BME Net Profit Rises 25.9% in 3Q11, 1.6% in 9M11

January - September
2011

The information contained herein does not constitute an offer of securities in the United States.
Offers and sales of securities in The United States may not be made absent made registration
under the U.S. Securities Act of 1933, as amended, or an applicable exemption therefrom.
This document does not solicit money, securities or any other type of consideration, and if
any money, securities or other type of consideration is sent in response hereto, it will not be
accepted.

Share Information

Nine Months 2011

■ BME report net profit of €40.5 million in 3Q11 and €118.4 in 9M11, implying increases of
25.9% and 1.6%, respectively, compared to the same periods last year.

- Stripping out extraordinary items, adjusted 9M11 net profit was up 4.7% yoy.

- Net profit was 11.0% higher in 3Q11 than in 2Q11. Excluding extraordinary items, the
increase was 14.9%.

- Revenue rose 16.0% yoy in 3Q11, but fell 0.1% yoy in 9M11. Excluding extraordinary
income, revenue rose 2.5% yoy in 9M11.

- Operating costs in the first nine months of the year totalled €74.0 million, down 4.7%
from the same period in 2010, but up 0.5% excluding extraordinaries.

■ In the Equity business, the number of trades carried out rose 46.3% yoy in 3Q11, while
the cash volume increased by 8.9%. To September, there were 21.5% more trades than
the year before, but turnover was 3.2% lower.

■ Investment flows channeled through the exchange amounted to €35.8 billion in 9M11, the
fourth highest ever for the Spanish stock market. The admission to trading of Caixabank,
DIA, Bankia and Banca Cívica took place in the quarter. In the MAB growth companies
segment, Lumar, Secuoya and Griñó were admitted. Meanwhile, Inditex became a cons-
tituent of the Euro Stoxx 50® index.

■ The 9M11 efficiency ratio was 30.3% and 31.7% in the same period in 2010, improving
more than 1pp the ratio. This enabled the group to maintain its difference of over 15 points
above the sector average.

■ Return on Equity (ROE) was 35.3% in 9M11, from 34.1% in 9M10, more than 20 points
above the sector average.

Bolsas y Mercados Españoles - Business performance -Interim Report (January - September 2011) 3

Financial Statements

BOLSAS Y MERCADOS ESPAÑOLES, SOCIEDAD HOLDING
DE MERCADOS Y SISTEMAS FINANCIEROS, S.A. AND 3Q11 3Q10 ∆ 9M11 9M10 ∆
SUBSIDIARIES COMPRISING THE BOLSAS Y MERCADOS
ESPAÑOLES GROUP
CONSOLIDATED PROFIT AND LOSS ACCOUNTS
(Th.Eur.) (Th.Eur.) % (Th.Eur.) (Th.Eur.) %
(UNAUDITED)

Operating Income 82,764 71,328 16.0% 244,506 244,742 -0.1%
Ordinary revenue on the provision of services 81,999 70,319 16.6% 240,820 233,836 3.0%
Other operating income 389 381 2.1% 2,648 8,754 -69.8%
Capitalisation of development expenses 376 628 -40.1% 1,038 2,152 -51.8%

Operating Expenses (24,388) (23,812) 2.4% (74,015) (77,655) -4.7%
Staff costs (15,540) (14,720) 5.6% (46,612) (48,328) -3.6%
Operating and external expenses (8,695) (8,911) -2.4% (26,967) (28,764) -6.2%
Taxes and levies (153) (181) -15.5% (436) (563) -22.6%

Income before interest, taxes, net impairment losses
and depreciation 58,376 47,516 22.9% 170,491 167,087 2.0%

Depreciation and amortization charges (1,936) (1,980) -2.2% (5,775) (6,010) -3.9%
Net impairment losses (Fixed assets) 0 (1) -100% (3) (4) -25.0%

Income before interest and taxes 56,440 45,535 23.9% 164,713 161,073 2.3%

Net financial income 1,172 588 99.3% 3,330 1,607 107.2%

Share of profit (loss) of associates (139) (121) 14.9% (231) (354) -34.7%

Income before taxes 57,473 46,002 24.9% 167,812 162,326 3.4%

Corporate income tax (16,992) (13,850) 22.7% (49,385) (45,732) 8.0%

Profit attributable to the Group 40,481 32,152 25.9% 118,427 116,594 1.6%

BME: Profit attributable to The Group
(Quarterly series) Bolsas y Mercados Españoles (BME) reported net
Profit evolution
Evolución del Beneficio Neto
Profit Evolution profit of €40.5 million in 3Q11, an increase of 25.9%
yoy. Net profit for 9M11 was €118.4 million, 1.6%
41.5
higher than in the same period last year. Stripping out
40.5
Mill.€

0.5
37.6 36.5 extraordinary items recorded in the second quarters of
32.2 1.2
37.1
35.3 both years, nine-month net profit increased by 4.7%.

Revenues rose 16.0% yoy in 3Q11 to €82.8 million,
but were 0.1% yoy lower in 9M11 at €244.5 million.
These amounts include extraordinary income from
3Q10 4Q10 1Q11 2Q11 3Q11
tax refunds applied in the second quarter, of €1.2 mil-
lion and €7.5 million in 2011 and 2010, respectively.
Excluding this exceptional item, 9M11 revenues were
2.5% higher than in 9M10.

The main revenue drivers this quarter have been increased market activity, the contributions by new market admissions to the
listing, trading and settlement businesses, and a better performance by IT & Consulting.

