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COMISIN NACIONAL DEL MERCADO DE VALORES

ANNUAL REPORT
ON THE SECURITIES
MARKETS. 2002

Original Title in Spanish: Informe Anual sobre los Mercados de Valores.


Traslated by Versalia Traduccin, S.L.
I.S.B.N.: 84-87.870-35-X
Depsito Legal: M. 30.670-2003
Comisin Nacional del Mercado de Valores.
All information in this publication maybe reproduced with attribution.
Printed by: EDIGRAFOS, S. A. Volta, 2. Pol. Ind. San Marcos. Getafe (Madrid)

GENERAL INDEX
1. Overview of the securities markets ......................................................................................
1.1.
1.2.
1.3.
1.4.

13

Economic situation ........................................................................................................


Financial flows in the Spanish economy .......................................................................
World financial markets ...............................................................................................
Securities and derivatives markets in Spain ...................................................................

13
16
21
26

2. Primary markets ....................................................................................................................

31

2.1.
2.2.
2.3.
2.4.

General overview ..........................................................................................................


Equities .........................................................................................................................
Fixed-income ................................................................................................................
Other issues registered at the CNMV..............................................................................

31
34
35
40

3. Secondary markets ................................................................................................................

41

3.1.
3.2.
3.3.
3.4.

Equity markets ...............................................................................................................


Fixed-income markets ...................................................................................................
Margin trading and securities lending ............................................................................
Securities clearing and settlement .................................................................................

41
52
58
60

4. Derivatives markets ..............................................................................................................

61

4.1. International situation ....................................................................................................


4.2. Spains derivatives markets ............................................................................................
4.2.1. MEFF ...................................................................................................................
4.2.2. The warrants market ...........................................................................................

61
63
65
68

5. Collective investment schemes and venture capital firms......................................................

71

5.1.
5.2.
5.3.
5.4.
5.5.

Overview .......................................................................................................................
Securities investment funds and companies ..................................................................
Foreign collective investment schemes marketed in Spain ............................................
Property investment funds and companies ....................................................................
Venture capital firms ......................................................................................................

71
74
79
79
80

6. Securities firms and fund management companies ................................................................

83

6.1.
6.2.
6.3.
6.4.

Securities firms ...............................................................................................................


Collective investment scheme management companies (SGIIC) ....................................
Portfolio management companies (SGC) ........................................................................
Venture capital firm management companies (SGECR)...................................................

83
89
90
91

Annex 1. Primary markets..........................................................................................................

93

A.1.1.
A.1.2.

Primary markets. Issues and outstanding balances ....................................................


Issues and public offerings. Detail by instruments. Amounts registered at the
CNMV ......................................................................................................................

95
96

Annual report on the Securities Markets. 2002

A.1.3.
A.1.4.
A.1.5.
A.1.6.
A.1.7.
A.1.8.
A.1.9.
A.1.10.
A.1.11.
A.1.12.
A.1.13.

Capital increases through issues of new stock registered at the CNMV, except primary public offerings. 2002. Detail by issuer ............................................................
Primary public offerings registered at the CNMV. 2002 ............................................
Secondary public offerings registered at the CNMV. 2002 .........................................
Fixed-income issues registered at the CNMV. Main issuers. 2002 ..............................
Fixed-income issues registered at the CNMV. Preference shares. 2002. Detail by
issuer ........................................................................................................................
Fixed-income issues registered at the CNMV. Convertible bonds. 2002. Detail by
issuer ........................................................................................................................
Fixed-income issues registered at the CNMV. Non-convertible bonds. 2002. Detail
by issuer ...................................................................................................................
Fixed-income issues registered at the CNMV. Mortgage bonds. 2002. Detail by
issuer .....................................................................................................................
Fixed-income issues registered at the CNMV. Asset-backed bonds and notes. 2002.
Detail by issuer .........................................................................................................
Fixed-income issues registered at the CNMV. Commercial paper. 2002. Detail by
issuer ........................................................................................................................
Issues of warrants and other financial contracts registered at the CNMV. 2002 .........

97
98
99
100
101
101
102
104
105
106
107

Annex 2. Secondary markets ..................................................................................................... 109


A.2.1. Secondary markets. Net revenues and earnings of listed companies. 2002 ...............
A.2.2.1. Secondary markets. Equities. World markets in 2002. Stock market indexes .............
A.2.2.2. Secondary markets. Equities. World markets in 2002. Trading volume, P/E and dividend yield ................................................................................................................
A.2.3. Secondary markets. Equities. Spanish stock market indexes in 2002 .........................
A.2.4. Secondary markets. Equities. Sector indexes (Madrid stock exchange). 2002 ............
A.2.5. Secondary markets. Equities. Capitalisation and companies listed on the Spanish
stock exchanges .......................................................................................................
A.2.6. Secondary markets. Equities. Concentration of capital on the Spanish stock markets
by sector. 2002 .........................................................................................................
A.2.7. Secondary markets. Equities. Capitalisation on the Spanish stock markets by sector.
2002 ........................................................................................................................
A.2.8. Secondary markets. Equities. Ownership of shares of listed companies (Madrid stock
exchange) .................................................................................................................
A.2.9. Secondary and derivatives markets. Trading volume .................................................
A.2.10. Secondary markets. Equities. Effective trading in equities on the Spanish stock
exchanges. 2002 ......................................................................................................
A.2.11. Secondary markets. Equities. Effective trading by type. 2002 ....................................
A.2.12. Secondary markets. Equities. Effective trading in the electronic market by type. 2002 ..
A.2.13. Secondary markets. Equities. Trading by non-residents .............................................
A.2.14. Secondary markets. Equities. Order types on the electronic market. 1999-2002 .......
A.2.15. Secondary markets. Equities. Concentration of trading on the Spanish stock exchanges by sector. 2002 ...................................................................................................
A.2.16. Secondary markets. Equities. Trading frequency on the Spanish stock exchanges.
2002 .........................................................................................................................
A.2.17. Secondary markets. Equities. Trading on the Spanish stock markets by sector. 2002 .
A.2.18. Secondary markets. Equities. Electronic market. Listed companies. 2002 .................
A.2.19. Secondary markets. Equities. Outcry market. Listed companies. 2002 ......................
A.2.20. Secondary markets. Equities. Second market ............................................................
A.2.21. Secondary markets. Equities. Effective trading in Spanish securities on the New York
stock exchange .........................................................................................................

111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
125
126
127
128
133
190
190

CONTENTS

A.2.22. Secondary markets. Fixed-income. Trading volume ..................................................


A.2.23. Secondary markets. Fixed-income. Government debt book-entry system. Outstanding balances ...........................................................................................................
A.2.24. Secondary markets. Fixed-income. Government debt book-entry system. Trading
volume. (Outright spot trades) ..................................................................................
A.2.25. Secondary markets. Fixed-income. AIAF. Number of issuers and issues, and outstanding balances at 31/12 .............................................................................................
A.2.26. Secondary markets. Fixed-income. AIAF. Trading volume. 2002 ...............................
A.2.27. Secondary markets. Fixed-income. AIAF. Trading volume by sector. 2002 ................
A.2.28. Secondary markets. Fixed-income. Stock exchanges. Number of issuers and issues,
and listed capital at 31/12 ........................................................................................
A.2.29. Secondary markets. Fixed-income. Stock exchanges. Issuers by sector. 2002 ............
A.2.30. Secondary markets. Fixed-income. Stock exchanges. Issues listed by sector. 2002 ....
A.2.31. Secondary markets. Fixed-income. Stock exchanges. Outstanding balances listed by
sector. 2002 ..............................................................................................................
A.2.32. Secondary markets. Fixed-income. Stock exchanges. Convertible issues. Numbers
and listed capital at 31/12 ........................................................................................
A.2.33. Secondary markets. Fixed-income. Stock exchanges. Effective trading volume. 2002
A.2.34. Secondary markets. Fixed-income. Stock exchanges. Trading volume by sector ..........
A.2.35. Secondary markets. Fixed-income. Stock exchanges. Trading volume by issuer. 2002 .
A.2.36. Secondary markets. Fixed-income. Stock exchanges. Trading volume by issue. 2002 .
A.2.37. Secondary markets. Stock exchanges and SCLV. Margin trading and stock loans.
2002 ........................................................................................................................
A.2.38. Secondary markets. Stock exchanges and SCLV. Two-way stock lending by sector.
2002 ........................................................................................................................

191
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206

Anexo 3. Derivatives markets .................................................................................................... 207


A.3.1.
A.3.2.
A.3.3.
A.3.4.
A.3.5.
A.3.6.
A.3.7.
A.3.8.
A.3.9.
A.3.10.
A.3.11.
A.3.12.
A.3.13.
A.3.14.
A.3.15.
A.3.16.

Total trading volume in organised derivatives markets. Detail by instrument .................


International markets. Trading volume. Prominent products .....................................
International markets. Trading volume .......................................................................
MEFF RV. Index contracts. Trading volume. Annual and monthly performance in
2002 ........................................................................................................................
MEFF RV. Index contracts. Open interest at end of period. Annual and monthly performance in 2002 .....................................................................................................
MEFF RV. Ibex 35 contracts. Trading frequency, number of trades (daily average) and
volume per trade. 2002 ............................................................................................
MEFF RV. Futures and options on stocks. Trading volume and open interest. Annual
and monthly performance in 2002 ...........................................................................
MEFF RV. Stock optionss. Trading volume and open interest. Detail by contract
type ..........................................................................................................................
MEFF RF. Government bond contracts. Trading volume. Annual performance ..........
MEFF RF. Government bond contracts. Open interest. Annual performance .............
MEFF RF. Futures on 10Y government bonds. Trading frequency, number of trades
(daily average) and volume per trade ........................................................................
MEFF RF. Contracts on short-term interest rates. Trading volume and open interest.
Annual performance .................................................................................................
FC&M. Trading volume and open interest. Annual performance ...............................
Market members. 2002. Number per category and markets ......................................
Market members. 2002. No. of members required to attain a given percentage of
total trading ..............................................................................................................
Breakdown of trading, by account type. 2002 ..........................................................

209
210
211
212
213
214
215
216
217
218
219
220
221
221
221
222

Annual report on the Securities Markets. 2002

A.3.17.
A.3.18.
A.3.19.
A.3.20.

Breakdown of trading, by customer type. 2002 ........................................................


Breakdown of trading, by type. 2002 ........................................................................
Warrant trading on the Madrid stock exchange ........................................................
Equities warrants by underlying asset. 2002 .............................................................

222
223
224
225

Annex 4. Collective investment institutions and venture capital firms ....................................... 227
A.4.1.
A.4.2.
A.4.3.
A.4.4.
A.4.5.
A.4.6.
A.4.7.
A.4.8.
A.4.9.
A.4.10.
A.4.11.
A.4.12.
A.4.13.
A.4.14.
A.4.15.
A.4.16.
A.4.17.
A.4.18.
A.4.19.
A.4.20.
A.4.21.
A.4.22.
A.4.23.
A.4.24.
A.4.25.

Investment in securities. Number of institutions, assets and number of investors ......


Investment in securities. Yield on mutual funds by portfolio type ..............................
Investment in securities. FIM. Breakdown of assets at market value ..........................
Investment in securities. FIM. Transactions in derivatives ..........................................
Investment in securities. FIM. Breakdown of the foreign portfolio by currencies .......
Investment in securities. FIM. Breakdown of change in assets ...................................
Investment in securities. FIM and FIAMM. Assets, number of investors and number
of funds ....................................................................................................................
Investment in securities. FIM. Yields, volatility and duration .....................................
Investment in securities. FIAMM. Breakdown of assets at market value ....................
Investment in securities. FIAMM. Transactions in derivatives ....................................
Investment in securities. FIAMM. Breakdown of change in assets .............................
Investment in securities. FIAMM. Yields, volatility and duration ...............................
Investment in securities. Guaranteed mutual funds. Breakdown of assets at market
value ........................................................................................................................
Investment in securities. Guaranteed mutual funds. Transactions in derivatives ........
Investment in securities. SIM. Breakdown of assets at market value ..........................
Investment in securities. SIM. Transactions in derivatives ..........................................
Investment in securities. SIMCAV. Breakdown of assets at market value ...................
Investment in securities. SIMCAV. Transactions in derivatives ...................................
Investment in securities. Foreign collective investment schemes marketed in Spain .....
Investment in real estate. FII. Number, assets and investors .......................................
Investment in real estate. FII. Breakdown of assets ....................................................
Number of venture capital institutions ......................................................................
Breakdown of funds raised by venture capital institutions by type of investor ...........
Breakdown of investment by venture capital institutions, by phase of development .
Breakdown of investments by venture capital institutions, by sector .............................

229
230
231
232
233
234
235
237
312
313
314
315
320
321
322
323
324
325
325
326
326
326
327
327
328

Annex 5. Securities firms and management companies .............................................................. 329


A.5.1. Securities firms. Number, branches and agents .........................................................
A.5.2.1. Securities firms. Ownership by financial institutions .................................................
A.5.2.2. Securities firms. Ownership by financial institutions. Percentage of share capital .....
A.5.3.1. Securities firms. Aggregated balance sheet. ..............................................................
A.5.3.2. Securities firms. Broker-dealers. Aggregated balance sheet. ......................................
A.5.3.3. Securities firms. Brokers. Aggregated balance sheet. .................................................
A.5.4.1. Securities firms. Aggregated income statement .........................................................
A.5.4.2. Securities firms. Broker-dealers. Aggregated income statement .....................................
A.5.4.3. Securities firms. Brokers. Aggregated income statement ..............................................
A.5.5.1. Securities firms. Aggregated income statement. Quarterly performance .......................
A.5.5.2. Securities firms. Broker-dealers. Aggregated income statement. Quarterly performance ..............................................................................................................................
A.5.5.3. Securities firms. Brokers. Aggregated income statement. Quarterly performance ......
A.5.6.1. Securities firms. Return on equity (ROE) before taxes in 2002 ...................................
A.5.6.2. Securities firms. Return on equity (ROE) after taxes in 2002 ......................................
A.5.7. Securities firms. Equity coverage of capital adequacy requirements in 2002 .............

331
331
331
332
334
336
338
339
340
341
342
343
344
344
345

CONTENTS

A.5.8.
A.5.9.
A.5.10.
A.5.11.
A.5.12.
A.5.13.
A.5.14.
A.5.15.

Securities firms. Volume traded ................................................................................


Securities firms. Results of propietary trading ............................................................
Securities firms. Commission revenues .....................................................................
Securities firms. Consolidable groups. Type, concentration and composition ............
Securities firms. Consolidable groups. Aggregated balance sheet. .............................
Securities firms. Consolidable groups. Aggregated income statement ........................
Securities firms. Consolidable groups. Commission revenues and expenses. 2002 ...
Securities firms. Consolidable groups. Detail of items eliminated in the 2002 income
statement ..................................................................................................................
A.5.16. Collective investment scheme management companies (SGIIC) and portfolio management companies (SGC). Number of companies and assets under management
or advice ..................................................................................................................
A.5.17. Collective investment scheme management companies (SGIIC) and portfolio management companies (SGC). Aggregated balance sheet. ...............................................
A.5.18. Collective investment scheme management companies (SGIIC) and portfolio management companies (SGC). Aggregated income statement ..........................................

346
347
348
349
350
352
353
354

354
355
357

Annex 6. Composition of the CNMV Board ............................................................................... 359


Annex 7. Composition of the CNMV Executive Committee ....................................................... 363
Annex 8. Composition of the CNMV Advisory Committee ........................................................ 367
Annex 9. Structure of the CNMV .............................................................................................. 371

Annual report on the Securities Markets. 2002

INDEX OF TABLES
Chapter 1
1.1.
1.2.
1.3.
1.4.
1.5.
1.6.
1.7.
1.8.
1.9.
1.10.
1.11.
1.12.

International economic indicators ...............................................................................


The Spanish economy: macroeconomic indicators ......................................................
Net increase in households financial assets .................................................................
Breakdown (%) of households financial assets ............................................................
Net increase in non-financial companies financial liabilities .......................................
Net increase in financial institutions financial liabilities (excluding the Bank of Spain) .
Equities markets: indexes and trading in 2002 .............................................................
The new markets: index performance and volatility .................................................
Gross issues and public offerings .................................................................................
Trading in the secondary and derivatives markets ........................................................
Assets of collective investment schemes ......................................................................
Pre-tax earnings of securities firms (AV and SV) and asset management companies .....

14
15
17
17
20
20
24
25
27
27
28
29

Chapter 2
2.1.
2.2.
2.3.
2.4.
2.5.

Fixed-income securities issued by euro zone residents ................................................


Gross issues in Spain ...................................................................................................
Capital increases .........................................................................................................
Fixed-income issues in Spanish markets ......................................................................
Fixed-income issues and shelf registrations filed with the CNMV. Breakdown by instrument.............................................................................................................................

31
32
34
35
37

Chapter 3
3.1.
3.2.
3.3.
3.4.
3.5.
3.6.
3.7.
3.8.
3.9.

Sector index performance (Madrid stock exchange) in 2002 ........................................


Listed companies earnings in 2002 .............................................................................
Change in the number of listed companies by market in 2002 .....................................
Equities trading in Spanish stock markets .....................................................................
Trading in Spanish stock markets by sector ..................................................................
Trading in organised fixed-income markets ..................................................................
Issuers, listed issues and outstanding balances on AIAF at 31 December ......................
Issuers, listed issues and outstanding balances on the stock exchange at 31 December ...
Margin trading..............................................................................................................

43
44
46
48
50
53
56
57
58

Chapter 4
4.1.
4.2.
4.3.
4.4.
4.5.
4.6.
4.7.
4.8.
4.9.
4.10.

International derivatives markets. Total trading by instrument .....................................


International derivatives markets. Trading in the main products ...................................
International derivatives markets. Total trading ............................................................
Trading on Spains derivatives markets .........................................................................
Trading on MEFF Renta Variable ..................................................................................
Open interest in MEFF Renta Variable .........................................................................
Trading in equities derivatives via EuroMEFF ...............................................................
Trading on MEFF Renta Fija. Futures: trading volume and market size .........................
Fixed-income derivatives via EuroMEFF .......................................................................
Trading in warrants on the Madrid stock exchange ......................................................

61
62
63
64
66
66
67
68
68
69

CONTENTS

Chapter 5
5.1.
5.2.
5.3.
5.4.
5.5.
5.6.

UCITS assets by country in 2002 .................................................................................


Mutual fund assets by type in 2002 .............................................................................
Ratio of fund assets to deposits at banks and thrifts (%) .............................................
Breakdown of changes in fund assets ...........................................................................
Funds domestic portfolio in relation to the outstanding balance of the Spanish market .
Basic features of new venture capital firms created under the venture capital law (at 31
December 2002) .........................................................................................................

72
72
73
74
75
82

Chapter 6
6.1.
6.2.
6.3.
6.4.

Broker-dealers: Aggregated income statement in 2002 .................................................


Brokers: Aggregated income statement in 2002 ...........................................................
Securities firms: service fee revenues ...........................................................................
Securities firms: earnings on proprietary trading ..........................................................

83
84
86
87

Annual report on the Securities Markets. 2002

INDEX OF FIGURES
Chapter 1
1.1.
1.2.
1.3.
1.4.
1.5.
1.6.

Savings and non-financial investment by households and non-profit institutions serving


households ..................................................................................................................
Savings and non-financial investment by non-financial companies ..............................
Official interest rates: USA, euro zone and Japan .........................................................
Dollar-euro and yen-euro exchange rates ....................................................................
10-year government bond yields: US, euro zone and Japan .........................................
Stock market index performance in the US, Japan and the euro zone ..........................

16
19
21
22
23
25

Chapter 2
2.1.
2.2.
2.3.
2.4.
2.5.

Gross issues in Spain, by type of instrument and sector ...............................................


Fixed-income issues in the euro zone: breakdown of outstanding balance by issuer ....
Securitisation issues filed with the CNMV ....................................................................
Commercial paper: placements and yields ..................................................................
Commercial paper: break-down of placements by maturity .........................................

33
36
38
39
39

Chapter 3
3.1.
3.2.
3.3.
3.4.
3.5.
3.6.
3.7.
3.8.
3.9.
3.10.
3.11.
3.12.
3.13.
3.14.
3.15.
3.16.
3.17.
3.18.

Ibex 35 index performance and volatility .....................................................................


Companies listed in the Spanish equity markets at year-end ........................................
Capitalisation of the Spanish stock exchanges (equities) ..............................................
Market capitalisation by sector (equities) .....................................................................
Monthly turnover velocity in the Spanish electronic market in 2001 and 2002 ............
Yearly turnover velocity in the Spanish stock market ...................................................
Shares held by FIM funds .............................................................................................
Monthly equities trading in Spanish stock markets .......................................................
Equities trading in Spanish stock markets by non-residents (half-yearly) .......................
Trading of Spanish securities on foreign stock markets as a % of trading on Spanish
bourses ........................................................................................................................
Interest rates on 3-month commercial paper, interbank deposits and repos in 2002 .....
10-year bond yield and spread against German bund ..................................................
Long-term fixed-income yields in 2002 (corporate vs. public) ......................................
Treasury bills. Trading and outstanding balance in 2002 ..............................................
Government bonds and debentures. Trading and outstanding balance in 2002 ............
Trading on AIAF by segment ........................................................................................
Trading in fixed-income securities on the stock exchanges ..........................................
Securities lending ........................................................................................................

42
45
46
47
48
48
49
50
51
51
53
54
54
55
55
56
58
59

Chapter 4
4.1.

10

Trading in Ibex-35 futures and options as a percentage of trading on the electronic market ...............................................................................................................................

67

CONTENTS

Chapter 5
5.1.
5.2.
5.3.

UCITS assets by type in 2002 ......................................................................................


Mutual fund assets .......................................................................................................
Annual yield on FIAMM ..............................................................................................
Fixed-income FIM ........................................................................................................
Mixed fixed-income FIM ..............................................................................................
Mixed equities FIM.......................................................................................................
Equities FIM..................................................................................................................

71
73
76
76
77
77
78

Chapter 6
6.1.
6.2.
6.3.
6.4.
6.5.
6.6.

Broker-dealers: pre-tax earnings and ROE ....................................................................


Brokers: pre-tax earnings and ROE ..............................................................................
Securities firms: equities traded in domestic markets. Volume and brokerage fee revenues ............................................................................................................................
Pre-tax earnings of consolidable groups. Contribution by securities firms and other entities ..............................................................................................................................
IIC management companies: managed assets and pre-tax earnings ..............................
Portfolio management companies: assets under management or advice and pre-tax
earnings ..................................................................................................................

85
85
87
88
90
91

11

Annual report on the Securities Markets. 2002

INDEX OF BOXES
Household debt .....................................................................................................................
Changes in the regulatory framework: the Law on Measures to Reform the Financial System
New instruments in the securities markets: Territorial bonds and participation shares in savings
banks ......................................................................................................................................
Changes to the Madrid Stock Exchange indexes .....................................................................
Securities lending: Characteristics and regulation ...................................................................
Securities clearing and settlement: Amendments introduced by the Law on Measures to Reform
the Financial System ..............................................................................................................
The olive oil futures market ....................................................................................................
The new warrants trading segment .........................................................................................
The new tax system for collective investment schemes ..........................................................
Investment services firms from the European Union in Spain .................................................

12

18
29
33
43
59
60
64
69
79
88

1. OVERVIEW OF THE SECURITIES MARKETS


1.1. Economic situation
International
The lack of any specific trend was the main feature of the world economy in 2002. The moderate recovery by the US economy contrasted with accentuated weakness in Europe. Japan was still
unable to overcome its crisis and many Latin American countries continued to suffer from internal economic problems, although there was less instability. The Asian emerging markets and Eastern Europe
were the most dynamic areas, once again.
The world economic recovery was hampered by the political situation, particularly from the
autumn onwards, when it became apparent that a war in Iraq was likely. This perception prevented an
improvement in consumer and business confidence; as a result, there was no inflationary pressure
despite the increase in oil prices.
Higher real GDP growth in the US was sustained by consumer spending and by an acceleration
in public spending. These components offset the decline in fixed-capital formation and the negative
contribution from the foreign sector. This more favourable situation was not reflected in the labour
market, as the unemployment rate continued to rise in 2002. Economic stimuli were not confined to
taxation since the absence of inflationary pressure made it possible to reduce interest rates once again
at the end of the year (see Section 1.3).
Economic growth in the euro zone continued to decelerate in 2002, as did consumer spending
due to there being no improvement in job creation prospects, the industrial sector shrank even faster
and the foreign sector maintained its positive contribution to GDP. Weak demand coupled with a
stronger euro contributed to controlling inflation and underpinned the adoption of monetary stimuli
(see Section 1.3). The decline in business activity increased the unemployment rate and made it difficult for some countries to meet the budget targets in the European Unions Stability and Growth Pact.
This general pattern in the euro zone as a whole was composed of quite different performances
in individual countries, in terms of both growth rates and the performance of the various components.
For example, whereas consumer spending fell in Germany and the foreign sectors contribution was
significant, internal demand in France was sustained by consumer spending and the foreign sector's
contribution was small.
The Japanese economy remained lethargic. The weak growth it attained was based primarily on
improved external demand. Consumer spending was practically flat, affected by poor job creation
prospects, in a deflationary scenario which accentuated the decline in private sector formation of fixed
capital. As in 2001, fiscal policy was one of the main factors stimulating internal demand, since interest rates continued to be very low.
Economic activity in Latin America declined in 2002 after weak growth in 2001. The economies
most affected were Argentina, Venezuela and Uruguay, although all of Latin America registered very
weak growth.

13

Annual report on the Securities Markets. 2002

The regions deterioration was due to the adverse international situation, particularly the slowdown in the US economy, a decline in international capital flows into the region and the deterioration
in the terms of trade of the non-oil-exporting countries. Currency devaluations greatly increased inflation after eight years of decline. Moreover, the tight monetary policy (to reduce inflation) and contractive fiscal policy (to make public debt sustainable) in most countries in the region accentuated the
impact of the poor international situation.

Table 1.1
INTERNATIONAL ECONOMIC INDICATORS
GDP (a)

OECD ...................................................
USA ......................................................
Japan ....................................................
EU ........................................................
Euro zone .........................................
Germany.......................................
Spain ............................................
France...........................................
Italy ..............................................
UK ....................................................
Latin America .......................................

Internal demand (a)

2000

2001

2002

3.8
3.8
2.8
3.5
3.6
2.9
4.2
4.2
3.1
3.1
3.8

0.8
0.3
0.4
1.6
1.5
0.6
2.7
1.8
1.8
2.1
0.3

1.8
2.4
0.3
1.0
0.9
0.2
2.0
1.2
0.4
1.8
0.6

2000

2001

2002

3.9
4.4
2.4
3.2
3.0
1.8
4.5
4.3
2.3
3.9

0.6
0.4
1.1
1.2
1.0
0.8
2.8
1.6
1.8
2.6

1.9
3.0
0.3
0.7
0.3
1.5
2.3
1.1
1.1
2.5

Unemployment rate (b)

OECD ...................................................
USA ......................................................
Japan ....................................................
EU ........................................................
Euro zone .........................................
Germany.......................................
Spain ............................................
France...........................................
Italy ..............................................
UK ....................................................
Latin America .......................................

Inflation (c)

2000

2001

2002

2000

2001

2002

6.1
4.0
4.7
7.8
8.4
7.3
13.4
9.4
10.7
5.5
8.4 (1)

6.4
4.8
5.0
7.3
8.0
7.3
10.5
8.6
9.6
5.1
8.4 (1)

6.9
5.8
5.4
7.6
8.2
7.8
11.5
8.9
9.1
5.2
9.1 (1)

2.7
2.5
1.2
1.5
1.3
0.3
3.2
0.5
2.1
2.2
9.0 (2)

2.9
2.0
1.5
2.4
2.4
1.4
3.3
1.5
2.7
2.3
6.1 (2)

2.1
1.4
1.5
2.5
2.4
1.6
3.6
1.7
2.7
3.2
12.0 (2)

Budget balance (d)


2000
OECD ...................................................
USA ......................................................
Japan ....................................................
EU ........................................................
Euro zone .........................................
Germany.......................................
Spain ............................................
France...........................................
Italy ..............................................
UK ....................................................
Latin America .......................................
(a) Annual rate of change, in real terms (%).
(b) Annual average (% of active population).
(c) Consumer spending deflator (%).
(d) Surplus (+) or deficit (-) as a % of GDP.
(1) Urban unemployment.
(2) Annual rate of change of December CPI (%).
Sources: OECD, INE and ECLAC.

14

0.0
1.4
7.4
0.7
0.1
1.1
0.8
1.4
0.7
3.9
2.5

Current account balance (d)

2001

2002

2000

2001

2002

1.3
0.5
6.1
1.1
1.6
2.8
0.1
1.5
2.7
0.8
3.2

2.9
3.4
7.1
2.0
2.3
3.6
0.1
3.2
2.5
1.3
3.3

1.2
4.2
2.5
0.5
0.4
1.1
3.4
1.3
0.5
2.0
2.4

1.0
3.9
2.1
0.1
0.2
0.2
2.6
1.6
0.0
1.3
2.4

1.1
4.8
2.8
0.9
1.1
2.5
2.6
2.1
0.5
0.8
0.7

OVERVIEW OF THE SECURITIES MARKETS

The economic environment in Spain


The Spanish economy continued to decelerate in 2002. Average GDP growth was 2.0%, compared with 2.7% in 2001 and 4.2% in 1999 and 2000. The slow-down was similar in all countries in
the euro zone and, consequently, the growth differential with respect to those economies changed little in 2002, remaining slightly over one percentage point.
Slower economic growth in Spain was due to both internal demand and the foreign sector.
Internal demand continued to decelerate because of investment in capital goods, which shrank
throughout the year, although there was some improvement in the fourth quarter. Investment in construction slowed slightly but was still the most dynamic component of internal demand, rising between
4% and 5% during the year. Household spending, which accounts for approximately 60% of GDP, rose
by slightly less than 2% (2.5% in 2001), in line with the slow-down in job creation.
The foreign sector cut 0.3 percentage points off GDP growth in 2002 (0.1 in 2001) in a context of
slowing international trade. Both exports and imports declined year-on-year in the first half of 2002,
but they recovered in the second half.
Inflation was another adverse factor in 2002 since it continued to rise throughout practically the
entire year, ending at 4.0%, compared with 2.7% in 2001. This performance can be attributed to an
increase in certain indirect taxes, the introduction of the euro, and the upswing in energy costs. Core
inflation rose in the first half but ended the year at 3.5%, one tenth of a point lower than in January.
Despite a slow-down in business activity, job creation continued and the number of people in
work increased by 256,000. However, the active population increased by considerably more (close to
500,000), leading to a moderate increase in the unemployment rate.

Table 1.2
THE SPANISH ECONOMY: MACROECONOMIC INDICATORS
Annual variations, unless otherwise indicated
1998

1999

2000

2001

2002

GDP (constant prices) . . . . . . . . . . . . . . . . . . . . . . . . . .


GDP at market prices . . . . . . . . . . . . . . . . . . . . . . . . . . .
Domestic demand (1) . . . . . . . . . . . . . . . . . . . . . . . .
Household spending (2) . . . . . . . . . . . . . . . . . . . .
Public expenditure . . . . . . . . . . . . . . . . . . . . . . .
Gross fixed capital formation . . . . . . . . . . . . . . . .
Machinery and equipment . . . . . . . . . . . . . . .
Construction . . . . . . . . . . . . . . . . . . . . . . . . . .
Net external demand (1) . . . . . . . . . . . . . . . . . . . . . .
Exports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Imports . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.3
5.6
4.4
3.7
10.0
12.6
7.8
1.3
8.2
13.2

4.2
5.6
4.7
4.2
8.7
8.4
9.0
1.4
7.7
12.7

4.2
4.5
3.9
5.0
5.7
5.1
6.1
0.3
10.1
10.6

2.7
2.8
2.5
3.1
3.2
0.3
5.8
0.1
3.4
3.5

2.0
2.3
1.9
3.8
1.4
2.2
4.5
0.3
1.4
2.2

1.4
4.3

2.9
5.7

4.0
5.5

2.7
3.1

4.0
1.6

18.1
0.5
0.6
3.0

15.3
2.3
1.2
1.2

13.4
3.4
2.6
0.8

10.5
2.6
1.7
0.1

11.5
2.6
1.5
0.1

Other indicators
CPI: inflation in December. year-on-year . . . . . . . . . . .
Employment: Q4 labour force survey (3) . . . . . . . . . . . .
Unemployment: Q4 labour force survey
(% of active population) . . . . . . . . . . . . . . . . . . . . . .
Current account balance (% of GDP) . . . . . . . . . . . . . . .
Current & capital account balance (% of GDP) . . . . . . .
Public administrations budget balance (% of GDP) . . . .

(1) Contribution to GDP growth.


(2) Includes data of non-profit institutions serving households.
(3) The Labour Force Survey data since 2001 were obtained under the National Statistics Institute's (INE) new methodology for this survey.
Sources: INE and Bank of Spain.

15

Annual report on the Securities Markets. 2002

The Spanish economys external borrowing requirement fell slightly in 2002 due to a minor
improvement in the capital account balance. The current account deficit remained flat in terms of GDP
(2.6%) since minor movements in its components (trade balance, income and current transfers) offset
each other. In public finance, budgetary stability was further affirmed despite moderate growth and
extraordinary expenses.

1.2. Financial flows in the Spanish economy


Households
Households1 borrowing capacity recovered moderately in 2002 to 1.4% of GDP (1.1% in 2001).
This reversed the sharp downward trend observed since 1997 (see Figure 1.1). This performance was
due to an increase in households funds, specifically capital transfers, which was more dynamic than
the growth in investment in home ownership in this segment.
Households pattern of investment in financial assets continued to be basically conservative,
although the acquisition of risk assets, such as equities, recovered slightly. Consequently, deposits and
hedging instruments, such as life insurance and pension funds2, were the main destination for households financial flows, accounting for over 80% of the total. Both equities and mutual funds received
a net influx of funds in 2002 after mixed performance in the preceding years (Table 1.3). There was
also a net increase in investment in fixed-income securities, but they continued to play a minor role in
households overall financial assets.

Figure 1.1
SAVINGS AND NON-FINANCIAL INVESTMENT BY HOUSEHOLDS AND NON-PROFIT
INSTITUTION SERVING HOUSEHOLDS
millions of euros

millions of euros

Gross saving plus net capital transfers (LH scale)


Gross capital expenditure plus inventory variation (LH scale)
Borrowing capacity (RH scale)

This segment of the financial accounts includes not only households but also non-profit organisations serving households (the latter account for a small percentage of the whole).
2
These items appear under the section for insurance underwriting provisions, along with reserves for premiums and claims.

16

OVERVIEW OF THE SECURITIES MARKETS

Table 1.3
NET INCREASE IN HOUSEHOLDS FINANCIAL ASSETS (1)
Amounts in millions of euros
1998

1999

2000

2001

2002

Cash and deposits...........................................................


Securities other than shares.............................................
Loans
Shares and other equities ...............................................
Shares........................................................................
Other equities ............................................................
Mutual funds .............................................................
Insurance underwriting provisions .................................
Other accounts receivable ..............................................

10,330
1,617

40,033
2,637

42,646
2,092

29,558
587

38,335
515

27,001
1,735
1,603
27,134
12,886
2,978

11,557
1,165
1,163
12,054
18,872
5,524

17,475
131
2,893
20,500
20,886
5,466

2,009
5,441
2,489
4,960
16,505
2,474

6,925
3,944
1,456
1,525
15,579
3,877

Total ...............................................................................

51,578

55,509

53,616

49,959

65,232

(1) Includes private non-profit institutions.


Source: Bank of Spain, Financial accounts of the Spanish economy.

Although households acquired over 65 billion in financial assets in 2002 (Table 1.3), i.e. a 31%
increase over 2001, the value of the financial assets held by households at year-end was less than in
2001 (1.08 trillion vs. 1.11 trillion) due to negative price performance, which basically affected
households investment in equities and, to a lesser extent, mutual funds.
The main characteristics of household investment in financial assets are as follows:
Cash and deposits are still the largest component, totalling over 44% of the portfolio after rising steadily for four years.
Direct investment in equities represented over 21% of households financial assets at 2002
year-end, despite losing close to 10 percentage points over three years.
Investments in mutual funds continue to lose weighting, although more moderately than in previous years.
Contingency hedging instruments consolidated themselves as one of the main destinations of
household savings.
Fixed-income securities continued to play a minor role, accounting for around 2% of households portfolios.

Table 1.4
BREAKDOWN (%) OF HOUSEHOLDS FINANCIAL ASSETS (1)

1995
1996
1997
1998
1999
2000
2001
2002

Cash and
deposits

Fixed-income
securities

Shares

Mutual
funds

Insurance underwriting provisions

Other

50.0
45.7
39.6
34.6
35.3
38.1
40.0
44.6

3.1
2.4
2.1
1.4
1.9
2.1
1.9
2.0

20.8
21.9
26.2
31.0
31.5
29.5
27.1
21.2

10.1
13.9
17.5
18.4
16.2
13.1
12.6
12.1

9.9
10.6
11.0
10.9
11.7
13.4
14.4
16.0

6.0
5.1
3.3
3.1
3.1
3.4
3.4
3.8

(1) Includes private non-profit institutions..


Source: Bank of Spain, Financial accounts of the Spanish economy.

17

Annual report on the Securities Markets. 2002

Household debt
Households net worth has changed considerably in recent years. Borrowing has increased
substantially since the mid-1990s in absolute terms (from close to 140 billion in 1995 to over
Households' net worth has changed considerably in recent years. Borrowing has increased substantially since the mid-1990s in absolute terms (from close to 140 billion in 1995 to over 372
billion in 2002) and in proportion to income (from close to 46 % of gross disposable income to
83.3 %). Accordingly, Spanish households' debt is now in line with the euro zone average in relative terms, although it is still lower then the average figure in the UK and the US (see figure below).
The growth in liabilities has been concentrated in bank loans, particularly for home purchase.
Households' high level of indebtedness has nevertheless not led to a similar increase in the associated financial burden as a percentage of gross disposable income. According to Bank of Spain
estimates, this ratio rose only two percentage points between 1994 and 2001 (from 11 % to 13 %),
converging on the European average.
This performance is due to decisions made as regards both the supply and demand for finance. From the supply side, liberalisation and opening of the Spanish banking sector has played a
major role since it has increased competition among banks and increased the funding available to
finance the private sector. Moreover, the development of the financial system allows for more
effective risk management and, therefore, the possibility of granting loans for longer terms. In
mortgage lending, the use of the property as collateral plays a major role in determining the
amount of credit to be granted.
From the demand side, Spains integration into Monetary Union has brought a return to
macroeconomic stability and raised expectations of growth while greatly reducing the cost of
borrowing. Indebtedness by the private sector has also been favoured by strong job creation in
recent years, providing more people with access to credit. Demographic factors have also played
an important role on the demand side: the arrival on the market of people born in the baby boom
of the 1970s, and increased immigration.
Although it can be argued that the growth in Spanish households debt is coherent with the
changes in the economy, there are questions about its sustainability. For example, there is no data
about the breakdown of household debt in terms of income or wealth brackets, and this factor
may be relevant when assessing the sectors ability to respond to unexpected variations in asset
values, interest rates or income. Additionally, the securities markets have a considerable interest in
assessing the financial burden which households bear. In view of the current indebtedness situation, an increase in interest rates in the future could adversely affect households' borrowing capacity and shape their decisions about investing in the markets.
% of Gross Disposable
Income
Spain

Source: Bank of Spain, Federal Reserve and ECB.

18

HOUSEHOLD DEBT
Euro zone

USA

OVERVIEW OF THE SECURITIES MARKETS

Financing of companies
Non-financial companies
Non-financial companies borrowing requirements remained high in 2002, although they were
slightly lower than in 2001. This performance was shaped by: (i) faster growth in funds available to
companies, both internal cash flow and capital transfers; and (ii) slower growth in capital expenditure,
in line with the economic slow-down and the climate of uncertainty worldwide.
Non-financial companies acquired 126 billion of net financial liabilities, 18.8% less than in
2001, due to the reduction in commercial loans and share issues, and a predominance of fixed-income
repayment over placements. Loans (slightly lower than in 2001) and commercial credit were still the
main forms of financing for non-financial companies, representing over 85% of total net new liabilities in 2002. As for counterparties in financing, non-residents declined in importance for the second
consecutive year, providing 27% of funds raised in 2002, compared to 37% in 2001 and 39% in 2000.
Funds provided by financial institutions, non-financial companies and households gained in importance.

Figure 1.2

Millions of euros

Millions of euros

SAVINGS AND NON-FINANCIAL INVESTMENT BY NON-FINANCIAL COMPANIES

Gross savings plus net capital transfers (LH scale)


Gross capital expenditure plus inventory variation (LH scale)
Financial capacity (+)/Borrowing requirement () (RH scale)

Financial institutions 3
Monetary financial institutions, excluding the Bank of Spain, raised over 102 billion in funds,
20% less than in 2001 (see Table 1.6). Cash and deposits continued to be the main funding source for
these institutions, although they declined considerably with respect to 2001. Issues of shares, other
equities and fixed-income securities were the next-most-important sources of funding, as in 2001.
Equities issues were boosted by units issued by FIAMM, which are categorised in this segment, whereas fixed-income issues declined by about 21% with respect to 2001.
3
In accordance with SEC-95, this sector includes monetary financial institutions (Bank of Spain, private sector banks, thrifts, credit
cooperatives, ICO, credit finance institutions and some FIAMM) and non-monetary financial institutions (all other IICs, securitisation funds,
venture capital companies and funds, securities companies, private insurance companies, prudential institutions, Consorcio de
Compensacin de Seguros, pension funds and other financial services providers such as securities brokers, stock market management companies, IIC management companies, etc.).

19

Annual report on the Securities Markets. 2002

Table 1.5
NET INCREASE IN NON-FINANCIAL COMPANIES' FINANCIAL LIABILITIES
Amounts in millions of euros
1998

1999

2000

2001

2002

Shares, held by .................................................................


Non-financial companies............................................
Financial institutions ....................................................
Public administrations..................................................
Households and non-profit institutions.........................
Rest of world................................................................
Securities other than shares, held by ...............................
Non-financial companies............................................
Financial institutions ....................................................
Public administrations..................................................
Households and non-profit institutions.........................
Rest of world................................................................
Loans, granted by ............................................................
Non-financial companies............................................
Financial institutions ....................................................
Public administrations..................................................
Rest of world................................................................
Trade credit and advances................................................
Others ..............................................................................

15,178
218
4,168
2,342
2,084
15,218
771
257
1,673
6
450
2,245
34,170
72
25,481
69
8,691
34,610
3,177

29,102
2,967
3,687
908
38
21,579
2,263
23
1,322
2
170
746
47,696
368
29,828
439
17,061
34,917
459

78,208
22,542
6,272
243
2,336
46,814
4,406
1,958
3,263
2
798
1,611
68,184
158
46,263
253
21,510
49,500
297

34,868
2,745
4,357
1,000
198
26,569
240
37
30
2
125
46
71,896
391
45,037
926
26,323
47,917
296

21,354
6,123
2,658
1,884
3,025
7,664
1,751
215
5,211
4
679
2,563
70,353
191
46,003
911
23,631
37,699
1,652

Total .................................................................................

80,009

113,520

191,189

155,217

126,004

Source: Bank of Spain, Financial accounts of the Spanish economy.

Table 1.6
NET INCREASE IN FINANCIAL INSTITUTION'S FINANCIAL LIABILITIES
(EXCLUDING THE BANK OF SPAIN)
Amounts in millions of euros
1998

1999

2000

2001

2002

Monetary financial institutions, excluding


the Bank of Spain
Total .................................................................................
Cash and deposits ........................................................
Fixed-income...............................................................
Loans ...........................................................................
Shares and other equities .............................................
Insurance underwriting provisions ...............................
Other accounts receivable ..........................................

58,586
45,732
4,637
272
850
810
7,984

77,510
48,495
28,598
224
6,321
766
5,747

86,943
82,613
2,066
194
1,573
17
4,645

128,154
98,126
14,439
318
11,240
187
3,845

102,131
84,175
11,374
288
11,374
467
4,977

Non-monetary financial institutions


Total .................................................................................
Cash and deposits ........................................................
Fixed-income...............................................................
Loans ...........................................................................
Shares and other equities .............................................
Insurance underwriting provisions ...............................
Other accounts receivable ..........................................

64,866
2,768
3,323
1,896
42,326
14,004
549

36,797
444
5,222
1,212
7,553
20,179
2,187

32,506
996
5,510
638
2,922
25,123
1,407

28,397
1,635
9,892
1,563
159
21,222
640

34,190
783
15,762
1,747
1,632
20,344
2,815

Source: Bank of Spain, Financial accounts of the Spanish economy.

20

OVERVIEW OF THE SECURITIES MARKETS

Non-monetary financial institutions increased their financial liabilities by over 20% in 2002
to 34 billion. Funds were raised primarily in the form of insurance underwriting provisions and
fixed-income securities. Insurance underwriting provisions, which basically reflect the activity of
insurance companies, remained high but the amount of funds raised was lower than in 2001. Net
fixed-income issues again grew significantly, reflecting the sharp increase in issues of mortgage
bonds and other asset-backed securities (see Chapter 2). The flow of funds relating to equities was
negative, reflecting reimbursements of FIM (see Chapter 5).

1.3. World financial markets


In 2002, the worlds securities markets were negatively affected by the prevailing economic and
political uncertainty, the persisting after-effects of the tech bubbles collapse, and the accounting scandals at some large US and European companies. In equities, investors were mainly cautious in view of
rising volatility and falling corporate earnings. In fixed-income, yields fell significantly as official interest rates reached record lows. Although public sector issues rose, private sector issues were impacted
negatively by the widespread downgrades of credit ratings.

