Growth in number of transactions
If the business was measured by the number of trans-
actions, 2012 could be considered a positive year, given
that 1.28 million transactions were carried out in the
Corporate Debt AIAF market, a 99% increase on 2011.
The outlook for the Spanish corporate debt market
improved during the second half of the year and remains
upbeat to the degree that the risk premium eases. It is
positioned to benefit from improvements in both tech-
nical and fundamental factors.
MEFFREPO registers high transaction volume
The MEFF’s central counterparty (CCP) repo clearing house
which serves as a central counterparty clearing house for
public debt repos currently has 32 participating entities,
comprising 30 Spanish firms and 2 non-Spanish firms.
In 2012, volumes and the number of transactions on
the MEFFREPO gradually increased. Since May, the CCP’s
monthly volumes have surpassed, in all cases, €100 bn and
in practically all the months of this year there have been
over 1,000 transactions.
Derivatives
The providing of counterparty clearing house services
carried out by the aforementioned MEFFREPO and those
carried out by MEFFPower in the electricity market have
been determining factors underpinning the results of
BME’s Derivatives Business Unit in 2012. In regards to
the activity and trading of products and underlyings in
the year, the sharp increase in transactions executed in
Options (especially on the IBEX 35) have offset the decline
seen in the Futures segment.
Derivatives. Key figures…
2012
2011
...For the Business
Revenue (million euros)
25,507
23,601
8.1
Expenses (million euros)
-11,261
-11,216
0.4
EBITDA (million euros)
14,246
12,385
15.0
...For the revenue sources
Trading (number of contracts)
67,176,527
67,572,115
-0.6
In derivatives on indices
IBEX 35 futures
(number of contracts)
4,745,067
5,281,218
-10.2
Mini IBEX 35 futures
(number of contracts)
2,424,766
3,099,647
-21.8
Futures on IBEX 35 Impact Div.
(number of contracts)
2,162
3,154
-31.5
IBEX 35 options
(number of contracts)
4,206,058
2,198,967
91.3
Total notional value
(millions of euros)
401,979
560,107
-28.2
In derivatives on shares
Equity futures
(number of contracts)
21,220,876
27,578,789
-23.1
Stock dividend futures
(number of contracts)
25,000
-
-
Equity options
(number of contracts)
34,507,360
29,410,340
17.3
Total notional value
(millions of euros)
45,797
63,629
-28.0
In fixed-income derivatives
10-year bond futures
(number of contracts)
45,238
-
-
Open interest (number of contracts)
10,195,290
11,290,192
-9.7
Total number of trades
3,948,989
4,817,184
-18.0
44
BME Business Areas
4
Annual
Report 2012
/ BME
1...,34,35,36,37,38,39,40,41,42,43 45,46,47,48,49,50,51,52,53,54,...222