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Corporate Governance

Corporate Social Responsibility Report 2014


BME group companies

Bolsas y Mercados Españoles, Sistemas de Nego-

ciación, S.A. (BME Sistemas de Negociación).

The governing company of two multi-lateral trading


• Mercado Alternativo Bursátil (MAB),

which lists

securities that require specialised and unique

treatment, across a variety of segments.

• Latibex,

the market for European investors to buy

and sell euro-denominated Latin American stocks.

Stock exchange governing companies

The purpose of stock exchange governing companies

is to list for trading, supervise and manage official

secondary markets for securities.

The Barcelona, Bilbao and Valencia stock exchange

governing companies deal exclusively with public

debt issued by the Catalonia, Basque Country and

Valencia regional governments, respectively.

The four stock exchange governing companies also

own 25% of:

SociedaddeBolsas, S.A.

, whichmanages andoperates

the Spanish electronic trading platform (S.I.B.E.).

BME Clearing, S.A.U. (BME Clearing),

which acts as

the central counterparty entity for derivatives traded

on the official secondary derivatives market, public

debt repos, electricity derivatives and any other finan-

cial instrument.

MEFF Sociedad Rectora del Mercado de Productos

Derivados, S.A.U. (MEFF),

which manages the official

secondary market for derivatives with both equity

and fixed-income underlyings as well as the trade

repository for the energy contract group.

MEFF Euroservices, S.A.U., S.V.,

which transfers

orders to European markets (Eurex).

MEFF Tecnología y Servicios S.A.U.,

which develops

and operates data-processing systems, and manages

the forward market for Red Eléctrica Española.

AIAF Mercado de Renta Fija S.A.U. (AIAF),


manages and supervises both the primary and

secondary corporate debt markets, the electronic fixed

income trading platform SEND, and is the governing

company of the multilateral trading system SENAF and

the Mercado Alternativo de Renta Fija (MARF).