Short-term interest rates


After steadily cutting official rates in 2001, the Federal Reserve and the European Central Bank
(ECB) only made one adjustment at the end of 2002, when the expected economic rebound seemed
to be receding in time. The Federal Reserve cut its benchmark rate by half a percentage point in
November, to 1.25%, the lowest since the 1960s, and the ECB cut its rate in December by the same
amount to 2.75%, the lowest rate since the end of 1999. In Japan, because of the deflationary situation and the prevailing economic deterioration, the central bank moved within its very narrow margin
for manoeuvre in monetary policy and cut the intervention rate by 5 basis points to 0.10%.

Figure 1.3
OFFICIAL INTEREST RATES:
USA, EURO ZONE AND JAPAN

Jan-99

Jul-99

Jan-00

Jul-00

Jan-01

Jul-01

Jan-02

Jul-02

USA: Fed Funds rate


Japan: discount rate
Euro zone: weekly auction minimum rate

21

Annual report on the Securities Markets. 2002

Currency markets
The euro appreciated strongly in 2002 after sliding against the dollar and other currencies for several years. At the end of the year, the euro was worth $1.05, implying an appreciation of 19% in the
year, contrasting with depreciations of 5% in 2001, 14% in 2000 and 18% in 1999.
In January, the dollar continued to appreciate but between February and July it depreciated 17%
against the euro, and this trend continued irregularly until year-end. The euros appreciation against
the dollar is due to a number of reasons: (i) higher interest rates in the euro zone with a similar sovereign risk; (ii) accumulation of a trade deficit in the US which is no longer as sustainable as in the past
because of the US economys slower growth; (iii) the appearance in the US, after years of surplus, of
a budget deficit which looks likely to persist due to tax cuts and higher defence spending; (iv) replacement of the dollar by the euro in the reserves of some central banks (Russia and Southeast Asia); and
(v) political and military conflicts.
The Japanese yen appreciated 9% against the dollar and lost 8% of its value against the euro.

Figure 1.4
DOLLAR-EURO AND YEN-EURO EXCHANGE RATES

yen/euro
(RH)

dollar/euro
(LH)

Jan-99

Jul-99

Jan-00

Jul-00

Jan-01

Jan-02

Jan-02

Jul-02

Long-term interest rates


Public debt yields in the euro zone and the US fell considerably in 2002, by 86 and 125 basis
points, respectively, with the result that their 10-year bonds reached 4.27% and 3.86%, respectively,
at year-end. Yields on US and European bonds were very similar (around 5%) in the early months of
the year. However, yields fell sharply from June onwards, and the decline was more intense in the US,
which reached the years low at 3.7% in October. This increase in the price of debt was due to a worsening of the economic situation and the consequent expectations of cuts in official interest rates. At
year-end, the rising geopolitical uncertainty further eroded yields as investors sought refuge in public
debt securities.

22

OVERVIEW OF THE SECURITIES MARKETS

Figure 1.5
10-YEAR GOVERNMENT BOND YIELDS: USA, EURO ZONE AND JAPAN

Jan-94

Jan-95

Jan-96

Jan-97

USA

Jan-98

Jan-99

Jan-00

Japan

Jan-01

Jan-02

Euro zone

Yields on the Japanese 10-year bond continued to fall. Yields fell approximately 25 basis points
in 2001 and a further 49 basis points in 2002, to reach 0.91% at year-end. As in the other two
economies, yields fell basically in the second half of the year, whereas they had remained stable in the
first half despite the downgrade of the rating on Japans public debt in the spring.

Equities markets
Stock markets in the developed world declined considerably in 2002, for the third consecutive
year; in most cases, the indexes fell by more than in the preceding two years. The losses were spread
evenly in terms of both markets and sectors, but they were greatest in the technology and telecommunications stocks (TMT), and in insurance companies4 (basically in Europe in the latter case). Slack
performance by the main economies and the frequent profit warnings shaped the markets general performance. Four stages can be distinguished in the markets performance in 2002.
For much of the first half of 2002, the markets fluctuated, following no specific pattern, basically
reflecting doubts about the economic recovery in the US. There were other persisting negative factors,
such as the loss of investor confidence after the Enron case and the steady rise in crude oil prices on
the international markets. In Europe, the weakness of the European economies, particularly Germany,
and the sizeable indebtedness of telecommunications companies also had an impact.
All the negative factors that had been afflicting the stock markets were aggravated from mid-May
onwards. Economic indicators continued to be pessimistic, there were numerous profit warnings on
both sides of the Atlantic, new corporate accounting scandals came to light (WorldCom in the US and
Vivendi in Europe, among others), Brazil suffered a financial crisis due to the presidential elections
and, in Europe, major telecommunications companies were revealed to be in difficulties. Another
problem arose in September: a possible war between the US and Iraq. As a result, the worlds main
stock market indexes lost between 25% and 50% of their value in the period of less than five months
leading up to early October.
4

Their P&L account is suffering the impact of sizeable stock market losses.

23

Annual report on the Securities Markets. 2002

Table 1.7
EQUITIES MARKETS: INDEXES AND TRADING IN 2002
Indexes

Market
Name

Trading
Change (%)

US$ billion

Change (%) (1)

Developed countries
New York ...........................................
Nasdaq...............................................
Tokyo .................................................
London...............................................
Euro zone (2)......................................
Euronext (3)........................................
Germany............................................
Italy....................................................
Spain..................................................

Dow Jones
Nasdaq
Nikkei
FT 100
Euro Stoxx 50
Euronext 100
DAX 30
MIB 30
Ibex 35

16.8
31.5
18.6
24.5
37.3
32.5
44.9
26.0
28.1

10.311.2
7.254.6
1.565.8
3.998.5
4.472.3
1.987.2
1.208.0
636.8
398.1

1.7
34.1
3.8
15.8
30.5
41.1
20.6
15.8
5.1

Latin America ........................................


Buenos Aires ......................................
Sao Paulo...........................................
Santiago de Chile ..............................
Mxico City........................................
Lima...................................................

Merval
Bovespa
IGPA
IPC
IGRA

91.2
17.0
7.0
3.8
18.3

1.4
48.2
3.0
36.7
1.2

44.2
8.7
23.8
46.9
27.4

Southeast Asia
South Korea........................................
Philippines .........................................
Hong Kong.........................................
Indonesia ...........................................
Malaysia.............................................
Singapore...........................................
Thailand.............................................
Taiwan ...............................................

Korea Com Ex
Manila Composite
All or.
Jakarta Comp.
Kuala Lumpur Comp.
SES AllShare
Bangkok SET
Taiwan Weighted Pr.

9.5
12.8
18.2
8.4
7.1
18.2
17.3
19.8

592.8
3.1
194.0
13.1
33.1
62.8
41.3
632.7

51.0
0.1
19.5
23.8
55.3
12.7
29.2
19.2

(1) In local currency.


(2) Volume traded in the stock exchanges of the euro zone countries.
(3) Refers to the markets integrated into Euronext (Paris, Brussels, Amsterdam and the Portuguese bourses).
Source: International Federation of Stock Exchanges and CNMV.

Share prices recovered to an extent in October and November due to a number of factors, including: (i) better-than-expected corporate earnings in the third quarter5; (ii) US GDP was surprisingly
strong; (iii) the Federal Reserve cut interest rates substantially; (iv) the Brazilian crisis improved somewhat; and, above all (v) geopolitical tension eased when Iraq accepted a UN resolution, thus temporarily dispelling fears of war. This combination of factors fanned investors confidence, and they
pulled out of the most defensive sectors and increased their exposure to the sectors which had suffered
most in the preceding months.
The rally did not last until year-end: early in December, the markets began to slide again. The reasons were the same as before, although the international geopolitical situation worsened due to a new
dispute with North Korea. The increase in crude prices due primarily to the potential war in Iraq was
intensified by the reduction in oil supply from Venezuela. The substantial interest rate cut in the EMU
in December had very little impact on European equities since it had already been discounted by the
market.

5
Corporate earnings expectations had been downgraded excessively in many cases, as a result of which many stocks were trading
at considerable discounts.

24

OVERVIEW OF THE SECURITIES MARKETS

Figure 1.6
STOCK MARKET INDEX PERFORMANCE IN THE USA, JAPAN AND THE EURO ZONE
Baseline 100 = 31 December 2001

Jan-0 Feb-02

Mar-02

Apr-02

May-02

Jun-02

Jul-02

Sep-02

Oct-02

Nov-02

Dec-02

Table 1.8
THE NEW MARKETS: INDEX PERFORMANCE AND VOLATILITY
Yield (%)
Country

Market

Germany
U.S.
Spain
France
Italy
Luxembourg
UK

Neuer Market
Nasdaq
Nuevo Mercado
Nouveau Marche
Nuovo Mercato
Nasdaq Europa
Techmarks

Volatility (%) (1)

2001

2002

2001

2002

60.2
21.1
22.5
62.7
45.6
65.8
37.1

63.1
31.5
47.3
52.9
50.1
64.5
50.7

44.5
41.0
41.7
35.6
39.7
39.3
27.9

33.2
33.4
32.5
25.6
32.5
24.4
26.6

(1) Average annual volatility calculated using the date from the last 20 trading sessions.

Performance by the rest of the worlds bourses was mixed. In Latin America, some gained ground
(e.g. Argentina, which seemed to recover from its financial difficulties) while others lost (for example
Brazil, affected by political uncertainty). The Southeast Asian markets all registered losses. New markets in Europe also lost considerable groundover 50% in all cases except Spain (47.3%).

25

Annual report on the Securities Markets. 2002

1.4. Securities and derivatives markets in Spain


The bear market in equities worldwide affected the Spanish markets also, and the main indexes
registered losses for the third year running. Uncertainty about the international economic outlook
increased these markets volatility and, as in the other European Union countries, favoured a progressive decline in interest rates in the second half of the year.
This economic and financial situation did much to shape private sector activities in the markets.
It proved difficult to raise funds by issuing securities, particularly equities, but financial institutions
were able to raise funds by issuing asset-backed fixed-income securities. Individual investors opted for
lower-risk assets, as described in section 1.2. As for collective investment schemes, investor caution
led to a steady flow of funds into FIAMM and short-term fixed-income FIM funds.

Interest rates and share prices


Yields on Spanish medium and long-term public debt fell by 50-80 basis points in 2002, with the
result that the slope of the yield curve between three and ten years increased by about 25 basis points
to about 135 points. This decline in yields on the Spanish benchmark bonds was greater than that
observed in Germany, with the result that the spread in the 10-year yield narrowed to 10 basis points,
from 25 basis points at 2001 year-end.
Stock market indexes lost ground: the Ibex-35 fell by 28% and the Madrid Stock Exchange
General Index (IGBM) by 23%. As occurred with the worlds main bourses, share prices declined
steadily from May to October as investors questioned the prospects of a recovery by the US economy.
The low prices attained by many securities and the prospects of a recovery in corporate earnings in
2003 (after major write-downs in 2002) triggered a partial recovery by the indexes towards the end of
the year.

Primary markets and public offerings of securities


Gross issues of securities totalled 163 billion in 2002, 6% more than in 2001. Issuing activity
varied by sector and type of instrument.
Capital increases fell by 50% on top of a drastic reduction in 2001. The effective amount was less
than 5 billion, much less than the record of nearly 44 billion attained in 2000. Poor share performance continued to discourage this form of financing by the private sector.
In contrast, fixed-income issues rose by 10%. Public administrations increased their gross issues
by 7% on 2001, breaking the steady decline observed in this type of issues in recent years. This was
the result of the Treasurys policy of increasing gross issues of Letras to take advantage of the low shortterm interest rates and redeem long-term debt while also increasing liquidity in the secondary market
in Letras.
Private sector fixed-income issues continued to increase in 2002 and the amount exceeded that
of the public administrations for the second consecutive year. The increase in issues was concentrated basically in asset-backed securities (mortgage and other). Commercial paper issues remained at a
similar level to 2001.
As in the case of capital increases, secondary offerings were also adversely affected by the stock
market situation. Although their total amount increased by 10% to 3.3 billion, there were only four
transactionsthe same number as in 2001. The largest was the Gas Natural offering, which amounted to approximately 2 billion. ENAGAS was the only initial public offering in 2002.

26

OVERVIEW OF THE SECURITIES MARKETS

Table 1.9
GROSS ISSUES AND PUBLIC OFFERINGS
Millions of euros

Gross issues...................................................................
Capital increases (1)..................................................
of which primary offerings (2) ....................................
Marketable public debt (3).........................................
Private fixed-income (1).............................................
Secondary offerings (4)..................................................
(1)
(2)
(3)
(4)

1998

1999

2000

2001

2002

138,289
9,172
379
108,113
21,004
10,743

164,496
14,748
7,373
92,157
57,591
4,419

180,033
43,937
17,811
83,796
52,300
9,446

153,814
9,623
155
69,565
74,626
3,044

162,853
4,692

74,458
83,703
3,330

Effective value.
Primary public offerings.
Nominal value.
Includes volume offered in the domestic and international tranches.

Trading in the secondary and derivatives markets


Trading in equities on the Spanish stock exchanges increased slightly in 2002 to nearly 445 billion. The Electronic Market (SIBE) continued to process almost all trading in shares and warrants.
Trading in the Latibex, the segment of Latin American stocks, more than tripled to 230 million, but
still accounted for a small proportion of total trading. The main feature in the open outcry segment was
the rapid growth in the number of, and trading in, open-end investment companies (SIMCAV)6.
Trading increased considerably in the secondary fixed-income markets. In the Public Debt BookEntry System, the largest market in terms of trading volume, outright spot trades increased by 18%, in

Table 1.10
TRADING IN THE SECONDARY AND DERIVATIVES MARKETS
Amounts in millions of euros, unless otherwise indicated
1998

1999

2000

2001

2002

Equities (1)
Stock exchanges .....................................................

261,079

289,354

492,302

444,277

444,918

Fixed-income
Public debt book-entry system (2) ............................
Stock exchanges (1) ..................................................
AIAF (3) ....................................................................

2,311,155
53,238
36,364

2,360,914
44,710
85,766

1,703,704
39,802
100,759

1,964,678
57,463
143,733

2,310,943
71,140
272,470

Derivatives
MEFF RF (4) ..............................................................
MEFF RV (4)..............................................................
Warrants (5) ..............................................................
FC&M (4)..................................................................

10,830
8,288
268
0

3,597
12,838
205
0

1,036
20,966
898
0

285
30,652
1,636
0

51
27,867
1,232
0

(1)
(2)
(3)
(4)
(5)

Effective value.
Outright spot trades. Includes unstripped debt and STRIPS.
Nominal value.
Thousand contracts, adjusted for changes in contract size.
Premiums traded.

See Chapter 3.

27

Annual report on the Securities Markets. 2002

line with the trend in public debt issues discussed above. Trading in the AIAF private fixed-income
market reached 272 billion, 90% more than in 2001, driven by the considerable increase in issues
in recent years and the expectations of a decline in interest rates. Trading in fixed-income securities on
the stock exchanges also increased significantly, by 25% year-on-year, due mainly to strong growth in
debt issues by Generalitat de Catalunya (the Catalan regional government). Autonomous region debt
represented over 98% of total trading in this segment.
Trading in derivatives on MEFF fell by 10%, and trading in warrants on the Madrid Stock Exchange
declined by 25%. In the former case, the reduction was due to a 9% decline in trading of equities
derivatives. Contracts on the Ibex-35 registered the sharpest fall 17% and this took place in parallel to the increase in trading channelled through MEFF in derivatives on European indexes traded in
foreign markets7. As for contracts on individual stocks, the decline in options was partly offset by an
increase in futures.

Collective Investment Schemes (IIC)


The assets of collective investment schemes which invest in securities totalled 193.7 billion at
2002 year-end, 3.5% less than in 2001. Although this was not a significant variation in total assets,
there were major variations within the different fund types (see Table 1.11). FIM assets declined by 12%
due to reimbursements and, to a greater extent, the impact of falling share prices on the funds with
equity exposure. Subscriptions were concentrated in FIAMM and short-term fixed-income FIM, whose
assets increased considerably. Assets of investment companies also decreased because of SIM, since
there was a slight increase in SIMCAV and the number of these companies continued to grow rapidly
(see Annex A.4.1).
Assets of real estate IIC continued to grow, but they represent only a small proportion of total collective investment schemes.

Table 1.11
ASSETS OF COLLECTIVE INVESTMENT SCHEMES
Billions of euros
1998

1999

2000

2001

2002

Securities investment ....................................................


Mutual funds ............................................................
FIAMM ..................................................................
FIM........................................................................
Investment companies ..............................................
SIM........................................................................
SIMCAV.................................................................
Real estate investment...................................................

211.9
203.8
50.6
153.1
8.1
3.2
5.0
0.4

219.5
206.3
42.6
163.7
13.2
3.3
9.8
0.9

201.5
186.1
33.4
152.7
15.4
2.8
12.7
1.2

200.7
181.3
43.8
137.5
19.3
2.5
16.9
1.5

193.7
174.8
53.4
121.4
18.9
2.0
16.9
2.1

Total IIC ........................................................................

212.3

220.3

202.7

202.2

195.8

Securities firms and asset management firms


Securities firms (brokers and broker-dealers) obtained a total of 217 million in pre-tax earnings
in 2002. This represented another decline year-on-year: 29%, although the reduction was smaller than
in 2001. As in that year, the negative earnings performance was due fundamentally to a reduction in

28

See Chapter 4 on EuroMEFF activity.

OVERVIEW OF THE SECURITIES MARKETS

revenues in the core businessequity brokeragealthough operating expenses were adjusted to an


extent in 2002.
IIC management companies (SGIIC) also suffered a decrease in pre-tax earnings to under 450
million in 2002, down from 704 million in 2001. As in 2001, the reduction in earnings was closely
related to the decline in management fees as a result of lower FIM assets.
As for portfolio management companies, pre-tax earnings increased considerably, from 2.5 million to over 6 million. However, this was due to the favourable effect on the sectors aggregate figures caused by the removal of two entities in the SCH group which had incurred considerable losses
in 2001.

Table 1.12
PRE-TAX EARNINGS OF SECURITIES FIRMS (AV AND SV) AND
ASSET MANAGEMENT COMPANIES
Millions of euros
1998

1999

2000

2001

2002

Securities firms ............................................................


Broker-dealers..........................................................
Market members..................................................
Not market members ...........................................
Brokers ........................................................................
Market members..................................................
Not market members ...........................................

569.9
512.4
466.2
46.2
57.5
17.2
40.3

400.8
369.7
326.8
42.9
31.0
10.4
20.7

617.0
587.2
551.3
35.8
29.8
17.6
12.2

303.9
284.4
264.3
20.1
19.5
7.8
11.8

217.3
202.3
170.8
31.4
15.0
0.2
14.8

IIC management companies.........................................

936.5

1.012.8

1.007.0

703.6

447.2

Portfolio management companies ...............................

7.6

6.1

8.6

2.5

6.2

Changes in the regulatory framework: the Law on Measures to Reform the Financial System
Law 44/2002, dated 22 November, on Measures to Reform the Financial System (the Finance
Law) was the main new item of legislation in 2002; it was necessary for integration with the EU
and for the progress and development of Spains markets. The Finance Law regulates a variety of
subjects in the fields of banking, insurance, securities and other financial services and its main
objectives are as follows:
Ensure that Spanish law does not impose unnecessary obstacles that place Spanish financial institutions at a disadvantage with respect to their counterparts in other EU countries.
With that aim, measures were adopted and instruments were created to increase the efficiency and improve the competitiveness of the Spanish financial industry.
Ensure that the increase in competition and the use of new technology do not leave financial services customers unprotected. Therefore, the protection for financial services users
was improved.
Stimulate the transfer of savings to the real economy. Therefore, the conditions of financing small and mid-sized enterprises (SMEs) were improved.
From a formal standpoint, as regards financial services in the securities markets, the Finance
Law transposes several EU Directives into Spanish law. The main repercussions of the Finance Law
on the securities market regulations are as follows:

29

Annual report on the Securities Markets. 2002

Comisin Nacional del Mercado de Valores. The Finance Law confers power on the
CNMV Board to approve the Internal Regulation, which will regulate, inter alia, the
CNMVs organic structure, the powers of its several bodies, its internal procedures, the specific restrictions on former staff of the CNMV, and the CNMVs selective hiring procedures.
The CNMV will have an internal control body whose functional accountability and disclosure capacity will be governed by the principles of impartiality, objectivity and avoidance of conflicts of interest. The CNMV will prepare an annual report about its oversight
function, for submission to the Spanish Parliament and government.
Investors. The office of Commissioner for Investor Protection(*) was created; it is organically attached to the CNMV. All credit institutions, investment services firms and insurers
will be obliged to attend to, and resolve, customer complaints and claims. Customer services departments must be created for this purpose.
Market structure. Spains various securities clearance and settlement systems will be integrated. The Finance Law has designed a flexible, open legal regime in which to create the
Sociedad de Gestin de los Sistemas de Registro, Compensacin y Liquidacin de Valores
(Sociedad de Sistemas) through the merger of the SCLV (the Spanish Securities Clearance
and Settlement Service) and CADE (the Government-Debt Book-entry System).
Primary market. The range of types of securities that can be issued was expanded (territorial bonds, equity interests in savings banks and new possibilities for securitisation).
Audit committees. Issuers of shares or bonds listed in official secondary markets must have
an audit committee comprising a majority of non-executive directors.
Listed companies. The regime for listed companies was developed, with an emphasis on
transparency. It regulated significant events, transparency rules for related-party transactions, a reform of the system for suppressing the pre-emptive right in capital increases of
listed companies and the introduction of a new regulation governing privileged information and price-fixing, in anticipation of the Market Abuse Directive.
Financial intermediaries. The regulation also covers financial intermediaries in terms of
treatment of insider dealing and market manipulation. It specifies organisational measures
to prevent information leakage between departments or between companies of the same
group.
Electronic trading. The legal effects of electronic trading of financial products will be regulated in the future.
Collective investment schemes and venture capital entities. Regarding the former, the Law
confers the power to authorise management companies on the Economy Ministry and the
power to authorise funds on the CNMV. It also regulates mergers of funds in detail. For
venture capital firms, the Law expanded the options of financing small and medium-sized
enterprises.
(*) Created in conjunction with the Commissioner for protection of bank customers, organically attached to the Bank of Spain,
and the Commissioner for protection of policyholders and pension plan participants, organically attached to the Directorate-General
of Insurance and Pension Funds.

30

2. PRIMARY MARKET
2.1. General overview
Euro zone
Gross fixed-income issues by euro zone residents totalled 6.6 trillion, a 2.3% fall on 2001. Issues
in euros, which accounted for 93% of total issues, fell 1.7% 1, curbing the strong growth observed since
the introduction of the single currency 2.

Table 2.1
FIXED-INCOME SECURITIES ISSUED BY EURO ZONE RESIDENTS
Amounts in billion euros
Amount
2001

Change (%)
2002

2001

2002

Gross issues (*) .................................................


Public administrations ..................................
Short term .................................................
Long term .................................................
Financial institutions .....................................
Short term .................................................
Long term .................................................
Non-financial companies .............................
Short term .................................................
Long term .................................................

6,734.7
1,134.4
543.0
591.4
4,635.4
3,731.6
903.8
964.1
836.4
127.7

6,580.3
1,366.8
672.3
694.5
4,401.7
3,555.9
845.8
812.5
740.5
72.0

41.0
11.1
12.1
10.2
52.0
64.6
15.6
36.5
35.7
42.0

-2.3
20.5
23.8
17.4
-5.0
-4.7
-6.4
-15.7
-11.5
-43.6

Outstanding balance (*) ...................................


Public administrations ..................................
Short term .................................................
Long term .................................................
Financial institutions .....................................
Short term .................................................
Long term .................................................
Non-financial companies .............................
Short term .................................................
Long term .................................................

7,727.8
3,753.5
276.4
3,477.1
3,457.1
321.6
3,135.5
517.2
100.2
417.0

8,164.3
3,930.2
328.0
3,602.2
3,710.3
363.7
3,346.6
523.8
90.3
433.5

8.9
6.2
12.1
5.7
10.3
0.9
11.3
21.5
12.7
23.8

5.6
4.7
18.7
3.6
7.3
13.1
6.7
1.3
-9.9
4.0

(*) Nominal value.


Source: European Central Bank.

Issues in currencies other than the euro fell 10% to 448 billion.
Gross fixed-income issues in euros by European Monetary Union residents grew at an average annual rate of 22% in
the three years from 1999 to 2001.
1
2

31

Annual report on the Securities Markets. 2002

The moderate decline in activity in primary fixed-income markets in the euro zone was influenced
by performance in the private sector (Table 2.1). Financial institutions reduced gross issues by 5% and
non-financial companies by around 16%. Difficulties experienced by some of the main European
economies (particularly Germany, which has been the leading issuer in the euro zone), combined with
the continuing global uncertainty and a general fall in issuer credit ratings has had a negative impact
on private sector financing in primary markets. High debt in some sectors (Telecommunications,
Energy and services, etc.) has partly contributed to the decline in issuing by non-financial companies.
In contrast to the private sector, public administrations in the euro zone increasingly turned to
capital markets for finance (Table 2.1). Nevertheless, the increase in gross issues by the public sector
was not enough to offset the reduction in issuing by the private sector.
Spain
Gross issues of securities in the Spanish primary markets amounted to 163 billion, a 5.9%
increase on 2001. Fixed-income securities and equities (capital increases) performed differently (Table
2.2). Fixed-income issues, which accounted for 97% of the total, rose 9.7% while equity issues fell by
more than 50%. Difficulties in the equity market also affected secondary offerings. The amount of registered secondary offerings rose 9% on 2001 (Table 2.2), but was still clearly below the prevailing level
of the late 1990s and the number of operations was very low 3.

Table 2.2
GROSS ISSUES IN SPAIN
Amounts in millions of euros
1998

1999

2000

2001

2002

Equities (1) (2) .............................................................


Fixed-income ..............................................................
Public administrations (3) ........................................
Short term ...........................................................
Medium and long term .......................................
Private sector (1) (4) ................................................
Short term ...........................................................
Medium and long term .......................................

9,172
129,117
108,113
48,126
59,987
21,004
5,061
15,943

14,748
149,748
92,157
45,139
47,018
57,591
32,555
25,037

43,937
136,096
83,796
38,305
45,491
52,300
34,366
17,934

9,623
144,191
69,565
28,874
40,691
74,626
45,173
29,453

4,692
158,161
74,458
34,746
39,712
83,703
45,576
38,127

Total ...........................................................................

138,289

164,496

180,033

153,814

162,853

Pro memoria:
Secondary offerings .....................................................

10,743

4,419

9,446

3,044

3,330

(1) Effective value.


(2) Capital increases registered with the CNMV, including primary offerings.
(3) Nominal value.
(4) Issues registered with the CNMV.
Source: Bank of Spain and CNMV.

The private sector continues to be the leading issuer in the domestic markets. The amount of gross
issues (fixed-income plus capital increases) amounted to 88 billion, up 4.9% on 2001. Issuing by the
private sector was driven by various factors, including uncertainty in the global economy, credit rating
downgrades and individual companies cost containment policies in order to adapt to economic and
market conditions. However, private issuing grew more moderately, focussing mainly on asset-backed
fixed-income issues (mortgage bonds and other 4) and commercial paper.
3

See Annex A.1.5.


Securitisation issues are backed by assets specifically assigned in each issue. Mortgage bonds issued by credit entities are backed by each entitys entire mortgage loan book.
4

32

PRIMARY MARKET

In contrast to recent years, gross issuing by public administrations grew 7% to 74 billion.


Treasury issues accounted for 90% of the total. As shown in Chapter 1, the public accounts performed well but the Treasury took advantage of the low short-term interest rates to significantly
increase Treasury bill issues (Letras del Tesoro) in order to obtain liquidity, maintain its long-term
debt repurchase programmes and boost liquidity in the secondary market in Treasury bills.

Figure 2.1
GROSS ISSUES IN SPAIN, BY TYPE OF INSTRUMENT AND SECTOR

100%
80%
60%
40%
20%
0%
1998

1999

Public administration fixed-income

2000

2001

Privare sector fixed-income (1)

2002
Equities (2)

(1) Issues and shelf registrations filed at the CNMV.


(2) Capital increases filed at the CNMV.
Source: Bank of Spain and CNMV.

New instruments in the securities markets: territorial bonds and participation shares in savings
banks
One of the most significant measures introduced in 2002 under the Law on Measures to
Reform the Financial System to increase the competitiveness of the financial industry was the authorisation of two new instruments issuable in primary markets: territorial bonds and participation
shares. In both cases, it is envisaged that these instruments can be traded in secondary markets.
Territorial bonds are asset-backed fixed-income securities. They are issued by financial institutions and their principal and interest are specially guaranteed by loans and credits granted to
the State, regional and local governments and companies which they own, as well as similar entities within the European Economic Area. The issued amount cannot be greater than 70% of the
aforementioned loans and credits, and holders of territorial bonds have preference rights on debt
claims by the issuer against the public administrations. Territorial bonds are governed by similar
regulations to mortgage bonds (cdulas hipotecarias) and they fill a gap in the Spanish assetbacked security market (issues backed by loans to the public administrations) which is already
well-developed in other European countries.

33

Annual report on the Securities Markets. 2002

Participation shares, in contrast, are equity instruments, although holders (unlike shareholders) do not have political rights. The recognised economic rights of participation shareholders are
as follows:
A share in the distribution of unrestricted surplus equal to the volume of participation
shares outstanding over the sum of the savings banks net worth (endowment plus general
reserves plus general bank risk fund) plus the volume of participation shares.
Preferential subscription right on new issues, without prejudice to the suppression of these
rights as provided by law.
In the case of liquidation, the liquidation value of the participation shares.
In the case of redemption envisaged by legislation, the market value of the participation
shares.
Payment of a variable remuneration, which must be approved by the General Assembly,
charged to the relevant portion of unrestricted surplus or, if applicable, to the stabilisation fund
which savings banks may voluntarily constitute in order to avoid excessive fluctuation in the variable remuneration. This remuneration shall be regulated by the government.
The volume of participation shares cannot exceed 50% of the savings banks net worth nor can
they be issued at a price lower than their nominal value. A savings bank may not own more than
5% of its total outstanding participation shares. No individual, legal entity or economic group may
directly or indirectly hold more than 5% of the outstanding participation shares of a given entity.

2.2.

Equities

Poor share price performance had a negative impact on fund-raising through capital increases.
In 2002, the CNMV registered 41 capital increases by 35 companies, for a combined total of 4.7
billion 5. In 2001, 55 issues were made by 40 companies, totalling 9.6 billion 6. A total of 17 issuers
made bonus issues amounting to 294 million, compared to 14 issuers and a total of 189 million in
2001. No warrant issues were registered.

Table 2.3
CAPITAL INCREASES
Effective amount in millions of euros
1998

1999

2000

2001

2002

Primary offerings .........................................................


Other capital increases ...............................................

379
8,793

7,373
7,375

17,811
26,126

155
9,468

4,692

Total ............................................................................

9,172

14,748

43,937

9,623

4,692

Pro memoria
Domestic tranche of primary offerings
Amount ...................................................................
% of total ................................................................

234
61.8

4,403
59.7

13,448
75.5

155
100.0

See Annexes A.1.3 and A.1.4.


In 2001, the 4.6 billion capital increase by Arcelor, linked to its bid for Aceralia, accounted for almost half of the
total amount.
6

34

PRIMARY MARKET

The SCH group played a prominent role in capital increases in 2002, accounting for 55% of the
total effective amount (2.6 billion). The new shares were used as consideration in the call option
exercised by SCH on German entity AKB Holding GmbH. Jazztel also carried out considerable capital increases in 2001 (556 million), to restructure its capital and cancel debt. Another significant
capital increase was at Banesto (166 million), which was linked to a public offering of warrants by
its core shareholder (SCH) 7.
2.3. Fixed-income
Issuers
Gross fixed-income issues in the Spanish markets amounted to 158 billion in 2002, compared
to 144 billion in 2001. Both the public and private sectors contributed to the increase. In the private
fixed-income sector, the number of issuers rose slightly on 20018 and the amount was less concentrated among issuers 9.

Table 2.4
FIXED-INCOME ISSUES IN SPANISH MARKETS
Amount in millions in euros
Amount
2001

Change (%)
2002

2001

2002

Gross Issues .....................................................


Public administrations (1) .............................
Short term .................................................
Long term .................................................
Financial institutions (2) (3) ..........................
Short term .................................................
Long term .................................................
Non-financial companies (2) (3) ...................
Short term .................................................
Largo plazo ..............................................

144,190.5
69,565.0
28,874.0
40,691.0
61,039.4
36,964.5
24,075.9
13,586.1
8,208.0
5,378.1

158,160.3
74,458.0
34,746.0
39,712.0
72,059.3
36,548.2
35,511.1
11,643.0
9,027.4
2,616.6

5.9
17.0
24.6
10.6
38.1
36.4
40.8
67.6
12.8
546.1

9.7
7.0
20.3
2.4
18.1
1.1
47.5
14.3
10.0
51.4

Outstanding balance (1) ...................................


Public administrations ..................................
Short term .................................................
Long term .................................................
Financial institutions ....................................
Short term .................................................
Long term .................................................
Non-financial companies .............................
Short term .................................................
Long term .................................................

427,918.0
317,877
36,927
280,950
92,644
13,448
79,196
17,397
4,296
13,101

462,859.0
326,585
37,202
289,383
120,478
15,874
104,604
15,798
3,191
12,607

7.3
1.4
19.2
4.9
34.0
40.4
33.0
5.9
33.7
-0.8

8.2
2.7
0.7
3.0
30.0
18.0
32.1
9.2
25.7
3.8

(1) Nominal value.


(2) Issues and shelf registrations filed with the CNMV.,
(3) Effective value.
Source: Bank of Spain and CNMV.

7
The total warrant offering by SCH amounted to 402 million, of which 322 million were assigned to the domestic
tranche.
8
108 issuers in 2002 compared to 105 in 2001.
9
With respect to fixed-income issues and shelf registrations filed at the CNMV, the 10 largest issuers accounted for
47% of the total in 2002, compared to 55% of the total in 2001. For further information, see Annex A.1.6.

35

Annual report on the Securities Markets. 2002

The increase in private fixed-income issuing (Table 2.4) was concentrated at financial institutions,
whose gross issues amounted to 72 billion, an 18.1% increase on 2001. Financial institutions maintained a similar level of activity to 2001 with regard to commercial paper but there was a sharp rise in
long-term issues through mortgage and other asset-backed bonds. In contrast, non-financial companies
reduced gross issues by 14% and, despite moderate growth in commercial paper activity, the amount
of long-term issues fell by more than 50%. It should be noted, however, long-term issues by non-financial companies achieved a spectacular one-off increase in 2001 10.
Issuing by public administrations in the primary fixed-income markets was highly concentrated in
government debt, with a considerable increase in Treasury bond issues (Letras). As a whole, gross shortterm issues by public administrations grew 20.3% while long-term issues fell 2.4%.
The outstanding balance of fixed-income securities issued by Spanish residents was 463 billion
at 2002 year-end, an increase of 8.2%. Performance of the outstanding balance in 2002 (Table 2.4)
shows that net financing through the primary fixed-income markets again rose slightly for public
administrations and notably for financial institutions, while falling moderately for non-financial companies. Although the weighting of private issues in the outstanding balances has increased significantly in recent years, public administrations still account for 71% of the total. This percentage is greater
than in the overall euro zone (Figure 2.2).

Figure 2.2
FISEX-INCOME ISSUES IN THE EURO ZONE: BREAKDOWN OF OUTSTANDING
BALANCE BY ISSUER (*)
100%
80%
60%
40%
20%
0%
Euro
zone

Aus

Bel

Public administrations

Ger

Sp

Fin

Fra

Financial institutions

Gre

Ita

Hol

Por

Non-financial companies

(*) Issues denominated in euros. No data available for Ireland or Luxembourg.


Source: European Central Bank.

Instruments 11
Medium- and long-term issues
In 2002, 38.1 billion in medium- and long-term issues were filed with the CNMV, a 29.4%
increase on 2001. There was also a significant increase in the number of issuers: from 62 to 73. Asset10

The sharp growth in long-term issues by non-financial companies in 2001 was mainly as a result of issuing by the
Repsol YPF group, whose subsidiaries registered 4.5 billion in long-term issues with the CNMV.
11
Fixed-income issues and shelf registrations filed with the CNMV.

36

PRIMARY MARKET

backed issues (mortgage and securitisation bonds) have gained considerably in weighting within medium- and long-term private fixed-income issues in recent years (Table 2.5). Issues of both instruments
accounted for 80% of the total issues filed and they continued to grow strongly, while issues of all other
instruments fell.

Table 2.5
FIXED-INCOME ISSUES AND SHELF REGISTRATIONS FILED WITH THE CNMV
Breakdown by Instrument
Nominal amounts in millions of euros
1998

1999

2000

2001

2002

Long term ...................................................................


Non-convertible bonds and debentures ..................
Convertible bonds and debentures ..........................
Mortgage bonds ......................................................
Securitisation bonds ................................................
Preferred shares ......................................................

15,256
6,039
452
3,093
5,072
600

23,773
7,354
800
4,433
6,770
4,416

17,938
4,974
132
2,643
7,308
2,880

29,463
7,076
456
6,078
11,793
4,060

38,129
3,647
238
11,704
18,803
3,737

Short term ..................................................................


Commercial paper ..................................................
of which asset-backed .............................................

5,061
5,061
1,202

32,555
32,555
301

34,366
34,366
1,399

45,173
45,173
1,144

45,576
45,576
1,120

Total ............................................................................

20,316

56,328

52,304

74,635

83,705

The amount of non-convertible bonds and debentures registered almost halved, from 7 billion
in 2001 to 3.6 billion in 2002 12. The number of issuers also fell, from 34 to 30. Financial institutions
maintained considerable weighting in this sector, in terms of both the number of issuers (26) and the
amount registered (85% of the total). Within these institutions, savings banks were significant with 22
issuers and 77% of the amount registered; the major issuer was la Caixa (718 million). As in recent
years, the majority of issues were made at variable and referenced interest rates.
The difficulties experienced by equities markets continued to have a negative effect on the convertible bond and debenture segment. This segment had three issuers, one more than in 2001, but the
total amount registered fell from 456 million to 238 million 13. The main issuer was Bankinter
(153 million), which had already participated in this segment in 2001.
The strong property market led to a sharp increase in mortgage bond registrations, from 6.1 billion
in 2001 to 11.7 billion in 2002 14 and the number of issuers rose from 6 to 8. In contrast to 2001, when
only savings banks issued in this segment, banks also made significant issues, accounting for 60% of the
registered total. The main issuers were BBVA, SCH and Caja Madrid (3 billion each), followed by la
Caixa (1.5 billion).
Long-term securitisation issues amounted to 18.8 billion, up 59.4% on 2001 15. Within this segment, the amount of asset-backed bonds registered rose 80% to 12 billion 16, of which 62% was for
placement in the domestic market. The number of issuers (asset securitisation funds FTA) also grew con-

12
13
14
15
16

See Annex A.1.9.


See Annex A.1.8.
See Annex A.1.10.
See Annex A.1.11.
See Annex A.1.11.

37

Annual report on the Securities Markets. 2002

siderably, from 9 to 16 17. The largest issue (3.5 billion) was by FTA operator Activos y Titulizacin and
involved special mortgage bonds issued by a number of savings banks and packaged by broker-dealer
Ahorro Corporacin Financiera. Six issues totalling 4.2 billion were made to securitise mortgage loan
receivables. Of these issues, the two by SCH were particularly significant, totalling 2 billion. The securitisation of loan receivables from SMEs also had considerable weighting in this segment, with eight operations totalling 3.4 billion. An 850 million issue by SCH to securitise vehicle purchase loan receivables was also noteworthy.
The number of mortgage-backed bonds amounted to 6.8 billion, up 32.5% on 2001, and the
number of mortgage securitisation funds (FTH) rose from 7 to 11. The largest issues were by Bankinter,
la Caixa and Bancaja, accounting for 58% of the total amount registered, through the creation of various FTH 18.

Figure 2.3
SECURITISATION ISSUES FILED WITH THE CNMV

25.000

Millions of euros

20.000
15.000
10.000
5.000
0
1997

1998

Mortgage-backed

1999

2000

2001

2002

Other asset-backed

A total of 3.7 billion of preferred shares were registered in 2002, an 8% drop on 2001 19. The
number of issuers fell from nine to eight, of which six were subsidiaries of financial institutions and the
remaining two were subsidiaries of non-financial companies (Telefnica and Sol Meli). The largest
issue (2 billion) was by a Telefnica subsidiary. The second-largest issuer was BBVA, with two issues
totalling 1 billion.
Commercial paper
Commercial paper issuers maintained their activity at levels similar to 2001. Although the number of issuers rose from 47 to 52, the amount of shelf registrations rose just under 1% to 45.6 billion.
Placements amounted to 106.4 billion, 2.5% up on 2001. The outstanding balance of current issues
was 23.6 billion in December 2002, a 3.5% drop on 2001.
Along with asset-backed bonds, two FTAs registered asset-backed paper for a joint total of 1.1 billion. In 2001, the
number of asset-backed commercial paper issuers was identical and the total amount slightly higher. Further information on
these issues can be found under the commercial paper heading.
18
Bankinter (1.7 billion), la Caixa ( 1.2 billion) and Bancaja (1 billion).
19
See Annex A.1.7.
17

38

PRIMARY MARKET

The average APR of the placements remained relatively stable at around 3.4% in the first eight
months of the year, except in May and June (3.5%). In the last four months of 2002, APR tended to
decrease in line with short-term benchmark rates in the euro zone; APR was 3.3% between September
and November and fell to 3% in December. Placements rose significantly in the fourth quarter (Figure 2.5) and maturities tended to be shorter (Figure 2.6). Issues up to three months accounted for 82%
of total placements, compared to 77% in 2001.

Figure 2.4

3.5

3.0

2.5

2.0
no
v-

pse

ju

l-0

ay
m

01

ar
-0
m

nja

no
v-

pse

l-0

1
ju

-0
ay
m

ar
-0
m

nja

Placements

APR (%)

02

4.0

02

4.5

10

02

5.0

02

12

01

5.5

14

01

Millions of euros

COMMERCIAL PAPER: PLACEMENTS AND YIELDS

Averge interest rate (APR)

Figure 2.5
COMMERCIAL PAPER: BREAK-DOWN OF PLACEMENTS BY MATURITY

100%
80%
60%
40%
20%
0%
1998
Up to 3 months

1999
3 to 6 months

2000

2001

6 to 12 months

2002
Over 12 months

39

Annual report on the Securities Markets. 2002

Financial institutions maintained considerable weighting in commercial paper issues, accounting


for 79% of issuers, 80% of the amount of shelf registrations and 91% of the amount placed. The largest
placements were by Banco Popular (17.1 billion), SCH (11.4 billion) and BBVA Banco de
Financiacin (10.3 billion). In particular, two shelf registrations gave rise to placements totalling 6.1
billion. An SCH asset securitisation fund accounted for 94% of this amount. The largest placements by
non-financial companies were in the electricity sector (a total of 5 billion), and also by RENFE (2.7
billion) and Telefnica (1.4 billion 20.
2.4. Other issues registered at the CNMV 21
Warrant issues slumped in comparison to 2001, with premiums on registered issues amounting to
2.3 billion, compared to 5.5 billion in 2001. The number of issuers fell from 11 to 9 and the number of issues fell from 1,223 to 1,132. By underlying assets, the bulk of issues (71% of premiums) were
on shares, followed by indexes (28%) and other contracts (1%). By issuer, Socit General Acceptance
accounted for the bulk of premiums (673 million), followed by Commerzbank (510 million) and
BBVA Banco de Financiacin (439 million).
The CNMV also registered other atypical contracts, mainly deposits associated with options,
which were marketed by financial institutions. The registered amount of these contracts also dropped
sharply to 1.7 billion, compared to 2.1 billion in 2001. The number of issuers fell from 23 to 14
and the number of issues declined from 76 to 28. Of the amount registered, contracts on shares
accounted for 83%, contracts on indexes accounted for 12% and contracts on fixed-income 5%. The
principal issuers were Banesto (740 million) and BBVA (564 million).

20
21

40

For further information on commercial paper issues, See Annex A.1.12.


See Annex A.1.13.

3. SECONDARY MARKETS
3.1. Equity markets
As described in Chapter 1, the Spanish stock market indexes ended 2002 with losses for the third
consecutive year. Trading volumes and stock rotation were similar to 2001. As usual, foreign investors
played a major role, although this year they were strong net sellers.

Index performance
The Ibex 35 index closed the year at 6,037 points, which is 28.1% less than at 2001 year-end and
52.9% less than its all-time high 1. The IGBM (Madrid Stock Exchange General Index) closed the year
at 634 points, i.e. 23.1% less than at 2001 year-end and 44.7% less than its all-time high. The difference between the two indexes reflects one of the main characteristics of 2002: the large-cap stocks
were affected more by the decline in share prices than the small- and mid-cap stocks. Four stages may
be distinguished in the Spanish stock markets performance in 2002, as in the performance of the
major international stock markets.
The Ibex 35 index opened the year with a relatively steady albeit slightly negative performance
which continued to mid-May. This first phase in the Spanish stock market was characterised by lack of
investor confidence in view of the series of unresolved issues in the international arena, as described
in Chapter 1 2. The Spanish stock market was also affected by the performance of the Latin American
economies, particularly in Argentina. The Ibex 35 and the IGBM both fluctuated in line with improvements or deteriorations in the key international issues. At the end of this phase, the Ibex 35 had fallen
2.8% and the IGBM had gained 0.68%. This difference reflects the duality in Spains stock market, with
losses primarily concentrated in telecommunications (-20.3%) and electronics and software (-17.5%),
and substantial gains in the sectors made up of smaller companies, such as food (over 20%), construction (between 23% and 33%), real estate (33.5%) and transport and distribution (55.2%). Banks (5.9%)
and oil (-6.0%) fell between the two camps.
The second phase, which commenced in mid-May and lasted until early October, was characterised by a considerable fall in share prices and a significant increase in volatility due to greater
uncertainty caused by the deterioration in international financial and political issues. The IGBM lost
31.5% and the Ibex 35 lost 34.3%. As in the previous phase, the situation in Latin America had a specific impact on Spain due to the uncertainties surrounding the electoral process in Brazil. The indexes
registered their low 3 for the year during this period. The stock market losses became more widespread

1
2
3

It reached 12,816.80 on 6 March 2000.


