The participants in the Master in Finance, Stock Market and Investment Management receive additional specialised training to obtain the following certifications or licences which enable them to operate on the Spanish stock exchange. This additional training is given by the BME Institute, an entity with which CUNEF maintains a close relationship. The licenses are:  

• License to operate on the Spanish Stock Exchange Interconnection System. For this purpose, participants take the complementary course “stock exchange operating procedures and trading”, and 6 additional hours working at the BME Spanish stock exchange interconnection system terminal.  This license accredits that candidiates have acquired the necessary knowledge and have passed the examination which qualifies them to obtain authorisation from the Madrid Stock Exchange to act as an authorised operator. The authorisation as operator is granted by the Madrid Stock Exchange to the holder of the certification who accredit that they are employed by a member of the Madrid Stock Exchange. The certificate is valid for a maximum of three (3) years from the date of issue, after which the certificate expires, or earlier in the event of the introduction of substantial new material to the qualifying course. In this case, in order to obtain authorisation as an authorised operator of the Madrid Stock Exchange, in addition to fulfilling all the other requisites, a new certification must be obtained. 
   
• License to operate on the Spanish Financial Futures Market type III.  Participants take an additional 14 hour training course (6 hours of theory and 8 of practice) to acquire the expertise necessary to pass the exam. The circular letter 05/06 published by the Spanish Financial Futures Market on 27th April 2006 specifies that in order to operate on that market, both operators and Compensation and Settlement personnel must be in possession of the license granted by the Governing Body. The Governing Body grants licences to those who accredit by means of a certification issued by the BME Institute that they have passed the pertinent exams,