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Letter from the Chairman

17

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-

tegic requirements.

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-

nation

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

Fixed-Income securities.

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

trade repository

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

markets

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.