Operating expenses totalled €24.4 million in 3Q11 (+2.4%) and €74.0 million in 9M11 (-4.7%). Excluding extraordinary provisions
in 2010, operating expenses this year have risen by 0.5% compared to last year.

4 Bolsas y Mercados Españoles - Business performance -Interim Report (January - September 2011)


EBITDA came to €58.4 million in 3Q11, an increase of 22.9% The efficiency ratio, one of the company’s key management
yoy, and €170.5 million in 9M11, up 2.0% yoy. Stripping out performance indicators, was 29.5% in 3Q11 and 30.3% in
extraordinary income and expense items in both years, EBITDA 9M11, improving from 33.4% and 31.7%, respectively, in 2010.
rose 3.4% yoy in 9M11. ROE was 35.3% in 9M11 and 36.3% in 3Q11, compared to
34.1% and 28.1%, respectively, last year.
Earnings per share was €0.49 in 3Q11, which added to the first
two quarters of the year leave a 9M11 figure of €1.42. Revenue not linked to volumes covered 110% of BME’s cost
base in the first nine months of 2011.

Bolsas y Mercados Españoles Group
3Q11 3Q10 ∆ 9M11 9M10 ∆
(Key Ratios)

Earnings per share 0.49 0.39 25.9% 1.42 1.40 1.6%
Efficiency ratio (%) 29.5% 33.4% 30.3% 31.7%
ROE (%) 36.3% 28.1% 35.3% 34.1%

BME: Return on Equity
(Quarterly series)
Consolidated ROE ratio evolution
% ROE

35.6% 36.3%
33.2%
31.4%
28.1%

3Q10 4Q10 1Q11 2Q11 3Q11

BME efficiency ratio
(Quarterly series)
Consolidated efficiency ratio evolution
(% Efficiency)

33.4% 32.7%
31.3%
28.9% 29.5%

3Q10 4Q10 1Q11 2Q11 3Q11



BOLSAS Y MERCADOS ESPAÑOLES, SOCIEDAD HOLDING DE MERCADOS Y as of as of
SISTEMAS FINANCIEROS, S.A. AND SUBSIDIARIES COMPRISING THE BOLSAS Y ∆
30/09/2011 30/09/2010
MERCADOS ESPAÑOLES GROUP

CONSOLIDATED BALANCE SHEETS AT CLOSING DATES (UNAUDITED) (Th.Eur.) (Th.Eur.) %

NON-CURRENT ASSETS 167,867 169,839 -1.2%
Goodwill 82,190 80,619 1.9%
Other intangible assets 9,688 9,944 -2.6%
Property, plant and equipment 49,106 51,026 -3.8%
Non-current financial assets 21,188 21,174 0.1%
Deferred taxes 5,695 7,076 -19.5%

CURRENT ASSETS 30,456,959 20,638,906 47.6%
Non-Group current financial assets 30,075,557 20,253,743 48.5%
Other current financial assets
Trade and other receivables 21,172 19,129 10.7%
Cash and cash equivalents 343,753 344,679 -0.3%
Tax assets 14,634 19,568 -25.2%
Other current assets 1,843 1,787 3.1%

TOTAL ASSETS 30,624,826 20,808,745 47.2%

SHAREHOLDERS´ EQUITY 450,266 458,187 -1.7%
Share capital 270,078 270,078 0.0%
Reserves 101,920 108,813 -6.3%
Profit attributable to the Group 118,427 116,594 1.6%
(Treasury shares) (7,661) (7,661) 0.0%
(Interim dividend) (33,311) (33,311) 0.0%
Other equity instruments 585 2,800 -79.1%
Valuation reserves 228 874 -73.9%

NON-CURRENT LIABILITIES 15,291 16,233 -5.8%
Provisions 6,532 9,504 -31.3%
Provisions for employee benefits 3,897 3,246 20.1%
Deferred taxes 4,161 3,472 19.8%
Other non-current financial liabilities 701 11 6,272.7%

CURRENT LIABILITIES 30,159,269 20,334,325 48.3%
Trade and other payables 20,394 19,200 6.2%
Non-Group current financial liabilities 30,075,535 20,253,608 48.5%
Tax liabilities 58,544 56,602 3.4%
Other current liabilities 4,796 4,915 -2.4%

TOTAL EQUITY AND LIABILITIES 30,624,826 20,808,745 47.2%

In order to apply the same presentation criteria as other European central counterparties, the Group includes in “Current
assets – Non-Group current financial assets” and “Current liabilities – Non-Group current financial liabilities”, by the same
amounts, fixed-income securities and options in which it acts as central counterparty, and guarantees and deposits received
from the market.

This presentation criteria has no impact on income or equity.



BOLSAS Y MERCADOS ESPAÑOLES, SOCIEDAD HOLDING DE MERCADOS Y
SISTEMAS FINANCIEROS, S.A. AND SUBSIDIARIES COMPRISING THE BOLSAS Y 9M11 9M10 ∆
MERCADOS ESPAÑOLES GROUP

CONSOLIDATED CASH FLOW STATEMENT (UNAUDITED) (Th.Eur.) (Th.Eur.) %

Consolidated profit for the year before taxes 167,812 162,326 3.4%
Corporate income tax (49,385) (45,732) 8.0%
Amortization and provisions 6,807 10,112 -32.7%
Other adjustments to the result (781) (1,376) -43.2%

Changes in working capital-
- Current financial assets (non Group) 61 (62) -198.4%
- Trade and other receivables 2,320 2,807 -17.3%
- Tax assets 26,803 19,437 37.9%
- Tax liabilities (22,349) (18,031) 23.9%
- Other current assets (1,104) (1,113) -0.8%
- Trade and other payables 3,348 702 376.9%
- Other current liabilities 4,470 4,643 -3.7%