See Section 3 of chapter 1.
As in several of tha major international stock markets, Spanish indexes five-years lows, that is lower than post 9-11

levels.

41

Annual report on the Securities Markets. 2002

in terms of sectors 4 and they were more intense than in the first part of the year. More than half of the
sectors lost more than 20%, and the greatest losses were in advertising, press and television (-50.5%)
and leisure, tourism and hospitality (50.4%). The following sectors were even more notable due to
their weighting in the Ibex 35: telecommunications (-30.0%), banks (-44.2%) and electricity (-34.9%).
During this second phase, more than 10% of the stocks on the IGBM lost half their value 5 and another
40% registered losses of 25% or more.
The rest of October and the month of November witnessed a period of recovery. In this third
phase, investors shifted from the most defensive sectors to those that had suffered the greatest losses in
the two previous phases. The IGBM gained 23.0% and the Ibex 35 rose 25.6%, although both were
still in negative territory at the end of that period. Although the uncertainties had not lifted, there was a
run of good news that boosted investment, including the apparent receding of the prospect of a war in
Iraq, a cut in official interest rates and an improvement in the Brazilian economy. Gains were generalised in most sectors, a third of which gained over 25% 6.
The stock market indexes went into decline in December and continued to slide until year-end.
The deterioration of the international geopolitical situation was responsible for this latest fall in share
prices. The IGBM lost 9.3% and the Ibex 35 fell 10.4%. Although this downturn was generalised at
sector level and in individual stocks, the worst performance was in telecommunications, media and
technology (TMT). In FY2002, 13 of the IGBMs 23 subsectors lost value 7.

Figure 3.1

Index

Volatilidad (%)

IBEX 35 INDEX PERFORMANCE AND VOLATILITY

Jan. 02

Feb. 02

Mar. 02

May. 02

Index (LH scale)

Jun. 02

Jul. 02

Sep. 02

Oct. 02

Dic. 02

Volatility (RH scale)

Only the toll roads and car parks sector, which has little weighting in the IGBM, recorded slight gains (1.3%) in the
second phase.
5
Most were technology stocks. Avanzit suffered the largest loss (-77%) due to financial problems that placed it in temporary receivership.
6
Advertising, press and television (38.2), Banking (37.6%), Other consumer goods.
7
The greatest losses in FY2002 were in electronics and software (-49.7%), advertising, press and radio/television (-45.7%)
and telecomunications (-40.8%), and the greatets gains were recorded in real estate (29.1%), construction material (22.4%)
and transport and distribution (221.3%).

42

SECONDARY MARKETS

Table 3.1
SECTOR INDEX PERFORMANCE (MADRID STOCK EXCHANGE) IN 2002*
Yield (% change over previous year)
Period
Consumer goods
Capital and intermediate goods
Energy
Construction
Financial services
Communications and information services
Market services
General

2001

2002

Q1

Q2

Q3

Q4

3.6
19.2
1.6
17.3
10.5
12.4
3.2

1.0
8.4
20.3
4.2
26.3
41.6
7.3

6.2
10.1
2.4
13.7
2.5
9.2
11.2

3.6
2.9
8.2
4.1
12.7
32.3
1.7

6.2
22.6
16.5
13.9
28.9
14.8
20.6

3.1
10.7
6.6
2.3
15.7
11.6
6.9

6.3

23.1

0.6

12.8

20.3

10.0

* In early 2002, the Madrid Stock Exchange implemented a new classification of sector indexes comprising seven sectors divided into 23
subsectors in order to better reflect market realities.

Changes to the Madrid Stock Exchange indexes


In early 2002, the Madrid Stock Exchange implemented a new calculation system for the
IGBM (Madrid Stock Exchange General Index) and the sector indexes. It also revised the sectoral
classification of the listed companies in order to better reflect current business activities.
The calculation systems for the IGBM and the sector indexes underwent a series of reforms
intended to provide a clearer and more continuous reflection of the Madrid Stock Markets performance. To this end, the following two amendments were made to the calculations:
(i) In the previous system, the weightings were fixed for the whole year, which meant that
the index did not reflect changes that occurred during the year. In the current system, the
weightings and the stocks are both revised biannually, and extraordinary revisions may
be performed before the six months are over.
(ii) Cross-holdings of companies present in the same index cause redundant rises and falls.
This accumulative calculation problem existed in the former systems for calculating the
IGBM and sector indexes. In order to avoid it, the new system reduces the index weighting when the stake of one company in another in the same index is over 5%.
The classification of sectors, which was based on the CNAE (Spanish National Classification
of Economic Activities), has also changed. The new classification creates seven sectors comprising companies with similar economic performance, in line with the indexes used by major international stock markets. Each sector is divided into 23 subsectors that cover more specific activi-

Corporate earnings
The worldwide economic slowdown caused listed companies earnings to fall for the second consecutive year. The decline in 2002 was very substantial (over 63%) due to the heavy losses incurred by
the Telefnica group, whose earnings were negatively impacted by sizeable asset write-downs and
restructuring costs associated with the UMTS business in Europe and the write-down of investments in
Terra Lycos and Mediaways 8. Excluding the Telefnica group, the listed companies profits for the year
fell 2.7%.
8

The Telefonica groups earnings before tax fell from 2.033Bn in profit in 2001 to a loss of 14.601Bn in 2002.

43

Annual report on the Securities Markets. 2002

Earnings varied from sector to sector. One the 12 big sectors listed in Table 3.2., transport and
communications, registered losses due to the performance of the Telefnica group. Another five
sectors profit fell and, in the remaining five sectors, profits rose which, in most cases, implied a
partial or total recovery from the losses registered in the previous year. The greatest increases in
profits were recorded in agriculture and fishing (161%), which has scant weighting in the index as
a whole, and real estate (26.4%). Apart from the transport and communications sector mentioned
above, the greatest losses were recorded in chemical industry (-33.1%) and trade and other services
(-29.8%).
Of the four large subsectors 9 with the greatest weighting on the stock market, all except oil,
registered lower profits or even losses (communications). The rise in the price of crude oil benefited the oil companies, whose earnings improved by 10.9%. In the two remaining subsectors, banks
profits fell 8.2% following the slowdown in the two previous years, and electricity recorded a
3.0% decline following the 22.6% decline in the previous year. The performance of communications alone explains the 96% fall year-on-year in profits by listed companies as a wholeif we add
banks and electricity to this subsector, the three subsectors combined accounted for 102% (see
Table 3.2).

Table 3.2
LISTED COMPANIES EARNINGS IN 2002
YTD change (%)
Earnings before taxes
Sector

Year

Quarter

1997

1998

1999

2000

2001

2002

Q1-02

Agriculture and fishing .......................


Energy and water ................................
Oil ...............................................
Electricity.....................................
Base metals.........................................
Cement & construction materials........
Chemical industry...............................
Metal processing.................................
Other processing industries.................
Construction .......................................
Trade and other services .....................
New technology ..........................
Transport & communications ..............
Communications..........................
Financial institutions. insurance. etc. ..
Savings banks and other financial..
entities................................................

1,691.9
3.0
15.1
2.4
87.3
45.7
23.1
75.3
51.9
32.4
5.6
22.4
16.4
22.4
21.2
20.2
132.6

82.0
17.8
16.3
18.2
29.7
4.2
9.0
88.9
27.1
37.2
6.1
2.9
1.3
2.9
10.9
13.8
119.0

94.7
36.2
14.0
69.9
21.2
39.2
15.3
9.2
14.9
44.6
38.5
24.4
12.8
9.1
16.1
17.7
40.0

25.6
4.5
35.0
0.4
111.5
11.4
7.8
13.9
23.7
37.0
2.5
15.8
8.3
8.8
14.5
14.7
36.0

233.1
27.1
35.9
22.6
56.5
3.1
15.0
1.0
22.8
18.1
15.5
31.5
31.9
29.1
4.5
3.9
20.9

160.8
3.8
10.9
3.0
7.5
12.4
33.1
12.7
13.6
5.7
29.8
2.3
c.s.
c.s.
8.2
8.4
26.4

Total General .....................................

17.7

12.1

20.8

13.4

12.9

63.1

Source: CNMV (see Annex A.2.1).


Note: c.s. indicates a change of sign in earnings.

44

Banking, communications, electricity and oil.

Q2-02

Q3-02

Q4-02

41.9
19.8
40.2
2.8
12.4
3.0
44.6
10.4
3.7
5.1
17.9
5.5
c.s.
127.3
1.8
1.5
10.1

101.9
14.5
11.3
20.9
4.8
7.7
30.6
14.1
0.8
3.9
39.8
70.6
c.s.
c.s.
11.0
12.2
44.8

19.3
17.6
15.4
22.2
24.0
15.6
19.5
9.1
7.8
3.8
22.1
62.6
c.s.
c.s.
12.2
13.2
14.6

160.8
3.8
10.9
3.0
7.5
12.4
33.1
12.7
13.6
5.7
29.8
2.3
c.s.
c.s.
8.2
8.4
26.4

15.5

52.9

41.7

63.1

SECONDARY MARKETS

Performance of companies listed in the Spanish stock markets


At the end of 2001, there were 3,024 listed companies (483 more than the previous year), of
which 164 traded on the electronic market (including 23 in the Latin American market, Latibex), 2,836
by open outcry and 24 in the second market.
A total of 510 companies were listed for the first time in 2002 due almost entirely to additions in
the open outcry segment. Twelve stocks joined the electronic market; ten of them new listings and two
from market changes (from the open outcry market) 10. Five hundred stocks joined the open outcry
market, all of them new listings. There were no new listings in the second market.
The newly-listed companies in the electronic market (five of them in the domestic section and
seven in Latibex) operate in a number of sectors: (i) oil: Petroleo Brasileiro (L) 11 and Suzano Petroqumica (L); (ii) electricity: Companhia Paranaense de Energia (L) and Enagas; (iii) minerals and base
metals: Arcelor, Companhia Energtica de Minas Gerais (L), Tubos Forjados and Gerdau (L); (iv)
metal-mechanical: Elecnor; (v) food: Natraceutical; (vi) Other non-financial: Distribucin y Servicios
D&S (L); and (vii) banks: Banco de Chile (L). New additions to the open outcry market were primarily
SIMCAV 12.

Figure 3.2
COMPANIES LISTED IN THE SPANISH EQUITY MARKETS AT YEAR-END

Electronic market

SM/SIMCAV

Other open outcry

A total of 27 companies were delisted in 2002: eight in the electronic market, 14 in the open outcry market and five in the second market. One of the delistings from the electronic market was due to
absorption by another listed company 13.

10

Tubos Forjados (formerly Tubos Reunidos) and Elecnor.


The L in brackets means the stock is listed in Latibex.
12
A total of 492 SIM/SIMCAV were added in 2002, whereas the rest of the open outcry market saw a eight stocks. At
year-end, 97% of the companies traded in the outcry segment of the Spanish stock market were SIM/SIMCAV.
13
Prtland Valderrivas was absorbed by FCC.
11

45

Annual report on the Securities Markets. 2002

Table 3.3
CHANGE IN THE NUMBER OF LISTED COMPANIES BY MARKET IN 2002
Total

Electronic market
Total

Domestic

Latibex

Open outcry

Second market

Listings....................................
New listings ............................
Listings due to mergers............
Change of market ..................

510
510
0

12
10
0
2

5
3
0
2

7
7
0
0

500
500
0
0

0
0
0
0

Delistings................................
Exclusions ...............................
Exclusions due to mergers.......
Change of market ..................

27
24
3

8
7
1
0

7
6
1
0

1
1
0
0

16
12
2
2

5
5
0
0

Net change .............................

483

484

Pro memoria:..........................
Listed at 31/12/02 ...................
Listed at 31/12/01 ...................

3,024
2,541

164
160

141
143

23
17

2,836
2,352

24
29

Note: The Total column does not coincide with the sum of the columns to its right since they include listings and delistings due to change
of market.

Capitalisation
At 2002 year-end, the capitalisation of Spains bourses totalled 478.3 billion, with the electronic market representing 71% (86.5% including Latibex). The sharp fall in share prices decreased market capitalisation by 17.5%, despite the listing of several large companies in the electronic market
and numerous additions of SIMCAV. The market capitalisation of the electronic market declined by
20.8% (-23.6% excluding Latibex, which fell 2.1%). The capitalisation of the open outcry segment
rose by 6.8%.
Foreign securities represented 7.7% of market capitalisation (8.3% in 2001).

Figure 3.3

Billions of euros

CAPITALISATION OF THE SPANISH STOCK EXCHANGES (EQUITIES)

Electronic market: Non financial

46

Electronic market: financial

Open outcry

Foreign

SECONDARY MARKETS

The most significant decreases in the weighting of the sectors capitalisation with respect to 2001
were in energy & water, transport & communications and banks (see Figure 3.4). The largest increase
in weighting was in SIM/SIMCAV, which became the third-largest sector, ahead of energy & water (see
Annex A.2.7).

Figure 3.4.
MARKET CAPITALISATION BY SECTOR (EQUITIES)
2001

2002
Energy &
water

Other

Oil

Mining

Other

Oil

Energy &
water
Mining

Chemicals

Chemicals

Banks

Transport &
communications

Banks

Transport &
communications

Trading
Trading amounted to 444.9 billion in 2002, i.e. 0.1% higher than in 2001. The electronic market concentrated 98.9% of total trading 15. Trading in the open outcry segment increased by 35.3% due
mainly to new SIMCAV and partly to better performance by the small-cap stocks in this market.
Regular session trading in the electronic market declined by 3.5%, contrasting with the sharp fall
in the indexes. The substantial increase in block trading (+43.9%) and the smaller decrease in mid-cap
stocks 16 stemmed the fall in total trading.
Turnover 17 increased in the first half of 2002 and peaked in July, coinciding with the month of
peak trading activity by non-residents (see Figure 3.5). Turnover remained the same as in 2001, i.e.
about 88% 18 (see Figure 3.6).
Non-resident investors decreased trading in the Spanish bourse in 2002 although they continued
to be more active than Spanish investors 19. As in 2001, they were net sellers, divesting 20.665 billion
(23.663 billion in 2001).

15

Slightly lower than in 2001 (99.2%).


The Ibex 35 index fell 28.1% in 2002, whereas the Ibex Complementario decreased by only 1.1%.
17
A measurement of trading activity.
18
Turnover inceased slightly from 87.8% to 88.0%; even though capitalisation fell by 20.8% in 2002, it declined by
only 3.7% on average per month, just slightly more than the decline in regular session tradin (3.5%).
19
The share of non-resident investors trading decreased from 54.5% in 2001 to 51.7% in 2002.
16

47

Annual report on the Securities Markets. 2002

Table 3.4
EQUITIES TRADING IN SPANISH STOCK MARKETS
Amounts in millions of euros
2000

2001

Change %

Share%

2002

2001/2000

2002/2001

2001

2002

Electronic market .......................

488,888.5

440,604.8

439,950.4

9.9

0.1

99.2

98.9

Open outcry ..............................


Madrid ...................................
Barcelona...............................
Bilbao ....................................
Valencia.................................

3,382
2,062.4
695.1
259.9
364.7

3,672.1
2,469.6
660.2
296.7
245.6

4,967.3
3,235.3
948.6
297.8
485.5

8.6
19.7
5.0
14.1
32.7

35.3
31.0
43.7
0.4
97.7

0.8
0.6
0.1
0.1
0.1

1.1
0.7
0.2
0.1
0.1

Total stock markets....................

492,301.7

444,301.8

444,935.5

9.8

0.1

100.0

100.0

Figure 3.5

Regular session trading/capitalisation

MONTHLY TURNOVER VELOCITY IN THE SPANISH ELECTRONIC MARKET


IN 2001 AND 2002*

Jan.

Feb.

Mar.

Apr.

May

Jun.

Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

(*) Regular session trading as a % of capitalisation (see footnotes 18 and 19).

Figure 3.6

Trading/capitalisation

YEARLY TURNOVER VELOCITY IN THE SPANISH STOCK MARKET*

(*) Regular session trading as a % of capitalisation (see footnotes 18 and 19).

48

SECONDARY MARKETS

FIM funds also increased slightly as a proportion of the Spanish market. Their portfolio of Spanish
stocks rose from 1.4% of market capitalisation in 2001 to 1.6% in 2002, still far below the 4.8% peak
attained in 1998.

Figure 3.7
SHARES HELD BY FIM FUNDS

Millions euros
Spanish shares as a % of
capitalisation (RH)

Foreign

Spanish

Dec. 96

Dec. 97

Dec. 98

Dec. 99

Dec. 00

Dec. 01

Dec. 02

Trading in individual sectors was very mixed. The increase in trading in eight of the seventeen
sectors practically offset the decrease in the other nine. In absolute terms, the largest declines were
due to the slump in TMT share prices, which affected transport & communications (-22.8%) and
other (-37.8%); and the largest increase was in banks (+29.2%) as a result of extraordinary transactions by BBVA and BSCH, mainly in block and after-hours trading. In percentage terms, the main
decreases were in metal-mechanical (-50.4%) and chemicals (-49.7%); and the largest increases
were in real estate (+151.0%), construction (65.1%) and food (+48.2%)the sectors which appreciated most in 2002although trading in finance companies also grew (+269%), but the volume was
very small.
The most significant factor in trading in 2002 was that transport & communications and other
decreased as a proportion of the total and banks gained in importance (see Table 3.5).
Regular session trading declined by 3.2% 20 and accounted for 92.3% of the total. Despite fewer
tender offers and public offerings (see Annexes A.2.11 and A.2.12), other types of trading grew by
72.0% overall due to after-hours trading, especially in BBVA, BSCH and Arcelor shares.
Block trades continued to grow fast, rising 44% to 70.991 billion, and accounted for 16.1% of
total trading (11.1% in 2001). In this case, the large banks (BBVA and BSCH), Iberdrola and Gas Natural were the main stocks traded. Trading under the fixing system amounted to 106 million, 6.1% more
than in 2001.

20

3,5% in the electronic market.

49

Annual report on the Securities Markets. 2002

Table 3.5
TRADING IN SPANISH STOCK MARKETS BY SECTOR
Percentage of trading
Sector

1998

1999

2000

2001

2002

0 Oil.............................................................................
1 Energy & water..........................................................
2 Mining & basic metals...............................................
3 Cement & construction materials...............................
4 Chemicals .................................................................
5 Textile & paper ..........................................................
6 Metal-mechanical......................................................
7 Food..........................................................................
8 Construction..............................................................
9 Real estate.................................................................
10 Transport & communications....................................
11 Other ........................................................................

6.1
20.3
1.8
0.8
0.4
1.0
1.3
4.8
2.8
1.2
20.7
2.5

10.0
15.9
1.2
0.4
0.3
0.3
1.3
3.5
3.6
1.1
21.0
6.3

6.2
11.5
0.8
0.2
1.3
0.3
0.5
2.7
1.8
0.6
32.7
13.3

7.8
13.0
1.5
0.2
0.7
2.4
0.5
2.1
2.1
0.5
32.5
7.2

6.8
14.1
1.7
0.2
0.4
1.8
0.2
3.1
3.4
1.3
25.1
4.5

Total non-financial sector ..............................................

63.6

65.0

72.1

70.5

62.5

12
13
14
15
16

Banks........................................................................
Insurance companies................................................
Portfolio companies..................................................
SIM/SIMCAV.............................................................
Finance companies...................................................

33.5
0.9
1.1
1.0
0.0

32.9
0.4
0.8
0.9
0.0

26.3
0.3
0.7
0.6
0.0

27.6
0.3
0.8
0.8
0.0

35.6
0.3
0.6
1.0
0.0

Total financial sector......................................................

36.4

35.0

27.9

29.5

37.5

TOTAL............................................................................

100.0

100.0

100.0

100.0

100.0

Figure 3.8
MONTHLY EQUITIES TRADING IN SPANISH STOCK MARKETS

Jan. 00

May. 00

Sep. 00

Jan. 01

May. 01

Sep. 01

Jan. 02

Regular session

50

May. 02

Sep. 02

SECONDARY MARKETS

Figure 3.9

Million euros

EQUITIES TRADING IN SPANISH STOCK MARKETS BY NON-RESIDENTS


(HALF-YEARLY FIGURES)

Purchases (LH)

Sales (LH)

% Non-residents/Total Trading (RH)

Trading was concentrated in a small number of securities. In the electronic market, ten securities
alone accounted for 80.9% of total trading and 81.4% of regular session trading. In the open outcry
segment, concentration decreased due to the listing of numerous SIMCAV (see Annex A.2.15).
In 2002, trading of Spanish securities in foreign markets continued to decrease: in the New York
Stock Exchange, they fell 39% in dollars (-42% in euros). The share of total trading also fell, from 2.3%
to 1.4%, the lowest in the last few years. The only shares in which trading in foreign markets increased
were Repsol YPF and Endesa.

Figure 3.10
TRADING OF SPANISH SECURITIES ON FOREIGN STOCK MARKETS
AS A % OF TRADING ON SPANISH BOURSES

51

Annual report on the Securities Markets. 2002

Latin American securities market (Latibex)


In its third year of existence, the number of companies listed in this segment of the electronic
market increased from 17 to 23. The FTSE Latibex All-Share index lost 34.4%. Capitalisation
decreased by 2.1% to 64.688 billion at 2002 year-end. Despite negative share performance, the loss
in capitalisation was stemmed due to the listing of large companies, including Petrleo Brasileiro 21.
Trading continued to be subdued (65.6 million), although it increased by 43.4%.

Nuevo Mercado
In its second full year, the number of securities listed in this market increased by one to thirteen at
2002 year-end 22 due to the entry of Natraceutical. Trading volume amounted to 13.209 billion (46.8%) and accounted for 3.0% of total electronic trading in 2002 (5.3% in 2001). The Nuevo Mercado index lost 47.3%, after falling 22.4% in 2001. Only one of the securities, Puleva Biotech, did not
decline in the year (+1.4%). Of the thirteen companies listed at 2002 year-end, eight fell considerably,
between 35% and 90%.

Second market
In 2002, the second market remained relatively inactive. Twenty-three companies were listed at
2002 year-end (six less than in 2001) and capitalisation totalled 383 million (18% more than in
2001). Trading amounted to 18 million, 28% more than in 2001.

3.2. Fixed-income markets


In 2002, Spains secondary markets in fixed-income securities operated in a context of falling
short-term interest rates and increased uncertainty. Investors preferred fixed-income securities to equities, which led to a decline in yields. Fixed-income trading in the Spanish markets rose to 2.7 trillion
(up 18% on 2001) and the increase was registered in both public debt and corporate fixed-income.
The increase in AIAF trading was particularly notable: up 89% on 2001.
Commercial paper yields decreased in line with official and interbank interest rates (see Figure
3.11) and were below 2001 year-end figures at the end of 2002 (3% for three months) despite an
increase in interest rate spreads between commercial paper and the interbank market. Long-term
public debt yields rose slightly in the first half of the year before falling again in the second half as a
result of delayed economic recovery and the likelihood of war in Iraq (see Figure 3.12). Spanish tenyear sovereign debt continued to reduce its risk premium over German debt practically to zero,
closing 2002 with a yield of 4.2%. Corporate debt performance mirrored that of public debt (see
Figure 3.13) with yields of around 4.9% at 2002 year-end and a slight widening of the spread over
sovereign securities.

21
This company became the sixth-largest in terms of market capitalisation in the electronic market. Petrleo
Brasileiro and Telfonos de Mxico are the only Latibex among the ten largest in terms of capitalisation in the electronic
market.
22
The following securities listed at 2002 year-end: Abengoa, Amper, Amadeus, Tecnocom, Indra, Avanzit, TPI, Terra
Networks, Zeltia, Service Point Solution (former Grupo Picking Pack), Jazztel, Puleva Biotech and Natraceutical.

52

SECONDARY MARKETS

Table 3.6
TRADING IN ORGANISED FIXED-INCOME MARKETS
Nominal trading in millions of euros
2000

2001

2002

Var. (%)

Government debt book-entry market * ..........


Bonds and debentures ..............................
Treasury bills ............................................

1,639,772.0
1,559,952.2
79,819.8

2,041,757.7
1,983,641.5
58,116.2

2,310,943.1
2,270,847.2
40,095.9

13.2
14.5
31.0

Stock exchanges ** ........................................


Electronic market......................................
Open outcry .............................................

40,704.0
1,965.3
38,738.7

57,463.1
2,383.8
55,079.3

71,140.2
2,046.3
69,093.9

23.8
14.2
25.4

AIAF ..............................................................
Commercial paper....................................
Matador bonds .........................................
Mortgage bonds........................................
Bonds and debentures ..............................

100.758.8
47,342.4
1,140.6
2,260.4
50,015.5

143,732.8
100,812.0
2,000.7
2,100.1
38,820.0

272,469.9
212,701.6
3,458.0
4,164.0
52,146.3

89.6
111.0
72.8
98.3
34.3

* Outright spot trades only.


** Effective amount.
Sources: Bank of Spain, AIAF and CNMV.

Among the main developments in the Spanish fixed-income markets in 2002 was the introduction
of an electronic repos market by SENAF to increase the liquidity of Spanish public debt. Also significant was the creation of a second organised trading system in public debt, MTS Espaa, to compete
with SENAF 23.

Figure 3.11
INTEREST RATES ON 3-MONTH COMMERCIAL PAPER, INTERBANK DEPOSITS
AND REPOS IN 2002
3.75

%
Commercial Paper

Interbank Deposit

Repo

3.50

3.25

3.00

2.75

2.50
Jan.

24

Feb.

Mar.

Apr.

May

Jun.

Jul.

Aug.

Sept.

Oct.

Nov.

Dec.

In the first year, the volumne traded by MTS Espaa amounted to 106 billion, compared to 443 billion at SENAF.

53

Annual report on the Securities Markets. 2002

Figure 3.12
10-YEAR BOND YIELD AND SPREAD AGAINST GERMAN BUND
5.6

b.p.
5

%
Spain/Germany spread (RH)

4.2
5
10Y IRR (LH)
4.8
15
4.4

4.0
Jan.-02

25
Apr.-02

Jun.-02

Sept.-02

Dec.-02

Figure 3.13
LONG-TERM FIXED-INCOME YIELDS IN 2002
(Corporate vs. public)

6
6
5
5
4

Jan.

Feb.

Mar.

Apr.

May

Jun.
AIAF

Jul.

Aug.

Sept.

Oct.

Nov.

Dec.

Public debt

Public debt book-entry market


Outright spot trades in the public debt market rose 13.2% on 2001; in nominal terms the amount
was 2.3 trillion 24. The increase in trading was concentrated in bonds and debentures, which
accounted for around 98% of total outright spot trades (a 14% increase), whereas trading in Treasury

24

54

Repos attained a nominal amount of 10 trillion, a 16% increase on 2001.

SECONDARY MARKETS

bills declined 31%. Bonds and debentures trading was highest in the second half of the year and
monthly trading peaked in October. Trading in Treasury bills remained stable in 2002 but with greater
activity in the third quarter.
Trading for third parties represented 65% of the total debt market, a similar share to 2001. Trading
via SENAF accounted for 46% of total trading between members (down from 50% in 2001) and trading via MTS Espaa accounted for 11% 25.

Figure 3.14
TREASURY BILLS. TRADING AND OUTSTANDING BALANCE IN 2002
(Millions of euros)
38,000
6,000

Trading
(LH)
Outstanding balance
(RH)
36,000

3,000

34,000
Jan.

Feb.

Mar.

Apr.

May

Jun.

Jul.

Aug.

Sept.

Oct.

Nov.

Dec.

Figure 3.15
GOVERNMENT BONDS AND DEBENTURES. TRADING AND OUTSTANDING
BALANCE IN 2002 (Millions of euros)
350,000

250,000
Outstanding balance
(RH)

300,000

245,000

250,000

240,000
Tading
(LH)

200,000

235,000

150,000

230,000

100,000

225,000
Jan.

Feb.

Mar.

Apr.

May

Jun.

Jul.

Aug.

Sept.

Oct.

Nov.

Dec.

25
Combined trading in MTS Espaa and Euro MTS accounted for 22% of total trading in 2002, an increase on the 16%
traded via Euro MTS in 2001.

55

Annual report on the Securities Markets. 2002

AIAF
In 2002, AIAF continued to grow as a market in corporate fixed-income securities: issuer numbers,
the outstanding balance and trading all increased, although the number of issues fell. At 2002 year-end,
there were 1,990 listed issues, down 1.3% on 2001 and the number of issuers had risen from 225 to
251. The outstanding balance listed increased 23% in 2002 to a nominal amount of 127 billion. Total
trading amounted to 272 billion, a 90% increase on 2001 due mainly to growth in the commercial
paper segment (111%) and asset-backed bonds (41%).
This growth by AIAF is further proof of the positive trend observed in the primary and secondary
markets in corporate fixed-income securities since 1998. Reduced pressure on the market from the
Treasury in fund-raising via public debt issues and low interest rates were particularly significant contributing factors.

Table 3.7
ISSUERS, LISTED ISSUES AND OUTSTANDING BALANCES ON AIAF AT 31 DECEMBER
Amounts in millions of euros
Issuers

Issues

Outstanding balances

Segments

2001
2001

2002

2001

2002

% chg.

2002
Amount

% of total

Amount % of total

2002/01

Commercial paper ...................


Matador bonds ........................
Mortgage bonds.......................
Bonds and debentures .............

43
31
6
145

49
25
8
169

1,480
143
17
377

1,459
56
22
453

22,071.1
8,179.9
10,628.6
62,224.0

21.4
7.9
10.3
60.4

21,114.5
3,747.0
22,051.7
80,089.9

16.6
33.0
17.4
63.1

4.3
54.2
107.5
28.7

TOTAL .....................................

225

251

2,017

1,990

103,103.6

100.0

127,003.1

100.0

23.2

Figure 3.16
TRADING ON AIAF BY SEGMENT

240,000

Millions of euros

200,000
160,000
120,000
80,000
40,000
0
Commercial
paper

Bonds and
debentures

Mortgage bonds

2001

56

Matador bonds

2002

Total AIAF

SECONDARY MARKETS

Commercial paper 26 was the most dynamic segment of AIAF: trading amounted to 205 billion,
up 120% on 2001 27. This segment also had the largest number of issues and represented 78% of the
total volume traded on AIAF. Mortgage bonds expanded by 39% on 2001 to 23.7 billion and assetbacked bonds increased 45% to 11.3 billion. The volume of preference shares grew 50% to 2.2
billion.
Trading for third-party account continued to increase as a percentage of total trading, from
77.6% to 84.7%. It was predominant in nearly all segments, particularly non-convertible bonds,
mortgage bonds, commercial paper and preference shares (where it accounted for more than 90% of
total trading).

Stock exchanges
As in 2001, the number of issuers, issues and outstanding balances of fixed-income securities
traded on the Spanish stock markets fell in 2002. In absolute terms, the sharpest decline in outstanding
balances was at banks and savings banks (Table 3.8), while the finance companies segment increased
by around 400 million 28. Outstanding balances in the public sector and international agencies segment declined by 4 billion due mainly to a reduction in balances of regional governments and international agencies.

Table 3.8
ISSUERS, LISTED ISSUES AND OUTSTANDING BALANCES
ON THE STOCK EXCHANGE AT 31 DECEMBER
Amounts in millions of euros
Issuers
Segments

Issues

Outstanding balances
2001

Chg.
(%)

3,962
160

3,758
55

5.1
65.9

14
91
5
12

1,117
2,684
0
1

877
2,354
397
76

21.5
12.3

5,669.6

274
103
41
91
39

135
43
33
32
27

13,270
6,015
267
6,065
923

8,886
3,134
274
4,805
673

33.0
47.9
2.4
20.8
27.1

413

265

17,232

12,644

26.6

2001

2002

2001

2002

41
3

37
2

139
9

130
8

5
24
3
9

5
22
1
7

15
99
10
16

Public sector and


international agencies ..............
Regional governments ...........
State agencies ........................
International agencies............
Other .....................................

28
2
2
11
12

22
3
2
6
11

TOTAL......................................

69

59

Corporate.................................
Energy and wter.....................
Transports and communications .......................................
Banks & thrifts .......................
Finance companies...................
Other .....................................

2000

Source: Stock exchanges and CNMV.

26

See Table 3.6 and Annexes A.2.25, A.2.26 ands A.2.27


Of the 205 billion traded in commercial paper, 93% was issued by banks.
28
This increase is due to five issues of asset-backed bonds secured by the Generalidad de Catalua on the Barcelona
stock exchange in December 2002.
27

57

Annual report on the Securities Markets. 2002

Figure 3.17
TRADING IN FIXED-INCOME SECURITIES ON THE STOCK EXCHANGES
100

80,000

75

65,000

50

50,000
Trading (RH)

25

Millions of euros

Regional government debt (%)

% (LH)

35,000

20,000
1995

1996

1997

1998

1999

2000

2001

2002

Stock-exchange trading in fixed-income securities totalled in 69.8 billion, a 25% increase on


2001, and was concentrated mainly in the open outcry segments in Barcelona, Bilbao and Valencia,
where bonds issued by the Catalua, Basque Country and Valencia regional governments, respectively, are traded. Trading in these instruments and issues by the Andalusian and Canary Island regional
governments totalled 68.7 billion, i.e. 98% of total trading 29.
3.3. Margin trading and securities lending
Margin trading again declined considerably in 2002. The slump in share prices over a good part
of the year meant that margin trading declined 28% to 383 million. Short-selling declined more
moderately (7%) but the total amount (161 million) was substantially lower than purchases.

Table 3.9
MARGIN TRADING
Amounts in thousands of euros
Trading

1994
1995
1996
1997
1998
1999
2000
2001
2002

Purchases

Sales

20,973
31,571
115,665
467,239
810,770
677,184
1,121.315
534,132
382,859

4,920
9,009
15,176
37,299
125,392
167,512
151,422
174,106
161,211

(*) Amounts at year-end.

29

58

Outstanding balances (*)

See Annexes A.2.33 and A.2.34.

Purchases
994
3,211
9,318
11,240
23,668
32,606
54,687
43,114
31,452

Sales
33
243
1,122
3,501
3,588
6,013
4,400
8,531
7,758

SECONDARY MARKETS

The reduction in short-selling contrasted with the continued expansion in securities lending. Trading grew 19% to 105 billion, i.e. 26% of total regular session trading in the electronic market. Activity was concentrated in the stock markets four largest sectors 30, although the transport and communications sector almost halved its weighting in total trading (see Annex A.2.38). The average outstanding
balance at month-end rose 7% year-on-year to 14.2 billion.

Figure 3.18
SECURITIES LENDING
30

25

5
4

20

15
2
10
1

0
1993

1994

1995

1996

1997

% of electronic market trading (RH)

1998

1999

2000

2001

2002

% of electronic market capitalisation (LH)

Securities lending: characteristics and regulation


(1)

Securities can be lent in two ways: (i) securities lending to enable margin trading and (ii)
(2)
bilateral or OTC securities lending . In both cases, the borrowed securities are used by third parties (individuals or legal entities) in investment strategies: short selling, hedging for derivatives
transactions, etc. The difference between lending for margin trading and OTC lending depends
on the securities lent, the terms, guarantees and the lenders.
Ibex 35 securities are lent for margin trading. Lenders receive a fixed interest rate and save
deposit and custody commissions. The maximum term is three and a half months.
All securities traded in the electronic market can be used in bilateral or OTC securities lending, including public offerings, provided this is envisaged in the prospectus. In exchange, lenders
receive a commission and collateral as a guarantee. The maximum term of this operation cannot
exceed one year. This type of operation is well-developed in other countries such as the US,
Germany, France and the UK, and has increased significantly in Spain in recent years.
The Law on Measures to Reform the Financial System made it possible for collective investment schemes to carry out lending transactions using securities in their portfolios, both in organised markets and OTC.
(1)

This type of lending is regulated by the Order dated 25 March 1991 on credit systems in stock market spot
transactions, amended by the Order dated 23 September 1998.
(2) The general legal framework regarding securities lending is established in Article 36.7 of the Spanish Securities
Market Law.

30

Banks, energy and water, transport and communication, and oil.

59

Annual report on the Securities Markets. 2002

3.4. Securities clearing and settlement


Unification of securities registration, settlement and clearing systems in Spain progressed in 2002.
The Law on Measures to Reform the Financial System, passed in November 2002, established the
basic legal framework to create a single central depositary for Spanish securities (see box).
One of the most significant developments was the completion of the process for trades in securities listed in AIAF to be settled using CADE (the Government Debt Book-entry System), according to
the service provision agreement signed in 2001 between the SCLV and the Bank of Spain. As a result,
from that date, fixed-income securities traded in AIAF are processed in similar conditions to securities
issued by the Treasury and the regional governments. Trades in these securities can be settled on a single trade basis (gross settlement) in real time.

Securities clearing and settlement: amendments introduced by the Law on Measures to Reform
the Financial System
The Law on Measures to Reform the Financial System introduced a new flexible, open legal
regime for securities clearing and settlement systems in Spain.
The Law established the creation of the Sociedad de Gestin de los Sistemas de Registro,
Compensacin y Liquidacin de Valores (Sociedad de Sistemas) through the merger of the SCLV
(the Spanish Securities Clearance and Settlement Service) and CADE (the Government Debt
Book-entry System), managed by the Bank of Spain. This process commenced in June 2000 with
the creation of the Promotora para la Sociedad de Gestin de los Sistemas Espaoles de Liquidacin, S.A. (Iberclear). On 1 April 2003, Iberclear was formally constituted as the main securities depositary in Spain.
The Law envisages that Sociedad de Sistemas will be compatible with other regional systems for
the settlement of securities listed in a single stock exchange. Following authorisations received up to
1 April 2003, Iberclear is now responsible for the registration, clearing and settlement of trades in the
following Spanish markets: the stock market, the public debt book-entry market, AIAF and Latibex.
Other institutions which carry out analogous activities in Spain and abroad may hold stakes
in Iberclear. In the latter case, non-resident clearing and settlement systems must be subject to a
supervisory regime at least equivalent to that of Iberclear in their country of origin.
Moreover, the Law also enables the creation of central counterparties in order to improve market efficiency. Central counterparties ensure trades are properly terminated by acting as an intermediary between the contracting parties and taking on the obligations to deliver cash and securities.

The actions of the SCLV aimed at providing a more efficient service were not limited to consolidating the integration with CADE. In November 2002, the stock market settlement system was amended to allow the execution of more than one cycle per day, up to a maximum of three multilateral
cycles and one bilateral cycle. This will enable the firm reuse of securities in different settlement systems throughout the day, which will strengthen the intraday finality of cross-border settlement transactions.
Settlement of stock market transactions registered a slight increase in 2002, in line with the moderate increase in stock market activity. The average daily settled cash rose 2% to 3,809 million and
this was accompanied by a 4% increase in the average effective amount per trade to 50,100.
The securities custody activity rose 15% in terms of the number of securities and issues registered,
although the capitalisation of registered assets at 31 December 2002 fell 9.6% as a result of the slump
in share prices. The securities administration service (payment of interest and dividends, amortisations,
subscriptions and capital increases) also increased significantly (up 43% on 2001) taking the number

60

4. DERIVATIVES MARKETS
4.1. International situation
Trading in the derivatives markets continued growing in 2002 due to higher volatility in the international financial markets, especially stock markets. The Bank for International Settlements (BIS)
reported a 35% increase in the number of contracts traded in organised derivatives markets during the
year, to over six billion contracts (see Table 4.1). BIS data shows that, in terms of notional value, trading grew by 17% to $694 trillion (excluding contracts on individual stocks and commodities). The figures available for over-the-counter (OTC) trading show that it grew significantly: the notional value of
open interest at year-end amounted to $141.7 trillion, 28% more than in 2001.

Table 4.1
INTERNATIONAL DERIVATIVES MARKETS.
TOTAL TRADING BY INSTRUMENT
Millions of contracts

2001

2002

Change (%)

Futures ....................................................................
Interest rates .......................................................
Securities indexes ................................................
Currencies ..........................................................
Commodities .......................................................
Options ...................................................................
Interest rates ........................................................
Securities indexes ................................................
Individual stocks..................................................
Currencies ...........................................................
Commodities .......................................................

1,822.0
1,057.5
337.1
49.0
378.4
2,659.5
199.6
1,148.2
1,262.1
10.5
39.1

2,154.8
1,147.3
529.9
42.5
435.1
3,899.6
240.3
2,235.3
1,359.7
16.1
48.2

18.3
8.5
57.2
13.3
15.0
46.6
20.4
94.7
7.7
53.3
23.3

Total ........................................................................

4,481.5

6,054.4

35.1

Source: BIS.

Trend in derivatives trading, by underlying


The increase in trading in organised derivatives markets was more intense in the equities segment.
The number of contracts traded of these products rose by 50% year-on-year. The increase was especially significant in contracts on stock market indexes, particularly option contracts, which grew
fastest: the number of contracts rose by 95% and the notional value by 44% (see Annex A.3.1).
The substantial increase in stock option contracts was due mainly to strong growth by a single
product: the option on Koreas KOSPI 200 index. Two other features also boosted securities index
derivatives: (i) the development of contracts on European stock market indexes; and (ii) the success of
contracts aimed at small investors in the US markets. Both factors substantially increased trading in DJ

61

Annual report on the Securities Markets. 2002

EuroStoxx 50 futures traded in the Eurex market and in E-Mini S&P 500 and E-Mini Nasdaq 100 futures
traded in the Chicago Mercantile Exchange (CME) (see Table 4.2 and Annex A.3.2).
Trading in interest rate derivatives grew more moderately: 10% in the number of contracts and 15%
in notional value. This segment continued to be by far the largest in organised derivatives markets: in
notional value, trading exceeded $625 trillion, compared with $64 trillion in equities derivatives
(excluding options on individual stocks). Futures on German debt (Bund, Bbl and Schatz) maintained
their leading position in contracts on long-term interest rates. The main contracts on short-term interest
rates were Eurodollar futures and options traded in the CME and Euribor futures traded in Euronext.Liffe1
(see Table 4.2).
Trading in currency derivatives in organised markets continued to be minimal since it is mostly
performed OTC. Trading in commodities derivatives increased moderately: the number of contracts
rose by 16% in 2002 to 48.2 million.

Table 4.2
INTERNATIONAL DERIVATIVES MARKETS.
TRADING IN CERTAIN MAIN PRODUCTS (1)
Thousands of contracts
Underlying

No. of contracts traded

Product

Market (2)

Securities
indexes

KOSPI 200 (o) .................


E-Mini S&P 500 (f)...........
DJ EuroStoxx 50 (f) ..........

KSE
CME
Eurex

823,290
39,435
37,829

1,889,882
115,742
86,355

129.6
193.5
128.3

Short-term
interest rates

Eurodollar (f) ...................


Euribor (f) ........................
Eurodollar (o) ..................

CME
Euronext.Liffe
CME

184,015
91,083
88,175

202,081
105,757
105,581

9.8
16.1
19.7

Long-term
interest rates

Euro-Bund (f) ...................


Euro-Bbl (f) ....................
Euro-Schatz (f) .................

Eurex
Eurex
Eurex

178,011
99,578
92,638

191,263
114,679
108,761

7.4
15.2
17.4

2001

2002

Change (%)

(1) Trading refers to the number of contracts. Differences in the value of the underlying instruments prevent direct comparisons between markets, but inter-year comparisons are meaningful.
(2) KSE: Korea Stock Exchange; CME: Chicago Mercantile Exchange; Eurex: Deutsche Terminbrse (DTB) and Swiss Options & Financials Futures Exchange (SOFFEX);
Euronext.Liffe: Liffe (London International Financial Futures Exchange) after integrating into Euronext.
Source: Futures Industry Association and Futures and OTC World.

Trading by market
Derivatives trading grew in most of the main international markets. The largest increase was in
Koreas KSE: 126% year-on-year in the number of contracts due to substantial growth in contracts on
stock indexes (see Table 4.3 and Annex A.3.3).
Europes two largest derivatives markets consolidated their competitive position vis--vis the rest
of the world. The German-Swiss Eurex market strengthened its leading position in derivatives contracts
on long-term interest rates, representing 97% of total trading in Europes principal derivatives markets.
After acquiring London International Financial Futures Exchange (LIFFE), Euronext concentrated practically all of Europes derivatives trading in short-term interest rates. Consequently, the bulk of derivatives trading in Europe are in those two markets: Eurex (50%) and Euronext (43%).

62

Euronext.Liffe: former Liffe (London International Financial Futures Exchange) after the acquisition by Euronext.

DERIVATIVES MARKETS

The most notable exception in international derivatives markets was again the Chicago Board
Options Exchange (CBOE), where trading fell again in 2002 due to the negative impact of competition from the electronic market International Stock Exchange in trading of contracts on individual
stocks.

Table 4.3
INTERNATIONAL DERIVATIVES MARKETS.
TOTAL TRADING (1)
Thousands of contracts
2001
Market

Country

KSE ...................
Korea
Eurex ................
Germany/Switz.
Euronext ........... France, Netherl., UK
CME .................
US
CBOT ...............
US
CBOE ...............
US
OM...................
MEFF ................
IDEM/MIF .........

Sweden
Spain
Italy

2002
Change (%)

No.

% of total

No.

