Requirements:

Those who wish to attain the condition of Dealer Members must have the status of Account Holder in the Central de Anotaciones (Book-Entry System) of the Bank of Spain and must satisfy at least one of the following conditions:

	Possession of an issuer credit rating equal to or higher than A1, A+ or equivalent, assigned by one of the main international rating agencies.
	Shareholders' equity equal to or greater than 100,000,000 euros.
	Lodging of a 10,000,000 euros deposit with the Bank of Spain as a guarantee to cover their activities in the blind electronic Spanish Public Debt Market.

Steps to follow:

Checklist to become member of SENAF trading platform:

	Sign the contract with SENAF.
	Request the data lines for the connection with the SENAF.
	Send to the Bank of Spain a request to become a Public Debt Account Holder, signed by a person with sufficient power of attorney from the same entity which signs the contract with SENAF. (Only for entities not resident in Spain.)
	The Bank of Spain will request from the competent monetary authority of the country of origin to confirm that the applicant has a European passport and sufficient equity. (Only for entities not resident in Spain.)
	The applicant must have a clearing broker before the Bank of Spain. (Only for entities not resident in Spain.) For this purpose, the applicant must request in writing the adhesion to the settlement service of the Bank of Spain and to have a domicile cash account. The applicant must grant a power of attorney to the entity chosen as clearing broker, in the specific format he will receive from the Bank of Spain, and to send a copy of this power to the Bank of Spain.
	Sign the contract between the applicant and the clearing broker, which must be endorsed by the Bank of Spain. (Only for entities not resident in Spain.)
	The Bank of Spain will grant the applicant the category of Public Debt Account Holder and will give him a code which enables him to operate. It will also send a notification to the Dirección General del Tesoro y Política Financiera.
	The new Member can begin to operate.

Useful Contacts:

Iberclear

Plaza de la Lealtad, 1
28014 Madrid (Spain).

+34 91 709 50 00
+34 91 709 52 09
+34 91 709 52 10

Dirección General del Tesoro y Política Financiera (Spanish Treasury)

Paseo del Prado, 6
Madrid 28014 (Spain)

+34 91 209 95 32

SENAF

Calle de Tramontana nº 2 bis.
28231 Las Rozas. Madrid (Spain).

Miguel Goás.
+34 91 709 53 24
Pablo Álvarez.
+34 91 709 53 23