Changes in non current assets and liabilities (154) (1,747) -91.2%

Net cash flows from operating activities 137,848 131,966 4.5%

Net cash flows from investing activities (4,942) (2,016) 145.2%

Net cash flows from financing activities (108,936) (108,963) -0.0%

Net increase (decrease) in cash and cash equivalents 23,970 20,987 14.2%

Cash and cash equivalents at the beginning of period 319,783 323,692 -1.2%
Cash and cash equivalents at the end of period 343,753 344,679 -0.3%

Note: For the purpose of clear presentation of changes in working capital, inflows of funds from guarantees and deposits received from the market which are invested
in current financial assets “Current assets – Non-Group current financial assets” in their entirety have not been included as a change in working capital. Financial
instruments of MEFF as a central counterparty and receivables on settlements of options and futures, have not been included either.


Quarter Overview

Highlights

■ Cash Equity market turnover totalled €234.77 billion in The ban on short selling has had a negative impact on trading
3Q11 (+8.9% yoy) and €720.66 billion in 9M11 (-3.2% yoy). volumes on the equity cash market and trading on the stock
and index-linked derivatives markets. It has also led to a liqui-
The number of trades rose 46.3% yoy in 3Q11 and 21.5% yoy dity squeeze in the orderbook, which has led to bid-ask spreads
in 9M11. widening and implicit transaction costs rising for investors.

On 11 August 2011, the National Securities Market Commis- The third quarter featured extreme volatility and uncertainty,
sion (CNMV) resolved to ban for precautionary purposes with fuelled by the debate regarding the economic situation and the
immediate effect and for a temporary period, pursuant to Article need to bail out certain countries in the euro zone, bank reca-
85.2 j of the Securities Market Law 24/1988, of 28 July (LMV), pitalisation and the sovereign debt crisis. This situation has
the trading of securities or financial instruments by any indivi- affected market volumes, offsetting the generalised correction
dual or corporate entity that involves establishing or increasing in share prices, the seasonal element of summer in trading,
short positions on Spanish financials. Further announcements and the negative impact on trading volumes of the regulator’s
on 25 August and 28 September saw the precautionary ban ban on short selling.
on short selling extended until the Commission, within the fra-
mework of the work coordinated by ESMA, deems market con- ■ A total of 11.8 million operations were settled in all the
ditions warrant lifting the ban. markets in 3Q11 (+33.8% yoy), and 33.7 million in 9M11 up
from 29.9 million in 9M10 (+12.8% yoy).

Bolsas y Mercados Españoles
3Q11 3Q10 ∆ 9M11 9M10 ∆
(Quaterly Overview)

Equity
Turnover (Mill. Eur.) 234,771 215,588 8.9% 720,660 744,371 -3.2%
Number of trades 12,416,061 8,486,967 46.3% 35,926,029 29,568,624 21.5%
Number of shares (Million) 41,310 25,007 65.2% 124,157 85,942 44.5%
Market Capitalisation (Mill. Eur.) 920,801 1,029,902 -10.6%
Average amount per trade (Euros) 18,909 25,402 -25.6% 20,060 25,174 -20.3%

Clearing & Settlement
Operations settled 11,817,758 8,831,625 33.8% 33,724,565 29,889,862 12.8%
Turnover settled (billion euros daily avg.) 315.6 314.6 0.3%
Nominal amount registered (billion euros) 1,611.7 1,535.8 4.9%

Listing
Investment Flows channeled through Exchange (Mill. Euros) 17,113 3,306 417.6% 35,797 10,605 237.5%
AIAF Fixed Income volume admitted (nominal Mill. Euros) 36,498 65,590 -44.4% 175,579 175,214 0.2%

Derivatives
Futures (number of contracts)
Index Futures 2,410,209 2,026,270 18.9% 6,891,868 7,704,660 -10.5%
Stock Futures 5,230,105 4,969,808 5.2% 21,673,370 13,033,253 66.3%
Options (number of contracts)
Index Options 598,151 489,169 22.3% 1,587,565 2,271,608 -30.1%
Stock Options 5,784,481 8,137,232 -28.9% 20,316,754 26,862,948 -24.4%
Open interest (number of contracts) 13,622,052 15,699,373 -13.2%

Fixed Income
Turnover (Mill. Eur.) 1,220,924 983,539 24.1% 4,336,567 2,423,625 78.9%


Quarter Overview

In the cross-border trading register, REGIS-TR, delivery of the Lumar, Secuoya and Griño were admitted to trading on the
second phase of the system is scheduled for the second half MAB growth companies segment on 6 July, 28 July and 29
of November. This delivery includes registration of currency July, respectively. These latest additions take the total number
derivatives and access by supervisors to the system. In March of companies admitted to this segment to 17.
2012, the register will cover equity and commodity derivatives.
■ Fixed-income trading volume amounted to €1.22 trillion in
■ Equity market investment flows channeled through the 3Q11 and €4.34 trillion in 9M11, marking increases of 24.1%
exchange up to September this year, including both shares and 78.9%, respectively, from the same periods last year.
already admitted to trading and new shares admitted, amoun-
ted to €35.8 billion. This is the fourth highest ever for the Spa- ■ In IT & Consulting, growth in turnover and orders routed
nish market and the highest since 2007. through the VT network in the year’s third quarter extended the
trend seen in the two preceding quarters. The financial commu-
On 5 July 2011, shares of Distribuidora Internacional de Ali- nication services customer base increased by 78%.
mentación (DIA) were admitted to trading. On 7 July, shares
capital increase of Caixabank coming from the transformation ■ The BME board resolved to pay the second interim divi-
of the entity in bank, were admitted to trading. On 20 July, the dend for 2011 on 23 December 2011.
first ever issue of ordinary shares by a savings bank, Bankia,
was made, and on 21 July, Banca Cívica was admitted to trad-
ing. These operations were both part of the financial sector
restructuring.

