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16

Corporate Governance

Corporate Social Responsibility Report 2014

BME

Sociedad de Gestión de los Sistemas de Registro,

Compensación y Liquidación de Valores, S.A.

(Iberclear),

this is Spain’s central depository for

securities. Iberclear is responsible for the accounting

records and the clearing and settlement of securities

listed for trading on Spanish stock exchanges, the

book-entry public debt market, AIAF and Latibex.

Iberclear, under the supervision of the Spanish

Ministry for Agriculture, Food and the Environment,

manages the National Registry of Greenhouse Gas

Emission Rights (RENADE).

Regis-TR, S.A.,

which is 50% owned by Iberclear

and Clearstream Banking Luxemburg, S.A., a Luxem-

bourg-based company. This company acts as a trade

repository for derivatives.

Instituto Bolsas y Mercados Españoles, S.L.U.,

is BME’s educational centre, whose activities are

focussed on organising a range of educational

services linked to financial markets in general.

Visual Trader Systems, S.L.,

which develops and

operates the Visual Trader system, a platform which

allows access to international markets and routing

networks. Its connections allow entities and brokers

all over the world to both send and receive orders.

This company is owned by the Madrid and Valencia

stock exchange governing companies, with stakes of

90% and 10%, respectively.

Bolsas y Mercados Españoles Innova, S.A.U. (BME

Innova)

offers specialised strategic consultancy

services, custom-made technological solutions and

integrated training programmes for the financial

markets, as well as products and services for three

areas: business continuity, financial communication

and management software for financial institutions.

Bolsas y Mercados Españoles Market Data, S.A.

(BME Market Data),

which specialises in handling,

generating and selling information from the group’s

various regulated markets and multilateral trading

facilities (MTFs) and in developing value-added

services aimed at the securities industry.

BME Market Data is owned by BME, the four stock

exchange governing companies, MEFF and AIAF.

Infobolsa, S.A.,

which provides real-time finan-

cial market information services. It is jointly owned

(50%/50%) by BME and Deutsche Börse.

In addition, as at 31 December 2014 Infobolsa S.A.

had a stake in the share capital of Difubolsa – Servi-

cios de Difusao a Informaçao de Bolsa S.A. and

Infobolsa Deutschland, GmbH of 99.99% and 100%,

respectively.

In addition to the above,

Bolsas y Mercados

Españoles Servicios Corporativos, S.A. and Link

Up Capital Markets, S.A.

act as auxiliary companies

for the rest of the BME group companies.

Openfinance S.L.,

provider of front-office solutions

for financial advisory and portfolio management,

81%-owned by Infobolsa.