Bolsa de Madrid all fixed-income assets are traded through SIBE. The Madrid Stock Exchange General Index (IGBM) is the exchange's principal index and represents the construction, financial services, communications, consumer, capital/intermediate goods, energy, and market services sectors. The IBEX 35 Index is a capitalization-weighted index comprising the 35 most liquid Spanish stocks traded in the continuous market, and is Bolsa de Madrid's benchmark. Bolsa de Madrid also offers the FTSE-Latibex Index, a European market for Latin American stocks. The Ibex New Market Index, for emerging companies, was offered from 2000 to 2007. Settlement is T + 3. Trading on SIBE is conducted from
Bolsa de Valores de Nicaragua domestic investors and foreign shareholders a platform to conduct operations within the framework of an open market economy. The main characteristics of this market are the following: (1) Fixed income financial instruments in U.S. dollars and local currency indices; (2) A total exemption of income and capital gains taxes for traded securities; (3) No restrictions on foreign direct investment (FDI); (4) An effective regulatory frame. Bolsa de Valores de Nicaragua is supervised by the "Superintendencia de Bancos y Otras Instituciones Financieras" (Supervision of Banks and Other Financial Institutions). This institution supervises trading activity, market positions, as well as stock brokers