Dear Shareholder,
As Chairman of the Board of Directors, I am pleased to
present to you BME’s Corporate Responsibility Report
(CSR) for 2013.
For BME, one of our main commitments in this area is to
help businesses find funding. This is even more essential
when these companies are unable to access credit. That
is why we are particularly keen to promote financing
models with lower leverage and formulas which comple-
ment traditional channels to make financing available to
The foundations have been laid: market-based funding,
as a formula for providing finance to the different busi-
ness segments, must take centre stage. That is why we
are particularly pleased that investment flows chan-
nelled through the Stock Exchange in 2013 exceeded
$42 billion, making ours the 4th largest market in the
world by investment flows.
In 2013, a new alternative fixed income market, MARF,
commenced operations, offering SMEs a new means of
accessing financing by issuing Fixed Income securities.
We are also boosting the capacity of MAB (Mercado
Alternativo Bursátil). Two of the companies listed on this
alternative market with the greatest activity, Carbures
and Gowex, have received the EC’s “European Small and
Mid-Cap Awards” out of a total of 31 companies. These
awards,whichare intheirfirstyear,are intendedto increase
the success of new market listings to create a favourable
environment for companies to access financing.
BME has also been working on building on these objec-
tives and has taken part in various initiatives such as the
act commemorating the 25th anniversary of the Securi-
ties Market Act, organised by the Fundación de Estudios
Financieros (Foundation for Financial Studies) which
highlighted the importance of this law in developing
and modernising Spain’s financial markets and its con-
tribution in helping these to carry out their important
The Latibex Forum is a key event in this regard. This
popular annual event celebrated its 15th edition in 2013,
attracting 400 professionals and 44 companies, 40 of
which were Latin American. This forum is an important
meeting point for investors, analysts and intermediaries
from both sides of the Atlantic. The Medcap Forum, also
organised by BME and now in its ninth year, is intended
to boost liquidity at medium-sized companies and raise
their profile among investors. This year’s event attracted
many non-resident investors whose presence was up
30% compared to 2012.
BME was also active in organising educational pro-
grammes and promoting financial culture. A new book
in the ESTUDIOS & INVESTIGACIÓN collection, entitled
“Comunicación financiera: transparencia y confianza”
(Financial communication: transparency and trust) was
published. BME also sponsored, for the 10th consecutive
year, the prizes in the Fixed Income, Equities and Deriv-
atives categories at the Finance Forum’s 11th annual
meeting organised by AEFIN (Asociación Española de
Finanzas). This is the most important annual financial
research event in Spain.
Letter from the Chairman
Corporate and Social
Responsibility Report 2013
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