Bolsas y Mercados Españoles (Spanish Exchanges and Markets) debuted today in the Spanish stock market. BME is the holding company for the individual stock exchanges, settlement, clearing and counterparty, the futures and derivatives market, as well data dissemination and the technology that drives the Spanish financial markets. Basically the whole enchilada.
It’s IPO follow in the footsteps of ICE, BOT, CME and NYX but comes a little late to the party. I’m not sure what the investment banks were thinking bringing this to market now. Usually something like this would be postponed.
The offering price was fixed at € 31 but it started trading well below that and closed at € 29.75:
It’ll be interesting to keep a watch on BME as it may become a sort of pseudo proxy for the whole Spanish stock market. Especially if the North American fad of publicly traded exchanges continues.
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