% of total

854,792
674,158
610,129
411,673
261,361
324,190

22.7
17.9
16.2
11.0
7.0
8.6

1,932,692
801,200
689,158
556,615
341,979
271,304

37.1
15.4
13.2
10.7
6.6
5.2

126.1
18.8
13.0
35.2
30.8
16.3

66,583
30,937
17,081

1.8
0.8
0.5

65,779
27,918
18,045

1.3
0.5
0.3

1.2
9.8
5.6

(1) Trading refers to the number of contracts. Differences in the value of the underlying instruments prevent direct comparisons between markets, but inter-year comparisons are meaningful.
(2) KSE: Korea Stock Exchange; Eurex: Deutsche Terminbrse (DTB) and Swiss Options & Financial Futures Exchange (SOFFEX); Euronext: after the merger, the derivatives market comprises the former markets of France (MATIF and MONEP), The Netherlands (AEX) and Liffe (London International Financial Futures Exchange);
CME: Chicago Mercantile Exchange; CBOT: Chicago Board of Trade; CBOE: Chicago Board Options Exchange; OM: Stockholm Options Market; MEFF: Mercado
Espaol de Opciones y Futuros Financieros; IDEM: Italian Derivatives Market; and MIF: Italian Futures Market.
Source: Eurex and CNMV.

4.2. Spains derivatives markets


Trading in Spains derivatives markets declined moderately in 2002 after several years of fast
expansion, mainly in the equities segment.
A reduction in trading in Mercado Espaol de Opciones y Futuros Financieros (MEFF) was due
to lower trading in options on individual stocks (which was not offset by higher trading in futures)
and to the growing migration from derivatives on domestic stock indexes to contracts on European
stock indexes, mainly DJ EuroStoxx 50. This explains the increase in trading in derivatives listed in
other markets through securities company MEFF Euroservices S.V. (EuroMEFF). The reduction in
trading volume affected not only MEFF options on shares but also warrants traded in the Madrid
Stock Exchange.
Regarding fixed-income contracts, the loss of liquidity in MEFF derivatives on domestic interest
rates due to the introduction of the euro intensified in 2002, so trading by Spanish members was almost
entirely in products listed in the German-Swiss Eurex market.
As regards commodities derivatives markets, the olive oil futures market project made considerable progress and is expected to become operational in 2003. The main features of this market are set
out in the next box. The FC&M citrus derivatives market continued to be dormant in 2002.

63

Annual report on the Securities Markets. 2002

Table 4.4
TRADING ON SPAINS DERIVATIVES MARKETS
No. of contracts, unless otherwise stated
2001

2002

Change (%)

MEFF RF...........................................................
Debt futures .................................................
Debt options ................................................
Mibor futures and options ............................
Euribor futures..............................................
MEFF RV ..........................................................
Ibex-35 futures (1) ........................................
Ibex-35 options ............................................
Stock futures.................................................
Stock options................................................
S&P contracts (2) ..........................................
Total MEFF .......................................................

284,642
284,642

30,652,400
4,206,094
537,127
7,389,886
18,505,350
13,943
30,937,042

51,060
51,060

27,866,867
3,515,016
441,745
9,630,899
14,278,332
875
27,917,927

82.1
82.1

9.1
16.4
17.8
30.3
22.8
93.7
9.8

Total EuroMEFF ................................................


European debt futures (3)..............................
European indexes contracts (4) .....................
Other (5) ......................................................

3,238,900
2,618,855
617,278
2,767

4,198,891
2,583,383
1,604,330
11,148

29.6
1.4
159.9
281.2

Madrid Stock Exchange ...................................


Warrants (6)..................................................

1,635,964
1,635,964

1,232,351
1,232,351

24.7
24,7

FC&M ..............................................................

(1) Includes MINI Ibex 35 futures.


(2) Futures and options on S&P Europe 350 and sector indexes (Financial, Technology and Telecommunications).
(3) Includes futures on German debt (Bund, Bbl, Schatz) traded on Eurex and futures on the 10-year notional bond traded on Matif (Euronext France).
(4) Includes futures on the CAC 40, DJ Eurostoxx 50 and DJ Stoxx 50 indexes traded on Euronext Paris, futures on the DAX 30, DJ Eurostoxx 50 and DJ Stoxx 50
indexes traded on Eurex, and futures and options on the PSI 20 index traded on Euronext Lisbon.
(5) Includes futures on Euribor traded on Matif (Euronext France) and futures and options on individual stocks traded on BVLP (Euronext Portugal).
(6) Premiums traded, in thousands of euros.

The olive oil futures market


The olive oil futures market (MFAO) is Spains second commodities derivatives market. Such
markets are aimed mainly at ensuring the future price of a particular product, rather than buying
or selling commodities upon the contracts expiry.
MFAOs organisation and operation have some special features. The general conditions of
the contracts enable small investors and hedgers to participate, and they ensure correct price formation. Contracts are for one tonne (see next table), allowing them to be used for hedging needs.
The underlying asset chosen was the minimum quality lampante virgin olive oil for two reasons:
(i) this variety has qualities that favour futures trading (it is the sectors standard and price reference); and (ii) its price is highly correlated to the other qualities of olive oil. Consequently, market participants can design hedge strategies for any given quality segment based on the price correlation between that segment and the variety to which the future contract refers.
TECHNICAL SPECIFICATIONS OF THE OLIVE OIL FUTURE CONTRACT

64

Underlying asset

Lampante virgin olive oil

Nominal amount

1 tonne

Price

Euros/tonne

Maturity

Odd months in the year

Profit & loss settlements

Daily, by differences with previous settlement price

Settlement upon maturity

Physical delivery

DERIVATIVES MARKETS

A major factor for efficient price formation is the existence of reliable prices in the underlying market. The POOL system (promoted by Fundacin para la Promocin y Desarrollo del Olivar
y el Aceite de Oliva) offers daily prices of spot transactions of the underlying product made by
firms that represent a significant part of Spains total production.
The main distinguishing feature of this market is the possibility for non-financial firms that
are related to this sector (producers, merchants, intermediaries, distributors) to become market
members provided that they meet certain specialisation, professionalism and solvency requirements. Such industrial members must meet the following main requirements:
accredit that they have effectively been performing the aforementioned activities for at
least two years,
have at least 300,000 in equity,
maintain an equity volume proportional to their activity and risks,
audit their annual accounts and immediately notify the CNMV and the markets governing council of any circumstance that may significantly affect their solvency.
All industrial and financial members can access the market through the Internet.

4.2.1. MEFF
Strategic actions
One of MEFFs main objectives in 2002 was to boost the stock futures and options segment. In
futures, it reduced registration fees for large transactions in view of their favourable performance since
introduction in 2001 (see Table 4.3) and the observed growth potential of this segment 2. Costs were
reduced where transactions met the following two conditions: (i) the nominal amount was at least 50
million and the deal involved over 25,000 contracts; and (ii) trading was bilateral between two
accounts opened in MEFF RV.
The offering of options and futures contracts was expanded in order to cover most of the Ibex-35
capitalisation 3. To facilitate settlements, the possibility of making settlements by differences was introduced, in addition to the delivery of shares upon maturity, at the counterpartys choice.
MEFF also plans to become a central clearing and settlement counterparty in fixed-income transactions. A central counterparty absorbs counterparty risk and ensure successful completion of transactions. This service would initially be provided for public debt repos traded in the SENAF 4 blind platform and subsequently for all fixed-income transactions.

Trading on MEFF and EuroMEFF


Trading on MEFF declined 9.8% in 2002, after increasing 56.5% in 2000 and 40.6% in 2001.
Trading totalled 27.9 million contracts. This reduction in MEFF trading was due mainly to lower trading

2 MEFF estimated that the volume of stock futures trading OTC was at least similar to that traded in MEFF due to the
registration costs.
3 Inditex and Telefnica Mviles futures and options and Iberdrola and Terra futures began trading in May 2002. With
this expansion, 20 options and 9 futures on Ibex-35 securities can now be traded. Option contracts represent 90% of the Ibex35 capitalisation and futures contracts 75%.
4 An electronic trading platform of Spanish public debt.

65

Annual report on the Securities Markets. 2002

in its core segment (equities derivatives) in recent years. Unlike previous years, stock option trading
decreased significantly in 2002 (-22.8%), and this was partially offset by the stock futures introduced
in 2001 (trading increased by 30.3%). Futures on individual stocks became MEFFs largest trading segment. Trading continued to be concentrated in the blue chips (Telefnica, SCH and BBVA), although
to a lesser extent than in 2001 due to the sharp increase in trading in options on energy companies 5.

Table 4.5
TRADING ON MEFF RENTA VARIABLE
No. of contracts
Ibex 35
Year
1992..................
1993..................
1994..................
1995..................
1996..................
1997..................
1998..................
1999..................
2000..................
2001..................
2002..................

European indexes

Futures (1)

Options

161,394
624,926
1,616,411
1,641,892
1,694,383
3,534,491
5,059,814
5,028,458
4,320,152
4,206,094
3,515,016

132,951
193,868
429,263
455,868
466,638
743,938
877,856
789,707
723,794
537,127
441,745

Shares

Interconnections (2) S&P contracts (3)

17,216
179,630
617,278
1,604,330

13,943
875

Futures

Options (4)

7,389,886
9,630,899

131,800
222,411
766,652
854,796
1,345,679
2,349,940
7,020,152
15,291,877
18,505,350
14,278,332

(1) Includes MINI Ibex 35 futures: 1,883 contracts traded in 2001 and 64,031 in 2002.
(2) Includes contracts traded on other markets via EuroMEFF: futures on the CAC 40, DJ Eurostoxx 50 and DJ Stoxx 50 indexes traded on Monep (Euronext France),
futures on the DAX 30 and DJ Eurostoxx 50 indexes traded on Eurex, and futures and options on the PSI 20 index traded on BVLP (Euronext Portugal).
(3) Includes futures and options on Standard & Poors European indexes (S&P Europe 350 and sectorial indexes).
(4) Figures for stock options are not strictly comparable due to changes in the par value of some underlying shares.

Table 4.6
OPEN INTEREST IN MEFF RENTA VARIABLE
No. of contracts
Ibex 35
Year
1992..................
1993..................
1994..................
1995..................
1996..................
1997..................
1998..................
1999..................
2000..................
2001..................
2002..................

European indexes

Futures (1)

Options

3,383
16,979
13,847
27,511
27,038
42,384
49,770
61,680
55,657
58,218
43,773

2,512
5,833
8,941
13,388
28,613
17,684
16,398
71,846
45,305
57,541
46,270

Shares

Interconnections (2) S&P contracts (3)

1,507
8,699
10,243
13,398

197
0

Futures

Options (4)

1,184,977
1,290,911

3,955
17,033
22,704
45,435
26,175
267,857
1,694,733
3,340,690
2,748,068
2,209,022

(1) Includes MINI Ibex 35 future.: Open interest: 103 contracts at 2001 year-end and 319 at 2002 year-end.
(2) Open interest relates to Spanish members. Includes contracts traded on other markets via EuroMEFF: futures on the CAC 40, DJ Eurostoxx 50 and DJ Stoxx 50
indexes traded on Monep (Euronext France), futures on the DAX 30 and DJ Eurostoxx 50 indexes traded on Eurex, and futures and options on the PSI 20 index traded on BVLP (Euronext Portugal).
(3) Includes futures and options on Standard & Poors European indexes (S&P Europe 350 and sectorial indexes).
(4) Figures for stock options are not strictly comparable due to changes in the par value of some underlying shares.

5 Trading in Telefnica, SCH and BBVA stock options represented 68% of the total in 2002 (86% in 2001). Trading in
stock options on Gas Natural increased by 504%, on Repsol by 205% and on Unin Fenosa by 129%.

66

DERIVATIVES MARKETS

The trend observed in index derivatives in 2001 was accentuated in 2002. Since investment
strategies continued to shift considerably from Spains stock indexes to international indexes, contracts
on indexes of other European markets traded through EuroMEFF gained in importance with respect to
futures and options on Spains Ibex-35 index.
There was a 160% increase in trading in equities derivatives via EuroMEFF, especially in Eurex
contracts, in particular, DJ EuroStoxx 50 futures, which represented the bulk of trading (see Table 4.7).
Conversely, MEFFs futures and options on Ibex-35 decreased by 17% (in terms of the number of contracts) and effective trading volume declined by 35%, more than the spot market. Consequently, effective trading in Ibex-35 contracts as a proportion of electronic market trading fell to 75%, considerably
below the 250% reached in 1999 (see Figure 4.1).

Table 4.7
TRADING IN EQUITIES DERIVATIVES VIA EuroMEFF
No. of contracts
Volume
Market

Underlying

Eurex

DAX 30 (f)
DJ EuroStoxx 50 (f)
DJ Stoxx 50 (f)

Open interest (1)

2001

2002

2001

2002

89,290
246,251
548

142,701
1,278,662
1,674

42
5,363
32

91
10,986
320

336,089

1,423,036

5,437

11,397

217,178
47,536
93

151,318
5,788
0

93
718
0

186
15
0

264,807

157,105

810

201

16,383
1,291

24,189
8,227

3,996
0

1,801
4,694

Total

17,674

32,416

3,996

6,495

TOTAL

618,570

1,612,557

10,243

18,092

Total
CAC 40 (f)
DJ EuroStoxx 50 (f)
DJ Stoxx 50 (f)

Euronext Paris
Total

PSI 20 (f & o)
Shares (f & o)

Euronext Lisbon

(1) (1) At end of period. (f) Futures. (o) Options.

Figure 4.1
TRADING IN IBEX-35 FUTURES AND OPTIONS AS A PERCENTAGE OF TRADING
ON THE ELECTRONIC MARKET

200

150
100
50
0

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

67

Annual report on the Securities Markets. 2002

Most of the interest rate derivatives traded by Spanish members were Eurex products traded via
EuroMEFF. Trading in derivatives on German debt (Bund, Bbl and Schatz) was stable at about 2.6 million contracts (see Table 4.9). Trading in the only product listed on MEFF RF since 2000 (10-year bond
futures) decreased by 82%, so its relative importance within MEFF trading is minimal. Open interest
stood at 200 contracts at 2002 year-end (see Tables 4.4 and 4.8).

Table 4.8
TRADING ON MEFF RENTA FIJA.
FUTURES: TRADING VOLUME AND MARKET SIZE (1)
Volume

Open interest (2)

Year

5-year
bond

5-year
bond

30-year
bond

DEBS (3)

5-year
bond

10-year
bond

30-year
bond

DEBS (3)

1992 ......................
1993 ......................
1994 ......................
1995 ......................
1996 ......................
1997 ......................
1998 ......................
1999 ......................
2000 ......................
2001 ......................
2002 ......................

4,422

5,140
26,027
13
0

437,674
2,637,441
7,738,080
7,714,010
10,893,254
12,455,467
9,228,552
3,580,215
1,035,330
284,642
51,060

32,396
0
0

10
0

150
38
0
0

6,041
50,833
27,945
37,219
56,531
65,865
13,870
10,621
16,128
3,223
200

96
0
0

0
0

(1) Data adjusted to the contracts new nominal value.


(2) At end of period.
(3) Futures on a basket of bonds from Germany, France, Italy and Spain.

Table 4.9
FIXED-INCOME DERIVATIVES VIA EuroMEFF
Number of contracts
Volume
Market

Underlying

Eurex

Bund (f)
Bbl (f)
Schatz (f)

Total
Euronext Paris

Euribor (f)
Notionnel (f)

Total
TOTAL

2001

Open interest (1)


2002

2001

2002

1,809,554
418,633
380,992

1,776,321
246,158
560,905

4,358
1,807
4,994

4,551
3,322
5,511

2,609,179

2,583,383

11,159

13,383

1,476
9,676

2,921
0

27
0

0
0

11,152

2,921

27

2,620,331

2,586,304

11,186

13,383

(1) At end of period. . (f) Futures.

4.2.2. The warrants market


Growth in the warrants market was halted in 2002, after two years of rapid expansion in the equities segment. Total premiums traded on the Madrid Stock Exchange decreased by 25% to 1.232 billion. The number of issues listed continued to increase due to a steady rise in primary market issues
(see Annex A.1.13) and because their maturity tends to be over one year.

68

DERIVATIVES MARKETS

The decrease in traded premiums did not substantially alter the trading structure of this market,
which created a new module specifically for warrants in November 2002 (see next box). Trading continued to be concentrated in warrants on Spanish stocks, particularly the three largest in the Ibex-35
index (Telefnica, BBVA and SCH), and in warrants on the Ibex-35. Trading in warrants on international
stock indexes remained very low (see Annex A.3.20); there was no shift towards derivatives on
European indexes, unlike the trend observed in MEFF RV. Warrants on fixed-income and currencies
continued to represent a small proportion of the market.

Table 4.10
TRADING IN WARRANTS ON THE MADRID STOCK EXCHANGE (*)
Amounts in thousands of euros
TOTAL

1995
1996
1997
1998
1999
2000
2001
2002

Equities

Volume

No.

1,078
16,529
150,774
267,619
205,383
898,414
1,635,964
1,232,351

4
11
67
99
197
482
1,092
1,885

Fixed-income and currencies

Total

Shares

Total

Volume

No.

Volume

No.

Volume

No.

1,078
10,940
150,734
267,601
201,951
886,188
1,622,860
1,223,498

4
5
65
98
188
447
1,035
1,843

0
0
72,388
130,273
154,871
723,888
1,207,676
817,222

0
0
51
60
119
329
802
1,483

0
5,589
40
18
3,431
12,012
12,609
8,853

0
6
2
1
9
28
45
42

(*) Volume means premiums traded; the no. refers to the number of issues in which trades were registered in each period.

The new warrants trading segment


In November 2002, Spains electronic market (SIBE) implemented a new module for warrants trading 1 in order to provide greater flexibility, liquidity and transparency to this market,
which has grown rapidly in recent years. Until then, warrants were traded in a special module
of the Madrid Stock Exchanges fixed-income electronic system which required telephone communication between the intermediary and the issuer in order to ascertain the security price. The
new system provides price and volume information publicly in real time, and the intermediary
enters the order in the market directly.
Although this new market segment is integrated into SIBE, the specific features of warrants
made it necessary to adapt the market model and trading regulations. The main features are as
follows:
Blind market: the identity of the members who introduce the orders and of those who participate in the trade is unknown.
Order-driven electronic market: orders are executed based on the double priority of the best
price and introduction time.
Securities liquidity is guaranteed due to the existence of market makers (one per security or
issue) who quote buying and selling prices throughout the session; prices vary continually in real
time depending on how the underlying asset performs.
Volatility auctions: although there are no opening or closing auctions (since prices are determined by the underlying assets price), it is possible to control price changes in a flexible and

69

Annual report on the Securities Markets. 2002

orderly way through volatility auctions. These occur when the price change exceeds one of the
two established ranges: depending on the price change, it is calculated based on the closing
price of the latest session (static range) or on the latest trade price (dynamic range).
Information dissemination: the system provides detailed characteristics of the products, as well
as prices and volumes of buying and selling positions (market depth), and previous transactions.
(1) Certificates and similar products are also traded on this new segment of the market.

70

5. COLLECTIVE INVESTMENT SCHEMES AND VENTURE CAPITAL FIRMS


5.1. Overview
Europe
In a context of sharp declines in the worlds stock markets, assets managed by European UCITS1
decreased by 7.1% in 2002 to 3.3 trillion. The sizeable decrease in equities funds (nearly 350 billion) amply exceeded the increase in net investments in the more conservative funds (bonds and
money market assets). This shift from equities to fixed-income funds meant that, at 2002 year-end, the
volume managed by bond funds was similar to that managed by equities funds (32% of UCITS total
assets).

Figure 5.1
UCITS ASSETS BY TYPE IN 2002

1,600

Billions of euros

1,400
1,200
1,000
800
600
400
200
0
Equities

Mixed

Bonds
12/31/2001

Money market

Other

12/31/2002

Source: European Federation of Investment Funds and Companies (FEFSI).

France and Luxembourg continued to dominate the sector in Europe, although Luxembourg lost
some market share in 2002 due to the considerable reduction in net assets. The overall trend in the
other major European countries was a decline in both managed investment volumes and market share,
except Ireland, where managed assets again grew significantly, and Spain, which slightly increased its
market share (from 5.0% to 5.2%), despite the decrease in managed assets.

UCITS: Undertakings for Collective Investment in Transferable Securities.

71

Annual report on the Securities Markets. 2002

Table 5.1
UCITS ASSETS BY COUNTRY IN 2002
Amounts in millions of euros

Country

Volume

Year-on-year change (%)

Share (%)

France ..........................................
Luxembourg .................................
Italy..............................................
UK ...............................................
Ireland..........................................
Germany ......................................
Spain............................................
Other ...........................................

805,900
766,539
360,693
275,471
238,501
199,455
170,814
486,916

0.7
9.9
10.6
22.9
10.8
16.8
4.0
4.9

24.4
23.2
10.9
8.3
7.2
6.0
5.2
14.7

Source: FEFSI.

Spain
Collective investment schemes assets declined by 3.5% in 2002 to 193.6 billion, compared
with the slight (0.4%) reduction in 2001. Assets decreased by 3.6% to 174.7 billion at mutual funds
and by 2.3% to 18.9 billion at investment companies.
The stock markets decline again shaped mutual fund performance, boosting short-term fixedincome funds and FIAMM, to the detriment of mixed and equities funds. The decrease in funds total
assets was due solely to FIM (11.7% to 121.4 billion), which were impacted by the securities
depreciation and the increase in reimbursements arising from a more conservative investment
approach. FIAMM assets increased by 21.8% to 53.4 billion due to the sharp rise in subscriptions
(see Section 5.2).

Table 5.2
MUTUAL FUND ASSETS BY TYPE IN 2002
Amounts in millions of euros

Type

Assets

Year-on-year change (%)

% of total assets

Fixed-income ..............................
Mixed fixed-income .....................
Mixed equities..............................
Equities ........................................
Other ...........................................
Total FIM .....................................
Total FIAMM................................
Total funds ...................................

56,408
13,488
11,083
37,832
2,558
121,368
53,366
174,735

2.7
23.9
22.6
20.8
7.1
11.7
21.8
3.6

32.3
7.7
6.3
21.7
1.5
69.5
30.5
100.0

This trend, in line with the rest of Europe, was irregular during the year. In the first quarter of 2002,
funds asset performance was shaped by the sizeable inflow into FIAMM. Subsequently, stock market
performance was the key variable, decreasing fund assets sharply in the next two quarters and moderately increasing them in the fourth quarter of 20022.

72

See Annexes A.4.6 and A.4.11.

COLLECTIVE INVESTMENT SCHEMES AND VENTURE CAPITAL FIRMS

Figure 5.2
MUTUAL FUND ASSETS

250

Billions of euros

200
150
100
50
0
Dec.-90 Dec.-91 Dec.-92 Dec.-93 Dec.-94 Dec.-95 Dec.-96 Dec.-97 Dec.-98 Dec.-99 Dec.-00 Dec.-01 Dec.-02
FIM

FIAMM

TOTAL

Mutual funds as a proportion of household savings fell slightly in 2002 from 12.6% to 12.1% since
the steady decrease in the stock markets offset the new fund subscriptions by households, which were
nevertheless far from the record high of 18.4% in 1998 (see section on composition of households
financial assets in Chapter 1), and they continued to lose ground to deposits among the products marketed by credit institutions (see Table 5.3).

Table 5.3
RATIO (1) OF FUND ASSETS (2) TO DEPOSITS (3) AT BANKS AND THRIFTS (%)

Dec. 94 ........................................
Dec. 95 ........................................
Dec. 96 ........................................
Dec. 97 ........................................
Dec. 98 ........................................
Dec. 99 ........................................
Dec. 00 ........................................
Dec. 01 ........................................
Dec. 02 ........................................

Bancos

Cajas

Total

20
20
28
35
41
38
35
32
30

11
11
14
19
21
19
15
13
12

16
15
21
27
32
29
25
23
21

(1) Percentages represent the ratio of fund assets to the sum of fund assets plus deposits.
(2) Managed by operators belonging to the financial groups of banks and thrifts.
(3) Using total liabilities of other resident sectors in banks and thrifts. Those liabilities comprise mainly deposits but also include repos.
Fuente: Bank of Spain Statistical Bulletin and CNMV.

Foreign collective investment schemes marketed in Spain lost market share while property mutual funds continued to grow and offered attractive yields compared to the financial markets.

73

Annual report on the Securities Markets. 2002

5.2. Securities investment funds and companies


Funds
Assets and portfolio composition
Total fund assets declined in 2002 due to FIM, whose assets decreased by 11.7% on 2001 to
121.4 billion. For the second successive year, the number of investors in FIM funds fell: by nearly
500,000 to 5,363,344 at 2002 year-end. Because of a reduction in managed assets and an increase in
fund mergers by the main operators to rationalise the range of funds, there was a moderate decrease
in the number of securities investment funds, reversing the trend of previous years. Slightly under 2,400
securities investment funds were registered at 2002 year-end.
Of the decline in FIM assets, 56% was due to negative yields and 44% to net reimbursements.
The negative yields were significantly higher than in 2001 because of falling equities prices, despite
the recovery in the fourth quarter of 2002 as a result of better stock market performance in October
and November. Reimbursements were considerably lower than in 2001.
Unlike FIM, FIAMM increased assets by 21.8% to 53.4 billion due mainly to net subscriptions
(particularly high in the first quarter of 2002) and partly to portfolio appreciation (about 12%)3. The
number of investors in FIAMM funds increased by nearly 115,000 to 1,727,074 at 2002 year-end,
despite the reduction in the number of securities investment funds in 2002 (from 178 to 165).

Table 5.4
BREAKDOWN OF CHANGES IN FUND ASSETS
Amounts in millions of euros

FIM

Change in assets ..................................


Subscriptions/reimbursements (net) ......
Net yields, of wich...............................
Interest .............................................
Change in equities prices.................
Distributed gross profit.........................

FIAMM

2001

2002

2001

2002

15,207.8
9,395.5
5,811.7
4,782.8
7,933.5
0.0

15,989.9
6,961.7
9,028.2
3,994.4
9,731.2
0.0

10,462.2
9,179.2
1,287.0
1,644.8
0.1
3.9

9,544.8
8,356.4
1,192.3
1,867.0
0.0
3.9

The main features of funds investment policies in 2002 were as follows4:


(i)

International assets increased as a proportion of the total, especially at FIM (+3 points to over
53%). At FIAMM, the increase was lower (from 44.5% to 45% of assets).

(ii) FIM greatly reduced their exposure to equities and increased their investment in euro-denominated fixed-income (+16.1%). FIAMM significantly increased their exposure to domestic and
euro-denominated assets. The euro-denominated portfolio increased in volume (4.6 billion).
(iii) Regarding the domestic portfolio, public money-market assets increased significantly at
FIAMM in relative terms, whereas public and corporate fixed-income fell at FIM while mutual funds and repos gained ground.

3
4

74

See Annex A.4.11.


See Annexes A.4.3 and A.4.9.

COLLECTIVE INVESTMENT SCHEMES AND VENTURE CAPITAL FIRMS

The domestic portfolio continued to decline as a proportion of the funds capitalisation, as did the
outstanding balances of the assets traded in the Spanish market (see Table 5.5). Nevertheless:
(i)

Spanish equities increased as a proportion of the portfolio due to a larger relative fall in market capitalisation, despite the considerable decline in funds domestic share portfolios.

(ii) Public short-term fixed-income rose as a proportion of the domestic portfolio since the investments in Treasury Bills (both outright and repos) by FIAMM increased considerably faster than
the outstanding balance of these instruments (+0.7%).

Table 5.5
FUNDS DOMESTIC PORTFOLIO IN RELATION TO THE OUTSTANDING
BALANCE OF THE SPANISH MARKET
As a %

1998

1999

2000

2001

2002

Listed equities (1) .................................

5.0

3.6

2.8

2.8

3.1

Corporate fixed-income (2) ..................


Short term ........................................
Long term .........................................

34.0
54.8
31.5

25.9
43.2
18.4

16.9
21.4
14.8

14.4
28.6
7.8

10.6
21.2
5.2

Government fixed-income ...................


Short term ........................................
Long term .........................................

53.4
80.1
44.5

38.0
100.1
22.0

27.2
94.4
13.9

22.0
110.5
8.8

20.1
115.2
6.3

(1) Realisation value. The outstanding balance data relate to the capitalisation of Spanish securities in the Electronic Market.
(2) Nominal amounts.
Source: CNMV and Bank of Spain.

Total assets in guaranteed securities funds fell 9.5% in 2002; consequently, their proportion of total
funds decreased slightly, to 21%. These funds' investment policy was similar to that of FIM funds. Their
foreign portfolio increased as a proportion of total assets, by nearly 15 percentage points to over 63%,
due to the substantial increase in euro-denominated fixed-income assets (+24.8%). Investments in government bonds and debentures decreased by over 6 points as a proportion of total assets but gained in
importance within the domestic portfolio, to the detriment of private-sector assets5.
Yields
For the third successive year, mutual fund yields were negative in 2002, except for the most conservative fund types6. Funds with a greater proportion of international equities registered the largest
losses (higher than in 2001) due to sharper declines in foreign markets. The yield on RVE (euro equities funds) was 33% and on RVI7 (international equities funds) it ranged from 25% in RVI Japan and
RVI Emerging Countries to 34% in RVI Europe and RVI USA. Losses were significant but smaller at
mixed equities funds-RVM (16%-18% in 2002).
Funds with a greater proportion of Spanish equities also obtained negative yields, although better
performance by the Spanish market in 2002 (vs. other European markets) meant that losses were slightly lower than in euro and international equities funds.

See Annex A.4.13.


See Annex A.4.2.
7 At 2001 year-end, the CNMV and Inverco reached an agreement to review the mutual fund categories in force since
June 1999. One change was to divide RVI (international equities) into five categories based on the regions of investments:
RVI Europe, RVI USA, RVI Japan, RVI Emerging Countries and RVI Other.
5
6

75

Annual report on the Securities Markets. 2002

The best results were obtained by funds with the largest proportion of fixed-income, except for international ones (RFI), which were affected by the dollars depreciation against the euro in 2002. In a context of falling interest rates, yields of funds that invest in short-term fixed-income ranged from 2.4% at
FIAMM to 2.7% at RFCP (short-term fixed-income funds). The most profitable funds in 2002 were RFLP
(long-term fixed-income) and GRF (guaranteed fixed-income), with yields of nearly 4.5%.

Figure 5.3
ANNUAL YIELD ON FIAMM

% per year

5
4
3
2
1
0
II-00

III-00

IV-00

I-01

II-01

III-01

IV-01

I-02

II-02

III-02

IV-02

II-02

III-02

IV-02

FIAMM

FIAMM: Money market funds.

FIXED-INCOME FIM
% per year
12
10
8
6
4
2
0
2
II-00

III-00

IV-00

I-01

II-01
RFCP

III-01

IV-01
RFLP

RFCP: Short-term fixed-income. RFLP: Long-term fixed-income. RFI: International fixed-income.

76

I-02
RFI

COLLECTIVE INVESTMENT SCHEMES AND VENTURE CAPITAL FIRMS

MIXED FIXED-INCOME FIM

% per year
8
6
4
2
0
2
4
6
8
II-00

III-00

IV-00

I-01

II-01

III-01

IV-01

I-02

RFM

II-02

III-02

IV-02

II-02

III-02

IV-02

RFMI

RFM: Mixed fixed-income. RFMI: International mixed fixed-income.

MIXED EQUITIES FIM

20
16
12
8
4
0
4
8
12
16
20
24

% per year

II-00

III-00

IV-00

I-01

II-01

III-01
RVM

IV-01

I-02

RVMI

RVM: Mixed equities. RVMI: International mixed equities.

77

Annual report on the Securities Markets. 2002

EQUITIES FIM

% per year
50
40
30
20
10
0
10
20
30
40
50
II-00

III-00

IV-00

I-01

II-01
RVE

III-01

IV-01
RVI

I-02

II-02

III-02

IV-02

RVN

RVE: Euro equities. RVI: International equities8. RVN: Spanish equities.

Commissions and other charges


The commissions charged by fund operators amounted to 2.35 billion in 2002, nearly 9% lower
than in 2001. FIM commissions and charges declined from 2.192 billion in 2001 to over 1.8 billion due to lower managed assets and an increase in low-risk funds (fixed-income), whose commissions are usually lower. Consequently, management fees at FIM, which account for over 90% of
expenses, decreased as a proportion of average assets from 1.41% to 1.29%9.
Conversely, commissions charged by FIAMM grew by over 30% to more than 500 million in
2002. Management fees (capped at 1% of assets) increased slightly, from 0.9% of daily average assets
in 2001 to 0.92% in 2002, reversing the trend of recent years (1.05% in 2000 and 1.16% in 1999)10.
Investment companies
In 2002, SIM and SIMCAV together managed nearly 19 billion (2.3% less than in 2001), slightly increasing their proportion of the total assets managed by collective investment schemes to nearly
10%. These two types of companies continued to perform differently. The number of SIMCAV again
increased considerably (to over 2,600 at 2002 year-end), but the assets they managed was very similar to 2001 (nearly 17 billion). Conversely, the number of SIMCAV decreased and so did the assets
they managed11 (20.7%).
Investment companies assets followed a different pattern to mutual funds. SIMCAV invested
mainly in domestic assets, especially repos, equities and mutual fund shares, and reduced their foreign
portfolio as a proportion of total assets (from 43.5% in 2001 to 39.1% in 2002) due to a sharp reduction in investments in equities, which offset growth in mutual fund shares and in euro-denominated

Yield calculated as the asset-weighted average yield on the five international equities fund categories.
See Annex A.4.6.
10 See Annex A.4.11.
11 See Annex A.4.1.
8
9

78

COLLECTIVE INVESTMENT SCHEMES AND VENTURE CAPITAL FIRMS

fixed-income securities12. The SIM domestic portfolio also increased as a proportion of total assets
(from 68.5% in 2001 to 76.4% in 2002) due to a significant rise in repos13.

5.3. Foreign collective investment schemes marketed in Spain


The total volume of funds managed by foreign CIS marketed in Spain fell 13.2% in 2002 to 6.5
billion, i.e. 3.4% of Spanish CIS assets (3.8% in 2001). This reduction was due to a reduction in assets
at investment companies (15.2%) since assets managed by funds increased slightly (+1.4%).
Like Spanish CIS, the total number of foreign CIS increased because the number of investment
companies (15) and funds (12) continued to grow. The largest increase in foreign UCITS marketed in
Spain was in those registered in Luxembourg, Ireland and France. The first Dutch UCITS was registered14.

5.4. Property investment funds and companies


Contrasting with the decrease in securities investment funds assets, the assets managed by property investment funds (FII) again grew significantly in 2002, rising 38.9% to over 2.0 trillion, and
investor numbers increased by 33.7% to over 70,000.
The number of property funds15 remained the same at 2002 year-end (5): two are in the process
of de-registering, one as a result of a merger16. Based on data at 2002 year-end, the fund resulting from
the merger headed the sector since it managed 75% of property fund assets and accounted for 85% of
investors.
The property boom continued to favour the expansion of property investment funds, which
attained yields of nearly 8%, significantly higher than those obtained on securities investment funds.
The composition of property fund assets remained similar. Property decreased slightly as a proportion
of total investments, from 77.5% to 73.9%, whereas the securities portfolio was practically unchanged.
Rental investments accounted for 48.7% of total assets, compared with 57.4% in 200117.
At 2002 year-end, Promociones Lladero, S.A. created the second property investment company
(SII), with share capital of 9,015,200. It is not listed, its sole corporate purpose is to invest in urban
property for rent, and it undertakes to allocate at least 50% of assets to student homes and residences
as well as retirement homes18.

The new tax system for collective investment schemes


One of the main novelties of the new tax system for CIS envisaged in the recent amendment
to the Personal Income Tax Law (*) is the possibility of deferring taxes on the reimbursement or
transfer of investments in CIS when the proceeds are invested in other CIS.

See Annex A.4.17.


See Annex A.4.15.
14 See Annex A.4.19.
15 In the first quarter of 2003, two new property funds were registered: Agrupaci Fondo Inmobiliario, FII and Madrid
Patrimonio Inmobiliario, FII.
16 The Santander Central Hispano Inmobiliario 1 fund is absorbing the Santander Central Hispano Inmobiliario 2 fund.
The new fund will be called Santander Central Hispano Banif Inmobiliario.
17 See Annexes A.4.20 and A.4.21.
18 Three new property investment companies are being in the process of registration.
12
13

79

Annual report on the Securities Markets. 2002

The new tax regulation states that, in general, taxpayers are entitled to the tax deferral if they
do not have the proceeds of the reimbursement or transfer of shares or holdings at their disposal
in any way. In the case of CIS with a corporate structure, both Spanish and foreign ones marketed in Spain, there are two additional requirements: that the number of shareholders of the company whose shares are transferred be higher than 500 and that the taxpayer has not held over 5%
of capital of the CIS in the twelve months prior to the transfer.
The law also amends the CIS Law, which regulates the system of transfers among CIS. The
regulation establishes the following main characteristics:
1. Investors must make two orders: a sell order to the original fund operator and a buy order to
the new fund operator.
2. The periods for executing transfers are minimised so as to avoid unnecessary delays.
3. There are no specific transfer commissions.
At the end of February 2003, investment fund operators reached an agreement, arbitrated by
the sectors association (Inverco) and ratified by the CNMV, to supply and expedite the process
required in order to qualify for the new tax system. According to this agreement, all investors have
to do is notify the operator of the new funds in which they wish to subscribe. The new operator
handles all the procedures, assumes all the responsibilities and notifies the former operator,
through the Bank of Spains Electronic National Clearing System, of the transfer applications it is
processing. The new protocol has not changed the deadlines for the processes: two business days
for the outgoing operator to make the transfer and an additional business day if it rejects the transaction.
Finally, it is noteworthy that, as the tax system for CIS with a corporate structure depends on
certain variables (number of shareholders and percentage of ownership), knowledge of those variables is very important for investors, marketers and the tax authorities themselves. That information is now sent to the CNMV and has been added to the official registers since mid-January. The
public can access this information via the CNMVs web site in other communications within
the section on significant events.
The new tax system for collective investment products is not only an improvement for
investors, as taxpayers, but it may increase competition among management companies in the
sector since it eliminates all remaining tax penalties on switching between CIS.
(*) Law 46/2002, dated 18 December, on the partial amendment to Personal Income Tax which also amends the
Corporate Income Tax Law and the Non-Resident Income Tax Law.

5.5. Venture capital firms


The venture capital business in Spain decreased significantly in 2002, somewhat behind the trend
that commenced in 2001 in other European countries and the US. According to the sectors estimates19, funds raised by these firms declined by nearly 20% to 860 million and investments fell by
nearly 22% to slightly over 968 million. Nevertheless, the number of venture capital firms continued
to increase, to 93 at 2002 year-end (8 new companies and 3 new funds).
Fund contributions by financial institutions and individuals declined significantly in 2002. Even
so, financial institutions continued to be the sectors main funding source (41% of the 2002 total).

19

80

Asociacin Espaola de Capital Inversin (ASCRI).

COLLECTIVE INVESTMENT SCHEMES AND VENTURE CAPITAL FIRMS

Individuals lost their second position to public-sector investors, which contributed 14.4% of funds in
2001. Pension funds also increased their contribution significantly, to 13.3% of the total.
For the second consecutive year, venture capital firms invested more funds than they raised,
despite the sharp decrease in both variables in 2002. Accordingly, the amount of unallocated funds fell
again. These firms also changed their investment orientation:
(i) Investments in expanding companies decreased slightly in importance but continued to be the
largest segment (over 61% of total investments). Replacement-phase investment practically
disappeared. Investments in leveraged buy-outs20 increased significantly.
(ii) Investments continued to be concentrated in consumer products (nearly 25%). Investments in
health and medical care and in construction lost ground to chemicals, leisure and hospitality.
Investments in IT also decreased in importance21.
Table 5.6 shows the main features of the venture capital firms created under the Venture Capital Law22
and registered at the CNMV. At 2002 year-end, there were 70 firms under the voluntary system designed
by the Law, 13 more than in 2001. Their features have not changed significantly. They are generally closedend, promoted mainly by banks and individuals, focus on the new technology sector, and cover all the
phases of company development and a broad geographical area.
The venture capital companies and funds promoted under the Venture Capital Law performed differently in terms of both size and composition of aggregate assets. In 2002, funds assets grew by 2.5%
to 686.5 million and current assets increased by 18.3%, gaining as a percentage of the total (from
68.9% in 2001 to 79.6% in 2002). Within current assets, the financial investment portfolio was significant, particularly investments in unlisted securities, which grew nearly 8% to over 258 million in
2002 (37.6% of total assets).
Conversely, companies assets decreased by 43.1% in 2002 to nearly 1.5 billion (2.629 billion
in 2001) due mainly to the sharp decline in investments in unlisted securities (from 1.813 billion in
2001 to 872 million in 2002), substantially reducing their importance within total assets from 69%
to 58.3%.
Finally, the recent Finance Law introduced several changes that make venture capital firms operations more flexible23. The main features are as follows: venture capital firms can invest in shares of
companies not listed at the time of acquisition that were subsequently listed in a stock market, and
they can invest in companies belonging to their own group if they meet the transparency requirements.
Operations were also made more flexible by allowing contributions in kind to capital after incorporation.

20 MBO (Management Buy-Out) and MBI (Management Buy-In), which consist of acquisitions financed mainly by debt
partially guaranteed by the purchased companys own assets and with instruments intermediate between equities and debt.
In an MBO, the acquirers belong to the management team of the company itself. In an MBI, the acquirers belong to the management team of a different company.
21 See Annex A.4.25.
22 Law 1/1999, dated 5 January, regulating venture capital firms and their operators.
23 Law 44/2002, dated 22 November, on measures to reform the financial system amended Law 1/1999, dated 5
January, regulating venture capital firms.

81

Annual report on the Securities Markets. 2002

Table 5.6
BASIC FEATURES OF NEW VENTURE CAPITAL FIRMS CREATED UNDER
THE VENTURE CAPITAL LAW
(At 31 December 2002))

Promoted by

Type
Number of investors or shareholders

Share capital/Initial assets

Administration
Structure

Investment policy:
sector

phase of company maturity

geographical area

Other
TOTAL
(1) SCR: Venture capital company.
(2) FCR: Venture capital fund.

82

Features

SCR (1)

FCR (2)

Individuals
Public sector
Banks
Academic institutions
Non-financial companies
Other

17
0
15
4
8
12

0
5
10
0
2
11

Open-end
Closed-end

0
49

0
21

One
2-3
4-10
Over 10

8
15
17
9

5
3
11
2

Under 3 million euros


3-12 million euros
Over 12 million euros

23
18
8

4
8
9

Internal
Internal+operator

36
13

0
21

0 employees
Up to 4
Over 5
n.a.

8
25
14
2

n.a.

New technology
Consumer
Other

24
2
23

4
0
17

Start-up
Star-up & expansion
Expansion
All

8
9
11
21

4
2
3
12

Home country
Spain & EU
All

11
23
15

7
8
6

New firms
Transformed from S.A. into SCR

43
6

n.a.

49

21

6. SECURITIES FIRMS AND FUND MANAGEMENT COMPANIES


6.1. Securities firms
Overview
At 2002 year-end, there were 110 securities firms: 44 broker-dealers (sociedad de valores) and 66
brokers (agencia de valores). In 2002, six brokers registered with the CNMV, and four broker-dealers and
two brokers de-registered, so the total number of registered firms remained the same as in 2001. The number of registered stock exchange members decreased from 59 to 55, of which 36 were broker-dealers and
19 brokers.
In 2002, broker-dealers and brokers again operated in an unfavourable situation. Adverse performance by the stock markets negatively affected the sectors core business lines, especially its main
component: order transmission and execution. Nevertheless, revenues did not fall as fast as in 2001
and, in general, firms reduced operating expenses. Overall, the sector posted 217 million in pre-tax
earnings, i.e. 29% less than in 2001, when they had fallen 54%1.
Broker-dealers obtained 202 million in aggregated pre-tax earnings, compared with 284
million in 2001. Among those firms, stock exchange members and non-members performed differently: market members ordinary income fell substantially due to negative performance by net fees
and net revenues from the trading portfolio (see table 6.12). Even though operating expenses

Table 6.1
BROKER-DEALERS: AGGREGATED INCOME STATEMENT IN 2002
Amounts in millions of euros
Total

Financial income ...............................


Net income from securities ................
Net fee revenues................................
Ordinary income...............................
Operating expenses ...........................
Operating income .............................
Depreciation & other charges..............
Other gains & losses ..........................
Earnings before taxes ........................
Corporate income tax ........................
Earnings after taxes ...........................

1
2

Stock exchange members

Amount

Change (%)

Amount

Change (%)

73.1
19.4
543.0
635.4
384.5
250.9
48.3
0.4
202.3
70.5
131.7

19.1
61.4
15.2
15.5
9.0
23.7
1.7

28.9
28.0
29.4

69.4
20.3
494.0
583.7
364.3
219.3
47.5
1.0
170.8
59.4
111.4

22.8
56.2
16.8
16.2
8.5
26.5
28.2

35.4
32.3
36.9

Non-members
Amount
3.7
0.9
49.0
51.8
20.2
31.6
0.8
0.6
31.4
11.1
20.3

Change (%)
23.9

5.4
6.4
18.1
3.1
93.4
60.7
56.3
9.5
104.0

See Annex A.5.4.1.


See Annex A.5.4.2 for greater detail.

83

Annual report on the Securities Markets. 2002

declined substantially, the decrease in ordinary income and, to a lesser extent, the increase in depreciation, amortisation and provisions meant that the aggregated pre-tax earnings of stock exchange
members fell 35% on 2001 to 171 million3. The decline in ordinary income was less at non-members than at stock exchange members due to better performance by services revenues. The aggregated pre-tax earnings of non-members increased by 56% to 31 million in 2002 due to considerable cuts in operating expenses, depreciation and amortisation.
Overall, brokers posted 15 million in pre-tax earnings, i.e. 23% less than in 20014. Again, stock
exchange members and non-members had differing performances: ordinary income fell substantially
at the former and was flat at the latter. The aggregated pre-tax earnings of brokers that are stock
exchange members declined considerably (from 8 million in 2001 to below 200,000 in 2002) and
those of non-members increased from 11.8 million to 14.8 million.

