The Unit’s revenues for the year grew 8.1%, reaching
€25.5 million. Meanwhile, costs increased a mere 0.4% to
€11.26 million. EBITDA climbed 15% in the full-year period
to €14.25 million. These figures have allowed for a signif-
icant increase in the weighting of this area’s business in
the Group’s global operating result, with its contribution
representing 8.7% of total revenues and 6.9% of profit
(7.4% and 5.4% in 2011).
In 2012, the BME and MEFF derivatives market saw 67.1
million contracts traded over the year, a similar figure to
the previous year. Although the volatility in the first half
of the year increased hedging needs and generated an
initial increase in volumes, subsequent developments
in this unit’s business environment were negative, and
it was especially impacted by the ban on short selling,
which was in effect for all the stocks traded in the last five
months of the year.
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Futures andOptions in BME
Number of contracts traded on equity products
In market operations in 2012, the most notable perfor-
mance was in options trading on indices, which reached
a volume of 4.2 million contracts, 91.3% higher than
what was registered in 2011. Options on shares regis-
tered a contract volume of 34.5 million for the full-year
period (+17%).
In 2012, BME’s Derivatives market also registered two new
developments with respect to the expansion of the range
of underlyings traded and the possibilities of participating
in said market. First, futures contracts on the Spanish
10-year notional bondwere launched.These bonds can be
used as hedging instruments and offer new opportunities
when implementing strategies and trading.
MEFFPower continues growing and already has
39 participants
In 2012, MEFFPower’s activity consolidated the trend
started in 2011, with a growing registry in the clearing
house business and an increase in the number of partic-
ipants (+156%). The average monthly figure registered
in MEFFPower in 2012 totaled 748,023 MWh vs. 412.979
MWh in 2011. The number of transactions registered
had an overall monthly average of 92 vs. 40 in 2011. The
market share with respect to OTC trading doubled in the
full-year period.
MEFFPower is the service create by BME through MEFF
for the electricity market, and was made possible by
the recent approval of Decree 1282/2010 of 15 October,
which regulates official secondary futures and options
markets and other financial and derivative instruments,
as well as the approval of the new MEFF regulation that
widened the range of products for which MEFF can offer
CCP or trading services.
Second, the extension of trading hours on IBEX35. This
measure was in response to demands from numerous
members to allow trading in futures on the IBEX 35 in
the hours subsequent to the close of the Spanish stock
market, when other international stock markets, particu-
larly that of NewYork are open, and are therefore trading
the main contracts on international benchmarks, which
includes futures on the IBEX 35.
BME Business Areas
Report 2012
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