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
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.