Table 6.2
BROKERS: AGGREGATED INCOME STATEMENT IN 2002
Amounts in millions of euros
Total
Amount
Financial income ...............................
Net income from securities ................
Net fee revenues................................
Ordinary income...............................
Operating expenses ...........................
Operating income .............................
Depreciation & other charges..............
Other gains & losses ..........................
Earnings before taxes ........................
Corporate income tax ........................
Earnings after taxes ...........................

6.5
0.5
142.0
148.0
158.7
10.6
9.0
34.7
15.0
10.9
4.2

Stock exchange members

Change (%)
14.3
1,735.7
4.8
5.6
2.0

13.6
20.3
23.1
0.0
52.0

Amount
2.5
0.3
39.4
42.3
40.6
1.7
3.2
1.6
0.2
1.1
0.9

Change (%)
40.9
500.0
17.1
18.5
2.2
83.4
20.2
27,516.7
97.5
61.3

Non-members
Amount

Change (%)

4.0
0.9
102.6
105.7
118.1
12.4
5.9
33.1
14.8
9.8
5.1

20.2
911.9
1.0
0.8
3.5
33.1
25.0
14.5
26.1
21.6
35.9

Figures 6.1 and 6.2 show the differing performance by stock exchange members and non-members in terms of ROE before taxes. Because of negative earnings performance at market members, their
average ROE before taxes fell from 26% in 2001 to 19% in 20025. Of the broker-dealers that reported
profits, slightly over half attained ROE between 0% and 15% and one-third had ROE between 15%
and 30%. The number of loss-making broker-dealers fell from 10 to 8 (all of them market members).
As for brokers, the average ROE fell from 12% to 7.5%; of the firms that reported profits, 40% had ROE
between 0% and 15%, and 30% obtained between 15% and 30%. The number of loss-making brokers increased from 22 to 28 (9 stock exchange members and 19 non-members).
The sector maintained adequate equity coverage despite lower earnings and the significant number of firms which reported losses in the last two years. The coverage margin or surplus of computable
equity in the hands of the sector with respect to the equity required for the solvency coefficient was
607% at broker-dealers and 231% at brokers, on average (see Annex A.5.7); 91% of broker-dealers and
64% of brokers had over 100% coverage margin.

3
4
5

84

The aggregated pre-tax earnings of stock exchange members fell 52% in 2001.
See Annex A.5.4.3.
See Annexes A.5.6.1 and A.5.6.2.

SECURITIES FIRMS AND FUND MANAGEMENT COMPANIES

Figure 6.1

Millions of euros

BROKER-DEALERS: PRE-TAX EARNINGS AND ROE

Member earnings (LH)

Non-member earnings (LH)

Member ROE (RH)

Non-member ROE (RH)

Figure 6.2

Millions of euros

BROKERS: PRE-TAX EARNINGS AND ROE

Member earnings (LH)

Non-member earnings (LH)

Member ROE (RH)

Non-member ROE (RH)

In 2002, the few acquisitions and changes in control in the sector affected small firms, so there
were no major changes in the ownership structure and control of the sector. At 2002 year-end, 43% of
broker-dealers capital belonged to non-residents, 39% to resident financial institutions and the rest to
other resident individuals or firms. The percentages for brokers were as follows: 37%, 29% and 34%,
respectively6.
6

See Annexes A.5.2.1 and A.5.2.2.

85

Annual report on the Securities Markets. 2002

Third-party trading 7
Securities firms grossed 851 million in service fees, 14% less than in 2001. Of that amount, 78%
was collected by broker-dealers and the rest by brokers. Fee revenues were lower in nearly all services.
Order processing and execution continued to be the main revenue source, although it decreased slightly
as a proportion of the total, from 67% to 65%.

Table 6.3
SECURITIES FIRMS: SERVICE FEE REVENUES
Amounts in millions of euros
1998

1999

2000

2001

2002

Order processing and execution...................................


IIC subscription and reimbursement .............................
Issue placement and underwriting................................
Transaction advice and design......................................
Portfolio management and securities deposit................
Other ...........................................................................

788.5
122.6
138.6
13.1
33.8
114.5

699.3
138.5
112.9
38.5
33.3
109.4

838.4
157.7
147.9
38.8
32.7
103.7

640.4
138.3
55.0
15.2
35.1
108.6

533.9
121.2
49.3
18.7
32.5
95.9

Total ............................................................................
Broker-dealers (%)....................................................
Brokers (%) ..............................................................

1,211.0
74.9
25.1

1,131.9
79.4
20.6

1,319.1
83.4
16.6

992.6
80.5
19.5

851.5
78.4
21.6

Gross revenues for processing and execution of equities orders (the core activity) fell 24% due
the combination of lower brokerage volume and another decline in brokerage fees. Therefore, the volume of equities brokerage decreased from 769 billion to 717 billion, of which 692 billion related to transactions in Spains markets. The average effective brokerage fees in Spains stock markets fell
from 0.57 in 2001 to 0.47 in 2002.
In fixed-income, the volume of third-party trading by securities firms totalled _8.6 billion, 5.5%
more than in 2001. Over 99% of the brokerage volume related to public debt. Despite an increase in
volumes, gross revenues in this activity fell 9% to 54.5 billion in 2002. Firms traded a notional 3.5
billion in derivatives for third parties (+21% vs. 2001) and grossed 102 billion in revenues (+19%).
Products traded in foreign markets accounted for 57% of the brokerage volume in this segment and
23% of gross fees.
Regarding other services, the main one in terms of gross revenues was collective investment
scheme marketing (subscriptions and reimbursements), which amounted to 121 million, 12% less
than in 2001. There was also a substantial decline in other ordinary activities: issue placement and
underwriting fell 10% and portfolio management and securities deposits decreased 7% (see table 6.3).
However, transaction advice and design revenues increased by 23%. The gross revenues from the
other services fell 12% overall.

7
8

86

See Annexes A.5.8 and A.5.10.


See Annexes A.5.8 and A.5.9 for greater detail.

SECURITIES FIRMS AND FUND MANAGEMENT COMPANIES

Figure 6.3

Millions of euros

SECURITIES FIRMS: EQUITIES TRADED IN DOMESTIC MARKETS.


VOLUME AND BROKERAGE FEE REVENUES

Brokerage volume (LH)

Average effective brokerage fee (RH)

Proprietary trading 8
Proprietary trading provided securities firms with80 million in net revenues (financial income plus
trading portfolio net profit minus provisions for derivatives transactions), i.e. 26% less than in 2001.
The sectors financial income amounted to 80 million, 15% more than in 2001. In this area,
40% of net revenues related to securities portfolio yields (interest and dividends) and 32% to margins
on repos, although they both decreased with respect to 2001 (31% and 30%, respectively). Financial
income increased due to an improved net balance of financial transactions with other intermediaries
(the loss had been extremely large in 2001) and other types of transactions.

Table 6.4
SECURITIES FIRMS: EARNINGS ON PROPRIETARY TRADING
Amounts in millions of euros
1998

1999

2000

2001

2002

Money market assets and fixed-income .......................


Equities .......................................................................
Derivatives...................................................................
Other ...........................................................................

44.3
314.7
249.5
21.8

2.9
250.8
177.2
26.3

3.5
220.5
292.9
0.4

9.9
145.9
185.5
0.8

17.0
93.3
96.2
1.0

Total ............................................................................

87.7

102.8

69.3

50.3

18.9

Pro memoria: proprietary trading volume


(billions of euros)
Money market assets and fixed-income .......................
Equities .......................................................................
Derivatives...................................................................

413.5
72.1
254.0

423.5
70.5
339.1

372.8
123.0
196.9

297.0
134.7
192.6

263.6
136.0
183.5

Total ............................................................................

739.6

833.1

692.7

624.3

583.1

87

Annual report on the Securities Markets. 2002

The trading portfolios net revenues declined substantially for the third consecutive year (see table
6.4). Trading volume decreased in fixed-income (11%) and derivatives (5%) but increased slightly in
equities (+1%). Net revenues in proprietary trading amounted to 18.9 million (50 million in 2001).
This decline was due to a slump in derivatives results, from 185 million to 96 million. As in 2001,
equities generated a loss, but it was substantially narrower: 92 million (down from 143 million).
Fixed-income generated a profit of 17 million, up from 10 million in 2001.
Provisions for derivatives decreased total revenues by 18.3 million, 73% more than in 2001.
Consolidable groups
In 2002, the CNMV9 supervised 57 financial groups comprising 377 entities of different types on
a consolidated basis, compared with 54 groups (369 firms) in 2001. Of those entities, 20% were agents
or representatives of broker-dealers and brokers, 14% were IIC and FTH management companies, 14%
were the securities firms themselves and the rest were other types of firms10. 77% of the groups comprised five or more entities.
The sectors consolidated pre-tax earnings amounted to 273 million, 27% less than in 2001.
Entities other than broker-dealers and brokers contributed 21% of that amount (19% in 2001) and 24%
of the consolidated ordinary income (20% in 200111). Of those entities, IIC management companies
accounted for a large proportion (41%) of net fee revenues12.

Figure 6.4

Millions of euros

PRE-TAX EARNINGS OF CONSOLIDABLE GROUPS. CONTRIBUTION


BY SECURITIES FIRMS AND OTHER ENTITIES

Broker-dealers and brokers

Other entities

9
Royal Decree 1343/1992, dated 6 November, which implemented Law 13/1992, dated 1 June, on equity and supervision on a consolidated basis.
10
See Annex A.5.11.
11
See Annex A.5.13.
12
See Annex A.5.14.

88

SECURITIES FIRMS AND FUND MANAGEMENT COMPANIES

Investment services firms from the European Union in Spain


The Investment Services Directive allows investment services firms that are authorised in
any EU member state to operate freely in other EU countries, provided that they notify the
domestic regulator and respect the codes of conduct of the host country. The European passport for investment services firms is one of the cornerstones of the EUs efforts to promote the
integration of Europes securities markets.
In the last few years, a large number of investment services firms in the EU have notified
their intention of operating in Spain (see next table). Nearly all the firms have chosen to operate through the free provision of services, which allows them to operate commercially without a physical establishment. Although there is no specific information about the scope of
their operations in Spain, it appears that the firms operating via free provision of services have
a low market share in Spain and, in most cases, there is very little systematic activity. Most of
the branches belong to large firms or financial groups and operate in several activities, especially brokerage. Of the 19 branches at 2002 year-end, five belonged to investment services
firms authorised in Spain which were deregistered. Three branches belong to members of the
Madrid Stock Exchange.
NUMBER OF FOREIGN INVESTMENT SERVICES FIRMS
OPERATING IN SPAIN WITH EU PASSPORT
Free provision
of services

Branches

Total

1997

293

293

1998

369

369

1999

477

479

2000

570

579

2001

665

16

681

2002

763

19

782

Investment services firms authorised in the UK are the most numerous (540 firms with free provision of services and 13 firms with branches) due to the development and characteristics of the UK
securities market, which has a very large number of financial services marketers in the retail segment.
Behind the UK is France, with 56 firms operating in Spain under free provision of services and two
branches in Spain.

6.2 Collective investment scheme management companies (SGIIC)


At 2002 year-end, there were 124 SGIIC registered with the CNMV, one more than in 2001. The
number of managed institutions increased from 4,716 to 5,110 due to the creation of new SIMCAV,
since the number of mutual funds and SIM decreased13. These institutions managed 193 billion in
assets, i.e. 3% less than in 2001. Securities investment funds (FIM and FIAMM) accounted for 90% of
managed assets, securities investment companies (SIM and SIMCAV) for 9%, and real estate funds for
1%. Of those IIC, only FIAMM and real estate funds increased their assets14.
13
At 2002 year-end, SGIIC managed 165 FIAMM, 2,373 FIM, 95 SIM, 2,471 SIMCAV and five real estate funds. See
Annex A.5.16 for greater detail.
14
Even among SIMCAV, managed assets fell slightly (0.3%), despite the increase in the number of SIMCAV from 1,996
to 2,471.

89

Annual report on the Securities Markets. 2002

As in 2001, IIC management companies faced a difficult year in 2002, which was shaped by considerable reimbursements in the FIM segment, the largest in terms of managed assets and revenues. The
increase in assets managed by FIAMM and real estate funds failed to offset the loss of management
commissions due to the decrease in assets managed in other IIC, so commission revenues fell nearly
9% to 2.3 billion, of which 98% related to management commissions. Conversely, commissions paid
to marketers increased slightly and gained in importance in relation to commission revenues, from
64% in 2001 to 71% in 2002. Consequently, net commission revenues declined 27%.
The decrease in net commissions was accompanied by a slump in financial income and losses in
securities portfolios15, with the result that ordinary income fell 29% to 685 million. Operating expenses
dipped nearly 1% to 234 million. Pre-tax profit totalled 447 million, 36% less than in 2001. Sector ROE
after taxes stood at 28%, compared with 40% in 2001. The number of loss-making institutions increased
from 18 to 30.

Figure 6.5
IIC MANAGEMENT COMPANIES: MANAGED
ASSETS AND PRE-TAX EARNINGS
1,200

250,000

Millions of euros

800
150,000
600
100,000
400
50,000

Millions of euros

1,000

200,000

200

0
1995

1996

1997

1998
Assets (LH)

1999

2000

2001

2002

Earnings (RH)

6.3 Porfolio management companies (SGC)


At 2002 year-end, there were 31 SGC registered at the CNMV, four less than in 2001. In 2002, no
new institution was registered. Three of the four companies that were removed were independent and the
other one was a small credit institution related to a professional association. Two other companies that
were registered early in January 2003, having been dissolved in 200216, were removed; they belonged to
the SCH Group and accounted for a large proportion of assets under management or advice in the sector. Assets under management and advice fell substantially due mainly to the removal of the companies
related to SCH. Managed assets decreased from 3 billion in 2001 to 2 billion in 2002 and assets under
advice from 13 billion to under 5 billion17. Of the managed assets, 89% related to individual portfolios and the rest to securities investment companies (SIM and SIMCAV).
See Annex A.5.18 for greater detail.
Economy Ministry Order dated 16 October 2002, which authorised the dissolution without liquidation through a
transfer to SCH of the assets and liabilities of the portfolio management companies BCH Gestin de Patrimonios and
Santander Patrimonios.
17
See Annex A.5.16.
15
16

90

SECURITIES FIRMS AND FUND MANAGEMENT COMPANIES

Because of the drastic reduction in assets under management and advice, the related commission revenues fell substantially: the former from 8.5 million in 2001 to 6 million in 2002, and the latter from
9 million to 7.7 million. The volume discounts collected from other financial institutions for trading
transactions in the managed portfolios also fell sharply: from nearly 11 million in 2001 to just over 3
million in 2002. Overall, commission revenues declined 40% to 17 million.
Despite the fall in commissions, pre-tax earnings in the sector increased from 2.5 million to over
6 million18; nevertheless, the 2001 baseline was very low due to the losses accumulated by the aforementioned two companies related to SCH19. ROE after taxes in the sector stood at 10.25%, compared with
a negative ROE in 2001. The number of loss-making institutions decreased from 12 to 10.

Figure 6.6
PORTFOLIO MANAGEMENT COMPANIES: ASSET UNDER
MANAGEMENT OR ADVICE AND PRE-TAX EARNINGS
14,000

10.0
9.0

12,000

Millions of euros

7.0
6.0

8,000

5.0
6,000

4.0
3.0

4,000

Millions of euros

8.0
10,000

2.0
2,000

1.0
0.0

0
1996

1997

1998

Assets under management (LH)

1999

2000

Assets under advice (RH)

2001

2002
Earnings (RH)

6.4 Venture capital firm management companies (SGECR)


At 2002 year-end, there were 27 SGECR registered at the CNMV, three more than in 2001. In
2002, no company was removed and three were registered. In addition to the 34 venture capital funds
filed with the CNMV at 2002 year-end (three more than in 2001), SGECR managed 13 of the 59 registered venture capital firms (nine in 2001).
In 2002, the aggregated pre-tax earnings of SGECR amounted to _6.6 million, 28% more than in
2001. ROE after taxes in the sector increased from 12% in 2001 to 19.2% in 2002.

18
19

See Annex A.5.18.


Both companies made a pre-tax loss (7.5 million in total).

91

Annex 1
Primary markets

Annex 1: PRIMARY MARKETS

A.1.1. PRIMARY MARKETS. ISSUES AND OUTSTANDING BALANCES


Amount in millions of euros

1998

1999

2000

2001

2002

Gross issues
Public administrations (1) ....................................................................
Short term .......................................................................................
Medium and long term ...................................................................
Issues registered at the CNMV.............................................................
Capital increases (2) (*) .....................................................................
of which primary public offerings (3) ............................................
Fixed-income (2) ...............................................................................
Short term .....................................................................................
Medium and long term..................................................................

108,114
48,126
59,988
30,175
9,172
379
21,004
5,061
15,943

92,079
45,061
47,018
72,339
14,748
7,373
57,591
32,555
25,037

83,796
38,305
45,491
96,237
43,937
17,811
52,300
34,366
17,934

69,565
28,874
40,691
84,249
9,623
155
74,626
45,173
29,453

74,458
34,746
39,712
88,395
4,692
0
83,702
45,576
38,127

Secondary public offerings (3) ..................................................................

10,743

4,419

9,446

3,044

3,330

Fixed-income issued by residents: outstanding balance (1)


Total resident issuers............................................................................
Short term ........................................................................................
Medium and long term ...................................................................
Public administrations ......................................................................
Short term ...................................................................................
Medium and long term ...............................................................
Financial institutions.........................................................................
Short term ...................................................................................
Medium and long term ...............................................................
Non-financial companies ..................................................................
Short term ...................................................................................
Medium and long term ...............................................................

342,224
68,157
274,067
283,865
61,036
222,829
41,096
1,041
40,055
17,263
6,080
11,183

390,480
76,289
314,191
301,475
54,335
247,140
68,565
14,607
53,958
20,440
7,347
13,093

398,990
58,522
340,468
313,447
45,730
267,717
69,118
9,578
59,540
16,425
3,214
13,211

427,918
54,671
373,247
317,877
36,927
280,950
92,644
13,448
79,196
17,397
4,296
13,101

462,859
56,267
406,592
326,585
37,202
289,383
120,478
15,874
104,604
15,798
3,191
12,607

Pro memoria
Commercial paper registered at the CNMV: outstanding balance (1) ......

4,038

18,339

17,316

24,472

23,614

(1) Nominal amount.


(2) Effective value.
(3) Domestic and international tranches.
(*) The total in 2002 includes a 4,696 billion capital increase performed by Arcelor, registred on 12/21/2001. This issue relates to Arcelors bid for Aceralia, vetted
by the CNMV on 01/02/2002.
Sources: Bank of Spain and CNMV.

95

96
43,936.8
17,810.5
52,300.2
2,880.0
2,643.1
4,970.3
132.2
7,308.4
34,366.1
0.0
9,446.5

Capital increases (*) .........................................................................................


of which primary public offerings (1)...........................................................

Fixed-income...................................................................................................
Preference shares..........................................................................................
Mortgage bonds............................................................................................
Non-convertible bonds and debentures ........................................................
Convertible/exchangeable bonds and debentures .........................................
Asset-backed bonds (1).................................................................................
Commercial paper .......................................................................................
Other fixed-income issues ............................................................................

Secondary public offerings (1) .........................................................................


37. 7

113.8

-9.2
-49.3
-40.4
-32.3
-83.5
8.0
5.6
00

197.9
141.6

33.0

Chg. (%)

2000

9,622.9
155.0

8.9

Amount
84,24

2001

-78.1
-99.1

-12.5

Chg. (%)

Effective

3,988.5
93.

78,623.8

Amount

Nominal

2002

4,692.4
0.0

88,394.7

Amount

84,838.2

Amount

Nominal

-51.2
1,133.6
-100.0
0.0

4.9

Chg. (%)

Effective

57,288.4

330.9

87,293.3

3,044.3

-17.4

-67.8

79,030.4

406.6

91,724.5

3,329.8

5.1

9.4

85,152.8

314.6

52,3 04.2 74,626.0


42.7
74,635.3
83,702.3
12.2
83,704.6
2,880.0
4 ,060.0
41.0
4,060.0
3,736.7
-8.0
3,736.7
2,643.1
6, 078.2
130.0
6,078.2
11,704.0
92.6
11,704.0
4,974.3
7,066.2
42.2
7,075
.5
3,645.1
-48.4
3,647.4
132.2
455.8
244.7
455.8
237.7
-47.8
2
37.7
7,308.4 11,793. 3
61.4
11,793.3
18,803.2
59.4
18,803.2
34,366.1 45,1 72.5
31.4
45,172.5
45,575.6
0.9
45,575.6
0.0
0.0
00
0.0
0.0
00
0.0

4,653.3
754.5

56,957.5

Amount

Nominal

(1) Domestic and international tranches.


(*) The total in 2001 includes a capital increase with an effective amount of 4,696 billion and a nominal amount of 2,581 billion performed by Arcelor, registered on 12/21/2001. This issue relates to Arcelors bid for Aceralia, vetted
by the CNMV on 01/03/2002.

TOTAL .............................................................................................................. 105,683.4

96,236.9

Equities and fixed-income issues ......................................................................

Amount

Effective

Amounts in millions of euros

A.1.2. ISSUES AND PUBLIC OFFERINGS. DETAIL BY INSTRUMENTS. AMOUNTS REGISTERED AT THE CNMV

Annual report on the Securities Markets. 2002

Annex 1: PRIMARY MARKETS

A.1.3. CAPITAL INCREASES THROUGH ISSUES OF NEW STOCK REGISTERED


AT THE CNMV, EXCEPT PRIMARY PUBLIC OFFERINGS. 2002
Detail by issuer
Amounts in thousands of euros

No. of

Total food, beverages and tobacco ..................................................................................


CAMPOFRIO FOOD, S.A. ...............................................................................................
EBRO PULEVA, S.A. ........................................................................................................
PESCANOVA, S.A. ...........................................................................................................
Total Banks ......................................................................................................................
BANCO DE LA PEQUEA Y MEDIANA EMPRESA, S.A...................................................
BANCO DE VALENCIA, S.A.............................................................................................
BANCO ESPAOL DE CREDITO, S.A..............................................................................
BANCO SANTANDER CENTRAL HISPANO, S.A. ............................................................
Total communications .....................................................................................................
JAZZTEL, PLC. .................................................................................................................
TELEFONICA MOVILES, S.A. ...........................................................................................
TELEFONICA, S.A. ...........................................................................................................
Total construction ...........................................................................................................
BAMI, S.A. INMOBILIARIA DE CONSTRUCCIONES Y TERRENOS..................................
FOMENTO DE CONSTRUCCIONES Y CONTRATAS, S.A................................................
Total holding companies and conglomerates...................................................................
GAESCO HOLDING, S.A. ...............................................................................................
GRUPO INMOCARAL, S.A..............................................................................................
INVERSIONES IBERSUIZAS, S.A. .....................................................................................
TECNOCOM, TELECOMUNICACIONES Y ENERGIA, S.A. ..............................................
Total energy and water....................................................................................................
SOCIEDAD GENERAL DE AGUAS DE BARCELONA, S.A................................................
Total metal processing industries ....................................................................................
CIE AUTOMOTIVE, S.A. ..................................................................................................
EUROPEAN AERONAUTIC DEFENCE AND SPACE COMPANY EADS, N.V. ...................
ZARDOYA OTIS, S.A. ......................................................................................................
Total chemical industry ...................................................................................................
FAES FARMA, S.A. ...........................................................................................................
LA SEDA DE BARCELONA, S.A. ......................................................................................
PULEVA BIOTECH, S.A. ..................................................................................................
ZELTIA, S.A......................................................................................................................
Total real estate ...............................................................................................................
COMPAIA ESPAOLA DE VIVIENDAS EN ALQUILER, S.A...........................................
INMOBILIARIA DEL SUR, S.A. ........................................................................................
INMOLEVANTE, S.A........................................................................................................
METROVACESA, S.A........................................................................................................
Total other companies .....................................................................................................
PROSEGUR, COMPAIA DE SEGURIDAD, S.A. .............................................................
Total other manufacturing industry .................................................................................
MIQUEL Y COSTAS & MIQUEL, S.A. ..............................................................................
PAPELES Y CARTONES DE EUROPA, S.A. .......................................................................
TAVEX ALGODONERA, S.A. ...........................................................................................
UNIPAPEL, S.A. ...............................................................................................................
Total transport .................................................................................................................
ACESA INFRAESTRUCTURAS, S.A. .................................................................................
AUREA CONCESIONES DE INFRAESTRUCTURAS, S.A. .................................................
TOTAL .............................................................................................................................

Issuers

Issues

3
1
1
1
4
1
1
1
1
3
1
1
1
2
1
1
4
1
1
1
1
1
1
3
1
1
1
4
1
1
1
1
4
1
1
1
1
1
1
4
1
1
1
1
2
1
1
35

3
1
1
1
4
1
1
1
1
6
1
3
2
3
2
1
4
1
1
1
1
1
1
3
1
1
1
5
1
1
2
1
4
1
1
1
1
1
1
4
1
1
1
1
3
2
1
41

Effective
amount
99,891
99,891
0
0
2,766,702
20,227
0
165,824
2,580,651
683,295
556,419
126,875
0
159,973
28,409
131,564
74,006
0
62,698
11,308
0
1,430
1,430
13,537
11,514
2,023
0
29,361
0
6,460
21,554
1,347
0
0
0
0
0
26,132
26,132
0
0
0
0
0
838,023
396.135
441,888
4,692,350

Nominal amount
Total

Bonus issues

37,625
13,161
18,464
6.000
315,706
20.227
1,748
165,824
127,907
246,011
36,587
20,679
188,745
36,561
23,325
13,236
18,816
2,860
9,065
6,189
703
1,430
1,430
15,163
11,514
2,023
1,626
9,193
728
6,460
1,954
51
9,356
109
2,760
1,805
4,682
1,027
1,027
14,230
3,892
5,501
2,318
2,520
428,473
243,559
184,914
1,133,592

24,464
0
18,464
6,000
1,748
0
1,748
0
0
188,745
0
0
188,745
0
0
0
3,563
2,860
0
0
703
0
0
1,626
0
0
1,626
728
728
0
0
0
9,356
109
2,760
1,805
4,682
0
0
14,230
3,892
5,501
2,318
2,520
49,376
49,376
0
293,837

97

98

(*) No primary public offerings were registered in 2002.

TOTAL OFFERED..........................................................................

Offered company

Total
0

Effective amount offered


Domestic
market
0

Total
0

market

Domestic

Amounts in thousands of euros

Nominal amount offered

A.1.4. PRIMARY PUBLIC OFFERINGS REGISTERED AT THE CNMV. 2002 (*)

Annual report on the Securities Markets. 2002

Offered company
Total

3,329,770

2,905,454

321,616
573,186
2,008,275
2,377

Domestic
market

211,638
102,988
12
314,639

Total

235,274

132,274
102,988
12

Domestic
market

Nominal amount offered

Amounts in thousands of euros

(*) (Secondary public offering of warrants relating to a capital increase at Banesto registered at the same time. The effective amount of the capital increase, which was identical to the nominal amount, was 165824 million, of
which 133 million corresponded to the domestic tranche and the rest to the international tranche.

TOTAL OFFERED

BANCO SANTANDER CENTRAL HISPANO, S.A. (*) BANCO ESPAOL DE CREDITO, S.A.
402,020
GAS NATURAL SDG, S.A.
ENAGAS, S.A.
917,098
REPSOL YPF, S.A.
GAS NATURAL SDG, S.A.
2,008,275
ZELTIA, S.A.
ZELTIA, S.A.
2,377

Seller

Effective amount offered

A.1.5. SECONDARY PUBLIC OFFERINGS REGISTERED AT THE CNMV. 2002

Annex 1: PRIMARY MARKETS

99

100
70.21
29.79

12 LARGEST ISSUERS....................................................... 32,000,000


REMAINDER (38 ISSUERS)................................................ 13,575,600

Amount

Issuer

Amount

Total fixed-income
%

12 LARGEST ISSUERS...................................................... 2,923,911


REMAINDER (38 ISSUERS)............................................... 723,500

100.00 TOTAL (108 ISSUERS) ...................................................

.... 83,704,552

80.16 12 LARGEST ISSUERS........................................................ 43


,200,630
19.84 REMAINDER (38 ISSUERS)................................................. 40,503,922 48

100.00

51.61
.39

LA CAIXA..................................................... .................... 717,906 19.68 BANCO SANTANDER CENTRAL HISPANO, S.A............... 9,000,000 10.75
BANCAJA......................................................................... 360,000 9.87 BBVA BANCO DE FINANCIACION, S.A............................ 6,000,000 7.17
CAJA MADRID........................
......................................... 330,101
9.05
CAJA MADRID................................................................... 5,330,101
6.37
CAJA DE GALICIA............................................................ 300,000 8.23 AYT CEDULAS CAJAS III FTA............................................. 3,500,000 4.18
FERIA VALENCIA..................
............................................ 227,500
6.24
BANKINTER............................................................. .......... 3,152,623
3.77
LICO LEASING......................................
........................... 200,000
5.48
BBVA................................................................................. 3, 000,000
3.58
AUDASA...............................................................
........... 180,304
4.94
ENDESA, S.A. .................................................................... 2,500,000
2.99
IBERCAJA......................................................................... 168,100 4.61 SANTANDER CONSUMER FINANCE, S.A......................... 2,500,000 2.9
9
CAJA VITAL .........................................
............................. 140,000
3.84
LA CAIXA........................................................................... 2,217,906
2.65
CAIXANOVA.................................................................... 120,000 3.29 BANCO POPULAR ESPAOL, S.A. ................................... 2,000,000
2.39
EROSKI..................................
........................................... 90,000
2.47
TELEFONICA, S.A.............................................................. 2,000,000
2.39
UNICAJA.......................................................................... 90,000 2.47 TELEFONICA FINANCE USA, L.L.C................................... 2,000,000 2.39

Issuer

Non-convertible bonds and debentures

TOTAL (50 ISSUERS)......................................................... 45,575,600 100.00 TOTAL (30 ISSUERS)........................................................ 3,647,411

13.16
13.16
6.58
5.49
5.49
4.39
4.39
4.39
3.95
3.29
3.29
2.63

6,000,000
6,000,000
3,000,000
2,500,000
2,500,000
2,000,000
2,000,000
2,000,000
1,800,000
1,500,000
1,500,000
1,200,000

Amount

BANCO SANTANDER CENTRAL HISPANO, S.A. .............


BBVA BANCO DE FINANCIACION, S.A...........................
BANKINTER, S.A...............................................................
SANTANDER CONSUMER FINANCE, S.A........................
ENDESA, S.A.....................................................................
BANCO POPULAR ESPAOL, S.A....................................
CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID
TELEFONICA, S.A. ............................................................
CAIXA DESTALVIS DE CATALUNYA ................................
IBERDROLA, S.A...............................................................
UNION FENOSA, S.A.......................................................
BANCO DE SABADELL, S.A..............................................

Issuer

Commercial paper

Nominal amounts in thousands of euros

A.1.6. FIXED-INCOME ISSUES REGISTERED AT THE CNMV. MAIN ISSUERS. 2002

Annual report on the Securities Markets. 2002

Annex 1: PRIMARY MARKETS

A.1.7. FIXED-INCOME ISSUES REGISTERED AT THE CNMV.


PREFERENCE SHARES. 2002
Detail by issuer
Amounts in thousands of euros

Coupon

Issue
date

Type (1)

Initial (%)

Nominal
amount

Effective
amount

21/3/02
25/11/02
27/12/02
28/12/02
31/3/03
16/8/02
13/6/02
26/4/02
19/12/02

RV
RV
RV
RV
RV

RV
RV
RV

3.94
3.94

4.35
3.75

4.60
7.80
4.18

1,000,000
500,000
500,000
100,000
60,101
167,000
159,600
100,000
150,000
2,000,000

1,000,000
500,000
500,000
100,000
60,101
167,000
159,600
100,000
150,000
2,000.000

3,736,701

3,736,701

BBVA INTERNATIONAL ....................................................

BPE PREFERENCE INTERNATIONAL..................................


CAIXA LAIETANA PREFERENCE.........................................
CAIXA PENEDES P.P.L. .......................................................
CAM CAPITAL....................................................................
SA NOSTRA PREFERENCE LIMITED ..................................
SOL MELIA FINANCIE .......................................................
TELEFONICA FINANCE USA, L.L.C. ..................................
TOTAL ...............................................................................

(1) F: fixed; PV: predetermined variable; RV: referenced variable; Z: zero coupon; O: other type.

A.1.8. FIXED-INCOME ISSUES REGISTERED AT THE CNMV.


CONVERTIBLE BONDS. 2002
Detail by issuer
Amounts in thousands of euros

Coupon

Issue
date

Maturity
date (1)

Type (2)

Initial (%)

Nominal
amount

Banks.................................................................................
BANKINTER.......................................................................
..........................................................................................

02/02/02
04/02/03

05/04/2010
05/04/2010

RV
RV

0.00
0.00

152,623
88,322
64,301

Communications................................................................
JAZZTEL.............................................................................

28/11/02

28/11/12

12.00

75,000
75,000

Extraction and transformation of non-energy minerals........


ARCELOR ..........................................................................

27/6/02

27/6/17

3.00

10,062
10,062

TOTAL ...............................................................................

237,685

(1) Last maturity date.


(2) F: fixed; PV: predetermined variable; RV: referenced variable; Z: zero coupon; O: other type.

101

Annual report on the Securities Markets. 2002

A.1.9. FIXED-INCOME ISSUES REGISTERED AT THE CNMV.


NON-CONVERTIBLE BONDS. 2002
Detail by issuer
Amounts in thousands of euros

Issue
date

Maturity
date (1)

Coupon
Type (2)

Initial (%)

Commerce and other services ...........................................


EROSKI ..............................................................................
21/6/02
21/06/02

RV
RV

8.00
8.00

90,000
90,000
60,000
30,000

4.33

180,304
180,304
180,304

Transport ...........................................................................
AUDASA............................................................................
12/4/02

16/5/12

Banks.................................................................................
B. ZARAGOZANO.............................................................
29/11/02

1/1/11

RV

3.25

01/10/02

1/10/10

RV

3.86

20/12/01

15/10/12

4.50

95.000
50,000
50,000
30,000
30,000
15,000
15,000

3.62

200,000
200,000
200,000

B. ATLANTICO...................................................................
B. GUIPUZCOANO...........................................................
Other financial institutions................................................
LICO LEASING ..................................................................
05/03/02

5/4/05

RV

Thrifts ................................................................................
BANCAJA...........................................................................
15/1/02
04/7/02

15/3/06
4/7/22

Z
RV

4.41

10/10/02
10/10/02

10/10/12
10/10/12

RV
RV

4.50
4.50

02/8/02
17/12/02

2/8/07
10/12/07

31/3/02
30/6/02
28/2/03

31/3/12
30/6/12
28/2/13

RV
RV
RV

4.00
4.00
3.25

25/10/02

1/10/12

RV

4.41

01/2/02
25/11/02

27/01/17
27/11/17

RV
RV

3.50
4.25

08/1/03

8/1/18

RV

4.00

30/12/02

30/12/12

RV

5.00

15/11/02

15/11/17

RV

4.00

C.A. SANTANDER Y CANTABRIA ......................................

CAIXA DE CATALUNYA.....................................................

CAIXA MANRESA ..............................................................

CAIXA SABADELL ..............................................................


CAIXA TARRAGONA .........................................................

CAIXANOVA......................................................................
CAJA DE ASTURIAS ...........................................................
CAJA DE EXTREMADURA .................................................
(1) Last maturity date.
(2) F: fixed; PV: predetermined variable; RV: referenced variable; Z: zero coupon; O: other type.

102

Nominal
amount

2,819,607
360,000
60,000
300,000
80,000
50,000
30,000
38,000
30,000
8,000
50,000
18,000
12,000
20,000
30,000
30,000
40,000
15,000
25,000
120,000
120,000
50,000
50,000
40,000
40,000

Annex 1: PRIMARY MARKETS

(Continued)

A.1.9. FIXED-INCOME ISSUES REGISTERED AT THE CNMV.


NON-CONVERTIBLE BONDS. 2002
Detail by issuer
Amounts in thousands of euros

Coupon

Issue
date

Maturity
date (1)

Type (2)

Initial (%)

1/4/02
3/7/02

1/4/05
1/10/12

F
RV

3.25
4.00

15/10/02

15/10/32

RV

5.00

1/3/02
16/10/02

1/3/08
16/10/10

F
RV

4.50
4.00

1/10/02

1/10/12

RV

5.25

1/8/02

1/8/12

RV

7.00

15/2/02
15/2/02
2/12/02

15/2/05
15/2/05
2/12/05

RV
RV
RV

4.50

31/10/02

30/4/08

RV

4.25

26/7/02
17/9/02
17/9/02

26/1/04
30/9/05
30/9/05

RV
RV
RV

4.00
4.00

26/6/02

18/6/12

RV

4.00

15/7/02

20/6/12

RV

4.10

15/7/02
22/10/02
27/12/02
27/12/02

15/7/14
22/10/07
27/12/14
27/12/14

RV
RV
RV
RV

5.00
5.00
4.50
4.50

12/4/02
22/7/02

12/4/12
22/7/12

20/12/02

10/12/08

RV

2.75

300,000
180,000
120,000
36,000
36,000
75,000
25,000
50,000
4,500
4,500
24,000
24,000
330,101
60,101
120,000
150,000
60,000
60,000
140,000
100,000
35,000
5,000
12,000
12,000
54,000
54,000
168,100
60,100
18,000
60,100
29,900
717,906
537,906
180,000
90,000
90,000

5.10

35,000
35,000
35,000

6.04

227,500
227,500
227.500

CAJA DE GALICIA .............................................................

CAJA GENERAL CANARIAS ...............................................


CAJA GENERAL DE GRANADA .........................................

CAJA GUADALAJARA........................................................
CAJA INSULAR CANARIAS ................................................
CAJA MADRID...................................................................

CAJA SAN FERNANDO......................................................


CAJA VITAL ........................................................................

CAJARIOJA.........................................................................
EL MONTE.........................................................................
IBERCAJA...........................................................................

LA CAIXA...........................................................................

UNICAJA ...........................................................................
Local authorities................................................................
AYUNTAMIENTO DE MADRID .........................................
21/12/01

21/12/11

Public authorities/other bodies .........................................


FERIA VALENCIA ...............................................................
10/6/02

10/6/27

TOTAL ...............................................................................

Nominal
amount

3,647,411

(1) Last maturity date.


(2) F: fixed; PV: predetermined variable; RV: referenced variable; Z: zero coupon; O: other type.

103

Annual report on the Securities Markets. 2002

A.1.10. FIXED-INCOME ISSUES REGISTERED AT THE CNMV.


MORTGAGE BONDS. 2002
Detail by issuer
Amounts in thousands of euros

Nominal
amount

Coupon

Issue
date

Maturity
date (1)

Type (2)

Initial (%)

Banks ................................................................................

7,000,000

BANESTO..........................................................................

1,000,000
1,000,000

27/3/02

27/3/17

5.75

3,000,000
3,000,000

26/9/02

26/9/07

4.25

3,000,000
3,000,000

23/9/02

1/10/03

BBVA.................................................................................

SCH...................................................................................

Thrifts................................................................................

4,704,000

CAIXANOVA .....................................................................

120,000
30,000
30,000
30,000
30,000

15/3/02
15/3/02
10/6/02
10/6/02

15/3/07
15/3/07
10/6/07
10/6/07

F
F
F
F

4.00
4.00
4.00
4.00

24,000
24.000

22/5/02

22/11/05

RV

3.25

60,000
60,000

11/12/02

17/1/06

VP

3.00

3,000,000
1,500,000
1,500,000

1/3/02
29/10/02

1/3/12
30/10/14

F
F

5.25
5.00

1,500,000
1,500,000

14/11/02

16/11/12

4.50

CAJA BADAJOZ.................................................................

CAJA ESPAA DE INVERSIONES ......................................

CAJA MADRID ..................................................................

LA CAIXA ..........................................................................
TOTAL...............................................................................

11,704,000

(1) Last maturity date.


(2) F: fixed; PV: predetermined variable; RV: referenced variable; Z: zero coupon; O: other type.

104

29/04/2002 (2)
27/11/2002 (2)

ASSET-BACKED COMMERCIAL PAPER (1)............................................................


AYT.4, GRANDES PRESTAMOS.............................................................................
SANTANDER I ......................................................................................................

(1) Issue programme.


(2) Programme registration date.

TOTAL BONDS.....................................................................................................
TOTAL COMMERCIAL PAPER .............................................................................
TOTAL...................................................................................................................

24/6/02
3/4/02
6/11/02
18/06/2002
6/3/02
22/02/2002
30/10/2002
3/4/02
25/11/02
9/12/02
11/4/02

17/04/ 2002
19/06/ 2002

28/06/2002

24/09/2002
16/12/2002
26/11/2002
17/12/02
15/10/2002
14/05/2002
14/11/2002

12/12/02
30/10/2002
29/05/2002

ASSET-BACKED BONDS .......................................................................................


AYT CEDULAS CAJAS III FTA ................................................................................
AYT FTGENCAT I ..................................................................................................
AYT. 9 ...................................................................................................................
AYT.7 ....................................................................................................................
BANCAJA 3, FONDO DE TITULIZACION DE ACTIVOS .......................................
FONDO DE TITULIZACION DE ACTIVOS UCI 8 .................................................
FTPYME BANCAJA 1.............................................................................................
FTPYME BANESTO 1 ............................................................................................
FTPYME TDA CAM 1 ............................................................................................
FTPYME TDA SABADELL 1 ...................................................................................
FTPYME TDA3 ......................................................................................................
HIPOCAT 5 ...........................................................................................................
HIPOTEBANSA X ..................................................................................................
HIPOTEBANSA XI .................................................................................................
SANTANDER CONSUMER 02-1 ...........................................................................
TDA 15-MIXTO.....................................................................................................

MORTGAGE-BACKED BONDS.............................................................................
AYT GENOVA HIPOTECARIO I, FONDO DE TITULIZACION HIPOTECARIA ......
AYT.11, FONDO DE TITULIZACION HIPOTECARIA ............................................
AYT.8, BARCLAYS HIPOTECARIO I, FONDO DE TITULIZACION HIPOTECARIA.
BANCAJA 4, FONDO DE TITULIZACION HIPOTECARIA.....................................
BANKINTER 4, FONDO DE TITULIZACION HIPOTECARIA.................................
BANKINTER 5, FONDO DE TITULIZACION HIPOTECARIA.................................
BZ HIPOTECARIO 4 FONDO DE TITULIZACION HIPOTECARIA ........................
FONCAIXA 6 FONDO DE TITULIZACION HIPOTECARIA ...................................
FONCAIXA HIPOTECARIO 5, FONDO DE TITULIZACION HIPOTECARIA..........
RURAL HIPOTECARIO III FONDO DE TITULIZACION HIPOTECARIA ................
RURAL HIPOTECARIO IV FONDO DE TITULIZACION HIPOTECARIA................

Issue
date

18,803,155
1,120,000
19,923,
155

1,120,000
120,000
1,000,000

12,026,755
3,500,000
397,000
188,000
319,800
520,900
600,000
600,000
500,000
600,000
600,000
225, 055
6 96,000
917,100
1,062,00 0
850,000
450,900

6,776,400
750,000
403,000
530,000
1,000,000
1,025,000
710,000
313,400
600,000
600,000
325,000
520,000

Total

14,23
6,855
1,120,000
15,356,855

1,120,000
120,0
00
1,000,000

7,460,455
3,5
00,000
397,000
188,000
319,800
520,900
160,000
174,6
00
162,6
00
42
,000
600,000
225,055
115,000
300
,100
100,000
288,500
366,900

6,776,400
750,000
403,000
530,000
1,000,000
1,025,000
710,000
313,400
600,000
600,000
325,000
520,000

Domestic
market

Effective amount offered

750,000
403,000
530,000
1,000,000
1,025,000
710,000
313,400
600,000
600,000
325,000
520,000

6,

776,400

Domestic
market

18,803,155
1,120,000
19,923,155

1,120,000
120,000
1,000,000

00

14,236,855
1,120,000
15,356,855

120,000
1,000,000

1,120,0

026,755
7,460,455
3,500,000
3,500,000
3
97,000
397,000
188,000
188,000
319,800
319,800
520,900
520,900
600,000
160,000
600,000
174,600
500,000
162,600
600,000
42,000
600
,000
600,000
225,055
225,055
696,000
115,000
917,100
300,100
1,062,000
100,000
850,000
2
88,500
450,900
366,900

12,

6,776,400
750,000
403,000
530,000
1,000,000
1,025,000
710,000
313,400
600,000
600,000
325,000
520,000

Total

Nominal amount offered

Amounts in thousands of euros

A.1.11. FIXED-INCOME ISSUES REGISTERED AT THE CNMV. ASSET-BACKED BONDS AND NOTES. 2002
Detail by issuer

Annex 1: PRIMARY MARKETS

105

Annual report on the Securities Markets. 2002

A.1.12. FIXED-INCOME ISSUES REGISTERED AT THE CNMV.


COMMERCIAL PAPER. 2002
Detail by issuer
Amounts in thousands of euros

Registered programmes

Placements

Outstanding
balance at
31-12-02

No.

Amount

Financial institutions ...............................................................................................................


