SENAF (Sistema Electrónico de Negociación de Activos Financieros, Electronic Trading System of Financial Assets) is the electronic platform for the trading of Spanish Public Debt Bonos and Obligaciones.

It is neutral with respect to the debt market, since its legal status prevents it from taking a position and it is subject to the supervision of the CNMV (Comisión Nacional del Mercado de Valores, National Stock Market Commission) and of the Bank of Spain.

The system began to operate in June 1999, and it became part of the Mercados Financieros holding company on 4 October 2001. It belongs to BME (Bolsas y Mercados Españoles). As from July 22nd 2009 SENAF has changed to MTF (Multilateral Trading Facility).
The main European banks are among the clients of SENAF, and it has operative terminals in London, Paris, Frankfurt and Spain (Barcelona, Madrid). It is directed and managed by AIAF Mercado de Renta Fija Sociedad Anónima Unipersonal (from now on AIAF) through his Board of Directors.
It is therefore the reference market for Spanish public debt.
SENAF has an automatic connection with the CADE, the Clearing and Settlement System of the Bank of Spain.

SENAF Mission:

	PROCURE MARKET'S TRANSPARENCY AND SECURITY: SENAF guarantees the transparency and security of the market, in collaboration with the regulatory Members of the market.
	PROVIDE SIMPLE ACCESS TO THE MARKET: Through different products such as its terminals, the SAPI, etc., SENAF facilitates the access to the entity’s trading.
	CONTRIBUTE TO THE MARKET'S EFFICIENCY AND LIQUIDITY: SENAF maximises the efficiency and liquidity of the market by means of the concentration of ask and bid positions in a single system.
	PROMOTE MARKET'S STABILITY: Through one of the most stable systems in the European market, SENAF provides its clients with an uninterrupted access to the markets.
SENAF also have the following objectives:
	MAKING TRADING FAST AND SIMPLE: SENAF favours maximal operational speed and offers an automatic connection between the different market members
	REDUCE TRADING COSTS: Through the use of products such as the interactive terminal and the SAPI, SENAF favours the direct trading of the members without the need for brokers.
	WIDEN ITS RANGE OF PRODUCTS: SENAF devotes much of its human resources to the constant expansion of the product range that its clients require, as well as to the improvement of its system.