Bankia was included in the IBEX® 35 on 3 October, while Indi-
tex joined the Euro Stoxx 50® on 19 September.


Quarter Overview

Shareholder´s Equity Changes

BOLSAS Y MERCADOS ESPAÑOLES, SOCIEDAD HOLDING DE MERCADOS Y SISTEMAS
9M11 9M10
FINANCIEROS, S.A. AND SUBSIDIARIES COMPRISING THE BOLSAS Y MERCADOS
ESPAÑOLES GROUP
(CHANGE IN SHAREHOLDERS’ EQUITY) (Th.Eur.) (Th.Eur.)

Shareholders’ equity – opening balance 448,429 453,161

Supplementary dividend (49,967) (49,967)
Extraordinary dividend (30,980) (30,980)
Interim dividend (33,311) (33,311)
Valuation reserves (2,357) 1,821
Equity instruments 585 869
Business combinations (560) 0
Net income/loss in reporting period 118,427 116,594

Shareholders’ equity – closing balance 450,266 458,187

Staff

3Q11 3Q10 9M11 9M10
(Staff)(*)

Average number of staff 709 713 705 713
Employees as at balance sheet date 711 716 711 716

(*) Staff includes, for this purpose, only the 50% of the staff of Infobolsa.

Efficiency

The efficiency ratio performed positive in the first nine months The efficiency ratio was 29.5% for 3Q11 and 30.3% for
of 2011. Whereas cost control was the main driver of the 9M11, compared to 33.4% and 31.7%, respectively, in 2010.
improvement in the second quarter, in the third quarter it was Adjusted for extraordinary items, the efficiency ratio would be
mostly higher revenue, with only a moderately increase by 30.4% and 31.0% in 9M11 and 9M10, respectively.
operating costs.

BME efficiency ratio
2010 2011
(Cumulative and quarterly series)

Consolidated efficiency ratio evolution

33.4%
(% Efficiency)

31.7%
29.5% 30.3%

3Q10 - 3Q11 9M10 - 9M11


Share Information

Share Performance

Volatility remained high in 3Q11 amid tension in credit markets Daily trading cash volume in BME shares in the first nine
and uncertainty over how debt-strapped governments would months of the year was up by 8.8% and in the third quarter by
fund their budget deficits. As a result, risk aversion heightened 27.7% compared to the same periods last year. The number
in the investment community, causing share prices (above all of of trades soared 14.9% yoy in 3Q11 and 17.4% yoy in 9M11.
banks and companies with high exposure to debt) to fall. Compared to 2010, the volume of shares traded was up 16.1%
in 3Q11 and 5.3% higher in the first nine months.
BME´s performance in this environment outperformed its bench-
mark, the IBEX® 35 index. The IBEX® 35 slumped 17.5% in
the quarter, while BME shed 2.1% with a closing quote in 3Q11
of €20.09. YTD to 30 September, the benchmark index was
down 13.3%, compared to the 12.7% gain seen by BME.

BME: Share performance
Quarterly BME's turnover and share performance evolution
22 60

volume Closing
21 50

20 40

Turnover (Mill. Euros)
19 30
ce
Pric

18 20

17 10

16 0
19/07

22/07

27/07

01/08

04/08

09/08

12/08

17/08

22/08

25/08

30/08

02/09

07/09

12/09

15/09

20/09

23/09

28/09

03/10

06/10

11/10

14/10

3Q11 3Q10 ∆ 9M11 9M10 ∆
(Share performance)

BME’s share performance
Higher quote 21.15 20.99 0.8% 23.65 23.96 -1.3%
Lower quote 18.00 17.72 1.6% 17.53 17.31 1.2%
Average quote 19.45 19.82 -1.9% 20.61 20.11 2.5%
Closing quote 20.09 19.61 2.4%
BME’s trading daily turnover (Mill. Euros)
Higher daily turnover 18.9 22.7 -16.7% 79.4 56.9 39.5%
Lower daily turnover 2.3 1.4 64.3% 2.3 1.4 64.3%
Average daily turnover 8.3 6.5 27.7% 12.4 11.4 8.8%

BME’s shares trading (Mill. Shares) 28.1 24.2 16.1% 113.8 108.1 5.3%

BME’s number of trades 70,115 61,047 14.9% 262,791 223,836 17.4%


Business Units Quarter Overview

Bolsas y Mercados Españoles Market
Clearing & Fixed IT &
(Business Units 9M11) Equity Listing Data & Derivatives
Settlement Income Consulting
(Thousands of Euros) Information

Revenues 103,999 58,498 18,347 24,324 18,207 6,333 11,988
Operating Costs (23,874) (10,388) (6,942) (5,110) (8,448) (2,225) (7,870)
EBITDA 80,125 48,110 11,405 19,214 9,759 4,108 4,118

Key Investment Highlights
Key Financial Business Units overview
EBITDA evolution by Business Unit (9M11)

2010 2011
(Th. Euros)

