When does the Madrid Stock Exchange start operations? Key schedules for traders

The Madrid Stock Exchange is the epicenter of the Spanish stock market, and understanding what time the stock exchange opens is essential for any investor wishing to participate in Spanish stock trading. This market, which encompasses all the country’s business activity, operates under very precise time coordinates that every trader must know.

Trading Hours at the Madrid Stock Exchange

What time does regular trading start? The stock exchange opens for regular trading at 9:00 am local time (CEST). However, before this time, there is a preparatory phase called the opening auction, which takes place between 8:30 am and 9:00 am, during which orders are accumulated to determine the opening price.

When does the session end? The closing of regular trading occurs at 5:30 pm local time. Immediately afterward, between 5:30 pm and 5:35 pm, the closing auction is executed, a phase that sets a equilibrium price for orders that did not find a match during the day.

The Madrid Stock Exchange operates from Monday to Friday exclusively, maintaining this same schedule throughout the week.

Complete Trading Calendar

Saturdays, Sundays, and national holidays remain closed.

The SIBE: Structure of the Spanish Market

To properly understand the Madrid Stock Exchange, it is essential to know that it operates under an integrated system called SIBE (Sistema de Interconexión Bursátil Español). This organization coordinates the activity of four exchanges simultaneously: Madrid, Barcelona, Valencia, and Bilbao. Since 1995, they have operated under this unified structure, and since 2001, their management has been handled by Bolsas y Mercados Españoles (BME).

The IBEX 35 and Its Significance

The flagship index of the Spanish market, the IBEX 35, groups the 35 companies with the highest market capitalization and was launched on January 14, 1992. This index includes major corporations such as BBVA and Banco Santander (financial sector), ACS, Ferrovial, and Acciona (construction sector), and Inditex (retail), companies that have international influence, especially in Latin America.

Historical Background of the Madrid Stock Exchange

The Madrid Stock Exchange was founded on September 10, 1831, through the Creation Law drafted by Pedro Sainz de Andino. Operations began on October 20 of the same year with banks, steel companies, and railway companies as the first traded securities. The other three exchanges were incorporated later: Bilbao (1890), Barcelona (1915), and Valencia (1980).

Schedules in Different Time Zones

If you operate outside Spain, here are the equivalent opening and closing times of the stock exchange in Spanish-speaking capitals:

Holidays in 2025

The Madrid Stock Exchange will be closed on the following dates:

• January 1 (New Year)
• April 18 (Good Friday)
• April 21 (Easter Monday)
• May 1 (Labor Day)
• December 25 (Christmas)
• December 26 (St. Stephen’s Day)

Occasionally, there may be half-day sessions with reduced hours according to the official calendar.

Pre-market and After-market Phases Explained

The opening auction (8:30 am - 9:00 am) functions as a pre-market period where unexecuted orders from the previous session plus new auction orders are accumulated. The crossing of all these determines the exit price.

The closing auction (5:30 pm - 5:35 pm) constitutes the after-market, establishing a final equilibrium price that allows some delayed orders to be executed.

Why Knowing These Schedules Matters

Knowing what time the stock exchange opens is crucial for synchronizing trading strategies, avoiding surprises during technical outages, and taking advantage of market volatility at specific moments. The Madrid Stock Exchange encompasses all relevant Spanish business activity with international influence, making it essential to be familiar with its exact operating hours.