AYT.4, GRANDES PRESTAMOS, FONDO DE TITULIZACION DE ACTIVOS (1) ......................
BANCO ATLANTICO, S.A. ......................................................................................................
BANCO DE ANDALUCIA, S.A. ...............................................................................................
BANCO DE CASTILLA, S.A. ....................................................................................................
BANCO DE CREDITO BALEAR, S.A. .......................................................................................
BANCO DE GALICIA, S.A. ......................................................................................................
BANCO DE LA PEQUEA Y MEDIANA EMPRESA, S.A. .........................................................BANCO DE SABADELL, S.A. ...................................................................................................
BANCO DE VASCONIA, S.A. ..................................................................................................
BANCO PASTOR, S.A..............................................................................................................
BANCO POPULAR ESPAOL, S.A. .........................................................................................
BANCO SANTANDER CENTRAL HISPANO, S.A.....................................................................
BANCO ZARAGOZANO, S.A. ................................................................................................
BANESTO BANCO DE EMISIONES, S.A..................................................................................
BANKINTER, S.A. ....................................................................................................................
BANSABADELL HIPOTECARIA, E.F.C., S.A..............................................................................
BBVA BANCO DE FINANCIACION, S.A. ................................................................................
BILBAO BIZKAIA KUTXA, AURREZKI KUTXA ETA BAHITETXEA ............................................
BILBAO HIPOTECARIA, E.F.C., S.A..........................................................................................
CAIXA DESTALVIS DE CATALUNYA.......................................................................................
CAJA DE AHORROS DE CASTILLA-LA MANCHA ...................................................................
CAJA DE AHORROS DE LA INMACULADA DE ARAGON......................................................
CAJA DE AHORROS DE MURCIA...........................................................................................
CAJA DE AHORROS DE SANTANDER Y CANTABRIA.............................................................
CAJA DE AHORROS DE VALENCIA, CASTELLON Y ALICANTE, BANCAJA .............................
CAJA DE AHORROS DEL MEDITERRANEO ............................................................................
CAJA DE AHORROS MUNICIPAL DE BURGOS......................................................................
CAJA DE AHORROS PROVINCIAL SAN FERNANDO DE SEVILLA Y JEREZ ............................
CAJA DE AHORROS Y MONTE DE PIEDAD DE GIPUZKOA Y SAN SEBASTIAN ....................
CAJA DE AHORROS Y MONTE DE PIEDAD DE MADRID ......................................................
CAJA DE AHORROS Y MONTE DE PIEDAD DE NAVARRA ....................................................
CAJA ESPAA DE INVERSIONES, CAJA DE AHORROS Y MONTE DE PIEDAD ......................
CAJA GENERAL DE AHORROS DE CANARIAS .......................................................................
CAJA GENERAL DE AHORROS DE GRANADA.......................................................................
CAJA LABORAL POPULAR COOP. DE CREDITO....................................................................
CORPORACION ANDINA DE FOMENTO ..............................................................................
CREDITER, SOCIEDAD ANONIMA, E.F.C. ..............................................................................
EDAMLEASING, E.F.C., S.A. ....................................................................................................
FONDO DE TITULIZACION DE ACTIVOS SANTANDER I (1) .................................................
J.P. MORGAN BANK, S.A........................................................................................................
LICO LEASING, S.A. SOCIEDAD DE ARRENDAMIENTO FINANCIERO..................................
MONTE DE PIEDAD Y CAJA DE AHORROS DE HUELVA Y SEVILLA ......................................
MONTES DE PIEDAD Y CAJA DE AHORROS DE RONDA, CADIZ, ALMERIA,
MALAGA Y ANTEQ .................................................................................................................
SA NOSTRA DE INVERSIONES, E.F.C., S.A. ............................................................................
SANTANDER CENTRAL HISPANO LEASE, S.A. E.F.C. .............................................................
SANTANDER CONSUMER FINANCE, S.A...............................................................................
UNION FINANCIERA ASTURIANA, S.A..................................................................................

41
1
1
1
1
1
1

1
1
1
1
1
1

96,614,167
343,800
1,870,040
2,406,243
551,850
100,038
1,183,317
19,621
1,267,921
915,588
811,730
17,128,560
11,454,600
4,276,932

6,603,629
131,056
10,343,462
5,319,561
29,356
5,569,040
306,300
290,100
387,611
343,668
2,747,862
2,025,370
506,700
423,200
401,500
532,460
736,800
466,700
226,235
210,100
2,447,207
609,900
16,686
39,487
5,770,200

321,300
1,177,202

20,365,121
83,300
222,670
126,654
30,585
6,054
116,427

1
1
1
1
1
1
1
1
1
2
1
1
1
1
1
1
1
1
1

1
1

36,548,200
120,000
232,000
210,000
120,000
30,000
300,000
463,425
1,200,000
270,000
1,000,000
2,000,000
6,000,000
600,000

3,000,000

6,000,000
1900,000
12,000
1,800,000
300,000
190,000
600,000
300,000
600,000
600,000
300,500
450,000
300,500
2,000,000
450,700
300,000
90,000
300,500
450,000
500,000
10,000

1,000,000

300,000
600,000

1
1

600,000

2,500,000
12,000

331,100
27,910

5,475,578
22,843

261,400
3,447
35,887
988,894
7,617

Energy and water ....................................................................................................................


ENDESA, S.A. ..........................................................................................................................
HIDROELECTRICA DEL CANTABRICO, S.A. (ABSORBIDA) ....................................................
IBERDROLA, S.A. ....................................................................................................................
RED ELECTRICA DE ESPAA, S.A. ..........................................................................................
UNION FENOSA, S.A. ............................................................................................................

5
1
1
1
1
1

5,848,000
2,500,000
180,000
1,500,000
168,000
1,500,000

5,004,934
1,089,578
198,385
2,191,872
380,100
1,144,999

1,739,005
462,765
110,700
699,020
163,800
302,720

Real estate...............................................................................................................................
PROMOTORA CATALUNYA MEDITERRANEA S.A..................................................................
VALLEHERMOSO, S.A.............................................................................................................

2
1
1

295,000
75,000
220,000

482,844
12,714
470,130

232,047
57,222
174,825

Transport and communications ..........................................................................


AUTOPISTA CONCESIONARIA ASTUR-LEONESA, S.A...........................................................
RED NACIONAL DE LOS FERROCARRILES ESPAOLES ........................................................
TELEFONICA, S.A....................................................................................................................

4
1
1
2

2,884,400
184,400
700,000
2,000,000

4,275,650
184,400
2,688,070
1,403,180

1,278,060
184,400
394,310
699,350

TOTAL.....................................................................................................................................

52

45,575,600

106,377,595

23,614.233

(1) Asset securitisation. The amount of the registered programmes is also included in the total of table A.1.11.

106

591,840
51,549
319,151
1,420,728
1,052,949
406,539
3,600,000
1,889,509
23,285
2,459,779
623,949
3,763
1,318,910
68,400
173,100
36,355
143,370
428,700
396,270
262,400
96,600
0
532,460
441,100
125,000
19,744
86,600
129,385
99,700
9,841
20,313
1,000,000
7,878
233,200
390,198

TOTAL ...............................................................................

(1) Premium amount.


(2) Nominal amount of contract.
(3) Certified.

1
1

1
1

1
1
1
1

B. GUIPUZCOANO...........................................................
B. VITORIA ........................................................................
BANESTO ..........................................................................
BANESTO EMISIONES.......................................................
BANIF................................................................................
BBVA.................................................................................
BBVA BANCO DE FINANCIACION...................................
BNP EMISSIONS................................................................
CAJA RURAL ARAGONESA Y PIRINEOS, C.C. ..................
CAJA RURAL DE ZAMORA ...............................................
CAJA RURAL DEL SUR, S. COOP. DE CREDITO ...............
CAJAMAR ..........................................................................
CITIBANK..........................................................................
CITIBANK AG....................................................................
COMMERZBANK ..............................................................
DEUTSCHE BANK, AG ......................................................
FIBANC .............................................................................
IBERCAJA...........................................................................
LA KUTXA CAJA GUIPUZCOA.....................................
SCH...................................................................................
SCH INVESTMENT ............................................................
SOCIETE GENERALE ACCEPTANCE...................................
UBS ...................................................................................

Issuers

1,132

38

300
91

50
138

3
179
290
43

Issues

Number of

2,338,903

42,690

438,957
229,973

204,680
509,720

10,166
52,624
672,680
177,413

Total

Fix.inc.

56,792
17,650

96,675
133,050

5,452
15,861
267,800
72,338

Indexes

1,652,480 665,619

42,690

382,165
212,323

108,005
376,670

4,714
36,559
384,280
105,075

Shares

Amount (1)

Warrants

20,804

204
20,600

Other

14

1
1
1

1
1

1
1
1
1
1

1
1
1
1

28

Total

Fix. inc. Shares

Amount (2)
Indexes

,658,450 89,998 1,368,452 200,000

72,000

72,000

3,999

3,999

740,251 89,998 650,253

8,000

8,000

564,298

564,298

4,000

4,000

2,000

2,000

3,000

3,000

4,200

4,200

18,000

18,000

(3)
200,000

200,000
200

200

36,000

36,000

2,502

2,502

Issues

4
2
7

1
5

1
1
1
1
1

1
1
1
1

Issuers

Number of

Other financial contracts

Amounts in thousands of euros

A.1.13. ISSUES OF WARRANTS AND OTHER FINANCIAL CONTRACTS REGISTERED AT THE CNMV. 2002
Detail by issuer

Annex 1: PRIMARY MARKETS

107

Annex 2
Secondary markets

Agriculture and fishing ....................................


Energy and water .............................................
Mining..............................................................
Oil....................................................................
Electricity .........................................................
Water and gas ..................................................
Basic metal industries ......................................
Cement and construction materials .................
Cement.............................................................
Construction materials......................................
Chemical industry............................................
Metal processing..............................................
Other processing industries .............................
Food. beverages and tobacco ...........................
Paper & printing ...............................................
Other manufacturing industries ........................
Construction ....................................................
Commerce and other services .........................
Commerce and other services .........................
Media...............................................................
High technology...............................................
Transport and communications........................
Transport .........................................................
Car parks and toll roads ...................................
Communications ..............................................
Financial institutions, insurance, etc................
Banks, thrifts & other financial institutions .......
Insurance..........................................................
Porfolio companies...........................................
Real estate .......................................................
GRAND TOTAL ...............................................

SECTOR
Q2
2.6
3.9
2.1
16.3
22.6
8.7
5.0
3.2
7.1
2.1
8.6
1.2
5.1
3.2
0.4
11.6
9.1
3.2
3.9
0.1
2.9
3.3
0.7
7.3
4.4
17.9
0.7
3.8
0.7

Q1
21.1
1.0
3.5
15.4
35.2
2.4
0.1
4.8
12.4
4.7
11.3
1.1
3.4
1.4
5.0
10.5
9.3
2.8
3.4
2.9
4.2
1.5
2.5
10.7
2.4
21.6
3.8
61.1
16.4

16.3
9.6
46.1
5.3

Q3
9.3
4.9
1.7
15.5
17.6
12.6
0.7
3.5
6.6
0.6
6.1
1.5
4.9
3.1
2.0
10.0
7.8
2.1
1.9
0.1
3.3
5.5
1.0
12.1
7.0

Net revenues

15.2
0.4
22.6
6.8

Q4
16.3
5.5
4.2
13.8
10.5
10.7
3.5
3.9
3.7
4.1
4.7
1.6
7.1
3.6
1.2
16.9
8.1
5.8
7.5
0.6
4.0
6.8
0.1
8.1
8.5
7.5
47.8
38.8
20.2

2002
1.0
1.9
2.8
3.0
9.9
12.8
0.6
9.5
16.1
1.6
5.9
6.6
5.0
9.2
5.7
1.9
15.7
5.8
3.4
8.6
11.7
8.7
6.1
13.7
9.0
70.6
430.0
8.0
11.0
12.2
16.3
17.6
44.8
52.9

Q1
41.9
19.8
16.3
40.2
2.8
1.5
12.4
3.0
8.3
25.6
44.6
10.4
3.7
0.9
65.3
21.7
5.1
17.9
19.7
43.2
5.5
98.4
15.3
1.8
1.5
17.8
42.6
10.1
15.5

Q2
101.9
14.5
11.7
11.3
20.9
15.7
4.8
7.7
12.0
11.7
30.6
14.1
0.8
1.7
38.4
18.4
3.9
39.8
32.9

A.2.1. SECONDARY MARKETS.


NET REVENUES AND EARNINGS OF LISTED COMPANIES. 2002

12.2
13.2
28.5
1.1
14.6
41.7

159.7
5.6

Q3
19.3
17.6
10.3
15.4
22.2
2.7
24.0
15.6
19.4
0.9
19.5
9.1
7.8
5.9
9.9
17.5
3.8
22.1
32.1
158.8
62.6

Earnings before taxes

8.2
8.4
8.6
18.8
26.4
63.1

13.5

2.3

Q4
160.8
3.8
34.5
10.9
3.0
3.9
7.5
12.4
17.3
9.0
33.1
12.7
13.6
7.2
3.3
29.4
5.7
29.8
26.4

6.5
29.1
4.5
3.9
165.4
41.1
20.9
12.9

2002
233.1
27.1
14.9
35.9
22.6
0.0
56.5
3.1
1.0
11.4
15.0
1.0
22.8
21.2
54.5
22.7
18.1
15.5
5.7
44.6
31.5
31.9

Year-to-date change (%)

Annex 2: SECONDARY MARKETS

111

Annual report on the Securities Markets. 2002

A.2.2.1. SECONDARY MARKETS. EQUITIES.


WORLD MARKETS IN 2002. STOCK MARKET INDEXES.
Period
1994 ...............
1995................
1996................
1997................
1998................
1999................
2000................
2001................
2002................
Q1...................
Q2...................
Q3...................
Q4...................

Period
1994 ...............
1995................
1996................
1997................
1998................
1999................
2000................
2001................
2002................
Q1...................
Q2...................
Q3...................
Q4...................

Index yield (%) (a)


Dow Jones
2.1
33,5
26.0
22.6
16.1
25.2
6.2
7.1
16.8
3.8
11.2
17.9
9.9

Nasdaq

Nikkei

FTSE 100

CAC 40

DAX 30

Mib 30

IBEX 35

3.2
39,9
22.7
21.6
39.6
85.6
39.3
21.1
31.5
5.4
20.7
19.9
13.9

13.2
0,7
2.6
21.2
9.3
36.8
27.2
23.5
18.6
4.6
3.7
11.7
8.6

10.3
20,3
11.6
24.7
14.6
16.2
10.2
16.2
24.5
1.0
11.7
20.1
5.9

17.1
0,5
23.7
29.5
31.5
52.8
0.5
22.0
33.7
1.4
16.9
28.7
10.3

7.1
7,0
28.2
47.1
17.8
39.0
7.5
19.8
43.9
4.6
18.8
36.8
4.5

3.1
4,2
11.1
58.9
40.9
22.3
1.7
26.2
26.0
3.1
16.3
22.5
10.7

14,6
17.6
42.0
40.8
35.6
18.3
21.7
7.8
28.1
1.8
16.2
21.4
11.1

Euro Stoxx 50 Euronext 100

46.7
2.7
20.2
37.3
0.6
17.2
29.6
8.3

32.5
2.4
16.2
28.2
9.4

Index volatility (%) (b)


Dow Jones

Nasdaq

Nikkei

FTSE 100

CAC 40

DAX 30

Mib 30

10.6
9.5
11.2
17.5
18.0
15.8
19.4
20.2
23.5
16.5
17.1
31.1
28.9

11.0
12.3
14.8
17.1
24.0
27.1
44.6
42.0
33.4
27.5
31.3
39.8
34.9

17.1
21.2
14.3
24.4
27.5
19.8
21.5
27.6
25.1
25.7
21.1
27.9
25.6

13.3
9.8
9.1
13.9
19.7
18.2
18.4
20.5
23.8
13.9
12.4
38.1
30.3

17.4
16.8
12.5
20.9
24.1
19.1
23.0
24.4
31.9
19.4
18.5
47.4
41.7

16.7
12.8
11.3
22.2
26.2
22.0
23.2
26.7
35.7
23.0
20.2
49.7
49.1

21.4
19.0
18.1
21.7
30.4
20.4
21.8
23.8
26.8
19.8
17.9
35.2
33.6

IBEX 35
18.3
13.1
12.2
20.3
27.7
19.7
23.1
26.0
28.6
22.8
17.8
41.1
32.2

Euro Stoxx 50 Euronext 100

19.3
22.2
25.2
33.7
21.7
19.1
49.4
43.7

30.7
17.0
16.4
44.4
38.5

(a) Change at end of period over last session of previous period.


(b) Arithmetic mean of annualised daily volatilities in the period. Daily volatility is defined as the standard deviation of the daily index yield in the last 30 sessions.
Sources: FIBV and CNMV.

112

Annex 2: SECONDARY MARKETS

A.2.2.2. SECONDARY MARKETS. EQUITIES.


WORLD MARKETS IN 2002. TRADING VOLUME, P/E AND DIVIDEND YIELD.
Period

Trading volume
NYSE

Nasdaq

Tokio

LSE

Euronext

Germany

Spain

Euro zone

1995 (Bn $) .................


1996 (Bn $) .................
1997 (Bn $) .................
1998 (Bn $) .................
1999 (Bn $) .................
2000 (Bn $) .................
2001 (Bn $) .................
2002 (Bn $) .................

3,082.9
4,063.4
5,777.6
7,317.9
8,945.2
11,060.0
10,489.3
10,311.2

2,398.2
3,301.8
4,481.7
5,518.9
10,466.6
19,798.8
11,000.2
7,254.6

888.4
938.8
896.1
750.8
1,675.6
2,315.5
1,660.5
1,565.8

1,138.4
1,360.3
1,989.5
2,888.0
3,399.3
4,558.7
4,550.5
3,998.5

213.4
282.0
414.3
587.9
770.1
1,161.9
3,179.8
1,987.2

606.5
811.6
1,067.7
1,491.8
1,551.5
2,120.1
1,439.9
1,208.0

94.5
103.3
203.3
488.2
539.4
1,106.4
710.2
636.8

63.6
100.7
184.6
291.6
305.6
454.6
397.2
421.3

6,209.8
8,982.8
7,745.0
4,495.6

Change 1996/1995 (a)...


Change 1997/1996 (a)...
Change 1998/1997 (a)...
Change 1999/1998 (a)...
Change 2000/1999 (a)...
Change 2001/1999 (a)...
Change 2001/1999 (a)...

31.8
42.2
26.7
22.2
23.6
5.2
1.7

37.7
35.7
23.1
89.6
89.2
44.4
34.1

21.2
5.7
10.3
123.2
34.0
18.5
3.8

20.2
40.1
43.2
17.7
42.7
5.0
15.8

36.0
67.2
42.0
31.0
59.0
33.3
41.1

41.0
51.4
40.8
4.0
55.8
29.8
20.6

3.4
117.8
143.1
10.5
116.5
28.2
15.8

61.9
111.7
60.2
10.8
70.1
9.8
0.1

66.2
31.7
30.2

% of NYSE:
1995............................
% s/NYSE 1996 ...........
% s/NYSE 1997 ...........
% s/NYSE 1998 ...........
% s/NYSE 1999 ...........
% s/NYSE 2000 ...........
% s/NYSE 2001 ...........
% s/NYSE 2002 ...........

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

77.8
81.3
77.6
75.4
117.0
179.0
104.9
70.4

28.8
23.1
15.5
10.3
18.7
20.9
15.8
15.2

36.9
33.5
34.4
39.5
38.0
41.2
43.4
38.8

6.9
6.9
7.2
8.0
8.6
10.5
30.3
19.3

19.7
20.0
18.5
20.4
17.3
19.2
13.7
11.7

3.1
2.5
3.5
6.7
6.0
10.0
6.8
6.2

2.1
2.5
3.2
4.0
3.4
4.1
3.8
4.1

69.4
81.3
73.8
43.6

Period

Italy

P/E and dividend yield (b)


USA

Japan

UK

France

Germany

Italy

Spain

P/E:
1995............................
1996............................
1997............................
1998............................
1999............................
2000............................
2001............................
2002............................

17.2
19.3
22.9
30.2
30.7
26.1
33.3
22.6

105.2
108.7
41.9
185.2
NEG
57.5
38.0
NEG

15.1
14.9
16.8
20.4
26.1
23.8
19.6
14.7

23.8
48.7
24.0
26.2
36.0
28.0
22.7
39.0

25.5
27.6
22.7
23.5
32.3
23.0
20.2
19.4

26.9
18.9
24.7
25.0
31.1
27.1
16.8
19.6

12.6
16.8
22.2
26.1
26.4
20.2
17.6
15.8

DIVIDEND YIELD:
1995............................
1996............................
1997............................
1998............................
1999............................
2000............................
2001............................
2002............................

2.3
2.0
1.8
1.3
1.1
1.2
1.4
1.8

0.7
0.8
0.8
1.0
0.6
0.8
0.9
1.1

4.0
3.9
3.3
2.5
2.2
2.2
2.7
3.6

3.4
2.8
2.5
2.1
1.5
1.7
2.4
3.7

2.7
2.3
2.0
1.9
1.6
2.2
2.8
2.6

2.1
2.4
2.0
1.4
1.5
2.0
2.7
4.1

3.8
2.8
2.5
1.5
1.6
1.7
2.0
2.7

(a) Local currency.


(b) P/E: ratio of market capitalisation to earnings. Dividend yield: ratio of dividend received to capitalisation (%). Morgan Stanley. NEG: negative.
Sources: FIBV, Morgan Stanley and CNMV.

113

Annual report on the Securities Markets. 2002

A.2.3. SECONDARY MARKETS. EQUITIES.


SPANISH STOCK MARKET INDEXES IN 2002

Period

Yield (change over previous period, in % terms)


Madrid

Barcelona

Bilbao

Valencia

1994........................................
1995........................................
1996........................................
1997........................................
1998........................................
1999........................................
2000........................................
2001........................................
2002........................................

11.7
12.3
39.0
42.2
37.8
16.2
12.7
6.4
23.1

10.8
13.1
42.8
40.0
33.5
23.2
6.8
9.6
31.2

10.2
20.4
47.8
45.6
40.0
21.4
18.6
9.9
25.7

8.9
18.7
44.2
40.7
34.0
18.3
12.0
7.6
27.8

Q1
Q2
Q3
Q4

0.6
12.8
20.3
10.0

2.5
19.1
21.6
11.2

1.9
14.7
19.2
9.9

2.0
16.5
21.5
12.4

..........................................
..........................................
..........................................
..........................................
Period

IBEX 35

N. Mercado (*)

Latibex

14.6
17.6
42.0
40.8
35.6
18.3
21.7
7.8
28.1

66.3
22.4
47.3

23.4
6.6
34.4

1.8
16.2
21.4
11.1

8.8
25.9
34.1
0.8

10.9
31.8
26.9
18.6

Latibex

Volatility (%) (**)


Madrid

Barcelona

Bilbao

Valencia

IBEX 35

N. Mercado (*)

1994........................................
1995........................................
1996........................................
1997........................................
1998........................................
1999........................................
2000........................................
2001........................................
2002........................................

16.9
11.8
11.0
19.0
24.8
17.7
20.7
23.5
25.2

18.6
13.7
13.5
19.9
25.3
18.4
19.5
28.0
30.0

17.7
12.6
11.9
19.2
25.6
18.5
22.4
23.8
26.2

17.4
14.4
12.3
19.4
24.8
17.5
21.2
26.4
29.0

18.3
13.1
12.2
20.3
27.7
19.7
23.1
26.0
29.0

46.5
43.1
33.1

38.8
23.8
26.7

Q1
Q2
Q3
Q4

20.1
15.8
35.9
28.8

23.7
19.4
42.4
34.0

22.3
17.4
36.7
28.0

22.0
17.6
41.7
34.4

23.1
18.2
41.3
32.9

26.1
22.2
41.5
42.5

22.9
18.0
32.9
32.8

..........................................
..........................................
..........................................
..........................................

(*) The Nuevo Mercado became operational on 11 April 2000. Its index started from a baseline of 10,000 on 7 April 2000.
(**) The volatility in each period is defined as the arithmetic mean of annualised daily volatilities.
Daily volatility is defined as the standard deviation of the daily index yield in the last 30 sessions.

114

17.7
15.9
24.8
20.1

Q1
Q2
Q3
Q4

14.6
16.0
24.4
31.5

17.3
22.4

Investment

10.1
2.9
22.6
10.7

19.2
8.4

Investment

16.2
12.7
28.7
26.0

16.1
21.9

Energy

2.4
8.2
16.5
6.6

1.6
20.3

Energy

19.4
16.9
21.8
17.7

20.0
19.4

2.5
12.7
28.9
15.7

10.5
26.3

Finance

26.7
20.4
42.1
42.5

30.6
34.6

Finance

Volatility (%) (2)


Construction

13.7
4.1
13.9
2.3

17.3
4.2

Construction

Yield (change over previous period, in % terms

33.0
30.3
49.6
39.4

39.2
39.5

Communications

9.2
32.3
14.8
11.6

12.4
41.6

Communications

11.6
11.0
17.3
15.9

16.3
14.4

Market

11.2
1.7
20.6
6.9

3.2
7.3

Market

20.9
15.8
31.4
29.0

23.5
25.5

General

0.6
12.8
20.3
10.0

6.4
23.1

General

(1) In early 2002, in order to better represent current market operations, the Madrid Stock Exchange implemented a new classification of sector indexes comprising seven sectors. The 2001 data is based on the information from the
Madrid Stock Exchange itself and is set out for comparison purposes. Data before this classification can be seen in previous annual reports.
(2) The volatility in each period is defined as the arithmetic mean of annualised daily volatilities. Daily volatility is defined as the standard deviation of the daily index yield in the last 30 sessions.

.............................
.............................
.............................
.............................

18.9
20.3

2001...........................
2002...........................

Period

Consumer

6.2
3.6
6.2
3.1

Q1
Q2
Q3
Q4

.............................
.............................
.............................
.............................

3.6
1.0

Consumer

2001...........................
2002...........................

Period

A.2.4. SECONDARY MARKETS. EQUITIES.


SECTOR INDEXES (MADRID STOCK EXCHANGE). 2002 (1)

Annex 2: SECONDARY MARKETS

115

Annual report on the Securities Markets. 2002

A.2.5. SECONDARY MARKETS. EQUITIES.


CAPITALISATION AND COMPANIES LISTED ON THE SPANISH
STOCK EXCHANGES
Data for end of period

MADRID BARCELONA

BILBAO

VALENCIA

83,886.3
99,953.1
139,279.9
201,179.9
276,507.3
362,926.2
501,051.8
485,526.5
409,327.8

79,391.9
90,611.6
126,742.8
185,754.5
259,563.2
340,599.3
483,718.3
469,971.4
414,081.1

Pro Memoria
Total

Elec. Mkt. (*)

Outcry

Latibex

125,582.1
142,015.0
194,990.1
273,691.3
355,660.3
464,453.7
581,090.8
580,028.8
478,342.4

116,110.1
131,796.5
183,575.7
259,020.0
333,138.0
419,815.3
471,123.8
444,603.3
339,634.5

9,472.0
10,218.4
11,414.4
14,671.3
22,521.7
39,564.4
55,100.6
69,334.3
74,020.0

5,073.9
54,866.4
66,091.1
64,687.9

Capitalisation (Mn): ..........


1994................................
1995................................
1996................................
1997................................
1998................................
1999................................
2000................................
2001................................
2002................................

122,068.0
138,205.7
190,425.3
267,420.0
345,827.0
445,674.5
555,609.4
552,403.9
451,441.9

No. of listed companies:......


1994................................
1995................................
1996................................
1997................................
1998................................
1999................................
2000................................
2001................................
2002................................

375
363
358
384
481
719
1,022
1,477
1,843

313
305
303
321
375
483
567
715
800

262
240
242
248
250
270
305
413
433

215
209
211
215
275
380
455
593
617

652
615
606
663
872
1,367
1,869
2,512
3,000

127
127
134
143
149
143
144
143
141

525
488
472
520
723
1,219
1,714
2,352
2,836

5
11
17
23

No. of active companies:.....


1994................................
1995................................
1996................................
1997................................
1998................................
1999................................
2000................................
2001................................
2002................................

223
205
206
222
222
459
955
1,374
1,769

177
161
159
155
155
299
569
653
733

117
114
117
105
105
116
321
364
366

106
98
102
100
100
235
467
532
551

608
585
593
650
650
1,365
1,761
2,384
2,899

127
126
134
143
143
146
149
147
140

481
459
459
507
507
1,219
1,600
2,220
2,737

5
12
17
22

114,985.6
130,690.1
182,185.7
255,181.2
327,499.0
425,508.0
529,125.1
515,398.6
418,392.4

(*) Elec. Mkt.: Electronic market.


Active companies are those which were listed at the end of the period and had registered a trade during the year.
Their capitalisation is calculated using the price of the last trade.
Companies in which there were no trades are assigned zero capital as there is no reference price.
Elec. Mkt.: Electronic market.
Pro memoria:
Listed capital of foreign companies (effective, in millions of euros)

Bayer .......................................
Volkswagen .............................
Jazztel......................................
EADs........................................
Reno de Medici .......................
Mela Inversiones Americanas .
Commerzbank .........................
Lafarge.....................................
Arcelor.....................................
TOTAL .....................................
% of total capitalisation ...........

116

1996
20,394.7
7,805.3

6,276.4
4,190.3

38,666.7
19.8

1997
20,740.3
13,809.5

11,779.2
5,614.7

51,943.7
19.0

1998
22,123.3
17,704.0

458.0

6,806.5

47,091.7
13.2

1999
26,910.9
14,715.1

314.,5

41,940.4
9.0

2000
32,911.6
14,391.1
810.5
18,805.6
245.2
289.3

67,453.4
11.6

2001
23,325.7
13,635.1
346.5
10,883.4
163.6

48,354.4
8.3

2002
13,100.7
9,450.1
275.8
7,949.7
95.6

6,119.5
36,991.5
7.7

Annex 2: SECONDARY MARKETS

A.2.6. SECONDARY MARKETS. EQUITIES.


CONCENTRATION OF CAPITAL ON THE SPANISH STOCK MARKETS
BY SECTOR. 2002
Number of issuers required to attain a given level of capitalisation

Electronic market
Sector

Outcry (4 exchanges)

25%

50%

75%

Total

25%

50%

1
1
1
1
1
1
1
1
2
2
1
2

2
2
2
1
1
1
2
1
3
3
2
4

2
4
3
3
1
1
2
2
4
4
3
9

4
11
13
4
5
17
16
15
6
10
11
20

0
1
1
1
1
1
1
1
1
1
1
1

0
1
2
1
1
2
1
1
1
1
1
1

0
1
2
2
1
4
1
1
1
4
1
2

0
2
5
5
1
8
3
4
2
23
3
8

TOTAL NON-FINANCIAL SECTOR

19

132

64

12
13
14
15
16

1
1
1
1
1

2
2
1
1
1

4
2
2
1
1

23
3
4
1
1

1
1
1
110
0

1
1
2
642
0

1
1
3
1,419
0

1
1
22
2,748
0

TOTAL FINANCIAL SECTOR

32

105

632

1,417

2,772

TOTAL 2002

10

23

164

85

575

1,397

2,836

TOTAL 2001

19

161

63

400

1,105

2,356

TOTAL 2000

14

155

50

266

744

1,714

0
1
2
3
4
5
6
7
8
9
10
11

OIL
ENERGY AND WATER
MINING AND BASE METALS
CEMENT AND CONSTRUCTION MATERIALS
CHEMICALS
TEXTILE & PAPER
METAL-MECHANICAL
FOOD
CONSTRUCTION
REAL ESTATE
TRANSPORT & COMMUNICATIONS
OTHER

BANKS
INSURANCE
PORTFOLIO COMPANIES
SIM
FINANCE COMPANIES

2002 Gini index

0.78

0.44

2001 Gini index

0.80

0.44

2000 Gini index

0.83

0.47

75%

Total

Notes:
The total columns indicate the number of companies listed at the end of the related year.
In the case of issuers listed on more than one market, the capitalisation was taken as that on the market the share is traded most frequently.

117

Annual report on the Securities Markets. 2002

A.2.7. SECONDARY MARKETS. EQUITIES.


CAPITALISATION ON THE SPANISH STOCK MARKETS
BY SECTOR. 2002
Percentage of capitalisation

Sector
0
1
2
3
4
5
6
7
8
9
10
11

OIL
ENERGY & WATER
MINING & BASE METALS
CEMENT & CONSTRUCTION MATERIALS
CHEMICALS
TEXTILE & PAPER
METAL-MECHANICAL
FOOD
CONSTRUCTION
REAL ESTATE
TRANSPORT & COMMUNICATIONS
OTHER

Total
2001

Electronic market (*) Outcry (4 exchanges)


2002

2001

2002

2001

2002

Latibex
2001

2002

4.0
11.5
1.5
0.5
4.5
2.8
4.9
1.9
2.2
1.1
24.8
5.2

7.4
9.7
4.8
0.6
3.1
3.5
4.4
2.3
2.9
1.6
20.4
4.0

5.2
11.7
1.1
0.5
5.8
3.3
6.3
2.3
2.9
1.1
25.3
6.7

5.9
11.7
3.3
0.6
4.4
4.5
6.2
3.0
4.1
1.8
22.5
5.3

0.0
0.1
0.3
1.1
0.1
0.2
0.3
0.9
0.0
2.3
1.3
0.4

0.0
0.2
0.1
1.3
0.1
0.2
0.0
1.1
0.0
2.1
0.7
0.4

0.0
21.8
5.5
0.0
0.0
2.3
0.0
0.0
0.0
0.0
45.3
0.0

23.7
9.9
17.8
0.0
0.0
2.2
0.0
0.0
0.0
0.0
31.5
1.4

TOTAL NON-FINANCIAL SECTOR

64.9

64.8

72.4

73.4

7.1

6.1

75.0

86.5

12
13
14
15
16

22.8
0.6
0.6
10.9
0.1

19.5
0.7
0.6
14.3
0.0

26.2
0.6
0.7
0.0
0.0

25.0
0.9
0.7
0.0
0.0

0.1
0.8
0.6
91.5
0.0

0.1
0.6
0.5
92.7
0.0

24.2
0.0
0.0
0.0
0.8

13.2
0.0
0.0
0.0
0.3

35.1

35.2

27.6

26.6

92.9

93.9

25.0

13.5

100.0

100.0

100.0

100.0

100.0

100.0

100.0

100.0

BANKS
INSURANCE
PORTFOLIO COMPANIES
SIM
FINANCE COMPANIES

TOTAL FINANCIAL SECTOR


TOTAL
TOTAL (millions of euros)

580,028.8 478,342.4 444,603.3 339,634.5 69,334.3 74,020.0 66,091.1 64,687.9

(*) Excluding Latibex.


Notes:
Electronic market: Percentage of the sector capitalisation for shares traded on the electronic market.
In the case of issuers listed on more than one market, the capitalisation was taken as that on the market where the share is traded most frequently.

118

Annex 2: SECONDARY MARKETS

A.2.8. SECONDARY MARKETS. EQUITIES. OWNERSHIP OF SHARES OF LISTED


COMPANIES* (MADRID STOCK EXCHANGE)

1992..........
1993..........
1994..........
1995..........
1996..........
1997..........
1998..........
1999..........
2000..........
2001..........

Banks and
thrifts

Insurance
companies

15.6
13.4
15.1
15.1
14.1
12.9
11.7
12.8
7.3
7.9

3.4
2.2
2.7
2.8
2.2
2.6
2.8
3.0
2.3
2.3

Collective
Public
Non-financial
investment administration companies
1.7
1.9
3.0
4.2
5.0
7.6
7.4
5.8
4.8
4.9

16.6
16.4
13.8
12.2
10.9
5.6
0.6
0.3
0.2
0.2

7.7
6.9
6.8
6.7
6.9
5.9
5.5
10.1
20.3
21.7

Households

Foreign

TOTAL

24.4
24.8
22.8
22.2
23.6
30.0
35.1
33.6
30.5
28.0

30.6
34.4
35.9
36.7
37.4
35.6
36.9
34.3
34.7
35.0

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

* Only domestic companies.


Source: Madrid Stock Exchange Market Report dated August-September 2002.

119

Annual report on the Securities Markets. 2002

A.2.9. SECONDARY AND DERIVATIVES MARKETS.


TRADING VOLUME

SECONDARY MARKETS
EQUITIES (a)
Electronic market
Outcry market (b)
FIXED-INCOME
Govt. debt book-entry market (c,d)
Bonds and debentures
LTreasury bills
Exchanges (a)
Electronic market
Outcry market
AIAF (c)
Commercial paper
Matador bonds
Mortgage bondss
Bonds and debentures
FUTURES & OPTIONS MARKETS
MEFF RF
Govt. bond futures
Govt. bond options
Mibor futures & options
Euribor futures
MEFF RV
Ibex-35+ futures
Ibex-35+ options
Stock futures
Stock options
S&P contracts
TOTAL MEFF
TOTAL EUROMEFF
European govt. bond futures
European index contracts
Other
Madrid Stock Exchange warrants (e)
FC&M

Futures

(a) Effective amount.


(b) Includes second step.
(c) Nominal amount.
(d) Includes only outright spot trades.
(e) Traded premiums, in millions of euros.
Source: Bank of Spain and CNMV.

120

Trading volume in millions of euros


2001

2002

Change (%)

444,276.9
440,604.8
3,672.1

444,917.6
439,950.4
4,967.3

27.8
0.1
35.3

1,964,678.1
1,899,590.3
65,087.9
57,463.1
2,383.8
55,079.3
143,732.8
100,812.0
2,000.7
2,100.1
38,820.0

2,310,943.1
2,270,847.2
40,095.9
71,140.2
2,046.3
69,093.9
272,469.9
212,701.6
3,458.0
4,164.0
52,146.3

17.6
19.5
38.4
23.8
-14.2
25.4
89.6
111.0
72.8
98.3
34.3

Number of contracts, unless stated otherwise


2001

2002

Change (%)

284,642
284,642
0
0
0

51,060
51,060
0
0
0

82.1
82.1

30,652,401
4,206,094
537,127
7,389,886
18,505,350
13,943

27,866,867
3,515,016
441,745
9,630,899
14,278,332
875

9.1
16.4
17.8
30.3
22.8
93.7

30,937,043

27,917,927

9.8

3,238,900

4,198,261

29.6

2,618,855
617,278
2,767

2,583,383
1,604,330
10,548

1.4
159.9
281.2

1,636.0

1,232.4

24.7

Annex 2: SECONDARY MARKETS

A.2.10. SECONDARY MARKETS. EQUITIES.


EFFECTIVE TRADING IN EQUITIES ON THE SPANISH
STOCK EXCHANGES. 2002
Amounts in millions of euros

Total

Electronic
market

Outery
market

1998 ............
1999 ............
2000 ............
2001 ............
2002 ............

261,092.6
289,353.9
492,301.7
444,301.8
444.935.5

257,921.1
286,020.4
488,888.5
440,604.8
439,950.4

January.........
February.......
March ..........
April.............
May..............
June..............
July...............
August..........
September ....
October........
November ....
December ....

43,754.3
36,771.4
38,041.7
41,870.8
40,404.6
39,699.9
47,416.6
25,217.4
30,108.0
38,247.9
32,394.6
31,008.4
0.1
100.0

Mes

Pro memoria:
Change 01-02 (%)
Share in 2002 (%)

Outcry markets

Second
market

MADRID

BARCELONA

BILBAO

VALENCIA

3,158.2
3,302.4
3,382.2
3,672.1
4,967.3

2,291.0
2,003.1
2,062.4
2,469.6
3,235.3

475.9
885.1
695.1
660.2
948.6

176.3
170.2
259.9
296.7
297.8

215.0
244.0
364.7
245.6
485.5

12.7
31.1
18.3
24.9
17.9

43,396.5
36,459.7
37,689.3
41,571.0
40,070.6
39,389.2
46,839.5
25,012.3
29,721.0
37,781.4
31,984.7
30,035.1

356.9
308.4
349.2
299.4
333.1
308.1
575.3
204.7
386.6
465.6
408.5
971.5

246.1
143.5
272.8
222.6
196.4
183.9
442.5
107.6
297.2
340.4
254.6
527.7

58.7
141.5
39.9
25.0
64.9
61.0
72.9
60.2
43.9
73.4
77.4
229.8

32.4
13.3
13.0
21.2
12.7
48.0
35.7
18.8
32.6
28.4
14.9
26.8

19.7
10.1
23.5
30.5
59.1
15.1
24.1
18.2
12.8
23.4
61.6
187.2

0.8
3.3
3.2
0.4
0.9
2.6
1.9
0.4
0.4
0.8
1.4
1.8

0.1
98.9

35.3
1.1

31.0
65.1

43.7
19.1

0.4
6.0

97.7
9.8

28.0
0.0

Share: Trading on the electronic, outcry and second markets as a percentage of the total and trading on the outcry market in each exchange as percentage of total
outcry trading.

121

122

444.917,6
410.777,4
263.656,0
76.129,9
70.991,5
18.884,8
4.883,2
2.116,1
1.586,8
1.800,5
772,0
4.096,9

(*) Does not include the second market.


(1) Securities Market Law.

Total trading ..........................


Regular trading...................
- Orders ..........................
- Put-throughs .................
- Block trades..................
Off-hours............................
Authorised trades ...............
Art. 36.1 SML (1) trades ....
Tender offers.......................
Public offerings ..................
Declared trades..................
Exercise of options .............

Amount

100.0
92.3
59.3
17.1
16.0
4.2
1.1
0.5
0.4
0.4
0.2
0.9

Share (%)

Total (*)

439,950.4
406,291.7
259,170.3
76,129.9
70,991.5
18,685.0
4,822.4
2,116.1
1,571.2
1,800.5
566.5
4,096.9

Amount
100.0
92.3
58.9
17.3
16.1
4.2
1.1
0.5
0.4
0.4
0.1
0.9

Share (%)

Electronic market

4,967.3
4,485.6
4,485.6
0.0
0.0
199.8
60.8
0.0
15.6
0.0
205.5
0.0

Amount
100.0
90.3
90.3
0.0
0.0
4.0
1.2
0.0
0.3
0.0
4.1
0.0

Share (%)

Total

3,235.3
3,058.6
3,058.6
0.0
0.0
57.9
18.7
0.0
8.1
0.0
92.0
0.0

Amount
100.0
94.5
94.5
0.0
0.0
1.8
0.6
0.0
0.2
0.0
2.8
0.0

Share (%)

Madrid

948.6
688.2
688.2
0.0
0.0
139.3
0.1
0.0
7.5
0.0
113.4
0.0

Amount

100.0
72.6
72.6
0.0
0.0
14.7
0.0
0.0
0.8
0.0
12.0
0.0

Share (%)

Barcelona

Outcry market

297.8
288.5
288.5
0.0
0.0
2.5
6.8
0.0
0.0
0.0
0.0
0.0

Amount

100.0
96.9
96.9
0.0
0.0
0.9
2.3
0.0
0.0
0.0
0.0
0.0

485.5
450.4
450.4
0.0
0.0
0.0
35.2
0.0
0.0
0.0
0.0
0.0

Amount

100.0
92.8
92.8
0.0
0.0
0.0
7.2
0.0
0.0
0.0
0.0
0.0

Share (%)

Valencia

Amounts in millions of euros

Share (%)

Bilbao

A.2.11. SECONDARY MARKETS. EQUITIES. EFFECTIVE TRADING BY TYPE. 2002

Informe anual sobre los Mercados de Valores. 2002

43,396.5
36,459.7
37,689.3
41,571.0
40,070.6
39,389.2
46,839.5
25,012.3
29,721.0
37,781.4
31,984.7
30,035.1

0.1

January .............
February ...........
March ...............
April .................
May ..................
June ..................
July ...................
August ..............
September.........
October ............
November .........
December .........

Change (%))......
2001-2002........

(*) Securities Market Law.

285,940.4
488,888.5
440,604.8
439,950.4

1999.................
2000.................
2001.................
2002.................

Grand
total

3.5

41,034.5
32,737.8
35,712.6
40,170.7
37,720.1
35,433.2
41,104.3
24,244.9
27,146.2
34,067.1
29,015.0
27,905.2

246,395.0
445,731.2
420,905.3
406,291.7

Total

7.8

25,492.6
20,180.0
21,562.6
23,921.8
24,087.9
22,422.8
27,316.3
16,786.3
18,842.9
22,380.2
19,859.9
16,317.1

181,245.4
307,696.2
281,051.9
259,170.3

Orders

15.9

7,633.1
8,564.7
7,676.9
7,001.4
6,239.0
6,718.7
7,549.3
5,231.0
4,464.6
5,977.1
4,624.3
4,449.8

53,665.3
98,243.8
90,531.9
76,129.9

Put-throughs

Regular trading

43.9

7,908.8
3,993.2
6,473.1
9,247.5
7,393.3
6,291.8
6,238.7
2,227.6
3,838.8
5,709.8
4,530.7
7,138.3

11,484.3
39,791.2
49,321.5
70,991.5

Block trades

399.8

1,770.4
1,152.8
926.8
326.9
1,618.0
1,390.1
4,004.2
616.7
1,220.4
3,278.4
1,440.6
939.9

9,948.3
9,141.6
3,738.7
18,685.0

Off-hours

462.9

128.0
362.1
42.9
1,073.3
239.6
798.2
853.6
103.6
112.3
392.1
494.4
222.4

14,465.7
807.2
856.8
4,822.4

Special
authorised
trades

453.9

0.0
2,116.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0

2,158.4
11,002.9
382.0
2,116.1

70.7

269.2
0.0
0.0
0.0
161.0
83.4
876.3
0.0
0.0
2.1
179.2
0.0

234.8
1,267.6
5,361.9
1,571.2

Art. 36.1
Tender offers
SML(*) trades

A.2.12. SECONDARY MARKETS. EQUITIES. EFFECTIVE TRADING


IN THE ELECTRONIC MARKET BY TYPE. 2002

44.8

0.0
0.0
0.0
0.0
0.7
1,008.7
0.0
7.8
0.0
0.0
783.4
0.0

11,339.6
14,423.2
3,264.4
1,800.5

Public
offerings

56.1

191.1
10.6
46.0
0.0
318.2
0.0
0.0
0.0
0.0
0.2
0.2
0.2

187.9
2,909.7
1,290.5
566.5

Declared
trades

14.7

3.4
80.2
961.0
0.1
13.0
675.8
1.1
39.3
1,242.1
41.6
71.8
967.4

1,210.7
3,605.0
4,805.2
4,096.9

Exercise of
options

Amounts in millions of euros

Anexo 2: MERCADOS SECUNDARIOS

123

Annual report on the Securities Markets. 2002

A.2.13. SECONDARY MARKETS. EQUITIES.