80,014 80,125

45,429 48,110
45 429 48 110

18,627 19,214
9,105 11,405 11,528 9,759
3,711 4,108 2,411 4,118

EQUITY CLEARING & LISTING MARKET DATA & DERIVATIVES FIXED INCOME IT & CONSULTING
SETTLEMENT INFORMATION

Bolsas y Mercados Españoles Revenues

Business Units Revenues (Thousands of Euros) 3Q11 3Q10 ∆ 9M11 9M10 ∆

Equity 35,093 29,885 17.4% 103,999 104,030 -0.0%
Clearing & Settlement 20,700 16,615 24.6% 58,498 55,426 5.5%
Listing 6,767 5,530 22.4% 18,347 16,535 11.0%
Market Data & Information 8,137 7,762 4.8% 24,324 23,288 4.4%
Derivatives 5,666 5,909 -4.1% 18,207 19,596 -7.1%
Fixed Income 1,688 1,751 -3.6% 6,333 5,704 11.0%
IT & Consulting 4,255 3,124 36.2% 11,988 10,160 18.0%
Total 82,306 70,576 16.6% 241,696 234,739 3.0%
Corporate Unit 2,475 2,636 -6.1% 9,123 16,082 -43.3%
Consolidation adjustments (2,017) (1,884) 7.1% (6,313) (6,079) 3.8%
Consolidated 82,764 71,328 16.0% 244,506 244,742 -0.1%

Bolsas y Mercados Españoles EBITDA

Business Units EBITDA (Thousands of Euros) 3Q11 3Q10 ∆ 9M11 9M10 ∆

Equity 27,330 21,883 24.9% 80,125 80,014 0.1%
Clearing & Settlement 17,231 13,293 29.6% 48,110 45,429 5.9%
Listing 4,460 3,068 45.4% 11,405 9,105 25.3%
Market Data & Information 6,261 6,261 0.0% 19,214 18,627 3.2%
Derivatives 2,904 3,306 -12.2% 9,759 11,528 -15.3%
Fixed Income 939 1,096 -14.3% 4,108 3,711 10.7%
IT & Consulting 1,695 530 219.8% 4,118 2,411 70.8%
Total 60,820 49,437 23.0% 176,839 170,825 3.5%
Corporate unit (2,444) (1,921) 27.2% (6,348) (3,738) 69.8%
Consolidation adjustments
Consolidated 58,376 47,516 22.9% 170,491 167,087 2.0%



Equity

Revenue for the Equity business in 9M11 amounted to Cash Equity turnover totalled €234.77 billion in 3Q11 (+8.9%
€103,999 thousand, virtually flat on the €104,030 thousand of yoy) and €720.66 billion in 9M11 (-3.2% yoy).
the same period last year. In 3Q11, unit revenues increased by
17.4% to €35,093 thousand. EBITDA rose 24.9% in the quar- The number of equity trades rose 46.7% yoy in 3Q11 and
ter to €27,330 thousand and 0.1% in the nine-month period to 21.9% yoy in 9M11.
€80,125 thousand.
In the warrants and certificates market, turnover jumped 25.7%

3Q11 3Q10 ∆ 9M11 9M10 ∆
(Equity Business Unit Income) (Th.Eur.)

Revenues 35,093 29,885 17.4% 103,999 104,030 -0.0%
Operating Costs (7,763) (8,002) -3.0% (23,874) (24,016) -0.6%
EBITDA 27,330 21,883 24.9% 80,125 80,014 0.1%

Equity Business unit
Activity Overview
Turnover, Trades and Shares (Monthly basis)

115
108 105
98 99

82 82 83
72 74 71
63 67
4.6 59
54 4.6 4.6 4.2 4.5
3.8
3.1 3.3 3.4 3.5 3.4 3.5
2.5 2.9 23.4 3.7
21.3 18.1 21.7
15.2 15.6
11.3 7.4 10.5 10.7 9.3 10.8 10.0 9.7
6.3

7/10 8/10 9/10 10/10 11/10 12/10 1/11 2/11 3/11 4/11 5/11 6/11 7/11 8/11 9/11
Turnover (€ Bill.) Shares (Bill.) Trades (Mill.)

Equity Business unit
Activity Overview
Turnover, trades and Shares traded (Quarterly basis)

295

247 238 235
216

13.0
12.4
11.2
10.5
8.5
52.0 44.6 41.3
38.2
25.0

3Q10 4Q10 1Q11 2Q11 3Q11

Turnover (€ Bill.) Shares (Bill.) Trades (Mill.)



yoy in 3Q11 to €509 million. In the first nine months of the Exchange-traded funds (ETFs) recorded increases in turno-
year, turnover was 1.6% higher, at €1.28 billion. The number of ver of 9.1% in 3Q11 and declines of 52.0% in 9M11, and the
trades rose 13.9% yoy in the quarter but declined 15.4% in the number of trades decreased by 3.2% and 35.3%, respectively.
nine-month period compared to the same period last year.

3Q11 3Q10 ∆ 9M11 9M10 ∆
(Equity Business Unit Activity Overview)

TRADING (Mill. Euros) 234,771 215,588 8.9% 720,660 744,371 -3.2%
Equity
Turnover (Mill. Euros) 233,447 214,436 8.9% 716,917 737,979 -2.9%
Number of trades 12,320,584 8,401,248 46.7% 35,661,794 29,243,886 21.9%
Average amount per trade (Euros) 18,948 25,524 -25.8% 20,103 25,235 -20.3%
Exchange Traded Funds (ETFs)
Turnover (Mill. Euros) 815 747 9.1% 2,468 5,137 -52.0%
Number of trades 12,111 12,515 -3.2% 34,202 52,858 -35.3%
Warrants
Turnover (Mill. Euros) 509 405 25.7% 1,275 1,255 1.6%
Number of Trades 83,366 73,204 13.9% 230,033 271,880 -15.4%

