High liquidity
Meanwhile, despite stiff competition, the Spanish stock
market continued to represent nearly 95% of the global
trading in shares on the SIBE electronic trading plat-
form. Such a high percentage favours transparency and
efficient price formation. The start-up in 2012 of a new,
more advanced technical trading platform with greater
capacity but equally secure undoubtedly reinforced
trading on the Spanish stock exchange. Once the crisis
is over, this should result in more consistent and tangible
advantages for investors and brokers alike. Also boosting
the liquidity of listed shares are the new “Co-location”
access services, a more advanced hosting solution for
automatic trading systems.
Other trading indicators also showcase these character-
istics. Cash trading volume ended 2012 at around €700
billion.This is in linewith pre-crisis (2005) levels. However,
there were 40.5 million trades in 2012 compared to
17 million in 2005 or 34 million in 2007, when trading
volume set an all-time high of €1.6 trillion. These 40.5
million trades were the second highest ever on the
Spanish stock market. Record monthly trades were set in
May 2012 at 4.7 million. The number of orders handled
by the system soared from nearly 32 million around the
middle of the last decade to 252 million in 2012.
The most heavily traded stocks in the euro area
Five of the top 10 most liquid stocks in the euro area
in 2012 were companies listed on the Spanish stock
exchange: Banco Santander, Telefónica, BBVA, Repsol
and Inditex. Based on 2012 data for the pan-European
Eurostoxx 50 index, which comprises the 50 largest
listed stocks in the euro area, shares of these Spanish
corporations rank first, second, third, sixth and ninth
by annual trading volume. Iberdrola is in 16th place. All
the Spanish constituents of this index were the same as
in 2011, but there were significant movements in their
rankings. Spanish stocks hold the top three positions,
while Inditex, which only joined the Eurostoxx 50 Index
in September 2011, jumped from 27th to 9
th
place2012.
The six Spanish companies belonging to the Eurostoxx
50 accounted for 20% of the total trading volume of the
index’s 50 constituents in 2012, far outstripping their
combined index weighting of 12.41% and the weighting
of the Spanish economy in euro area GDP (around 11%).
The performances of these stocks in the ranking further
underscores the strength and attractiveness of listed
Spanish companies for investors.
Ranking of trading in stocks belonging to the pan-european Eurostoxx 50 in 2012
Ranking Name of stock
Effective volume
origin (euros)
Effective volume
MTFs (euros)
%weighting
in the index
(December2012)
1
Banco Santander, S.A.
150,006,642,480
4,005,636,993
4.01
2
Telefónica, S.A.
108,314,908,260
3,439,215,273
2.58
3
Banco Bilbao Vizcaya Argentaria, S.A.
104,129,759,620
2,993,154,762
2.41
4
UniCreditt S.p.A.
89,125,849,460
8,791,946,871
1.27
5
ENI, S.p.A.
67,545,010,900
15,739,029,017
3.12
6
Repsol YPF, S.A.
64,239,224,040
2,332,730,183
0.76
7
Siemens, A.G.
63,095,330,320
30,812,283,451
4.35
8
Deutsche Bank, A.G.
60,650,864,220
25,401,383,937
1.95
9
Inditex, S.A.
56,330,751,370
1,968,180,427
1.42
10
BNP Paribas
54,906,872,900
28,706,558,417
2.87
16
Iberdrola, S.A.
46,504,463,400
1,381,020,810
1.23
33
BME Business Areas
4
Annual
Report 2012
/ BME
1...,23,24,25,26,27,28,29,30,31,32 34,35,36,37,38,39,40,41,42,43,...222