TRADING BY NON-RESIDENTS
Years

Thousands of euros

year-on-year change (%)

Purchases (1)

Sales (2)

Net inv.

Purchases

Sales

1994 ................
1995 ................
1996 ................
1997 ................
1998 ................
1999 ................
2000 ................
2001 ................
2002 ................

20,306,240
20,766,934
30,740,351
61,571,629
115,765,750
134,567,556
258,422,404
228,288,291
218,737,982

19,920,156
18,037,822
31,026,414
62,027,406
110,594,756
130,123,354
272,416,125
251,951,605
239,732,773

386,084
2,729,112
286,064
455,778
5,170,994
4,444,202
13,993,721
23,663,314
20,994,791

2.3
48.0
100.3
88.0
16.2
92.0
11.7
4.2

9.4
72.0
99.9
78.3
17.7
109.4
7.5
4.8

3.5
59.2
100.1
83.1
16.9
100.6
9.5
4.5

January.............
February...........
March ..............
April.................
May .................
June .................
July ..................
August..............
September........
October ...........
November........
December ........

22,108,394
17,435,404
18,920,514
23,411,963
21,706,866
17,409,690
24,434,998
16,811,023
13,130,843
11,155,036
17,254,695
14,958,556

25,231,931
18,754,116
20,061,692
24,677,882
23,220,893
22,426,682
25,353,172
17,157,650
15,306,642
13,292,184
16,933,783
17,316,146

3,123,537
1,318,712
1,141,178
1,265,919
1,514,027
5,016,992
918,174
346,627
2,175,799
2,137,148
320,912
2,357,590

9.2
2.8
7.3
21.3
15.4
3.2
15.1
1.7
17.2
40.3
2.9
24.6

1.4
10.5
4.4
15.7
20.6
2.5
10.5
5.0
18.4
34.9
15.6
20.4

5.2
6.9
5.8
18.4
18.0
0.1
12.7
3.4
17.8
37.5
7.2
22.4

(*) The total columns indicate the average of purchases and sales.

124

% of total trading (*)

Total (1+2) Purchases

Sales

Total (1+2)

37.2
43.7
39.9
37.8
44.3
46.5
52.5
51.6
49.2

36.5
37.9
40.3
38.1
42.4
45.0
55.3
56.9
53.9

36.8
40.8
40.1
37.9
43.4
45.7
53.9
54.3
51.5

50.8
47.4
49.7
55.9
53.7
43.9
51.5
66.7
43.6
29.2
53.3
48.2

58.0
51.0
52.7
58.9
57.5
56.5
53.5
68.0
50.8
34.8
52.3
55.8

54.4
49.2
51.2
57.4
55.6
50.2
52.5
67.4
47.2
32.0
52.8
52.0

Annex 2: SECONDARY MARKETS

A.2.14. SECONDARY MARKETS. EQUITIES.


ORDER TYPES ON THE ELECTRONIC MARKET. 1999-2002
Orders and trades
Number (1)

Total orders entered ..................


Buy orders ................................
Sell orders.................................
Trades (2) ..................................

Percentage of total

1999

2000

2001

2002

1999

2000

2001

2002

70,842
31,677
39,165
44,007

105,846
50,944
54,903
66,878

93,711
45,228
48,483
57,846

110,267
55,103
55,164
62,794

100.0
44.7
55.3
62.1

100.0
48.1
51.9
63.2

100.0
48.3
51.7
61.7

100.0
50.0
50.0
56.9

75.1
24.1
0.8

74.6
24.8
0.7

Use
Day orders ................................
Time-limit orders (3) .................
Fill-or-kill orders .......................

53,649
17,193
588

79,451
26,395
716

76,399
17,312
612

93,846
16,421
1,934

81.0
18.4
0.6

83.6
14.6
1.7

(1) Daily average.


(2) Executed transactions.
(3) For 1999, this item includes the items that until 1999 were separated as "time-limit orders" and "good-till-cancelled orders".
Source: Sociedad de Bolsas.

A.2.15. SECONDARY MARKETS. EQUITIES. CONCENTRATION


OF TRADING ON THE SPANISH STOCK MARKETS BY SECTOR. 2002
Number of issuers required to attain a given level of trading

Sector

Electronic market

Outcry market (4 exchanges)

25%

50%

75%

Total

25%

50%

OIL .....................................................................
ENERGY & WATER .............................................
MINING & BASE METALS...................................
CEMENT & CONSTRUCTION MATERIALS.........
CHEMICALS........................................................
TEXTILE & PAPER................................................
METAL-MECHANICAL ........................................
FOOD ................................................................
CONSTRUCTION ..............................................
REAL ESTATE.......................................................
TRANSPORT & COMMUNICATIONS ................
OTHERS..............................................................

1
1
1
1
1
1
2
1
1
1
1
2

1
2
2
1
1
1
3
1
2
2
1
3

1
3
2
2
1
1
5
1
4
2
1
7

4
11
13
4
5
17
16
15
6
10
11
20

0
1
1
1
1
1
1
1
1
1
1
1

TOTAL NON-FINANCIAL SECTOR ............................

132

12
13
14
15
16

BANKS................................................................
INSURANCE .......................................................
PORTFOLIO COMPANIES ..................................
SIM .....................................................................
FINANCE COMPANIES.......................................

1
1
1
1
1

2
1
1
1
1

2
1
2
1
1

23
3
4
1
1

TOTAL FINANCIAL SECTOR......................................

32

TOTAL 2002..............................................................

TOTAL 2001..............................................................

0
1
2
3
4
5
6
7
8
9
10
11

75%

Total

0
1
1
1
1
2
1
1
1
1
1
1

0
1
1
2
1
3
1
1
1
2
1
2

0
2
5
5
1
8
3
4
2
23
3
8

64

1
1
1
11
0

1
1
1
55
0

1
1
3
197
0

1
1
22
2,748
0

11

56

200

2,772

164

50

192

2,836

162

13

54

2,436

2002 Gini index .........................................................

0.92

0.89

2001 Gini index .........................................................

0.92

0.94

Notes:
The total columns indicate the number of companies listed in the year.
In the case of issuers listed on more than one market, the trading volume was taken as the sum of trading volume on all markets.
Trades in stocks which were listed on the electronic market as at 31/12/02 are included in the electronic market total for 2002, regardless of when they joined the
market.

125

Annual report on the Securities Markets. 2002

A.2.16. SECONDARY MARKETS. EQUITIES.


TRADING FREQUENCY ON THE SPANISH STOCK EXCHANGES. 2002
Number of issuers in each frequency group

Sector

Electronic market
0-50%

50-85% 85-100%

Outcry market (4 exchanges


Total

0-50%

50-85% 85-100%

Total

TOTAL 1999 ...............................................................


TOTAL 2000 ...............................................................
TOTAL 2001 ...............................................................
TOTAL 2002 ...............................................................

2
2
4
9

3
9
12
15

143
152
149
148

148
163
165
172

1,157
1,686
2,316
2,799

43
29
25
31

19
26
30
20

1,219
1,741
2,371
2,850

0
1
2
3
4
5
6
7
8
9
10
11

1
0
1
0
0
2
0
0
0
1
1
0

0
0
1
1
0
2
4
2
0
1
0
1

3
12
11
4
6
13
12
14
6
8
11
22

4
12
13
5
6
17
16
16
6
10
12
23

0
2
4
5
2
9
3
4
2
23
4
6

0
0
1
0
0
0
0
1
0
2
0
2

0
0
0
0
0
0
0
0
0
0
0
0

0
2
5
5
2
9
3
5
2
25
4
8

TOTAL NON-FINANCIAL SECTOR.............................

12

122

140

64

70

12
13
14
15
16

BANKS................................................................
INSURANCE .......................................................
PORTFOLIO COMPANIES ..................................
SIM .....................................................................
FINANCE COMPANIES.......................................

3
0
0
0
0

1
1
1
0
0

19
2
3
1
1

23
3
4
1
1

0
2
20
2,713
0

1
0
1
23
0

0
0
0
20
0

1
2
21
2,756
0

TOTAL FINANCIAL SECTOR.......................................

26

32

2,735

25

20

2,780

OIL .....................................................................
ENERGY & WATER .............................................
MINING & BASE METALS...................................
CEMENT & CONSTRUCTION MATERIALS.........
CHEMICALS .......................................................
TEXTILE & PAPER ...............................................
METAL-MECHANICAL........................................
FOOD ................................................................
CONSTRUCTION ..............................................
REAL ESTATE ......................................................
TRANSPORT & COMMUNICATIONS ................
OTHER ...............................................................

Notes:
Frequency: Percentage of sessions in which stocks were traded.
The total columns indicate the number of companies listed at 31/12/02.
In the case of issuers listed on more than one market, the trading frequency was calculated by classifying the stock as active on days when it was traded on at least
one market.

126

Annex 2: SECONDARY MARKETS

A.2.17. SECONDARY MARKETS. EQUITIES. TRADING


ON THE SPANISH STOCK MARKETS BY SECTOR. 2002
Percentage of trading

Electronic mark
Sector
0
1
2
3
4
5
6
7
8
9
10
11

OIL .............................................................
ENERGY & WATER .....................................
MINING & BASE METALS...........................
CEMENT & CONSTRUCTION MATERIALS.
CHEMICALS ...............................................
TEXTILE & PAPER .......................................
METAL-MECHANICAL................................
FOOD ........................................................
CONSTRUCTION ......................................
REAL ESTATE...............................................
TRANSPORT & COMMUNICATIONS ........
OTHER........................................................

2001
7.8
13.1
1.5
0.2
0.8
2.4
0.5
2.1
2.1
0.5
32.8
7.3

Latibex

2002
6.8
14.2
1.7
0.2
0.4
1.8
0.3
3.1
3.5
1.2
25.3
4.5

Outcry market (4 exchanges)

2001

2002

0.0
9.9
13.9
0.0
0.0
4.0
0.0
0.0
0.0
0.0
27.1
0.0

7.7
27.2
14.6
0.0
0.0
4.9
0.0
0.0
0.0
0.0
19.6
0.0

2001

2002

0.0
0.0
0.4
0.2
0.0
0.2
0.4
0.4
0.0
1.0
0.2
0.2

0.0
0.7
0.1
0.3
0.0
0.2
0.0
5.1
0.1
3.4
0.3
0.2

TOTAL NON-FINANCIAL SECTOR.....................

71.0

63.1

54.9

74.1

3.1

10.4

12
13
14
15
16

27.8
0.3
0.8
0.0
0.0

36.0
0.3
0.6
0.0
0.0

38.9
0.0
0.0
0.0
6.2

19.4
0.0
0.0
0.0
6.5

0.1
1.7
0.6
94.4
0.0

0.1
0.0
0.6
89.0
0.0

BANKS........................................................
INSURANCE ...............................................
PORTFOLIO COMPANIES ..........................
SIM .............................................................
FINANCE COMPANIES...............................

TOTAL FINANCIAL SECTOR...............................

29.0

36.9

45.1

25.9

96.9

89.6

TOTAL ................................................................

100.0

100.0

100.0

100.0

100.0

100.0

TOTAL (Mn) .....................................................

440,539.3

439,720.8

65.6

229.5

3,672.1

4,967.3

Notes:
Electronic market: Percentage of the sector trading for the stocks traded on the electronic market.
In the case of issuers listed on more than one market, the trading volume was taken as the sum of trading volume on all markets.
Stocks which were listed on the electronic market at 31/12/02 are included in the electronic market for 2002, regardless of when they joined the market in that year.

127

Annual report on the Securities Markets. 2002

A.2.18. SECONDARY MARKETS. EQUITIES.


ELECTRONIC MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies

Capitalisation (at 31 Dec.)

Anual trading

2001

2002

2001

2002

3,342,011
19,997,744

4,653,128
15,382,880

497,023
34,014,224

883,730
29,155,211

0
18,602,275
8,373,412
2,999,714
13,180,649
1,413,572
2,002,064
5,539,070

1,384,659
11,805,086
8,091,313
0
12,035,682
1,304,003
1,386,509
3,823,726

0
27,458,158
3,461,824
3,522,525
14,967,208
747,617
603,392
6,923,789

1,903,493
27,310,665
9,148,038
94,571
16,872,470
662,570
582,271
5,842,464

2,207,500
69,654
2,253,000
376,064
23,634
101,166
11,257
0

1,912,500
140,220
2,302,342
393,145
22,230
83,314
13,268
139,466

3,032,180
2,956
2,538,354
15,399
36,654
47,901
5,623
0

793,184
8,708
3,154,676
43,183
5,131
16,752
8,925
3,939

804,513
497,891
241,488
367,811
150,865

999,378
0
402,840
366,563
175,560

61,700
132,147
5,808
160,020
20,263

101,438
241,319
12,293
334,903
60,150

183,750
93,562
449,846
1,745,499

194,250
79,528
420,706
1,087,938

69,144
49,172
129,533
3,063,896

12,406
50,065
83,871
1,517,746

ADOLFO DOMNGUEZ.........................................................
70,561
DOGI......................................................................................
48,510
EPPIC ( EN LIQUIDACIN ) ...................................................
4,712
GRUPO EMPRESARIAL ENCE.................................................
362,438
IBERPAPEL GESTIN..............................................................
134,105
INDO INTERNACIONAL........................................................
32,166
INDUSTRIA DE DISEO TEXTIL (INDITEX)............................ 13,345,504
LA SEDA DE BARCELONA......................................................
57,939
MIQUEL Y COSTAS ................................................................
127,253
PAPELES Y CARTONES DE EUROPA - EUROPA & C - ............
76,240
SNIACE ...................................................................................
30,271
TABLEROS DE FIBRAS - TAFISA -............................................
193,255

69,690
31,230
0
354,288
165,300
33,390
14,031,167
57,902
147,542
91,422
20,988
111,315

29,330
31,007
560
483,545
10,778
1,354
9,886,032
29,171
34,638
18,268
45,140
32,325

21,663
21,238
0
174,308
16,801
1,922
7,417,817
28,576
38,645
40,952
14,342
9,876

Comments

DOMESTIC STOCKS
OIL
COMPAA ESPAOLA DE PETRLEOS - CEPSA - ...............
REPSOL YPF............................................................................
ENERGY & WATER
ENAGAS .................................................................................
ENDESA..................................................................................
GAS NATURAL SDG...............................................................
HIDROELCTRICA DEL CANTBRICO ..................................
IBERDROLA............................................................................
RED ELCTRICA DE ESPAA..................................................
SOCIEDAD GENERAL DE AGUAS DE BARCELONA..............
UNIN ELCTRICA FENOSA .................................................

Listed 26/06/02

Delisted 26/06/02

MINING & BASE METALS


ACERALIA CORPORACIN SIDERURGICA...........................
ACERAS Y FORJAS DE AZCOITIA - AFORASA - ....................
ACERINOX .............................................................................
BEFESA MEDIO AMBIENTE ....................................................
ESPAOLA DEL ZINC.............................................................
GRUPO DURO FELGUERA....................................................
NUEVA MONTAA QUIJANO...............................................
TUBOS FORJADOS ................................................................

Listed 19/11/02

CEMENT & CONSTRUCTION MATERIALS


CEMENTOS PORTLAND ........................................................
PORTLAND VALDERRIVAS ....................................................
UNILAND CEMENTERA .........................................................
URALITA.................................................................................
VIDRALA ................................................................................

Delisted 30/09/02

CHEMICALS
ENERGA E INDUSTRIAS ARAGONESAS EIA .........................
ERCROS..................................................................................
FAES FARMA...........................................................................
ZELTIA ....................................................................................
TEXTILE & PAPER

128

Suspended on 06/08/01

Annex 2: SECONDARY MARKETS

(Continued)

A.2.18. SECONDARY MARKETS. EQUITIES.


ELECTRONIC MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies

Capitalisation (at 31 Dec.)


2001

TAVEX ALGODONERA...........................................................
UNIPAPEL...............................................................................

2002

Anual trading
2001

Comments

2002

82,908
77,269

87,041
109,605

34,110
14,315

52,404
38,900

625,145
116,939
282,396
199,719
102,842
0
71,111
33,888
100,879
24,300
97,849
102,123
164,894
1,703,620

506,630
50,236
34,708
84,710
127,696
198,450
48,423
34,944
56,217
19,890
102,810
52,046
166,223
2,245,244

213,466
113,083
164,318
138,742
45,554
0
19,200
1,466
39,950
9,896
1,069
91,575
77,981
1,211,065

224,084
50,454
172,900
124,600
23,931
10,832
11,729
2,995
51,113
2,717
709
26,976
96,630
231,538

5,834,504
201,367
47,872
251,267
454,052
187,958
1,341,706
36,857
409,414
391,387
15,336
0
88,539
132,000
152,840
165,984
389,059
238,314

6,640,949
211,802
36,611
0
431,679
179,550
1,193,995
28,564
0
387,628
46,580
92,220
0
128,050
174,253
255,830
167,698
315,962

6,722,714
76,507
17,093
292,181
37,949
41,526
489,889
2,134
108,013
361,572
10,632
0
2,383
127,676
33,671
47,055
871,938
120,788

12,124,153
111,829
2,004
3,465
62,682
13,081
450,955
1,953
2,881
3,851
72,763
25,734
10,915
77,944
171,932
88,195
228,257
243,216

2,605,550
1,755,294
2,792,371
2,590,441
2,761,813
490,701

2,494,338
1,963,495
2,794,144
2,792,092
3,387,394
360,862

1,313,548
1,688,692
1,281,113
3,201,435
1,588,447
182,913

1,868,683
2,256,845
2,066,966
6,386,660
2,539,490
165,152

257,413
258,460

307,293
0

258,988
67,362

179,058
270,246

METAL-MECHANICAL
ABENGOA..............................................................................
AMPER....................................................................................
AVANZIT ................................................................................
AZKOYEN...............................................................................
CONSTRUCCIONES Y AUXILIAR DE FERROCARRILES .........
ELECNOR ...............................................................................
GLOBAL STEEL WIRE .............................................................
LINGOTES ESPECIALES ..........................................................
MECALUX...............................................................................
NICOLS CORREA.................................................................
SOCIEDAD ESPAOLA DEL ACUMULADOR TUDOR..........
TECNOCOM, TELECOMUNICACIONES Y ENERGA.............
TUBACEX ...............................................................................
ZARDOYA OTIS .....................................................................

Listed 6/10/02

FOOD
ALTADIS..................................................................................
BARN DE LEY ......................................................................
BODEGAS RIOJANAS.............................................................
BODEGAS Y BEBIDAS............................................................
CAMPOFRO ALIMENTACIN...............................................
COMPAA VINCOLA DEL NORTE DE ESPAA -CVNE-......
EBRO-PULEVA........................................................................
FEDERICO PATERNINA ..........................................................
HEINEKEN ESPAA ................................................................
KOIPE .....................................................................................
NATRA....................................................................................
NATRACEUTICAL...................................................................
OMSA ALIMENTACIN .........................................................
PESCANOVA ..........................................................................
PULEVA BIOTECH ..................................................................
SOS CUTARA........................................................................
TELE PIZZA .............................................................................
VISCOFAN..............................................................................

Delisted 12/03/02

Delisted 15/05/02

Listed 29/11/02
Delisted 18/07/02

CONSTRUCTION
ACCIONA...............................................................................
ACS, ACTIVIDADES DE CONSTRUCCIN Y SERVICIOS.......
FOMENTO DE CONSTRUCCIONES Y CONTRATAS..............
GRUPO DRAGADOS.............................................................
GRUPO FERROVIAL...............................................................
OBRASCON HUARTE LAIN ...................................................
REAL ESTATE
BAMI ......................................................................................
FILO........................................................................................

Delisted 27/05/02

129

Annual report on the Securities Markets. 2002

(Continued)

A.2.18. SECONDARY MARKETS. EQUITIES.


ELECTRONIC MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
GRUPO INMOCARAL............................................................
INBESOS.................................................................................
INMOBILIARIA COLONIAL - ICSA - .......................................
INMOBILIARIA URBIS ............................................................
METROVACESA......................................................................
TESTA INMUEBLES EN RENTA................................................
SOTOGRANDE.......................................................................
URBANIZACIONES Y TRANSPORTES - URBAS - ...................
VALLEHERMOSO ...................................................................

Capitalisation (at 31 Dec.)


2001

2002

0
14,005
655,378
592,004
967,700
939,973
97,720
8,808
1,261,451

86,665
12,599
827,345
727,247
1,324,189
1,163,996
232,172
5,229
1,532,164

Anual trading
2001
0
1,017
236,028
112,181
384,952
373,303
1,915
10,112
763,387

Comments

2002
3,744
500
530,961
264,897
1,759,178
5,304
5,082
4,375
2,469,590

Former Grupo Fosforera

TRANSPORT & COMMUNICATIONS


UREA CONCESIONES DE INFRAESTRUCTURAS C,E, ......... 1,637,435
AUTOPISTAS CONCESIONARIA ESPAOLA - ACESA - ......... 3,268,990
EUROPISTAS CONCESIONARIA ESPAOLA ........................
564,115
IBERIA, LNEAS AREAS DE ESPAA...................................... 1,004,258
IBRICA DE AUTOPISTAS - IBERPISTAS - ...............................
704,109
TELEFNICA .......................................................................... 70,218,896
TELEFNICA MVILES .......................................................... 34,999,810
TRANSPORTES AZKAR...........................................................
264,384

1,700,330
939,067
836,920
3,555,051
1,690,954
2,437,878
558,227
123,401
60,427
1,278,147
1,214,015
1,586,174
949,139
79,818
1,018,836
41,461,441 136,460,683 103,281,737
26,849,416
3,750,567
2,131,940
218,700
96,446
60,379

OTHER
ALDEASA................................................................................
AMADEUS GLOBAL TRAVEL DISTRIBUTION........................
CENTROS COMERCIALES CARREFOUR ................................
COMPAA DE DISTRIBUCIN INTEGRAL LOGISTA...........
CORTEFIEL..............................................................................
ENACO...................................................................................
FUNESPAA...........................................................................
GAMESA.................................................................................
SERVICE POINT SOLUTIONS
INDRA SISTEMAS ...................................................................
PARQUES REUNIDOS ............................................................
PROMOTORA DE INFORMACIONES (PRISA)........................
PROSEGUR COMPAA DE SEGURIDAD .............................
RECOLETOS COMPAA EDITORIAL ....................................
SOGECABLE ...........................................................................
SOL MELI .............................................................................
SUPERDIPLO..........................................................................
TELEFNICA PUBLICIDAD E INFORMACIN ......................
TERRA NETWORKS ................................................................

359,520
3,823,200
4,262,124
703,690
500,070
90,389
57,120
1,248,940

294,630
2,318,700
3,773,892
965,552
340,214
157,564
45,150
1,265,971

251,602
3,930,743
1,742,255
249,846
424,164
13,614
26,895
1,541,415

264,489
3,650,346
1,883,742
393,368
346,683
198,675
11,363
1,261,248

185,544

76,400

371,636

147,039

1,442,597
100,988
2,297,531
908,400
639,190
2,522,618
1,577,994
1,313,250
1,638,643
5,715,646

981,936
65,378
1,358,826
598,611
535,926
829,553
696,608
0
1,115,750
2,438,723

1,565,220
35,655
1,302,792
331,540
207,919
2,260,726
1,256,937
1,224,550
1,848,706
11,757,277

1,587,854
41,638
948,366
327,022
83,106
2,627,144
633,073
6,443
1,068,983
3,840,026

760,511
44,422,343
814,847
482,529
176,206
426,006
3,039,641

606,737
29,146,171
1,145,131
512,470
197,491
468,607
2,815,238

1,916
57,838,532
26,608
4,004
3,081
2,635
694,870

1,292
68,203,669
23,340
2,758
10,447
3,891
220,159

BANKS
BANCO ATLNTICO..............................................................
BANCO BILBAO VIZCAYA ARGENTARIA ..............................
BANCO DE ANDALUCA.......................................................
BANCO DE CASTILLA ............................................................
BANCO DE CRDITO BALEAR...............................................
BANCO DE GALICIA..............................................................
BANCO DE SABADELL...........................................................

130

Former Grupo Auxiliar


Metalrgico
Former Grupo Picking
Pack

Delisted 30/01/02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.18. SECONDARY MARKETS. EQUITIES.


ELECTRONIC MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies

Capitalisation (at 31 Dec.)


2001

Anual trading

Comments

2002

2001

2002

1,065,508
272,000
25,793
4,908,914
514,488
968,236
8,462,496
31,185,355
744,300
1,788,940

65,176
1,489
26,841
32,680
62,768
88,528
7,930,423
53,448,139
92,381
2,316,653

111,108
1,688
305
1,399,147
26,234
72,549
13,044,180
73,306,428
118,998
1,910,873

516,000
1,181,985
1,165,902

478,800
1,403,494
1,153,027

45,511
1,119,281
4,940

40,333
1,149,171
2,979

1,833,370
1,335,182
95,675
8,118

1,314,720
978,974
97,898
5,993

1,123,719
2,551,422
48,912
2,383

746,873
1,941,706
36,348
3,291

12,393

10,410

5,207

3,732

6,119,463

3,550,618

23,325,719

13,100,746

9,510

5,874

163,564

95,644

5,397

2,624

10,883,411
13,635,128

7,949,745
9,450,089

85,706
7,988

75,190
3,011

346,541

275,839

1,802,403

681,766

0
0

15,324,929
0

0
0

17,760
0

BANCO DE VALENCIA...........................................................
874,155
BANCO DE VASCONIA..........................................................
287,680
BANCO ESFINGE ...................................................................
25,793
BANCO ESPAOL DE CRDITO - BANESTO -....................... 8,485,333
BANCO GUIPUZCOANO......................................................
599,040
BANCO PASTOR ....................................................................
823,219
BANCO POPULAR ESPAOL ................................................ 8,008,644
BANCO SANTANDER CENTRAL HISPANO ........................... 43,844,601
BANCO ZARAGOZANO........................................................
823,500
BANKINTER............................................................................ 2,472,447
INSURANCE
CATALANA DE OCCIDENTE ..................................................
CORPORACIN MAPFRE ......................................................
MAPFRE VIDA ........................................................................
PORTFOLIO COMPANIES
CORPORACIN FINANCIERA ALBA .....................................
NH HOTELES..........................................................................
DINAMIA CAPITAL PRIVADO ................................................
FASTIBEX ................................................................................
SIM /SIMCAV
COMPAA GENERAL DE INVERSIONES ..............................
FOREIGN STOCKS
MINING & BASE METALS
ARCELOR ...............................................................................

Listed 18/02/02

CHEMICALS
BAYER AKTIENGESELLSCHAFT ..............................................
TEXTILE & PAPER
RENO DE MEDICI ..................................................................
METAL-MECHANICAL
EUROPEAN AERONAUTIC DEFENCE ....................................
VOLKSWAGEN AKTIENGESELLSCHAFT ................................
OTHER
JAZZTEL..................................................................................
LATIBEX STOCKS
OIL
PETROLEO BRASILEIRO .........................................................
SUZANO PETRO QUIMICA ...................................................

Listed 7/09/02
Listed 8/06/02

131

Annual report on the Securities Markets. 2002

(Continued)

A.2.18. SECONDARY MARKETS. EQUITIES.


ELECTRONIC MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies

Capitalisation (at 31 Dec.)

Anual trading
2001

Comments

2001

2002

2002

8,652,608
0
3,185,015
2,565,242

3,439,546
336,686
1,965,687
650,016

3,931
0
1,217
1,376

10,290
1,178
25,505
25,455

0
0
3,609,903
55,183

621,886
664,764
10,219,103
30,548

0
0
8,502
596

3,682
259
28,859
788

1,187,100
334,807

1,024,614
376,413

2,513
100

11,132
57

AMERICA MOVIL ................................................................... 11,861,067


GLOBO CABO .......................................................................
655,738
IMPSAT FIBER NETWORKS ....................................................
199,314
TELEFONOS DE MEXICO....................................................... 17,255,879

7,457,047
13,755
0
12,927,268

5,837
2,298
51
9,574

19,016
1,848
45
24,100

894,240

107

4,082,737
0
714,845
571,393
9,676,620
941,040

1,986,932
1,748,516
586,969
344,877
3,322,788
546,355

5,738
0
356
964
7,433
11,040

10,787
934
21
4
13,781
18,953

542,622

204,990

4,053

14,961

ENERGY & WATER


CENTRAIS ELTRICAS ELETROBRAS ......................................
COMPAIA PARANAENSE DE ENERGIA ...............................
ENDESA CHILE .......................................................................
ENERSIS ..................................................................................

Listed 19/06/02

MINING & BASE METALS


COMPAIA ENERGETICA DE MINAS GERAIS .......................
GERDAU ................................................................................
COMPANHIA VALE DO RIO DOCE.......................................
VOLCAN COMPAA MINERA..............................................

Listed 7/12/02
Listed 12/02/02

TEXTILE & PAPER


ARACRUZ CELULOSE ............................................................
COMPANHIA SUZANO DE PAPEL E CELULOSE....................
TRANSPORT & COMMUNICATIONS

Delisted 24/05/02

OTHER
DISTRIBUCION Y SERVICIOS D&S ........................................

Listed 18/12/02

BANKS
BANCO BRADESCO...............................................................
BANCO DE CHILE..................................................................
BANCO FRANCS ..................................................................
BANCO RI DE LA PLATA .....................................................
GRUPO FINANCIERO BBVA BANCOMER.............................
SANTANDER BANCORP ........................................................
FINANCE COMPANIES
BRADESPAR............................................................................

132

Listed 10/08/02

Annex 2: SECONDARY MARKETS

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

82,429
20,211

111,867
18,847

561
75

36,125
763

0
6,041
5,946
26,098
31,601

0
7,577
11,892
31,675
33,242

0
0
781
2,951
1,163

0
2
41
3,165
522

2,669
54,475
206,790
515,073
0

1,315
61,903
235,200
669,274
0

20
29
5,383
250
0

13
874
5,137
7,256
0

29,088
19,776

45,252
0

43
75

699
0

29,955
0
10,211
19,332
4,905
6,879
1,514
41,553
17,363

29,955
0
0
17,675
4,845
8,439
1,378
45,326
19,967

513
0
1
1,351
160
74
39
4,252
1,060

22
0
0
1,959
697
590
19
3,622
1,551

IBRICA DE MANTENIMIENTO INDUSTRIAL - IMISA -...........


JUMBERCA.................................................................................

0
0

2,575
0

0
0

14
0

PMRK INVESTMENT ..................................................................

1,168

12

28,774
18,175
76,750
19,277
482,147

28,774
0
87,974
5,508
676,697

303
254
9,621
92
5,918

78
5,757
883
3,999
241,329

14,348
3,060

14,977
3,240

1,008
10

3,219
26

Date of listing
in 2002 & other
comments

ENERGY AND WATER


AGUAS DE VALENCIA .............................................................
COMPAA DE AGUAS DE SABADELL.....................................
MINING & ASE METALS
FORJAS DE BERRIZ VIUDA DE GASTELURRUTIA ..................
MINERALES Y PRODUCTOS DERIVADOS - MINERSA -..........
MINERO SIDERRGICA DE PONFERRADA ............................
S A HULLAS DEL COTO CORTES ...........................................
SOCIEDAD ANNIMA HULLERA VASCO-LEONESA ..............
CEMENT & CONSTRUCTION MATERIALS
CELO ..........................................................................................
CEMENTOS ALFA.......................................................................
CEMENTOS LEMONA ...............................................................
CEMENTOS MOLINS.................................................................
IBERTUBO..................................................................................

Suspended on
31/12/2002

CHEMICALS
LA UNIN RESINERA ESPAOLA ...........................................
LUCTA........................................................................................

Delisted 04/03/2002

TEXTILE & PAPER


ARMANDO LVAREZ................................................................
CARROGGIO S A DE EDICIONES ...........................................
HERA IBEROAMERICANA .........................................................
INDUSTRIAS DEL ACETATO DE CELULOSA - INACSA - .........
INDUSTRIAS DEL CURTIDO - INCUSA - ................................
LIWE ESPAOLA .......................................................................
MANUFACTURAS DE ESTAMBRE.............................................
PAPELERA DE NAVARRA...........................................................
PRIM ..........................................................................................

Delisted 18/07/2002

METAL-MECHANICAL
Suspended on
31/12/2002

FOOD
BODEGAS BILBANAS...............................................................
FRIMANCHA INDUSTRIAS CANICAS.......................................
NAARDEN INTERNACIONAL ...................................................
PASCUAL HERMANOS..............................................................
SOCIEDAD ANNIMA DAMM ................................................

Delisted 03/09/2002

CONSTRUCCIN
CLEOP ........................................................................................
OBRAS Y SERVICIOS PBLICOS...............................................

133

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies

Capitalisation (at 31 Dec.)


2001

2002

Annual trading
2001

2002

Date of listing
in 2002 & other
comments

REAL ESTATE
AHORRO FAMILIAR ..................................................................
ALCINVER .................................................................................
AYCO GRUPO INMOBILIARIO ................................................
CARTEMAR ................................................................................
COMPAA DE INVERSIONES CINSA......................................
COMPAA DE TRANSPORTES E INVERSIONES ....................
COMPAA ESPAOLA DE VIVIENDAS EN ALQUILER ..........
COMPAA INMOBILIARIA VALENCIANA - CIVSA - .............
EGUARAS...................................................................................
FINANZAS INMUEBLES CISNEROS ..........................................
FINEX..........................................................................................
FONINVES .................................................................................
FORUM INMOBILIARIO CISNEROS.........................................
INCRECISA .................................................................................
INMOBILIARIA BARRIO DE BILBAO ........................................
INMOBILIARIA DEL SUR...........................................................
INMOLEVANTE..........................................................................
LEUCAN.....................................................................................
LIBERTAS 7 .................................................................................
OROZCO...................................................................................
PROMOCIONES EUROBUILDING ...........................................
PROMOCIONES Y CONCIERTOS INMOBILIARIOS.................
RENFILA .....................................................................................
S A PLAYA DE ALBORAYA - SAPLAYA - ...................................
S A RONSA ...............................................................................

70,511
0
30,016
5,100
16,437
5,963
73,221
4,734
1,936
50,414
0
798
25,595
4,801
1,695
80,150
18,045
387
183,120
0
159,121
807,689
41,538
28,322
376

72,879
0
31,128
21,600
6,942
6,075
91,245
3,420
2,239
101,955
171
0
39,993
4,801
2,355
151,662
18,947
347
122,080
0
0
807,689
44,235
25,625
367

2,304
0
111
2,962
1,009
44
1,697
294
18
163
0
3
298
2
12
1,131
1,880
39
2,264
0
217
19,196
580
2,839
43

28,868
0
136
2,981
736
35
3,117
16
556
1,082
0
0
2,665
296
35
1,982
65
41
916
0
23,603
103,507
286
376
45

483,452
14,363
0
434,388

477,409
14,563
0
0

1,243
4,968
0
653

393
2,450
0
13,149

ALMACENES GENERALES INTERNACIONALES - AGISA -.......


COMPAA LOGSTICA DE HIDROCARBUROS-CLH-............
EL SARDINERO..........................................................................
FRIGORFICOS DE VIGO ..........................................................
GRAND TIBIDABO....................................................................

1,333
46,255
7,460
0
0

1,333
49,813
7,460
2,129
0

85
2,520
237
0
0

3,008
1,192
14
24
0

GRUCYCSA................................................................................

162,946

159,782

14

INFORMES Y PROYECTOS - INYPSA - .....................................


RUSTICAS ..................................................................................

26,730
57,200

4,770
62,000

200
5,379

419
6,686

54,855

55,548

3,238

3,439

Delisted 28/05/2002

Delisted 14/11/2002

TRANSPORT & COMMUNICATIONS


COMPAA TRASMEDITERRNEA...........................................
FLETAMENTOS MARTIMOS - MARFLET - ..............................
NAVIERA MURUETA..................................................................
SABA APARCAMIENTOS ...........................................................

Delisted 25/11/2002

OTHER

BANKS
BANCO DE PROMOCIN DE NEGOCIOS - PROMOBANC -

134

Suspended on
31/12/2002
A portfolio company
in 2001

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies

Capitalisation (at 31 Dec.)


2001

2002

Annual trading
2001

2002

Date of listing
in 2002 & other
comments

INSURANCE
BANCO VITALICIO....................................................................
LEPANTO ...................................................................................

439,012
84,349

439,012
0

301
63,727

171
22

1,515
4,794
1,154
5,192
2,150
2,886
2,048
62,320
3,261
1,327
3,088
12,133
130,762
2,322
31,808
1,544
5,730
722
5,025
3,896
99,810
1,338

1,515
4,888
1,080
5,619
2,150
2,955
2,048
41,553
3,258
1,327
2,319
12,133
146,985
2,322
21,811
1,550
5,757
722
4,745
3,317
119,250
1,326

318
324
15
340
2
73
14
2,147
50
66
146
125
13,986
52
858
42
460
1
141
278
2,916
25

130
44
89
426
6
55
0
4,104
26
200
915
121
14,475
35
1,722
18
56
1
31
197
4,936
76

19,841
12,140
0
22,959
0
20,987
20,000
34,960
57,816
17,500
5,760
69,600
0
34,075
0
5,238
24,461
22,358
5,310
0
20,389

14,719
8,078
27,947
20,843
23,858
17,670
16,880
32,320
58,278
11,500
4,970
60,100
21,510
32,650
19,954
5,238
21,935
17,870
4,872
25,100
17,160

1,202
645
0
139
0
37
618
2,026
3,589
2
32
889
0
1,616
0
3
174
0
147
0
59

5,707
241
10
341
0
23
4,808
2,871
3,878
1
30
1,220
1,046
541
10
0
243
162
115
10,300
26

Delisted 20/02/2002

PORTFOLIO COMPANIES
CARTERAS REUNIDAS - CARTEMASA -....................................
CASGO.......................................................................................
CIRCULO DE VALORES MOBILIARIOS ....................................
COMPAA DE INVERSIONES MOBILIARIAS BARCINO ........
DALTAR......................................................................................
DESARROLLO MOBILIARIO - DEMOSA - ...............................
FOMENTO BALEAR DE INVERSIONES.....................................
GAESCO HOLDING..................................................................
GORBEA ....................................................................................
HISPANA HOLDING .................................................................
INVERSIONES AZALBA .............................................................
INVERPYME ...............................................................................
INVERSIONES IBERSUIZAS .......................................................
INVERSORA CONDAL DE VALORES MOBILIARIOS ...............
MERCAPITAL..............................................................................
RENTA VARIABLE.......................................................................
SAMOSA ....................................................................................
TERREVA ....................................................................................
UNIN CATALANA DE VALORES - UCAVASA -......................
UNIN DE VALORES - UNIVAL -.............................................
UNIN EUROPEA DE INVERSIONES.......................................
XAROA.......................................................................................
S.I.M. /SIMCAV
1948 INVERSIONS, SIMCAV .....................................................
1955 INVERSIONES, SIMCAV ...................................................
3-R VALORES, SIMCAV, S.A. ....................................................
6V DE VALORES MOBILIARIOS SIMCAV .................................
860 INVERSIONES, SIMCAV .....................................................
A PONTICELA DE VALORES, SIMCAV......................................
A Y G INTERNATIONAL MARKETS, SIMCAV ...........................
A&G BOLSA...............................................................................
A&G RENTA FIJA I......................................................................
A.A. INVER PLUSQUAM, SIMCAV............................................
A.M.J. EVALUATION, SIMCAV ..................................................
AB CEUTA ..................................................................................
ABAE VALORES SIMCAVF SA ...................................................
ABANDO EQUITIES SIMCAV....................................................
ABARCAPITAL INVERSIONES, SIMCAV, S.A.............................
ABC DE INVERSIN MOBILIARIA............................................
ABEDUL 1999, SIMCAV ............................................................
ABENOJAR INVERSIONES, SIMCAV .........................................
ABILITY ......................................................................................
ABISAL 72, SIMCAVF, SA ..........................................................
ABLAA INVEST, SIMCAV.........................................................

19-04-02

03-06-02
06-02-02

22-07-02

135

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
ABRE DE INVERSIONES, SIMCAV.............................................
ABRIL 28 INVESTMENT, SIMCAV, S.A. .....................................
ABUVILLA INVERSIONES, SIMCAV ..........................................
ACACIA BONOMIX, SIMCAV ...................................................
ACACIA PREMIUM, SIMCAV.....................................................
ACANTO DE INVERSIONES SIMCAV .......................................
ACATES INVESTMENTS, SIMCAV..............................................
ACCIONES, CUPONES Y OBLIGACIONES SEGOVIANAS.......
ACE GLOBAL, SIMCAV .............................................................
ACENT EUROPA INVERSIONES, SIMCAV ................................
ACERVO VALORES, SIMCAV ...................................................
ACHERFOR INVERSIONES, SIMCAV, S.A. ...............................
ACOPA INVERSIONES, SIMCAV, S.A. ......................................
ACQUA GESTIN GLOBAL SIMCAV .......................................
ACRPOLIS 2001......................................................................
ACTAD INVERSIONES, SIMCAV ..............................................
ACTEDADI, SIMCAV, S.A. .........................................................
ACTIMAAF ACCIONES IBERICA, SIMCAV...............................
ACTIUM DE INVERSIONES, SIMCAV .......................................
ACTIVOS AKRA LEUKA, SIMCAV, S.A. .....................................
ACTIVOS CLYS, SIMCAV, S.A. ..................................................
ACTIVOS LUCENTUM, SIMCAV, S.A. ......................................
ACTUACIONES BURSTILES SIMCAV......................................
ACUARIO 98, SIMCAV..............................................................
ADABAR INVERSIONES, SIMCAVF, S.A. ..................................
ADAGALIA INVERSIONES SIMCAV ..........................................
ADDITION.................................................................................
ADORO 99, SIMCAV.................................................................
ADRASAM INVERSIN .............................................................
ADRIANA INVERSIONES, SIMCAV ...........................................
ADSVARA INVERSIONES, SIMCAV, S.A....................................
AFINA INVERSORES REUNIDOS, SIMCAVF, S.A. ....................
AGABA INVERSIONES, SIMCAV ...............................................
AGARUS INVERSIONES SIMCAV..............................................
GATA........................................................................................
AGENDA DE INVERSIONES, SIMCAV .....................................
AGISTER 1, SIMCAV, S.A. .........................................................
AGIUM INVESTIUM, SIMCAV...................................................
AGROPE SANFER, SIMCAV.......................................................
AGROPEM DE INVERSIONES, SIMCAV....................................
AGUILON DE GATERUELA, SIMCAV .......................................
AGUSTINA SIMON ACTIVOS, SIMCAV ...................................
AHORRO BURSTIL .................................................................
AHORRO COLECTIVO, SIM .....................................................
AHORRO CORPORACIN GESTIN GLOBAL SIMCAV........
AHORROACTIVO, SIMCAV......................................................
AHORROCAPITAL .....................................................................
AIRESE SIMCAV..........................................................................
AIRUN-INVERSIONES, SIMCAV................................................
AJALVIR ......................................................................................
AKENATON INVERSIONES, SIMCAV........................................

136

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

23,280
0
31,205
26,173
20,630
8,875
20,887
104,500
27,650
50,084
35,340
0
0
24,762
84,200
21,035
0
23,640
30,301
0
0
0
25,122
11,440
0
18,271
19,860
22,174
14,680
11,672
0
0
38,469
23,560
64,800
12,280
0
20,595
24,680
15,194
25,003
6,942
98,360
2,906
21,875
15,152
1,468
20,731
57,300
41,912
15,224

19,120
17,526
29,405
24,630
13,978
6,912
19,217
98,954
22,050
51,527
29,350
22,487
22,270
21,396
71,700
18,199
24,041
18,570
26,695
23,473
23,244
23,521
25,643
8,880
22,358
15,146
16,980
18,278
12,300
9,604
11,299
23,367
37,265
20,675
55,096
9,220
24,690
18,151
21,040
8,486
23,560
6,130
97,240
2,906
14,575
11,785
2,416
19,601
53,500
36,312
13,492

100
0
15
945
1,255
1
3
588
1,372
20,547
5
0
0
540
2,279
525
0
53
2
0
0
0
602
6
0
283
37
388
7
124
0
0
503
5
12
393
0
2
219
34
0
5
1,271
1
2,932
114
178
1
77
568
2,351

183
2,254
1,226
358
2,447
0
394
2,778
6,125
3,950
1
5
42
13
4,562
45
14
43
3,269
6
685
6
65
209
11
50
35
393
28
297
0
1,229
43,141
15
25
11,240
16,068
2
99
1,296
0
13
125
146
169
155
68
36
609
778
1,221

Date of listing
in 2002 & other
comments
20-05-02

06-06-02
07-03-02

16-10-02

28-06-02
07-03-02
28-06-02

02-08-02

25-11-02
27-09-02

31-05-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
AKORG FINANCIERA, SIMCAV ................................................
ALADINO DE INVERSIONES, SIMCAV.....................................
ALALAY INVERSIONES, SIMCAV...............................................
ALAMEDA DE VALORES, SIMCAV............................................
ALANJE INVERSIONES SIMCAV ................................................
ALAR 2000, SIMCAV .................................................................
ALAVA INVERSIONES, SIMCAV ................................................
ALAZN INVERSIONES 2001, SIMCAV....................................
ALBATROS BOLSA SIMCAV ......................................................
ALBERANA INVERSIONES SIMCAV ..........................................
ALBORAN ASSETS MANAGEMENT, SIMCAV, S.A....................
ALBUS INVESTMENT, SIMCAV, S.A .........................................
ALCAMA DE VALORES, SIMCAV ..............................................
ALCANADA 2000 SIMCAV........................................................
ALCE VALORES SIMCAV ...........................................................
ALCIDES INVERSIONES, SIMCAV .............................................
ALCO INVERSIONES FINANCIERAS, SIMCAVF, S.A ................
ALCUMAR FINANCIERA, SIMCAV............................................
ALDARA GESTIN, SIMCAV.....................................................
ALDEBORAN 5000 INVERSIONES, SIMCAV ............................
ALDECON INVESTMENTS, SIMCAV.........................................
ALDERETE DE INVERSIONES, SIMCAV.....................................
ALDEU, SIMCAVF, S.A...............................................................
ALEA INVERSIONES, SIMCAV ...................................................
ALEDAOS DE INVERSIN, SIMCAV......................................
ALEDO INVERSIONES, SIMCAV, S.A. .......................................
ALEFOMA .................................................................................
ALEGRANZA DE INVERSIONES, SIMCAV ................................
ALEKOS INVESTMENT, SIMCAV ...............................................
ALFA CAPITAL............................................................................
ALFA CARTERA ..........................................................................
ALFA INVERSIONES ..................................................................
ALFA INVERSIONES BURSTILES, SIMCAV..............................
ALFAGON 1 ..............................................................................
ALFAMAR INVERSIONES, SIMCAV, S.A. ..................................
ALFATEGO SIMCAV...................................................................
ALFAVAL 2000 INVERSIONES SIMCAV ...................................
ALFIVAL XXI INVERSIONES, SIMCAV, SA ......... .......................
ALFOZ INVERSIONES, SIMCAVF, S.A. ............ .........................
ALIALIA, SIMCAV.......................................................................
ALIANTO INVESTMENT, SIMCAV.............................................
ALIBUS INVERSIONES, SIMCAV ...............................................
ALJABA DE INVERSIONES, SIMCAV .........................................
ALKEH 2000 SIMCAV ................................................................
ALKENENCIA, SIMCAV, SA .......................................................
ALLOCATION ............................................................................
ALLURE INVESTMENTS SIMCAVF, S.A. ............ .......................
ALMABAR 2001, SIMCAV .........................................................
ALMADIL INVERSIONES, SIMCAV............................................
AL-MANSUC INVERSIONES, SIMCAV, S.A. .............................
ALMARO....................................................................................