Number of shares (Mill. Shares) 41,310 25,007 65.2% 124,157 85,942 44.5%

CAPITALISATION (Mill. Euros) 920,801 1,029,902 -10.6%



Clearing & Settlement

This unit reported total revenues from its various activities of by just 0.3% to €315.6 billion.
€20,700 thousand in 3Q11 (+24.6%), and €58,498 thousand
in 9M11 (+5.5%). EBITDA was €17,231 thousand in the quar- Settlement, book-entry and registration of securities and
ter (+29.6%) and €48,110 thousand in the nine-month period trades, both free of payment and against payment, were set up
(+5.9%). and began operating among a number of Iberclear members
in February with the German CSD Clearstream Banking A.G.
Stripping out the impact of the default management service’s Frankfurt (CBF). During the third quarter, the necessary deve-
activity on the unit’s performance, registration revenue in the lopments and testing were conducted to establish the link with
first nine months of 2011 increased by 5.8% (+5.4% in the the Austrian CSD, Oesterreichische Kontrollbank AG (OeKB),
third quarter), while settlement revenue fell by 1.5% (+24.8% and the Swiss CSD, SIX SIS Ltd. (SIS).
in 3Q11).
In the registration of cross-border trades, REGIS-TR, a number
The nominal amount registered in 9M11 in Equity and Fixed of participating entities are working on including customers
Income (private and public) through to September 2011 was through their on-line banking platforms.
€1.61 trillion, representing yoy growth of 4.9%.
Delivery of the second stage of the system is scheduled for the
A total of 11.8 million operations were settled in all the markets second half of November. This delivery includes registration of
in 3Q11, 33.8% more than in 3Q10. In 9M11, 33.7 million ope- currency derivatives and access by supervisors to the system.
rations were settled, 12.8% more than the 29.9 million settled In March 2012, the register will cover equity and commodity
in 9M10. The turnover settled in the first nine months increased derivatives.

3Q11 3Q10 ∆ 9M11 9M10 ∆
(Clearing & Settlement Business Unit Income) (Th.Eur.)

Revenues 20,700 16,615 24.6% 58,498 55,426 5.5%
Operating Costs (3,469) (3,322) 4.4% (10,388) (9,997) 3.9%
EBITDA 17,231 13,293 29.6% 48,110 45,429 5.9%

C&S Business unit
Activity Overview

Number of transactions settled (Quarterly basis)

11,799,844 11,554,541 11,817,758
Operations settled

10,352,266

8,831,625

3Q10 4Q10 1Q11 2Q11 3Q11

3Q11 3Q10 ∆ 9M11 9M10 ∆
(Clearing & Settlement Business Unit Activity Overview )

Operations settled 11,817,758 8,831,625 33.8% 33,724,565 29,889,862 12.8%
Turnover settled (billion euros daily avg.) 315.6 314.6 0.3%
Nominal amount registered (billion euros) 1,611.7 1,535.8 4.9%



Listing

The market capitalisation of companies admitted to trading on than the year before.
the equity markets managed by BME at 30 September 2011
stood at €920.8 billion, down 10.6% yoy. The number of warrants listed for trading in the first nine months
of the year grew 8.49% yoy to 6,195.
Equity market investment flows channeled through the
exchange to September this year, including shares already Eight new ETFs are slated for admission to trading. These
admitted to trading and new shares admitted, amounted to latest additions will take the number of ETFs listed on the
€35.8 billion. This is the fourth highest figure ever recorded for market to 73.
the Spanish market and the highest since 2007. Funds flows in
equities already listed in the second quarter of 2011 include the The total volume of new issues admitted to listing on the AIAF
Caixabank and Metrovacesa’s capital increases and BBVA’s fixed income market in 3Q11 fell 44.4% to €36.5 billion. New
bond conversion. listings were up a slight 0.2% yoy in 9M11 at €175.58 billion.

On 5 July 2011, shares of Distribuidora Internacional de Ali- The third quarter saw a contraction in both short-term issues
mentación (DIA) were admitted to trading. On 7 July, shares (-37.6%) and medium- and long-term issues (-47.8%). Howe-
capital increase of Caixabank coming from the transformation ver, in the nine-month period, short-term issues fell 20.8%, but
of the entity in bank, were admitted to trading. On 20 July, the medium- and long-term issues were up 17.1%.
first ever issue of ordinary shares by a savings bank, Bankia,
was made, and on 21 July, Banca Cívica was admitted to tra- Rating downgrades, which pushed up risk premiums and issue
ding. These operations were both part of the financial sector costs, the lack of confidence over issues except in the stron-
restructuring. Bankia became a constituent of the IBEX 35® gest markets and the decline in the issuer base caused by the
on 3 October. saving bank reform and mergers affected activity in the primary
fixed-income markets.
Inditex joined the Euro Stoxx 50® on 19 September.
As issuance activity diminished, the outstanding balance of pri-
DIA and IAG were included in the FTSE4GOOD IBEX® on 19 vate fixed-income issues decreased by 0.9% through to the
September 2011. end of the third quarter, to €844.16 billion. The entire decrease
was due to short-term instruments.
Lumar, Secuoya and Griño were admitted to trading on 6 July,
28 July and 29 July, respectively, on the MAB Growth Compa- Driven mainly by flows channelled to the equities market, reve-
nies Segment. These latest additions take the number of com- nue for the Listing unit increased by 22.4% to €6,767 thousand
panies admitted to this segment to 17. in 3Q11, and by 11.0% to €18,347 thousand in 9M11. EBITDA
was €4,460 thousand in 3Q11 (+45.4%) and €11,405 thousand
There were 3,089 SICAVs admitted to trading on the Alterna- in 9M11 (+25.3%).
tive Equity Market (MAB) at 30 September 2011, 2.77% fewer

3Q11 3Q10 ∆ 9M11 9M10 ∆
(Listing Business Unit Income) (Th.Eur.)

