading venues: Madrid, Valencia, Barcelona, and Bilbao. For investors wishing to participate in the most relevant securities in the country and access the IBEX 35 index, it is essential to know the exact trading schedule.

From Monday to Friday, the Spanish stock exchange operates in three phases:

Schedules in CEST (local Spanish time)

There is no trading activity on weekends. This schedule remains consistent throughout the year, although there are exceptions on specific holidays.

Opening and closing: key schedules of the Spanish stock exchange

The regular session of the Spanish stock exchange begins at 9:00 am local time, when orders accumulated from the opening auction are executed. The opening price is determined by crossing all pending orders from the previous close with the new orders from the morning.

Trading ends at 5:30 pm local time, giving way to the closing auction, where unfulfilled orders during the regular session are executed at the final equilibrium price determined by that last crossing.

Pre-market and after-market in the Spanish stock exchange: trading opportunities

Many investors are unaware that it is possible to trade outside of regular trading hours. The opening auction (8:30 am – 9:00 am) functions as pre-market and allows placing orders that will be executed at the calculated opening price after crossing all available orders.

Similarly, the closing auction (5:30 pm – 5:35 pm) acts as after-market and provides a final opportunity for investors to find counterparties for their trades at the final equilibrium price.

The IBEX 35 and the most important companies

Under the umbrella of the Spanish stock exchange operate the 35 companies with the highest market capitalization in the country, which make up the IBEX 35 index created on January 14, 1992. Among these are globally relevant banking institutions like BBVA and Banco Santander, internationally recognized construction companies such as ACS, Ferrovial, and Acciona, as well as the leading Iberian retailer, Inditex. The concentration of these companies with significant presence in Latin American markets makes the Spanish stock exchange a regional benchmark.

Historical background of the Spanish stock exchange

The current structure of the Spanish stock exchange has its roots in the 19th century. The Madrid Stock Exchange was founded on September 10, 1831, through the Creation Law drafted by the Sevillian jurist Pedro Sainz de Andino, beginning operations on October 20 of the same year with trading in banks, steel companies, and railroads.

Subsequently, the Bilbao Stock Exchange (1890) and the Barcelona Stock Exchange (1915) were established, while the Valencia Stock Exchange was founded more recently in 1980. The four venues were integrated into the SIBE starting in 1995, and since 2001, their management has been handled by Bolsas y Mercados Españoles (BME).

Calendar of non-trading days for the Spanish stock exchange in 2025

The Spanish stock exchange publishes its trading calendar annually. For 2025, the holidays when no trading occurs are:

• Wednesday, January 1
• Friday, April 18
• Monday, April 21
• Thursday, May 1
• Thursday, December 25
• Friday, December 26

Occasionally, there may be half-day sessions with reduced hours.

Time zone equivalents from Latin America

For Latin American investors, this table of equivalents between Madrid time and major Spanish-speaking capitals is practical:

First steps to start investing

For those wishing to access Spanish stock market securities:

1. Register on an investment platform
2. Deposit funds into the account
3. Start trading in the available markets