IBEX 35 performance in 2012
9,500
9,000
8,500
8,000
7,500
7,000
6,500
5,500
5,000
30-12-11
01-03-12
01-05-12
01-07-12
01-11-12
-2,610
+2,211
Low
The IBEX 35, the benchmark Spanish equities index,
retreated 4.6% in the year. Small cap stocks underper-
formed during the year, with the IBEX Small Cap index
slumping 24%. Conversely, medium cap stocks outper-
formed, with the IBEX Medium Cap notching up a 14%
gain in 2012.
The decline in revenue in BME’s Equities business in 2012
was due mainly to the adverse climate for securities
markets. Quoted securities, mainly shares, were pulled
down by signs of Spain’s economy dipping back into
recession and clear threats of the euro’s break-up (espe-
cially in the first half of the year) in general, and specifi-
cally to the ban on short positions in stocks in the last five
months of the year and on bonds of listed companies in
the first two.
Falling share prices and restrictions imposed by the stock
market regulator, the CNMV, on short positions in 2012
had a negative impact on the cash value of shares traded.
The value of shares, ETFs and warrants traded fell 24.5%
in 2012 to €699.77 billion. This undoubtedly had a nega-
tive impact on the amount of fees charged by BME for
bid-order transactions conducted through its platforms.
July was the best month of the year, with €71.00 billion.
Nevertheless, international investor appetite for quoted
Spanish stocks, the smooth functioning of the market
model and some of the initiatives undertaken by BME to
boost access to the market or the design of more invest-
ment strategies based on listed stocks all helped the
Spanish stock exchange maintain high levels of liquidity
again in 2012.
Carbures listed on the MAB market
30
BME Business Areas
4
Annual
Report 2012
/ BME
1...,20,21,22,23,24,25,26,27,28,29 31,32,33,34,35,36,37,38,39,40,...222