Revenues 6,767 5,530 22.4% 18,347 16,535 11.0%
Operating Costs (2,307) (2,462) -6.3% (6,942) (7,430) -6.6%
EBITDA 4,460 3,068 45.4% 11,405 9,105 25.3%

3Q11 3Q10 ∆ 9M11 9M10 ∆
(Listing Business Unit Activity Overview)

Equity Market
Number of Companies listed 3,348 3,415 -2.0%
Market Capitalisation listed (Mill.Euros) 920,801 1,029,902 -10.6%
New shares nominal listed (Mill. Euros) 6,275 38 16,413.2% 7,300 146 4,900.0%
Investment Flows channeled through Exchange (Mill. Euros)
New listed companies 10,222 77 13,175.2% 18,749 5,672 230.6%
Already listed companies 6,891 3,229 113.4% 17,048 4,933 245.6%
Fixed Income Market
AIAF Fixed Income volume admitted (nominal Mill. Euros) 36,498 65,590 -44.4% 175,579 175,214 0.2%
Public Debt Outstanding Balance (Mill. Euros) 623,395 554,873 12.3%
Private Fixed Income Outstanding Balance (Mill. Euros) 844,156 851,816 -0.9%



Market Data & Information

The Information unit posted revenues of €8,137 thousand in The average number of information subscribers was broadly
3Q11 and of €24,324 thousand in 9M11, with yoy increases of unchanged compared to last year. In both 3Q11 and 9M11,
4.8% and 4.4%, respectively. average subscription volume was 0.2% less than in 2010.
However, the figure for 3Q11 was 1.7% higher than for 2Q11.
Openfinance, company 62% acquired by BME in the previous
quarter, continued expanding the services and products solu- BME continued to broaden its content offering in the third quar-
tions during the quarter. A big part of unit’s cost increase is ter, adding new instruments on its markets (e.g. equities, ETFs,
explained by integration of the company business in the unit. warrants, derivatives).

After operating costs, EBITDA was flat in 3Q11, at €6,261 On 1 July, new end-of-day and Reference Data products were
thousand, but up 3.2% yoy in 9M11, at €19,214 thousand. launched. Service is already fully operational.

The number of customers connected to the Spanish market’s On the technical front, the third quarter featured record high
information flow continued to rise, in line with preceding quar- activity levels in messages managed by the BME Data Feed
ters. The number of customers with a direct connection to platform, generating healthy returns and margins.
BME’s information servers increased by 14.3% yoy in 3Q11,
while total connections rose by 10.5%.

3Q11 3Q10 ∆ 9M11 9M10 ∆
(Information Business Unit Income) (Th.Eur.)

Revenues 8,137 7,762 4.8% 24,324 23,288 4.4%
Operating Costs (1,876) (1,501) 25.0% (5,110) (4,661) 9.6%
EBITDA 6,261 6,261 0.0% 19,214 18,627 3.2%



Derivatives

Revenue in the Derivatives unit fell 4.1% in 3Q11 to €5,666 The notional value of contracts on the IBEX 35 increased by
thousand and 7.1% in 9M11 to €18,207 thousand, with EBITDA 2.9% in the quarter and 15.5% in the nine-month period.
through to September of 9,759 thousand (-15.3%).
Futures contracts on individual stocks performed well, with a
Total contracts of derivative products traded slumped 10.2% 5.2% increase in volume in the quarter and a 66.3% cumulative
yoy in the year’s third quarter, although all products except increase through to the end of September. Only equity options
equity options posted increases. In 9M11, volume was 1.2% sustained declines: 28.9% in 3Q11 and 24.4% in 9M11. The
higher than last year. notional value of equity derivatives fell by 19.1% and 2.3%,
respectively.
Trading in IBEX 35® futures advanced 11.0% yoy in 3Q11,
while trading in Mini futures contracts and IBEX 35® options Open interest at 30 September 2011 stood at 13.6 million con-
increased by 33.9% and 22.3% yoy in 3Q11, respectively, tracts, down 13.2% from the year earlier.
driven by robust activity in the first part of the quarter and des-
pite the negative impact on IBEX 35® futures trading volumes The number of trades increased by 17.3% in the quarter to 1.4
of the ban on the short selling of financial sector companies million.
imposed since 11th of August by the securities market regula-
tor, the CNMV.

3Q11 3Q10 ∆ 9M11 9M10 ∆
(Derivatives Business Unit Income) (Th.Eur.)

Revenues 5,666 5,909 -4.1% 18,207 19,596 -7.1%
Operating Costs (2,762) (2,603) 6.1% (8,448) (8,068) 4.7%
EBITDA 2,904 3,306 -12.2% 9,759 11,528 -15.3%

Derivatives Business unit Derivatives Business unit
Activity Overview Activity Overview
Index derivatives contracts traded Stock derivatives contracts traded

IBEX 35® Futures MiniIBEX 35® Futures IBEX 35® Options Stock Futures Stock Options
umber of contracts (Th.)

umber of contracts (Th.)

