80% of Spain’s equity trading comes from foreign investors


The Spanish stock market and its players has achieved a completely global profile, as reported by BME’s chairman Antonio Zoido. In fact, there are three capital figures explaining it: 82% of Spain’s equity trading comes from non resident; 40% of shares are included in foreign portfolios, and 62% of the Spanish companies’ turnover is generated beyond the country’s frontiers.

In the opening of the midcaps forum Medcap, Zoido also underlined the need “to push a new and more intense” financing for companies following last months financial and markets increase. In this sense, he assured that diversification of corporate financing starts to be noticeable. According to BME’s estimations the long term financing from banks fell by 35% and the short term one by 37% in the period 2010-2013. They also point that listed companies out of the Ibex 35 raised capital amounting €3.1 bn during the first months of present year.

Finally, BME’s chairman has urged for tax incentives to attract new investors to the Alternative Investment Market (MAB in its Spanish acronym), as SME’s markets in UK or France did since they began working. Zoido also critizised the so-called Tobin tax on the grounds that it would mean an “increase of capital costs” for companies which are doing a “huge effort” to reinforce their balancesheets.

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

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