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Letter from the Chairman


Annual Report 2014 BME

The need for alternative financing has become a


The need to change the traditional financing model,

with higher emphasis on the capital markets, was

something that only a few of us had long demanded.

Fortunately today it has become a general preference

across the world.

The government is taking steps to support the alter-

natives already existing and even creating new mech-

anisms. The agenda to strengthen the industrial

sector in Spain before 2020 includes measures to

increase the weight of unconventional financing, and

considers support mechanisms such as the MARF

and the MAB to be essential.

At the same time, the European Commission (through

the Junker Plan) is working to shore up the financial

system and increase its real capacity to finance the

economy. And to do this, it needs to diversify financing

sources and improve access to credit for SMEs, which

is defines as the backbone of the European economy.

The stock market will play a key role in this process.

One of the most important changes, and a key one in

my view, is the change in the business structure. Small

companies should increase their size to become

more productive and competitive and increase their

access to financing.

The regulatory measures currently being imple-

mented must be stepped up to better protect

investors throughout the EU. Today, the European

Commission is working with national regulators,

supervisory bodies and auditors to ensure that the

information provided by companies and auditors is

more transparent.

The objective of the EC is to lay the groundwork to drive

growth in the region from 2020. Not only to overcome

the crisis. But also to address the deficiencies in the

growth model and build the necessary conditions for

intelligent, sustainable and inclusive development. In

short, to raise more capital and reduce debt.

BME is looking ahead to a new year which heralds

a favourable outlook and remains an attractive and

preferential destination for international investors.

This is good news for both companies and investors.

The stock markets can help Europe to achieve greater

innovation, boost savings, distribute wealth, manage

risks and create jobs. It won’t be easy but our expe-

rience backs us up. The securities markets must

continue to demonstrate their capacity to channel

financing processes while at the same time adapting

to new technological, regulatory and operating envi-


Antonio J. Zoido

The substance of the stock market should be

maintained in face of technological changes

The last few years have witnessed an unprecedented

technological revolution which has shaped the path

of stock market trading.

However, concern over the development of improved

technological mechanisms for pricing, which enhance

liquidity generation, should not be an obstacle for

the exercising of another key role played by stock

exchanges in the economy, i.e. providing financing

for companies in an efficient, secure and transparent

manner, as they have always done.

Increased transparency in companies, making

for more efficient markets

The European markets are converging towards a

single regulation, with full transparency toward the

investors from stock exchanges, alternative markets

and products alike. All the markets are essential, each

one covers specific needs.