Costs were also reduced by €11.08 million. As a result,
EBITDA climbed 17.4% in the full-year to €16.73 million.
These figures have enabled a significant increase in the
weighting of this area in the Group’s global operating
result, contributing 9% of total revenues and 7.7% of
profit (8.7% and 6.9% in 2011).
The volume of trades in BME’s derivatives market in 2013
fell back slightly on the previous year at €54.7 million,
18.6% down on 2012, with the decrease concentrated
in equity options and Mini futures contracts. However,
trading in large IBEX 35® futures and IBEX 35® options
increased significantly.
Activity in the derivatives market in 2013 reflected the
improved financial situation for Spain, with a recovery
in the appetite of foreign investors driving trading in
contracts on the IBEX 35®, particularly in the star product
on the market: IBEX 35® futures.
In 2013 the increase in trading in IBEX 35® was noteworthy,
with an increase of 17.6%, andwith over 500,000 contracts
being traded in June, October and November. Trading in
IBEX 35® options increased by 23%, beating the figures
for the last four years, with over 500,000 contracts being
traded in June, August, October and December. The total
number of trades was up 9.6% in the year, at 4.3 million.
There were a number of major changes to MEFF’s
company structure in 2013. In order to comply with the
new European EMIR regulations on financial instrument
markets, the operations of this market have been divided,
separating out counterparty and clearing activities for
products traded into the company BME Clearing, which is
responsible for all of BME’s central counterparty activities.
100,000,000
90,000,000
80,000,000
70,000,000
60,000,000
50,000,000
40,000,000
30,000,000
20,000,000
10,000,000
0
Futures and Options traded on BME
Number of contracts traded linked to Equities
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Source: BME
52
Business Areas
Annual
Report 2013
BME
1...,42,43,44,45,46,47,48,49,50,51 53,54,55,56,57,58,59,60,61,62,...236