Market Data
In 2012, the Information area remained BME’s third-
largest contributor in strategic terms, representing 11.7%
of Group revenue and 13.1% of total EBITDA. Both items
registered an increase of close to 2 points with respect to
2011. Undoubtedly, as the integrated services offered by
BME Market Data become more established, they will start
to generate results, even in the current crisis.
BMEMarket Data is a subsidiary of the BME Group launched
in August 2011 in order to manage the generation and
distribution of information in all the platforms and markets
of the Spanish stock market. The previous configuration of
stock market information dissemination entailed various
technical platforms that multiplied costs and entailed
excessive investment inmaintenance and development.
The dissemination of accurate information by stock
markets helps market integration, enhances efficient
pricing and is a key aspect of competitiveness in terms
of ensuring liquidity for listed products. The various secu-
rities market agents now interact amid greater activity
flows, more swiftly and in a more complex manner,
which requires more and better information. Information
dissemination platforms must be able to integrate various
sources of proprietary information and contributed data,
within a consolidated data flow, ensuring the standards of
transparency and quality that the market needs.
Information. Key figures…
2012
2011
%
...For the Business
Revenue (million euros)
34,278 33,386 2.7
Expenses (million euros)
-7,354
-7,090 3.7
EBITDA (million euros)
26,924 26,296 2.4
With the launch of BME Market Data, parties interested in
information at various levels generated in the platforms
available in the Spanish stock market now have a single
format and connection hub, as well as a single contractual
framework which will allow disseminatedmarket informa-
tion content to be managed centrally.
This new configuration for carrying out the dissemination
and sale of information at BME is probably responsible
for the fact that the results of the Information business
unit have been improving even though the number of
final users that receive information from BME primary
sources fell by 10.7% and the number of total connections
declined 1.8% in 2012. Revenue at this business unit rose
by 2.7% to €34.28 million. Meanwhile, costs increased
3.7% to €7.35 million. The area’s final operating profit was
€26.92 million, up 2.4% on 2011.
Most of the business in BME’s Information unit involves
two large groups of differentiated activities. The activity
carried out by BME Market Data, as we noted above, and
that carried out by Infobolsa, which is jointly owned with
Deutsche Borse, Germany’s top stock exchange operator.
BME Market Data: Fast, secure and accessible
information
BME Market Data is a subsidiary of BME that special-
ises in generating and selling information generated
by all the platforms and markets managed by the
Group, and in developing value-added services aimed
at the securities industry.
In 2012, BME Market Data launched a new contract that
established a common regime applicable to all users
of information content generated by BME. This regime,
among other things, universalises the favourable treat-
ment that certain markets offer private investors,
improves the conditions enjoyed by professional users
that contribute to price formation by sending their orders
to the trading systemoperated by BME, simplifies adminis-
trative work for customers, and in general, modernises the
commercial policy for disseminating the Group’s informa-
tion, with the introduction of new positions - such as the
Service Facilitator- and special contractual regimes - such
as the Honesty Statement- which have been implemented
in the financial information industry in recent years.
Similarly, in 2012, BME Market Data incorporated infor-
mation content from AIAF, SENAF and the four Spanish
bourses into its technical dissemination platform, BME
Data Feed, thereby completing the data sources integra-
tion process initiated when the company was created.
With this step, all BME Market Data users can, from this
year on, receive in real time through a single connection
and in the same format, all the information generated by
the BME Group’s systems and markets.
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BME Business Areas
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Annual
Report 2012
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