BME today presented the White Paper on boosting the competitiveness of Spanish capital markets at the Madrid Stock Exchange. David Jiménez-Blanco, Vice-Chairman of BME; Javier Hernani, CEO of BME; Jorge Yzaguirre, of BME, and María Guinot, partner at Deloitte Legal, explained the highlights of the report, in an event that was closed by Rodrigo Buenaventura, Chairman of the Spanish Securities Market Commission (CNMV), and which was attended by senior representatives of listed companies, as well as the most important firms and institutions in the Spanish and international financial sector.
BME decided to draw up this White Paper to analyze the current state of Spain's financial markets as a pillar of the economy and the possible measures that could boost their competitiveness.
It is an analysis of a long-term project based on the conviction that financial markets contribute to the financing and soundness of the business community, while at the same time helping to finance the transition towards a sustainable economy. The White Paper concludes that the Spanish capital market needs a concerted effort to improve its competitiveness. A size deficit has been detected and also that Spain's current regulatory and fiscal regime puts its capital market at a disadvantage compared to other countries in a global competitive environment.
The study, prepared with the support of Deloitte, has benefited from the opinions of some thirty entities, including the main financial authorities and a large number of participants and players in the Spanish capital markets: Abante Asesores, AEAT, AEB, AIREF, Alantra, Bank of Spain, Bank of America, Citigroup, Clifford Chance, CNMV, Cuatrecasas, the Directorate General of the Treasury, Spanish Issuers, FEDEA, FinReg360, Garrigues, Goldman Sachs, IEA-FEF, Inverco, KPMG, Linklaters, Morgan Stanley, Panza Capital, Pérez-Llorca, Pontegadea, Renta 4, Spain Investor Day and Uría Menéndez.
In its White Paper, BME proposes specific measures and actions whose implementation would enable Spanish capital markets to be positioned at the level of competitiveness, presence and attractiveness that corresponds to them at European and international level, according to Spain's true economic weight.
The 56 proposed measures are divided into four main blocks:
Javier Hernani, CEO of BME, explained that "in the last decade, the markets have channelled financing to companies in the form of capital to the tune of 217 billion euros, which gives a clear indication of their importance. If we add the contribution of fixed income, which includes public debt, the figure rises to 1.5 trillion euros channelled through the markets managed by BME". For this reason, he stressed that "promoting the activity and size of Spanish capital markets is a matter of State that requires the implementation of various strategic actions. Spain has enormous potential and all parties involved must pull in the same direction. We need to be more efficient and become more competitive as a country, and the financial markets are a key element in achieving this”.