The Resolution of 18 November 2008, which regulates the conditions for the performance of the Public Debt Market Creators of the Kingdom of Spain, defines the conditions for access to the second round for the Market Creators Bonds and Obligations.

The current market situation, in which not only "Benchmark" references are auctioned but also references "off the run", together with the environment of higher volatility that characterises the market, advise to introduce greater flexibility in calculating the participation of the Market Creators in the second round of the auction of Bonds and Obligations of the State.

Moreover, in order to respond to the usual practices of the international market and therefore to homogenize the conditions of the market of Bonds and Obligations in terms of the obligation of the time of stay of such quotations on the screens of regulated markets or multilateral trading systems, it has been considered appropriate to amend that obligation.

The modification of this rule is also used to correct an errata committed in the drafting of the latest version of this Resolution.

By virtue of the above, I have arranged:

Disposition first.

The following items in Section 2. Rights and Obligations of the Bond Market Creators and Obligations are amended:

A) Point 2 of Article 5, Rights of the Bond Market Creators and Obligations is replaced by the following wording:

" 2. Access to the second round: The Bond Market Creators and State Obligations will be able to exclusively access a second round of the State Bond and Obligations auctions, which will be developed between the auction resolution and the twelve hours of the second business day after the auction is held.

During this runoff, these Market Creators will be able to file petitions, which will be awarded to the rounded weighted average price resulting from the auction phase. However, in the call for tenders, the Directorate-General of the Treasury may determine a method other than the previous one for the award of the second round of the auction.

The amount that the Treasury will issue at most in the second round for each bond will be 24 per 100 of the nominal amount awarded in the auction phase of that same bond. Each Creator may obtain, at most for each Bonus or Obligation in this second round, upon presentation of the corresponding request, 24 per 100 of the nominal awarded to that entity in the aggregate of the auction of that bond and an auction comparable.

The maximum amount you can purchase from each Bonus or Obligation each Market Creator will be the result of multiplying the total nominal amount awarded in the auction phase of that same Bonus or Obligation, by a Coefficient of Participation in the auctions, multiplied in turn by an Award Coefficient to the work as a Market Creator of Bonds and Obligations.

The Participation Coefficient in each auction will reflect the participation of each Bond Market Creator and Obligations in the awards of the last comparable auctions. The calculation of this coefficient shall be carried out in accordance with an objective methodology established by the Directorate-General of the Treasury and Financial Policy after consultation with the Bond Market Creators and Obligations.

The Work Award Coefficient as a Market Creator may only have four possible non-cumulative tranches:

-A 24 per 100 that the Directorate General of the Treasury and Financial Policy may grant to those Bond Market Creators and Obligations which, in the judgment of the Directorate General of the Treasury and Financial Policy, have complied, during the last evaluation period preceding the auction, the Bond and Obligations minima set out in this Standard and which have resulted in more assets in the last periods of assessment prior to the auction.

-A 20 per 100 that the Directorate General of the Treasury and Financial Policy may grant to those Bond Market Creators and Obligations which, in the judgment of the Directorate General of the Treasury and Financial Policy, have complied, during the last evaluation period preceding the auction, the Bond and Obligations minima set out in this Standard and, however, have not been more active in the last periods of assessment prior to the auction.

-A 4 per 100 that the Directorate General of the Treasury and Financial Policy will be able to grant to those Bond Market Creators and Obligations that, in the judgment of the Directorate General of the Treasury and Financial Policy, appear as the the most active in the last periods of assessment prior to the auction and however have not met, during the last period of assessment preceding the auction, the minimum bond trading and Obligations set out in this standard.

-A 0 per 100, for those Bond Market Creators and Obligations which, in the judgment of the Directorate General of the Treasury and Financial Policy, have not complied, during the last period of assessment preceding the auction, the Bond and Obligations minima set out in this standard, and which are not listed as more active in the last periods of assessment prior to the auction.

For these purposes, this General Direction, upon notification to the Banco de España, will inform the Market Creators of Bonds and Obligations that may benefit from some of the tranches described above. Second round of each auction, such circumstance. "

B) Point 2 of Article 6, Obligations of the Bond Market Creators and Obligations, is replaced by the following wording:

" 2. To ensure the liquidity of the secondary market for Bonds and Obligations and segregated securities in compliance with the obligations specified below:

Bond and Obligation obligations will be met when the contributions, with the maximum spreads and the minimum volumes agreed by the Directorate General of the Treasury and Financial Policy, are maintained. in each working day according to the calendar approved by the Directorate-General of the Treasury and Financial Policy, on the screen of regulated markets or multilateral trading systems to be determined by this Directorate-General, during, less, five hours between 8:30 and 17:15 hours each day of those mentioned work.

On the other hand, the trading obligations of the main segregated ones will be met when the contributions, with the maximum spreads and the minimum volumes agreed by the General Directorate of the Treasury and Policy Financial, held in each working day according to the schedule approved by the General Directorate of the Treasury and Financial Policy, on the screen of regulated markets or multilateral trading systems to be determined by the Directorate-General for at least four hours between 9.00 and 17.15 hours.

The General Directorate of the Treasury and Financial Policy may modify the trading conditions, after consulting the Market Creators.

(a) Each Market Creator must necessarily list the references defined as a market benchmark or "benchmark" to be agreed by the Directorate General of the Treasury and Financial Policy with the Creators of Market. In the listing of these references, the maximum spreads of demand and supply prices and minimum quoted volumes agreed by the Directorate General of the Treasury and Financial Policy must be respected, after consultation with the Creators of Market.

(b) Each Market Creator shall be listed as a principal segregated in accordance with the terms of the maximum differential and minimum volume agreed by the Directorate-General of the Treasury and Financial Policy. consultation with the Market Creators.

For the listing of the main segregated, the Market Creators can be divided into groups. Thus, the Directorate General of the Treasury and Financial Policy will be able to design baskets after consultation with the Market Creators, in which the main segregated ones will be included, the contribution of which will be obligatory. Each basket will be assigned to a group of Market Creators. For the processing of the baskets, account shall be taken of the maturity of the references that make up the baskets, in such a way that they are similar in duration and liquidity. The baskets shall be modified periodically. "

Disposition second.

Article 9 (k) of Section 4 of Section 4 is corrected: Evaluation of Market Creators:

"k) Entities shall be penalised which do not comply with the obligations laid down in paragraphs 6 and 8, points 1 and 2."

Single end disposition.

This Resolution shall enter into force on the day of its publication in the Official Gazette of the State.

Madrid, November 29, 2011. -Director General of the Treasury and Financial Policy, Soledad Núñez Ramos.