Clearing and Settlement
The nucleus of activities executed in this area that are
reflected in BME’s accounts are very related to the opera-
tions carried out by the company in the Equities business.
As a result, the declines in volumes traded in the spot
market for stocks registered in 2012 had a negative impact
on the results in this area. Nevertheless, the increase in
registry work and other tasks carried out by Iberclear (the
BME subsidiary responsible for these functions), have
been sufficient to offset the lower revenues obtained
through the settlement of operations in equity assets. In
2012, the Liquidation business’s revenue rose 0.2% (to
€78.97million) vs. 2011, which, combined with cost reduc-
tions of 2% (to €14.03 million) resulted in EBITDA for the
year of €64.94 million (+0.6%).
These results, combined with the worst comparative
performance ever registered in the Equities unit caused
a slight increase in the weighting of the contribution
of revenues and profits from the Settlement, Registra-
tion and Clearing activities to the Group’s 2012 results,
reaching percentages of 26.9% and 31.5%, respectively.
The balances registered in the year showed an increase
of 0.4% in stocks listed on the Fixed Income market, AIAF,
with respect to the previous year, and an increase of 9.5%
in the Public Debt market. In Equities, a year-on-year
decline of 1.79% was registered.
Total trades settled in 2012 grew by 2.7% year on year to
46.8 million. However, average daily cash volume settled in
relation to these trades was down 12.1%on the 2011 figure.
In the last quarter of 2012, there was a notable develop-
ment among the mechanisms managed by BME designed
to mitigate the fallout from the crisis. The securities issued
by the European Stability Mechanism (ESM) with a nominal
total of close to €40 billion were included in Iberclear
through the connection established by Iberclear with the
German Central Securities Depository (CSD) Clearstream
Banking A.G. Frankfurt (CBF), to bail out the Spanish banks
Bankia, Banco Financiero y de Ahorros S.A., Nova Caixa
Galicia Banco and Catalunya Banc.
Clearing and Settlement. Key figures…
2012
2011
%
...For the Business
Revenue (million euros)
78,975
78,856
0.2
Expenses (million euros)
-14,033
-14,314
-2.0
EBITDA (million euros)
64,942
64,542
0.6
...For the revenue sources
Number of transactions settled
46,815,060
45,596,887
2.7
Assets in custody (nominal amount registered
at end of period) (billion euros)
1,706
1,664
2.5
2006 2007 2008 2009 2010 2011 2012
34.6
43.6
40.3
34.8
41.7
45.6 46.8
Trades settled
(million)
Assets under custody
Nominal amounts registered. Million euros
2006
1,045
1,246
1,362
1,513
1,564
1,664
1,706
2007 2008 2009 2010 2011 2012
47
BME Business Areas
4
Annual
Report 2012
/ BME
1...,37,38,39,40,41,42,43,44,45,46 48,49,50,51,52,53,54,55,56,57,...222