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40

Annual Report 2014 BME

The 2014 earnings continue to show the company’s

constant evolution and adaptation to the new circum-

stances, implementing improvements throughout

the Group companies.

As a result of seeking business diversification, the cost

coverage ratio with revenue not linked to volumes for

2014 stood at 112% of BME’s cost base, evidencing

the company’s strategy, which always focuses on rein-

forcing alternative revenue sources with the aim of

protecting itself from adverse market circumstances

and obtaining maximum profitability in favourable

situations.

One of the basic features is the company’s prudent

resource management, which can be seen in the effi-

ciency ratio that measures the percentage of costs

incurred by each revenue unit, which stood at 40.9%

at 2014 year-end, i.e. 17.9 percentage points below

the worldwide average for the sector.

The Group’s ROE (return on equity) continued to

perform favourably: it reached 30.2% in 2014, i.e. 17

points higher than theworldwide average for the sector.

In 2014, BME continued with its commitment to

different initiatives that will enable the Spanish stock

exchange to contribute to the development of the

securities markets and provide access to financing.

During the year, the company expanded the range

of services to clients, such as co-location, e-data and

customised feeds, it implemented BME Clearing and

it created new products indexed to IBEX®, such as

leveraged and inverse products, with dividends and

net dividends. Moreover, in the fourth quarter of

2014, REGIS-TR® requested authorisation from the

EU Agency for the Cooperation of Energy Regulators

to operate as a Registered Reporting Mechanism.

Products and services implemented

(2013-2014)

Projects underway

(2015-2016)

Regis TR®

Placement services

BME Clearing

E-data services and customised feeds

Public debt through the SEND platform

REITs

MARF (alternative fixed income market)

Products indexed to IBEX®: leveraged and inverse

products, capped, with dividends and net dividends

Equities clearing

BME Securities Solutions

Collateral management

Interest rate swaps clearing

Fund platform

Relevant Facts feed