Bolsas y Mercados Españoles, the company that runs the Spanish exchange, plans changes to its trade registration process which look set to open up Europe’s most protected equities market to greater competition from alternative platforms such as Chi-X Europe and Turquoise.

BME has proposed new rules for the operation of Iberclear, its clearing system, which may allow “multilateral trading facilities” (MTFs) like Chi-X to compete on cost with the Spanish operator.