Madrid Stock Exchange 2016 Ombudsman Report

The volume of claims handled grows slightly for the second consecutive year

• Significant demand for information on the Reform of the Clearing, Settlement and Registration System and its implications on issues such as dividends
• Retail investors increase their use of the information service, representing 85% of applicants. Market Members and Financial Institutions (9%) become the second largest group in terms of  requests

Following a trend that started the previous year the number of claims processed by the Investor Ombudsman grew in 2016 - thus leaving behind the negative evolution of the previous seven years. In 2016 there were 11 claims processed compared to 10 in 2015 and the most relevant difference in 2016 is that there were 2 favourable final reports (18%) compared to none the previous year while the number of unfavorable reports decreased from 2 to 1. The Ombudsman work purely as mediator represented 46% in 2016 and implies the lack of conflict.

"The biggest increase in queries has been generated by the reform of the clearing, settlement and registration system, by those seeking advice and information on the changes that it entails, such as the treatment of dividends," said Carlos Fernández, the Madrid Stock Exchange Ombudsman, during the presentation of its 2016 Report.

As regards the informative function, the retail investor further improves its leadership as the largest group for information seeker accounting for 85% of queries, while Market Members and Financial Institutions represent the second largest group, accounting for 9%. When faced with questions and information requests about the functioning of the stock market, financial institutions usually refer investors to the Investor Ombudsman, which they regard a fast and neutral way of providing information and clarifying doubts about the execution of operations.

"The market-sensitive corporate announcements remain the information most demanded due to its influence on prices of listed companies”, said Carlos Fernández.