Letter from the Chairman
Annual Report 2014 BME
Technology to satisfy growing demand
The upgrades we have implemented in our various
trading platforms have given us an ideal strategic
position. We can now handle higher business volume
while at the same offering a good service with lower
costs, something which is fundamental for the stability
of any market. In short, we are more competitive.
Greater business on the exchange means more
sophisticated demands which is why we have
continued to expand our range of products and
services, helping us meet our investor’s various stra-
In 2014 we opened a new point of access to the
Spanish stock exchange in London. This is now our
third, helping entities in London access the Spanish
market in a secure, swift and reliable manner thanks
to high capacity fibre optic lines.
Alternative markets continue growing
The number of participants and issues on the MAB
has continued to grow. There are now 26 companies
in this trading segment.
The addition of five new companies in 2014 helped
highlight this market’s role of helping SMEs raise
capital. Since its creation, €300 million have been
raised, €153 million in 2014 alone.
After just one year, the MARF has 19 members,
including leading financial entities, 18 registered
advisors and 12 companies which have launched
bond, debenture and promissory note issues. Just
two months ago the market was opened to secu-
ritised bonds, an important channel for SMEs to
capture funds through this market. The first project
bond issue was recently launched, yet another fund
raising possibility. The MARF has an outstanding
balance of over €500 million.
The depth of alternative markets shows how impor-
tant they are for SMEs to tap financing. We are seeing
a more balanced financial system where the exces-
sive weight of bank lending is making way for greater
market participation both in the form of capital raising
and Fixed Income.
Wider and more complete information dissemi-
Work continued in the year to incorporate new infor-
mation content. We currently disseminate informa-
tion on over 86,000 Equity, Fixed Income, Derivatives,
ETF and Warrants instruments, as well as 164 indices.
In 2014, we launched a new information product to
satisfy users’ requests for real time financial infor-
mation. This promotes the 10 best buy/sell positions
arranged by price.
BME Clearing adheres to new European standards
In September, BME Clearing received authorisation
from the Spanish stock market regulator – CNMV -
to operate as a Central Counterparty pursuant to
European Market Infrastructure Regulation, or EMIR:
we comply with new European standards of organisa-
tion and corporate model, technology, risk manage-
ment and capital requirements.
BME Clearing is currently responsible for the clearing
of financial and electricity derivatives and trades with
We have just received the go-ahead to clear interest
rate swaps and the equity segment is expected to
be included in October 2015 once the clearing and
settlement reform is under way in Spain.
REGIS-TR strengthens its position as a European
REGIS-TR, our European trade repository - initially
derivatives - processed more than 2 billion transac-
tions in 2014 since EMIR regulation came into force,
establishing the obligation to report all transactions
with listed and OTC derivatives to Trade Reposito-
ries. The success of this system confirms the sound
infrastructure of the Spanish stock market, which is
able to continue developing products and services in
alignment with clients’ needs.
The key challenges facing the economy and the
On the whole, 2014 has been a positive year for
the stock market and steadier one for the Spanish
economy. Many of the stock market activity figures
for 2014 are at historic highs and the outlook for
2015 is for moderate economic growth in Spain.
Expectations for the securities markets in 2015 remain
upbeat, in terms of both financing and stock market
listings and activity volumes. But we should not take
things for granted, the authorities still have a great deal
of work to do and reforms have to be implemented
that citizens must face with determination.