Table of Contents Table of Contents
Previous Page  94 / 111 Next Page
Information
Show Menu
Previous Page 94 / 111 Next Page
Page Background

BME AND SOCIETY

Corporate Social Responsibility Report 2014

BME

94

6.3. SPONSORSHIP OF

PUBLICATIONS.

In order to contribute to the study and knowledge

of the Spanish economy, finance and stock markets,

BME encourages the dissemination and research of

these topics through the direct publication of books

and magazines and through sponsorship of various

publications.

In 2014, the Madrid stock exchange hosted the

presentation of the book edited by BME as part of

its “Estudios & Investigación” collection titled “

Gestión

Activa de Carteras de Renta Fija: un enfoque práctico

”,

while the Bilbao exchange was chosen to present

the book “

¿Quién es quién en la economía vasca?

”,

published by Empresa XXI.

BME is also one of the sponsors of Agenda de Medios

de Comunicación Económica, edited by the Spanish

financial press association, Asociación de Periodistas

Económicos (APIE).

BME also has a research service that distributes and

makes available to members of the public a range of

texts, documents, books and magazines on a variety

of issues (financial topics as well as other disciplines).

The service provides this information to anyone inter-

ested in the Spanish financial markets and systems,

continually researching and analysing the situation of

financial markets.

BME’s digital publications service aids the research

service in distributing, via Internet, all available infor-

mation, thereby reaching a wider audience. Among

the publications made available through the digital

publications service, the research service released its

in-house reports titled “

La Distribución de la Propiedad

de las Acciones Españolas Cotizadas

” on the increasing

number of foreign investors and households in the

Spanish market.

Each quarter, BME publishes Bolsa magazine in digital

format to inform readers of recent events in the finan-

cial markets. It offers content enriched by virtual tools

while maintaining the same high standards of content

selection and preparation that have been a hallmark

of the publication for over 20 years. This magazine

is available free of charge in electronic format on the

corporate website

(www.bolsasymercados.es)

and

through BME’s digital publications service.

BME’s offices in Madrid and Barcelona also have

libraries and documentation centres. These may be

used by both BME employees and the general public,

and aim to provide users with easy access to the wide

range of information offered by the company.

Rentabilidad (%)

CurvaPrecio/

TIR

ElBonoBposee

mayorconvexidad

queelbonoA

Precio

BonoA

BonoB

P

t

Y

m,t

0

Rentabilidad (%)

CurvaPrecio/

TIR

Precio

Errordeestimacióndeprecioporduración

P

t

Y

m,t

0

Precio real

Líneatangente

Precioestimado

∀ =

=

i

i

w

0, (

i

1, 2,

,

)

w

1

n







=







 



1

,1

2

,2

,

1,1

,1

1,

,

1

1

1

bmk

bmk

bmkm

n

w

K

KRD

KRDm

w

K

KRD n

KRDm n

K

w







=







 



1

,1

2

,2

,

1,1

,1

1,

,

1

1

1

bmk

bmk

bmkm

n

w

K

KRD

KRDm

w

K

KRD n

KRDm n

K

w







=







 



,1

2

,2

,

1,1

,1

1,

,

1

1

1

bmk

bmk

bmkm

n

w

K

KRD

KRDm

w

K

KRD n

KRDm n

K

w

1,1

,1

1,

,

1 … 1

m

n

m n

KRD

KRD

KRD

KRD

1,1

,1

1,

,

1 … 1

m

n

m n

KRD

KRD

KRD

KRD





1,1

,1

1,

,

1 … 1

m

n

m n

KRD

R

KRD





1,1

,1

1,

,

1

1

n

n

K

KRD

KRD

R





29-.voN

39-.yaM

39-.voN

49-.yaM

49-.voN

59-.yaM

59-.voN

69-.yaM

69-.voN

79-.yaM

79-.voN

89-.yaM

89-.voN

99

-.yaM

99-.voN

0

0-.yaM

0

0-.voN

1

0

-.yaM

1

0-.voN

2

0-.yaM

2

0-.voN

3

0-.yaM

30-.voN

4

0

-.yaM

4

0-.voN

50

-.yaM

50

-.voN

60-.yaM

60

-.voN

7

0-.yaM

7

0-.voN

8

0

-.yaM

80

-.voN

90

-.yaM

90

-.voN

01-.yaM

0

1-.voN

1

1

-.yaM

1

1

-.voN

2

1

-.yaM

Benchmark

540

520

500

480

460

440

420

400

380

360

340

320

300

280

260

240

220

200

180

160

140

120

100

IndiceRFDuraciónalta

IndiceRFDuraciónbaja

Estrategia%LNS

Caja

PVBP (endólares)

T1.125/12-11

Govt

5.681

T0.75/08-13

Govt

T4.875/08-16

Govt

-

25.955

20.273

fair

fair

P

-P P –(1-D)

D

ASWP

=

=C-L+

PV01

PV01

PV01

=

Rentabilidad

Horizonde

de inversión

CurvadeCrédito

en

CurvadeCrédito

en

t

CurvadeTesoro

en

t+h

CurvadeTesoro

en

t

Vencimiento

Y

m,t

Y

m-h,t+h

Y

T

m-h,t+h

Y

T

m,t

m

m-h

S

t

S

t+h

0

1

Y

Y

%Neutrales

% largos>L*

%cortos<C*

%cortos>C**

%Largos<L**

LARGOSDURACIÓN

CORTOSDURACIÓN

>N*

(

)

1

M

1,2

, M

T

M

M

Y

Y

M

=

=

0

1

1

1

1

Tsy

Si

R

D

Y

Si

R

D

s

Y

Si

R

D

s

Y

ρ

ρ

ρ

= ⇒∂ =− ∂∆

= ⇒∂ =−

+

∂∆

=− ⇒∂ =−

∂∆

,

Sr

Y Sr

Y

σ

ψ ρ

σ

∆ ∆

=

)

(

)

8

1

Tsy

R

D

s

Y

ψ

=−

+

∂∆

C O L E C C I Ó N

ESTUDIOS & INVESTIGACIÓN

Mario Bajo y Emilio Rodríguez

Gestión activa de carteras

de renta ja

un enfoque práctico

BME has published the book

“Gestión Activa de Carteras de

Renta Fija” “Active Management

of Fixed Income Portfolios”