6,000,000
5,000,000
4,000,000
3,000,000
2,000,000
1,000,000
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
CorporateDebt trading volume
(Million euros)
The primary market in Spain registered a notable increase
in the year underway, with a volume to date in 2012 of
€363.975 bn, which implies an increase of 30.7% with
respect to the previous year. As noted earlier in the section
on BME activities, the revenues obtained by the company
in this business would be channeled directly into the
Listing unit.
However, the activity in the secondary market showed a
less favourable comparison with respect to 2011, in large
part due to the high levels attained that year. The trading
volume in 2012 was €2.56 trillion, 52.6% less than the year
before. In 2012, trading to maturity registered a sharp
increase with respect to repo trading.
Good performance from SEND, the Fixed Income
platform for retail investors
The SEND platform for trading issues performed outstand-
ingly, growing ten-fold in 2012, both in terms of turnover
and the number of trades performed. Despite it handling
lower trading volumes as it is in the retail sector, compared
to the volumes traded in the wholesale sector, its influ-
ence on the organisation of positions and the extent to
which private investors have accepted the facility has
been significant, contributing to its consolidation as a
price benchmark. Turnover amounted to €1.21 billion, and
the number of trades totalled 57,579. At the tail-end of the
year, daily trades performed in SEND as a percentage of
total trades at maturity posted in the AIAF market grew to
approximately 45%.
SEND registers a record number of transactions
during the last few months of 2012
Two years and half years after its start-up, SEND (Electronic
System for Debt Trading), the electronic Fixed Income
platform for private investors created by BME via AIAF, is
showing clear progress in volumes, in terms of both turn-
over and number of transactions.
During 2012, the number of transactions reached 57,579,
10 times the previous year’s figure. And in November, a
monthly record was reached at 10,458.
Trading to maturity via SEND now represents a quarter of
the total number of transactions carried out this way on
AIAF, which gives an idea of the momentum it is gathering
and the importance that it is beginning to have within
the BME fixed income market. What is more, it is also
managing to narrow bid/offer spreads, thereby making its
prices a public and accessible benchmark for the market
and private investors.
Performance of trading volume on SEND (2011-2012)
The growing interest of private investors is not only
seen in this increased activity but also by the number
of visits to the SEND pages and bulletins on the BME
Fixed Income website, which is becoming a constant
reference in several investor forums for Spanish fixed
income, with extremely positive comments and valua-
tions about its contribution to transparency in the fixed
income market and the improved access to Corporate
Debt that it offers private investors.
Within the not too distant future, SENDmay also include
Public Debt securities, and there are conversations
under way with the Treasury about the possibility of
listing the majority or all of Spain’s Public Debt securi-
ties soon. This would improve and simplify the access to
Public Debt for small investors, and there would also be
a secondary market for those investors who want to sell
their securities before maturity.
250
200
150
100
50
0
12,000
10,000
8,000
6,000
4,000
2,000
0
J F M A M J J A S O N D J F M A M J J A S O N D
Volume (€Mn)
Volume traded
No. of transactions
No. transactions
2011
2012
43
BME Business Areas
4
Annual
Report 2012
/ BME
1...,33,34,35,36,37,38,39,40,41,42 44,45,46,47,48,49,50,51,52,53,...222