Spanish stock exchange operator, Bolsas y Mercados Españoles, has set the price for its initial public offering close to the top of the deal's price range, valuing the firm at €2.59bn ($3.3bn).

BME announced last night that the offer price for its flotation had been fixed at €31, close to the top of the €26.30 to €33.50 range, which valued the exchange at €2.2bn to €2.8bn. The shares are expected to begin trading in Madrid tomorrow.