Derivatives 2025

SPAIN

France

Spain

Madrid

Portugal

Law and Practice Contributed by: Miguel Cases and Claudi Rossell Cases & Lacambra

Contents 1. General p.68 1.1 Overview of Derivatives Markets p.68 1.2 Historical Trends and Looking Forwards p.68

2. Types of Derivatives p.69 2.1 Futures and Options p.69 2.2 Swaps and Security-Based Swaps p.69 2.3 Forwards p.70 2.4 Listed v Over-the-Counter p.70 2.5 Asset Classes p.70 2.6 Exemptions, Non-Derivative Products and Spot Transactions p.71 3. Regulation of Derivatives p.72 3.1 National p.72 3.2 Local p.76 3.3 Self-Regulatory Organisations, Independent Authorities, and Exchanges p.76

4. Documentation Issues p.76 4.1 Trading Documentation p.76 4.2 Clearing Documentation p.78 4.3 Opinions and Other Documentation Issues p.78 5. Enforcement Trends p.78 5.1 Regulator Priorities and Enforcement Trends p.78

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