10,744

1,575
1,433 1,473 8,137 8,368 8,437
1,327 8,006
1,281
6,651
Nu

Nu

6,164
5,784
900 936 5,230
801 4,970
699 723 723
598
489 487 502

3Q10 4Q10 1Q11 2Q11 3Q11 3Q10 4Q10 1Q11 2Q11 3Q11

3Q11 3Q10 ∆ 9M11 9M10 ∆
(Derivatives Business Unit Activity Overview)

Derivatives Contracts (number of contracts) 14,022,946 15,622,479 -10.2% 50,469,557 49,872,469 1.2%
Index Derivatives (number of contracts)
IBEX 35® Index Futures 1,473,446 1,327,272 11.0% 4,329,417 4,848,043 -10.7%
Mini IBEX 35® Index Futures 936,264 698,998 33.9% 2,559,397 2,856,617 -10.4%
IBEX 35® Div Impact Futures 499 3,054
IBEX 35® Index Options 598,151 489,169 22.3% 1,587,565 2,271,608 -30.1%
Total notional value (Mill.Euros) 153,527 149,224 2.9% 469,377 555,470 -15.5%
Equity Derivatives (number of contracts)
Equity Futures 5,230,105 4,969,808 5.2% 21,673,370 13,033,253 66.3%
Equity Options 5,784,481 8,137,232 -28.9% 20,316,754 26,862,948 -24.4%
Total notional value (Mill.Euros) 13,258 16,394 -19.1% 48,462 49,603 -2.3%
Open Interest (number of contracts) 13,622,052 15,699,373 -13.2%
Number of Trades 1,398,723 1,192,434 17.3% 3,973,469 4,401,518 -9.7%



Fixed Income

This business unit includes only fixed cash income trading. to a fall in trading in public debt. However, trading to maturity
increased by 5.4%.
Operating revenues from this business totalled €1,688 thou-
sand in 3Q11 (-3.6%) and €6,333 thousand in 9M11 (+11.0%). Private fixed-income trading in the third quarter stood at €1.19
EBITDA in the third quarter fell 14.3% yoy to €939 thousand, but trillion, a 33.1% jump on the same quarter last year. Both trad-
increased by 10.7% in the nine-month period to €4,108 thou- ing to maturity and repo and reverse repo trading increased, by
sand. 10.5% and 34.6%, respectively.

Fixed-income trading volume amounted to €1.22 trillion in 3Q11 In the first nine months of 2011, total trading volume in private
and €4.34 trillion in 9M11, marking increases of 24.1% and fixed-income securities soared 93.1% yoy to €4.22 trillion, with
78.9%, respectively, on the same periods last year. an 8.4% increase in trading maturity and a 102.4% increase in
repo and reverse repo trading.
By product, trading in reverse repos (operations were trans-
ferred from the SENAF platform to the bilateral market in search
of a central counterparty, CCP, to reduce operating risks) led

3Q11 3Q10 ∆ 9M11 9M10 ∆
(Fixed Income Business Unit Income) (Th.Eur.)

Revenues 1,688 1,751 -3.6% 6,333 5,704 11.0%
Operating Costs (749) (655) 14.4% (2,225) (1,993) 11.6%
EBITDA 939 1,096 -14.3% 4,108 3,711 10.7%

Fixed Income
Activity

Fixed Income Turnover

Other Equity Market Fixed Income Public Debt Private Fixed Income

12,771
(Mill. Euros)

27,357
18,981
41,659
17,747
17 747 14,564
28,163 16,720
13,612
76,107 1,827,356
1,473,821
1,202,249 1,189,640
893,820

3Q10 4Q10 1Q11 2Q11 3Q11

3Q11 3Q10 ∆ 9M11 9M10 ∆
(Fixed Income Business Unit Activity Overview)

Public Debt Turnover (Mill. Euros) 16,720 76,107 -78.0% 72,240 194,932 -62.9%
Private Fixed Income Turnover (Mill. Euros) 1,189,640 893,820 33.1% 4,219,245 2,185,027 93.1%
Other Equity Market Fixed Income Turnover (Mill. Euros) 14,564 13,612 7.0% 45,082 43,666 3.2%

Fixed Income Total Turnover (Mill. Euros) 1,220,924 983,539 24.1% 4,336,567 2,423,625 78.9%



IT & Consulting

IT & Consulting revenues rose 36.2% yoy in 3Q11 to €4,255 of orders increased by 131.2%. Amid an overall positive trend
thousand. Revenues from the various services provided by for post-trading services, proximity services and market inter-
this unit through September amounted to €11,988 thousand, face and access solutions fared the best in the third quarter
up 18.0% on the same period last year. EBITDA was €1,695 this year.
thousand in 3Q11 and €4,118 in 9M11, with increases of 219.8%
yoy and 70.8% yoy, respectively. In consulting and systems, BME provided consulting services in
3Q11 to issuers in relation to admissions to trading. In financial
The growth in cash volumes traded and the number of orders communication services (BME HighWay), the customer base
routed through Visual Trader in 3Q11 was in line with previous increased by 78% in 9M11, meanwhile in compliance services
quarters, boosting the unit’s revenue. In 9M11, cash volume the final touches to backoffice and bids tools are being made in
routed to BME through VT rose 39.9% yoy, while the number line with the latest changes in reporting regulations.

3Q11 3Q10 ∆ 9M11 9M10 ∆
(IT & Consulting Business Unit Income) (Th.Eur.)

Revenues 4,255 3,124 36.2% 11,988 10,160 18.0%
Operating Costs (2,560) (2,594) -1.3% (7,870) (7,749) 1.6%
EBITDA 1,695 530 219.8% 4,118 2,411 70.8%


BME Net Profit Rises 25.9% in 3Q11, 1.6% in 9M11

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