The Ombudsman answered 13,250 information requests

2018 Investor Ombudsman Report

• The queries – 90% from retail investors -  focused on the tick-size of securities and on the takeover bid for Abertis

The Madrid Stock Exchange Ombudsman managed 13,250 requests for information in 2018, up 2.3% from last year. Of all queries 90% were made by private investors. The fact that the investor relations departments of listed companies, the Spanish stock market regulator – CNMV -, the Bank of Spain and consumer associations refer them to the Ombudsman as a fast and impartial figure contributed to this.

The number of claims received by the Ombudsman decreased in 2018, just as did the element of conflict in the claims received.

The tick-size for the securities traded on the Spanish stock market, which went from 0.01 euros to 0.0001 euros, accounted for a significant proportion of the information requests. In addition to this, a measure was implemented requiring that securities with a tick-size below 0.01 euros be traded in lots, in this way preventing those securities that cannot be grouped into lots from being traded.

Furthermore, many inquiries received were concerned with the takeover bid for Abertis. Carlos Fernández, Madrid Stock Exchange Ombudsman, considers that in these cases the access to information available to retail investors must be strengthened. "The depositary firms must activate the necessary mechanisms to ensure that retail investors know the conditions and implications of the transaction”.

2018 Report available only in Spanish{

http://www.bolsamadrid.es/docs/BMadrid/docsSubidos/Protecto_Inversor__Informe__Anual_2018.pdf