Capitalisation (at 31 Dec.)


2001
24,521
19,192
25,243
19,240
22,598
16,470
18,360
741,600
72,873
18,006
0
0
21,636
19,745
24,531
0
0
22,838
25,320
14,524
23,232
32,419
0
23,016
18,230
0
4,700
21,068
21,116
48,840
45,583
32,694
22,790
6,000
0
20,951
23,473
0
0
18,486
23,720
30,051
9,587
20,483
0
435,000
0
22,598
11,420
0
133,900

2002
23,560
16,955
22,237
17,076
16,828
0
15,640
705,600
49,884
14,232
23,367
0
18,591
17,196
24,531
16,828
20,915
19,954
25,640
14,484
21,693
28,524
21,877
22,246
14,574
24,481
4,700
17,124
17,029
44,440
39,238
27,924
22,358
7,730
30,111
18,907
21,958
6,563
0
14,075
19,272
30,952
8,626
21,035
23,079
396,000
29,840
22,598
9,360
23,978
112,600

Annual trading
2001
5
1
255
0
1,168
0
2
15
48,409
39
0
0
86
299
2,668
0
0
186
54
644
0
123
0
92
1
0
22
18
20
197
267
142
5
3
0
4
6
0
0
1,009
180
3,625
457
1,495
0
46
0
5
16
0
356

2002
4,049
2
26
18
4,815
0
2
200,036
36,288
4,482
0
0
75
152
0
10
1,062
15
229
432
0
5,010
170
1
1
0
15
1
2
34
430
82
1
552
5
10
0
12
0
127
3
3,725
446
51
279
48
0
2,548
29
0
4,057

Date of listing
in 2002 & other
comments

25-11-02
12-12-02

24-05-02

24-05-02

27-12-02

12-12-02

24-09-02
18-10-02

14-05-02
08-11-02

19-04-02

137

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
ALMAVIAL DE INVERSIONES SIMCAV .....................................
ALMED DE INVERSIONES, SIMCAV .........................................
ALMENDORA INVERSIONES SIMCAV......................................
ALMENSA INVER 21, SIMCAV, S.A. .............. ...........................
ALMORADIEL DE INVERSIONES, SIMCAV...............................
ALMU VALORES, SIMCAVF, S.A ...............................................
ALMUDENA INVERSIONES, SIMCAV.......................................
ALMUNIA PATRIMONIO SIMCAVF, S.A. .................................
ALNAMA STOCK SIMCAV.........................................................
ALOR CARTERA, SIMCAV .........................................................
ALPES 2000, SIMCAV ................................................................
ALPRO CARTERA, SIMCAV, S.A. ................. .............................
ALRAYA DE INVERSIONES, SIMCAV.........................................
ALTAE GESTIN, SIMCAV.........................................................
ALTAIS INVEST, SIM ...................................................................
ALTEA 99, SIMCAV ....................................................................
ALTEMAR INVERSIONES 99, SIMCAV ......................................
ALTOIS FINANCIERA SIMCAV...................................................
ALTOMORO INVERSIONES, SIMCAV, S.A. ..............................
ALTRES XXI ................................................................................
ALVAMAN INVERSIONES, SIMCAV, S.A. .................................
ALVASIL DE INVERSIONES, SIMCAV, S.A. ........ .......................
AM68, SIMCAV..........................................................................
AMA 899, SIMCAV ....................................................................
AMANITA CAESAREA INVERSIONES, SIMCAV.........................
AMARVI DE INVERSIONES, SIMCAV .......................................
AMER 2000, SIMCAV.................................................................
AMIC BOLSA SIMCAV ..............................................................
AMICUS 2001, SIMCAV, S.A. ................... ................................
AMIEVA INVERSIONES, SIMCAV .............................................
AMISTRA GLOBAL, SIMCAV.....................................................
AMOLAP INVERSIONES, SIMCAVF, S.A. ........... ......................
AMOTESA INVERSIONES, SIMCAV .........................................
AMPIL DE INVERSIONES, SIMCAV ...........................................
ANALISIS DE VALORES, SIMCAV..............................................
ANALISIS Y GESTIN DE CARTERAS, SIMCAV........................
ANARA INVERSIONES...............................................................
ANATOL INVERSIONES, SIMCAV .............................................
ANAYEN FINANCE, SIMCAV.....................................................
ANBOMA FINANZAS E INVERSIONES, SIMCAV .....................
ANCHOR INVERSIONES, SIMCAV, S.A. ............ ......................
ANCORA CONDAL, SIMCAV ...................................................
ANDABO INVERSIONES SIMCAV ............................................
ANDROMEDA INVESTMENT, SIMCAV.....................................
ANESGAR FREE, SIMCAV ..........................................................
ANETO GLOBAL INVESTMENT SIMCAV..................................
ANGONZALSA, SIMCAV...........................................................
ANILLO INVERSIONES, SIMCAV, S.A. ............ .........................
ANOA FINANZAS, SIMCAV, S.A. .............................................
ANTA DIVERSIFICACION, SIMCAV .........................................
ANTA GESTIN PATRIMONIAL, SIMCAV ................................

138

Capitalisation (at 31 Dec.)


2001
21,934
24,627
20,915
0
18,840
0
20,000
0
18,759
26,640
19,649
0
27,040
59,690
1,880
11,323
21,600
22,917
0
39,000
0
0
20,760
228,370
23,800
19,000
5,265
23,319
0
17,189
29,532
0
13,925
24,210
79,900
18,193
2,960
35,868
0
25,381
0
24,000
23,319
26,550
26,800
24,317
24,762
0
0
44,974
21,765

2002
18,615
23,521
18,992
24,320
12,680
23,800
15,450
24,962
15,392
21,160
22,126
54,091
26,560
44,520
1,880
9,075
17,880
21,160
20,434
34,950
19,954
23,064
13,160
193,412
20,434
17,484
2,789
19,954
24,864
13,383
29,396
20,915
9,548
23,220
59,100
18,459
2,960
29,474
16,588
24,149
0
23,560
21,156
21,200
27,080
23,377
25,964
0
18,752
34,323
16,354

Annual trading
2001

2002

0
1
17
0
54
0
11
0
6
111
980
0
2,225
6,354
25
76
73
5
0
384
0
0
0
3,628
5
0
2,137
79
0
267
3,020
0
0
780
303
20
81
108
0
0
0
0
5
67
6
626
5
0
0
2,802
1,299

1
3
27
7
26
0
46
12
754
700
2,171
12,621
7,073
1,628
27
88
105
13
10
16
59
0
402
3,904
18
8,108
1,811
55
3
0
1,492
13
0
35
0
15
59
90
11
0
0
222
13
332
13
6
13
0
10
1,663
769

Date of listing
in 2002 & other
comments

16-10-02
15-07-02
30-04-02

28-01-02

07-03-02
07-03-02
07-03-02

15-07-02

30-04-02

25-07-02

24-07-02
30-04-02

Anexo 2: MERCADOS SECUNDARIOS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
ANTA INTERNACIONAL INVERSIN MOBILIARIA, SIM.........
ANTALYA....................................................................................
ANTAT INVERSIONES 2000, SIMCAV.......................................
ANTELI INVERSIONES SIMCAV ................................................
ANTER 99, SIMCAV ...................................................................
ANTIGUA COMPAA TASTAVINS, SIMCAV...........................
ANTLIA INVESTMENT SIMCAV.................................................
ANTOSERRA, SIMCAV...............................................................
ANTRESMA DE INVERSIONES, SIMCAV...................................
ANZARES INVERSIONES, SIMCAV, S.A. ........... .......................
ANZOBRE DE INVERSIONES 2001, SIMCAV, S.A .... ...............
APARELLADORS ACTIUS MOBILIARIS, SIMCAV, S.A. .............
APM 2001, SIMCAV, S.A. ...................... ...................................
APROIN 3000, SIMCAV.............................................................
APUS INVESTMENT SIMCAV ....................................................
AQUILES INVERSIONES SIMCAV, S.A. ............ ........................
AR CAPITAL VARIABLE I, SIMCAV ............................................
ARAGON CINCO VILLAS, SIMCAV..........................................
ARAGON TERCER MILENIO, SIMCAV......................................
ARALAR DE INVERSIONES .......................................................
ARALUZ INVERSIONES, SIMCAV, S.A. ............ ........................
ARANGOI FINANCIERA, SIMCAV ............................................
ARANJUEZ BOLSA, SIMCAV.....................................................
ARBACHU DE INVERSIONES, SIMCAV, S.A. ...........................
ARBARIN ...................................................................................
ARBAT NUNERO 34, SIMCAV ..................................................
ARBI DE INVERSIONES, SIMCAV..............................................
ARCABI 3,000 SIMCAV .............................................................
ARDAUC, SIMCAV ....................................................................
ARDEBLAU INVERSIONES, SIMCAV, S.A. .......... .....................
ARDIL FINANCIERA, SIMCAV ...................................................
ARDIZIA DE INVERSIONES, SIMCAV .......................................
AREITIO MORA INVERSIONES, SIMCAVF, S.A. .......................
AREKA INVERSIONES................................................................
ARELGUIA..................................................................................
ARENBERG ASSET MANAGEMENT SIMCAV............................
ARETE INVERSIONES, SIMCAV .................................................
AREVALO DE INVERSIONES, SIMCAV .....................................
ARGALAN INVERSIONES..........................................................
ARGENTARIA AHORRO............................................................
ARGENTARIA CARTERA DE INVERSIONES ..............................
ARGIRION INVEST, SIMCAV.....................................................
ARGULLS FINANCIERA, SIMCAV .............................................
ARIEN PATRIMONIO, SIMCAV .................................................
ARINVER 2000, SIMCAV ...........................................................
ARITOSA INVERSIONES, SIMCAV, S.A. ........... ........................
ARIZCUN ...................................................................................
ARJO SIETE, SIMCAV, S.A. .................... ....................................
ARMINZA DE INVERSIONES, SIMCAV .....................................
AROAGA INVERSIONES, SIMCAV, S.A. ...................................
ARRAIZ CAPITAL 2001, SIMCAV, S.A. ........... ..........................

Capitalisation (at 31 Dec.)


2001
0
33,270
15,578
19,769
12,357
4,820
23,800
25,074
22,718
0
0
0
0
19,994
19,232
0
21,645
24,100
24,220
59,760
0
19,713
279,264
0
117,160
0
20,779
16,470
20,894
0
30,603
153,800
0
41,560
2,104
19,144
21,636
24,772
27,480
37,900
360,500
24,561
27,286
20,580
32,310
0
61,200
0
19,889
0
0

2002
2,762
30,495
11,876
16,643
11,503
4,003
20,675
17,429
21,717
33,512
23,840
0
22,838
17,149
16,508
24,321
16,667
20,371
19,609
60,800
0
16,588
217,592
18,519
102,520
22,800
17,388
0
17,155
20,194
31,215
145,200
23,608
36,080
3,703
17,845
19,232
24,074
22,640
0
363,000
22,798
27,246
14,868
29,570
22,944
51,680
20,963
17,172
22,838
22,325

Annual trading
2001

2002

0
122
24
644
303
2
0
50
1
0
0
0
0
0
2
0
4,960
31
536
3,554
0
3
17,569
0
31,064
0
1
0
310
0
185
108
0
162
343
29
5
0
44
490
2,050
831
2
15
1
0
201
0
542
0
0

11
119
6,739
62
786
0
1
1
2
0
1
0
618
0
3
188
4,202
362
631
24,244
0
11
40,931
5
26,917
9
1
0
5
6
353
46
21
169
662
14
474
1
29
190
33,000
1,567
15
29
1
0
16
5
9,162
11
18

Date of listing
in 2002 & other
comments

03-06-02
15-07-02
24-10-02
15-07-02

16-04-02

12-12-02

14-02-02

24-05-02

27-09-02

Delisted 20/12/2002

28-06-02
28-06-02
06-02-02
16-04-02

139

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
ARROBA INVEST, SIMCAVF ......................................................
ARROYO INVERSIONES, SIMCAV, S.A. ...................................
ARS VALORES, SIMCAV ...........................................................
ARSA CARTERA, SIMCAV .........................................................
ARTAI 2000, SIMCAV.................................................................
ARTLUMO, SIMCAV.................................................................
ARUT 98 INVERSIONES, SIMCAV.............................................
ARVILIBIA SIMCAVF ..................................................................
ARZALEJOS, SIMCAV.................................................................
ARZUA DE INVERSIONES, SIMCAV .........................................
ASERFINANCE DE INVERSIONES, SIMCAV..............................
ASFABE DE INVERSIONES, SIMCAV .........................................
ASTIPALEA, SIMCAV..................................................................
ASTRANTIA, SIMCAV ................................................................
ASTURIANA DE VALORES ........................................................
ASUSO VALORES, SIMCAV.......................................................
ASVI INVERSIONES, SIMCAVF, S.A. .........................................
ATAZAR DE INVERSIONES........................................................
ATELANA INVESTMENT SIMCAVF ...........................................
ATIENZA DE INVERSIONES, SIMCAV .......................................
ATILIOS, SIMCAV, S.A. ..............................................................
ATON INVERSIONES, SIMCAV, S.A. .............. ..........................
AUCAS DE INVERSIONES, SIMCAV..........................................
AUREO INVERSIONES .............................................................
AURIGA CAPITAL, SIMCAV.......................................................
AURIGA INVESTMENT, SIMCAV...............................................
AURRECHE INVERSIONES, SIMCAV, S.A. .......... .....................
AVALLE AHORRO, SIMCAVF, S.A. ................ ...........................
AVIA INVERSIONES, SIMCAV, S.A. .............. ............................
AVILUGAM, SIMCAV.................................................................
AVOLATIL DE INVERSIONES SIMCAV......................................
AVORIAZ INVERSIONES, SIMCAV............................................
AYEDO DE INVERSIONES, SIMCAV .........................................
AYNASA, SIMCAV, S.A. .............................................................
AYORA PARTICIPACIONES, SIMCAV........................................
AYUA INVERSIONES, SIMCAV.................................................
AZAGRA INVERSIONES, SIMCAV.............................................
AZAHAR ORANGE INVERSIONES, SIMCAV, S.A. ...................
AZAREN INVERSIONES, SIMCAV, S.A. ............ ........................
AZEVREC, SIMCAV ....................................................................
AZORIN INVERSIONES, SIMCAV..............................................
B&B DE VALORES, SIMCAV.....................................................
B.I. GRAN PREMIERE, SIMCAV .................................................
B.I.PREMIERE..............................................................................
B.S. INVERSIONES 97, SIMCAV ...............................................
B.S.A. FINANZAS, SIMCAV .......................................................
BABUTA INVEST SIMCAV..........................................................
BACESA DE INVERSIONES, SIMCAV ........................................
BACKGROUND INVERSIONES, SIMCAV .................................
BACOARA 21, SIMCAV, S.A. ....................................................
BAFOR INVERSIONES, SIMCAV ...............................................

140

Capitalisation (at 31 Dec.)


2001
24,531
0
44,100
21,520
25,000
8,376
10,660
0
19,914
24,521
24,427
8,574
0
22,518
118,512
24,291
0
94,560
0
27,760
0
0
20,034
2,640
21,720
28,800
0
0
0
17,677
23,569
21,612
21,741
0
13,407
108,900
0
0
0
19,880
10,940
5,904
19,593
28,000
26,124
22,120
10,240
24,762
5,051
0
24,241

2002
23,088
0
32,200
18,520
27,280
7,601
8,180
22,018
18,591
22,838
19,182
7,012
16,348
20,354
109,520
24,531
10,097
91,280
23,319
24,200
21,696
10,202
16,955
2,640
20,440
26,750
24,281
22,215
24,441
15,681
21,886
19,136
19,312
18,062
12,799
101,850
9,977
24,320
21,958
14,000
10,600
4,888
16,949
20,400
21,588
19,640
10,050
21,156
3,440
21,156
0

Annual trading
2001

2002

0
0
201
38
477
389
89
0
0
923
1,486
1
0
1
3,951
2,405
0
8
0
395
0
0
639
0
543
3,027
0
0
0
0
402
11
0
0
1,815
1,143
0
0
0
1,518
3,236
16
2,267
286
246
6
0
5
839
0
690

1,537
0
938
30
9
6
67
2,202
2
8,750
2,207
0
11
53
710
0
13
240
1
1
0
74
781
3
44
111
11
0
13
2,180
0
23
0
681
621
0
94
608
0
194
2,489
27
538
466
79
103
2,403
13
294
11
0

Date of listing
in 2002 & other
comments
27-09-02

06-06-02

07-03-02
19-04-02

08-11-02
28-06-02
15-10-02

21-03-02

06-06-02
28-01-02

07-03-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
BAGAL CARTERA, SIMCAV.......................................................
BAIMOBEL LINE, SIMCAV.........................................................
BAJOMIR DE INVERSIONES, SIMCAV ......................................
BALAGUER 98 DE INVERSIONES, SIMCAV .............................
BALAITUS INVERSIONES, SIMCAV...........................................
BALAYO INVERSIONES, SIMCAV .............................................
BALEAR AHORRO, SIMCAV, S.A. ................. ...........................
BALEARES TERCER MILENIO, SIMCAV.....................................
BALEMA INVERSIONES SIMCAV, S.A. ............. ........................
BALGAR INVEST, SIMCAV ........................................................
BALINCO DE INVERSIONES, SIMCAV......................................
BALLESTEROS FINANZAS, SIMCAV..........................................
BAMBU 2001 DE INVERSIONES, SIMCAV, S.A. ......................
BANCAJA GESTIN...................................................................
BANCOMERCIO AHORRO I ....................................................
BANESTO BANCA PRIVADA GLOBAL .....................................
BANESTO BANCA PRIVADA INVERSIONES.............................
BANESTO CEUTA Y MELILLA....................................................
BANKAL INVERSIONES 98, SIMCAV ........................................
BANKINTER DE INVERSIONES ................................................
BANSALIBER .............................................................................
BANSAPA ..................................................................................
BANSODAD ..............................................................................
BAEZA DE INVERSIONES, SIMCAV........................................
BAPUSA INVERSIONES, SIMCAVF, S.A. ...................................
BARASONA DE INVERSIONES SIMCAVF S.A. .........................
BARBADOS INVERSIONES, SIMCAV........................................
BARBATE DE INVERSIONES, SIMCAV ......................................
BARCAPITAL SIMCAV................................................................
BARCELONA BLACK KNIGHTS 2002, SIMCAV, S.A. .. ............
BARCLAYS PREMIER ACCIONES, SIMCAV ...............................
BARCLAYS PREMIER DIVERSIFICADA, SIMCAV.......................
BARGAS INVERSIONES FINANCIERAS, SIMCAV .....................
BARGELD SIMCAV ....................................................................
BARIA ASSET MANAGEMENT, SIMCAV ...................................
BARIGUA, SIMCAV....................................................................
BARLOVENTO DE INVERSIONES MOBILIARIAS, SIMCAV......
BARNAMOLINS, SIMCAV, S.A. ................... .............................
BARNEVAL INVERSIONES, SIMCAV .........................................
BARRA ALTA, SIMCAV...............................................................
BARRANCO 2000, SIMCAV .....................................................
BARRARO ..................................................................................
BARRI CARTERA DE INVERSIONES, SIMCAV...........................
BASARTE ....................................................................................
BASASIM INVERSIONES, SIMCAV ............................................
BASE RIOJA 2, SIMCAV ............................................................
BASEN INVESTMENT, SIMCAV .................................................
BATFAM INVERSIONES 2000, SIMCAV ....................................
BAYAHIBE CAPITAL, SIMCAV, S.A. .............. ............................
BBV CEME MONETARIO...........................................................
BBV PRIVANZA 25 CARTERA, SIMCAV....................................

Capitalisation (at 31 Dec.)


2001
21,356
22,880
19,986
18,080
60,702
22,406
0
20,210
0
11,664
0
55,293
0
133,600
27,280
61,900
91,100
26,800
22,680
7,415
153,276
25,800
30,288
19,168
0
0
14,264
21,020
28,425
0
23,600
25,440
22,280
20,464
18,711
39,300
27,647
0
22,520
22,045
22,598
31,208
23,800
2,300
21,636
23,773
21,599
22,906
0
27,680
125,600

2002
17,172
20,680
13,901
15,840
60,702
39,942
36,277
15,559
24,601
7,816
20,955
52,288
23,834
112,000
19,560
52,820
87,800
25,600
18,520
7,415
134,746
24,600
30,288
16,619
23,319
19,208
8,775
17,364
26,125
27,947
16,040
21,440
18,040
20,212
14,622
38,100
24,040
25,450
21,040
20,002
21,156
23,418
21,396
3,724
17,550
15,876
14,102
18,359
21,164
55,530
116,400

Annual trading
2001

2002

212
5,522
1
274
15
0
0
2,024
0
0
0
5
0
6,962
376
7,513
14,753
882
524
0
2,596
1,356
5
6
0
0
2,607
7
61
0
3,332
3,153
6
605
27
39
3,622
0
95
0
935
227
465
9
15
2
1,173
158
0
559
3,603

0
2,836
1
1,227
27
31,319
8,991
785
707
0
2
13
0
7,226
175
3,181
7,868
162
608
0
2,670
35
3
1
2,607
446
32
0
339
2,176
1,562
474
195
1,044
5,206
178
3,130
218
115
24
1,436
331
27
12
3,051
1
1,095
21
21
1,306
2,760

Date of listing
in 2002 & other
comments

25-11-02
18-04-02

14-02-02

18-10-02
31-10-02

12-07-02

28-01-02

25-03-02

141

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
BBV PRIVANZA 50 CARTERA, SIMCAV....................................
BBV PRIVANZA 75 CARTERA, SIMCAV....................................
BBVA ARAGN, SIMCAV .........................................................
BBVA CARTERA .........................................................................
BBVA CATALANA CARTERA, SIMCAV .....................................
BEACON GROWTH INVESTMENTS, SIMCAV .........................
BECARMON DE INVERSIONES, SIMCAV.................................
BEDINVER INTERNACIONAL, SIMCAV....................................
BEJUVIAL, SIMCAV....................................................................
BELATLANS, SIMCAV.................................................................
BELEA INVERSIONES, SIMCAV, S.A. ............ .........................
BELORADO AHORRO, SIMCAV...............................................
BEMASA INVERSIONES, SIMCAV ...........................................
BENARRABA DE INVERSIONES, SIMCAV.................................
BENAZAIRE INVERSIONES 2000, SIMCAV...............................
BENCARPO, SIMCAV ................................................................
BENCAVA INVERSIONES, SIMCAV ...........................................
BERCIAL INVERSIONES, SIMCAV .............................................
BERDOS INVERSIONES, SIMCAV, S.A. ............ ........................
BERPARLA INVERSIONES, SIMCAV ..........................................
BERZOSA DE INVERSIONES ....................................................
BESSER INVERSIONES ...............................................................
BESTER ZINS, SIMCAV...............................................................
BETA FONDOS INTERNACIONAL............................................
BETA MULTIMEDIA SIMCAV .....................................................
BETA TECH INVERSIONES SIMCAV..........................................
BETEL INVESTMENT, SIMCAV...................................................
BETUS INVERSIONES, SIMCAV.................................................
BEXCARTERA .............................................................................
BICHAR DE INVERSIONES FINANCIERAS, SIMCAV ................
BIERZO 99 DE INVERSIONES, SIMCAV....................................
BIFERO ......................................................................................
BILBAO ELCANO INVERSIONES SIMCAV................................
BILBAO EQUITY, SIMCAV.........................................................
BILUTOR ....................................................................................
BINITAREF, SIMCAV...................................................................
BIRIGARRO, SIMCAV ................................................................
BITACORA DE VALORES, SIMCAV ...........................................
BLACK-SCHOLES, SIMCAV .......................................................
BLOPA INVESTIMENT, SIMCAV ................................................
BLUE CHIP INVERSIONES.........................................................
BLUE DOVE INVERSIONES, SIMCAV .......................................
BLUE SEA CARTERA, SIMCAV, S.A. ..........................................
BMS BLUE CHIPS, SIMCAV ......................................................
BMS CARTERA, SIMCAV ..........................................................
BOCCACCIO PLAYA, SIMCAV ..................................................
BOGEY INVERSIONES, SIMCAV ...............................................
BOI DE INVERSIONES SIMCAV ................................................
BOJ INVESTMENT, SIMCAV ......................................................
BOLINVER..................................................................................
BOLSA ACTIVA, SIMCAV, SA ....................................................

142

Capitalisation (at 31 Dec.)


2001
122,200
117,800
156,000
314,889
111,200
21,931
0
23,497
23,560
28,760
0
22,165
99,300
19,384
8,919
21,035
21,789
18,752
0
23,240
14,454
27,520
22,045
27,680
30,411
66,250
24,201
19,641
17,208
24,200
18,807
59,940
18,489
24,440
5,080
19,016
19,168
25,092
0
19,881
1,160
47,023
0
30,800
64,400
0
21,396
22,607
20,795
2,700
0

2002
100,400
85,200
137,500
267,301
91,600
18,605
21,621
19,986
21,280
25,000
21,476
15,314
94,950
16,138
7,609
19,930
18,903
18,992
21,877
21,680
6,588
26,200
20,386
24,400
30,170
31,750
20,875
14,665
131,040
21,080
12,722
49,260
16,645
20,240
3,960
15,554
12,626
22,198
8,655
19,954
1,160
42,119
21,492
29,200
52,300
0
19,473
20,154
16,307
2,700
0

Annual trading
2001

2002

7,782
5,302
7,162
36,468
6,063
2,420
0
0
1,669
8,559
0
0
96
1
62
45
55
5
0
77
7
222
1,205
728
48,132
5,717
974
21
6
3
1
262
735
1
938
36
83
121
0
2,458
16
86
0
2
468
0
45
0
3
32
0

8,069
3,624
6,220
34,326
4,681
3
1
2
636
27
20
600
38
1
49
1,811
25
16
10
36
4
226
794
2,986
16,257
3,191
3
30
2,117
1,404
1
3,950
719
0
1,066
47
19
326
97
17
18
765
103
2
30
0
18
0
3
3,154
0

Date of listing
in 2002 & other
comments

29-02-02

07-03-02

19-06-02

25-07-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
BOLSA INTEGRAL SIMCAV.......................................................
BOLSA MIXTA SIMCAV..............................................................
BOLSA TRANSOCEANICA, SIMCAV.........................................
BOLSADUERO, SIMCAV ...........................................................
BOLSAGAR ................................................................................
BOLSAID INVERSIONES............................................................
BOLSHISPANIA..........................................................................
BOLSIBER...................................................................................
BOMBAY INVESTMENT OFFICE ...............................................
BOND EQUITY, SIMCAV..........................................................
BOND INVERSIONES ...............................................................
BONDARRIBI INVESTMENT, SIMCAV ......................................
BONINSA BOLSA, SIMCAV.......................................................
BOOMING INVERSIONES .......................................................
BOOTES INVESTMENT SIMCAV ...............................................
BOQUERA INVERSIONES, SIMCAV..........................................
BORACMO, SIMCAV ................................................................
BORAU INVERSIONES, SIMCAV...............................................
BORDOLIQUE, SIMCAV ...........................................................
BORDONAL INVERSIONES, SIMCAV.......................................
BORIZO DE INVERSIONES, SIMCAV........................................
BOTILAN INVER 5 SIMCAV ......................................................
BOTINO INVERSIONES , SIMCAV, S.A. ...................................
BOTTOM UP INVERSIONES, SIMCAV......................................
BOVILA DE INVERSIONES, SIMCAV.........................................
BOYSEP INVESTMENT SIMCAV ................................................
BRAININVEST SIMCAV..............................................................
BRANCH DE INVERSIONES SIMCAV .......................................
BRARIOS-3, SIMCAV, S.A. ..................... ...................................
BRASILITO SIMCAV ...................................................................
BREIXO INVERSIONES SIMCAV................................................
BRENT INVERSIONES, SIMCAV ................................................
BRIMO DE INVERSIONES ........................................................
BRIO 21 SIMCAV.......................................................................
BRISEIDA DIVERSIFICADA, SIMCAV.........................................
BROKREUS, SIMCAV .................................................................
BROSNA, SIMCAV.....................................................................
BRUNARA..................................................................................
BRUNO 2000 DE INVERSIONES SIMCAV ...............................
BSA FINANZAS ..........................................................................
BSN ELITE 10-30,SIMCAV..........................................................
BSN ELITE 30-50, SIMCAV.........................................................
BSN ELITE 50-70, SIMCAV.........................................................
BSN ELITE 70-90, SIMCAV.........................................................
BUCALLAR SIMCAV, S.A. ....................... ..................................
BUCLE INVERSOR, SIMCAV......................................................
BUDULAQUE ALDAMA, SIMCAV............................................
BUENAVISTA F.O.G. INVERSIONES, SIMCAV ..........................
BUENBAS INVERSIONES SIMCAV ...........................................
BUENDIA DE INVERSIONES .....................................................
BUJARA DE INVERSIONES, SIMCAV ........................................

Capitalisation (at 31 Dec.)


2001
39,600
47,500
7,104
13,977
0
68,058
50,720
4,017
2,400
29,300
19,000
27,960
16,920
12,340
19,112
20,675
11,250
0
30,795
0
22,160
24,320
0
23,280
22,318
20,314
20,434
5,856
0
24,930
360,000
11,420
0
22,078
9,981
13,750
27,640
476,000
44,400
26,240
24,601
29,783
28,316
19,032
0
23,920
21,164
21,840
16,828
2,460
22,655

2002
37,700
45,300
6,400
8,040
0
27,120
49,600
4,017
12,520
25,500
16,420
24,680
11,080
10,260
16,187
18,752
6,250
22,237
23,096
19,962
18,520
22,800
15,633
21,429
17,941
13,198
20,635
4,560
23,761
21,877
298,800
10,400
0
20,731
9,620
7,000
22,280
369,950
38,160
25,480
22,919
24,726
22,794
13,783
10,145
23,560
17,629
20,120
16,348
44,080
18,013

Annual trading
2001

2002

1
1
1
950
0
312
12,640
54
600
507
149
18
70
52
2
5
334
0
1,236
0
177
3
0
1,046
8
245
2
129
0
6
204,338
554
0
0
15
1,878
4
43,792
0
12,187
4,810
2,173
1,144
550
0
2,170
1,003
9
61
312
36

841
4,006
0
252
0
295
17
393
4
962
52
3
2,689
176
3
13
120
1,504
483
49
17
602
11
21
878
1,212
2
100
4,184
13
50,005
2
0
3,320
3
1,045
4
41,180
2
11
2,456
579
256
336
55
1,518
656
5
25
5
140

Date of listing
in 2002 & other
comments

21-02-02

10-10-02

14-01-02

143

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
BULK INVERSIONES, SIM ........................................................
BULL INVEST ............................................................................
BURBIA-99 DE INVERSIONES, SIMCAV ...................................
BURMAS INVERSIONES, SIMCAV ............................................
BURPLAN, SIMCAV ...................................................................
BURSTIL 2000, SIMCAV..........................................................
BUSMONDO ............................................................................
BUSSOLA 99, SIMCAV .............................................................
C&S PAMEL INVERSIONES, SIMCAV ........................................
C.F. GENERAL DE INVERSIONES FINANCIERAS, SIMC ...........
CABDAL INVERSIONES, SIMCAV, SA .............. ........................
CABMAR DE INVERSIONES, SIMCAV ......................................
CADI VALORES, SIMCAV ..........................................................
CADOGAN 37, SIMCAV, S.A. .................... ..............................
CAELU INVESTMENT SIMCAV..................................................
CAESAR IMPERATOR I, SIMCAV ...............................................
CAIXA CASTILLA Y LEON, SIMCAV, S.A. .................................
CAIXA INVERSIONES I, SIMCAV...............................................
CAIXASABADELL INVEST, SIMCAV...........................................
CAJALUNA INVERSIONES, SIMCAVF,S.A. .......... .....................
CAJARIOJA INVERSIN, SIMCAV .............................................
CALACONTA DE INVERSIONES, SIMCAV................................
CALAINVEST-98, SIMCAV .........................................................
CALAIS DE INVERSIONES SIMCAV...........................................
CALANISA, SIMCAV ..................................................................
CALCEDONIA, SIMCAV ............................................................
CALIMA INVEST, SIMCAV .........................................................
CALLAL INVERSIONES, SIMCAV, S.A. ......................................
CAM MODERATE, SIMCAV.......................................................
CAMABI VALORES, SIMCAV, S.A. ............................................
CAMBRIDGE AVENUE INVERSIONES SIMCAV........................
CAMELLE INVESTMENT, SIMCAV .............................................
CAMERFRAN, SIMCAV..............................................................
CAMINO PASTORA, SIMCAV ...................................................
CAMPO DE ORO INVERSIONES, SIMCAV, S.A. ...... ...............
CAMPOSENA, SIMCAV .............................................................
CAN VENTURA INVERSIONES, SIMCAV, S.A. .........................
CAN XULINO, SIMCAV, S.A. ....................................................
CAN. WK FIN SIETE SIMCAV, S.A. .............. .............................
CANALES 2001 SIMCAV............................................................
CANARIAS AHORRO, SIMCAV, S.A. ............... ........................
CANAY DE INVERSIONES, SIMCAV .........................................
CANEELTOO INVESTMENTS, SIMCAV .....................................
CANIGO INVERSIONES SIMCAV..............................................
CANOVAS 98, SIMCAV.............................................................
CANSILU, SIMCAV, S.A. ....................... ....................................
CANTO ASTIAL INVERSIONES, SIMCAV..................................
CANTUESO INVERSIONES, SIMCAV .......................................
CANYAMEL INVERSIONES, SIMCAV ........................................
CAPCHICOT, SIMCAV, S.A. ......................................................
CAPDAMUNT INVERSIONES, SIMCAV, S.A. ...........................

144

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

3,086
25,500
15,706
23,546
21,429
28,100
3,080
19,697
0
10,361
0
21,765
17,076
0
40,388
12,600
0
62,300
19,830
0
31,850
22,799
11,400
20,875
19,906
22,240
20,875
0
23,201
0
0
35,760
21,126
13,282
0
22,751
0
0
0
24,541
0
24,390
25,156
20,274
33,705
0
21,600
18,655
36,061
0
0

3,080
19,420
11,219
22,317
15,320
25,450
3,080
16,931
15,686
9,568
23,079
17,941
12,266
24,040
32,022
11,160
24,521
52,600
13,050
25,002
20,850
20,154
11,160
17,364
17,838
17,640
19,393
13,523
23,561
14,424
22,838
34,558
19,480
10,307
19,713
20,130
24,521
24,281
0
22,175
36,349
17,844
22,944
17,870
30,700
23,103
14,640
16,687
35,159
22,767
22,838

30
1,620
0
613
0
743
14
1
0
2
0
0
542
0
2
262
0
9,455
2,717
0
6,274
3
0
791
11
2
4,536
0
6,465
0
0
1,088
1
6
0
0
0
0
0
403
0
112
27
1,482
239
0
20
0
25,844
0
0

32
475
0
335
2
1,863
1
2
10
3
11
1
57
6
3
0
2,789
3,950
901
11
1,097
866
0
522
5
3
27
11
0
12
199
8,042
0
12
11
3
11
45
0
3
5,931
153
58
1,866
501
61
118
780
7,000
1
10

Date of listing
in 2002 & other
comments

27-09-02

26-03-02

10-04-02

06-02-02

24-09-02
19-04-02

24-05-02
24-05-02
08-05-02
13-05-02
25-11-02

14-01-02

21-02-02
08-11-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
CAPGESA ..................................................................................
CAPILOPA, SIMCAV...................................................................
CAPINVER..................................................................................
CAPITAL 18 BR, SIMCAV...........................................................
CAPITAL M.E.P. ..........................................................................
CAPITAL P.A.V. ..........................................................................
CAPITAL PENEDES MIXT, SIMCAV ..........................................
CAPITAL XXI INVERSIONES, SIMCAV.......................................
CAPITALZA ................................................................................
CAR 2000 INVERSIONES MOBILIARIAS, SIMCAV ...................
CARAMA DE INVERSIONES, SIMCAV ......................................
CARAUNA INVERSIONES, SIMCAV..........................................
CARBONERA MOBILIARIA SIMCAV ........................................
CARCANTI, SIMCAV, S.A. .........................................................
CARDIEL DE INVERSIONES, SIMCAV.......................................
CARFY... .....................................................................................
CARHEBAPE 1, SIMCAV............................................................
CARINA INVESTMENT, SIMCAV ...............................................
CARISA INVERSIONES, SIMCAV ...............................................
CARIVEGA DE INVERSIONES SIMCAV.....................................
CARO INVERSIONES, SIMCAV .................................................
CAROLA 2000, SIMCAV............................................................
CARPE DIEM INVESTMENT, SIMCAV .......................................
CARRAN DE INVERSIONES, SIMCAV ......................................
CARRASPIENTES SIMCAV .........................................................
CARRIEDO, SIMCAV .................................................................
CARTEALAR, SIMCAV ...............................................................
CARTEBANC .............................................................................
CARTERA 100, SIMCAV.............................................................
CARTERA 2M5, SIMCAV............................................................
CARTERA 30, SIMCAV...............................................................
CARTERA ALARCOS, SIMCAV...................................................
CARTERA ALFABIA SIMCAV ......................................................
CARTERA ASEGURADORA .......................................................
CARTERA BASEIBAR .................................................................
CARTERA BELLVER 4, SIMCAV..................................................
CARTERA BELLVER 5, SIMCAV..................................................
CARTERA BELLVER 7, SIMCAV..................................................
CARTERA BELLVER, SIMCAV.....................................................
CARTERA CABRERA SIMCAV ....................................................
CARTERA CALOBRA 2 SIMCAV ................................................
CARTERA CALOBRA 3, SIMCAV ...............................................
CARTERA CALOBRA 4, SIMCAV ...............................................
CARTERA CALOBRA SIMCAV ...................................................
CARTERA CRESA, SIMCAV ........................................................
CARTERA DABERNI, SIMCAV, S.A. ............... ...........................
CARTERA DE ACCIONES - TACITA -.........................................
CARTERA DE INVERSIN BURSTIL, SIMCAV........................
CARTERA DE INVERSIONES ERTIS, SIMCAV, S.A. ...................
CARTERA DE INVERSIONES INVERGAL, SIMCAV ...................
CARTERA DE INVERSIONES SG4, SIMCAV ..............................

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

2,855
23,944
1,204
10,926
27,240
25,960
49,920
18,343
11,660
25,243
22,320
20,290
21,044
0
22,320
25,564
14,550
19,593
22,646
24,411
24,361
17,440
19,160
39,200
22,506
24,041
38,908
0
20,595
20,915
23,840
38,805
23,800
24,638
80,619
19,753
19,192
21,156
28,640
22,879
24,401
25,002
25,042
24,521
17,550
0
75,400
8,615
0
18,351
0

2,855
22,310
1,204
9,280
23,080
21,600
34,680
14,016
10,480
22,838
18,960
15,626
18,831
20,915
19,840
20,867
10,005
16,267
22,310
24,266
20,400
16,360
17,333
38,150
23,011
25,002
41,161
7,716
16,027
16,508
24,240
34,580
23,840
23,220
66,769
18,111
15,266
18,992
25,600
21,356
23,279
25,563
25,603
22,838
13,222
21,741
62,140
5,329
21,997
14,865
14,010

3
82
1
29
61
87
57
323
83
3,010
2
116
4
0
1
83
1,623
117
1
33,056
82
12
17
129
871
838
1
0
2,434
70
6
53
1,417
161
1,321
94
92
1,311
11,418
4,491
4,962
112
112
4,014
5
0
4
1
0
408
0

5
65
181
496
37
38
42
1,176
7
5
26
98
49
25
1
200
6
269
4,420
2
72
1
27
3
526
151
11
1,623
524
57
7
75
6,718
399
1,515
539
581
540
4,306
6,301
2,759
113
113
689
4
2
31
1
1,405
157
10

Date of listing
in 2002 & other
comments

21-03-02

08-11-02

21-03-02

145

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
CARTERA DE VALORES IAF, SIMCAV .......................................
CARTERA DELFI .........................................................................
CARTERA DELFI 2 .....................................................................
CARTERA DRAGONERA SIMCAV.............................................
CARTERA EMPORDA 2000, SIMCAV........................................
CARTERA EXTRAMUN, SIMCAV...............................................
CARTERA GALATIFE, SIMCAV ..................................................
CARTERA GLOBAL, SIMCAV.....................................................
CARTERA INTEGRAL, SIM.........................................................
CARTERA INVERONIA, SIMCAV ...............................................
CARTERA INVERSORA DEL EBRO, SIMCAV.............................
CARTERA KAMINSKI SIMCAV...................................................
CARTERA KEFREN, SIMCAVF, S.A. ............... ............................
CARTERA LD 78 SIMCAV ..........................................................
CARTERA MACAM, SIMCAV.....................................................
CARTERA MAEN, SIMCAVF, S.A. ..............................................
CARTERA MENDIBILE, SIMCAV, S.A. .......................................
CARTERA MILLENNIUM, SIMCAV ............................................
CARTERA MOBILIARIA - CARMOSA - .....................................
CARTERA MUNDIAL, SIMCAV .................................................
CARTERA MUSA, SIMCAV, S.A. .................. .............................
CARTERA OPTURSA, SIMCAV ..................................................
CARTERA PIRINEO ...................................................................
CARTERA ROIS, SIMCAV...........................................................
CARTERA SERTORIO, SIMCAV, S.A. .........................................
CARTERA SUROESTE, SIMCAV .................................................
CARTERA TRAMO I, SA, SIMCAV ................. ...........................
CARTERA URQUIJO 2, SIMCAV................................................
CARTERA URQUIJO, SIMCAV...................................................
CARTESOR, SIMCAV..................................................................
CASA-SANZ SIMCAV.................................................................
CASAYU INVERSIONES SIMCAV .............................................
CASIGRAMA INVERSIONES, SIMCAV, S.A. ......... ....................
CASIVIDA, SIMCAV ...................................................................
CASSIOPEIA INVESTMENT, SIMCAV.........................................
CASTALIA AHORRO, SIMCAV ..................................................
CASTEINVER .............................................................................
CASTEPLAN-12, SIMCAV ..........................................................
CASTLEWOOD, SIMCAV ..........................................................
CASVA DE INVERSIONES, SIMCAV ..........................................
CAT PATRIMONIS, SIMCAV ......................................................
CATAY INVESTMENT, SIMCAV..................................................
CATIMSA ...................................................................................
CATOC ......................................................................................
CAULES DE INVERSIONES, SIMCAV ........................................
CAVER CRESPI, SIMCAV............................................................
CAVOLO INVERSIONES, SIMCAV ............................................
CBH GLOBAL, SIMCAV ...........................................................
CCR INVEST 2001 SIMCAV ......................................................
CEBAL INVERSIONES, SIMCAV.................................................
CEBEMAR DE INVERSIONES SIMCAV ......................................

146

Capitalisation (at 31 Dec.)


2001
22,280
103,800
31,200
25,082
17,893
29,120
0
26,052
10,280
29,680
24,120
21,765
0
21,741
22,117
0
0
19,032
188,700
14,825
0
28,498
5,080
23,480
0
21,160
0
39,731
26,040
28,047
21,156
29,450
0
21,757
20,955
18,511
0
32,437
23,375
26,124
31,000
0
18,870
47,288
28,240
0
22,959
24,700
12,025
22,189
23,425

2002
18,920
92,400
27,800
25,643
14,190
23,560
20,579
19,521
9,120
25,320
21,800
20,635
22,117
18,086
19,593
0
19,673
10,738
149,370
12,020
23,848
23,740
4,240
20,000
25,964
17,840
0
34,343
22,040
26,394
18,030
26,600
24,906
18,319
19,353
13,943
0
34,456
21,810
24,642
30,360
23,079
16,920
40,553
27,680
23,728
23,439
19,600
11,304
20,603
23,569

Annual trading
2001

2002

39
14,570
1,798
112
124
262
0
56
86
48
16
54
0
32
105
0
0
1,945
2,287
211
0
173
407
396
0
69
0
12,139
8,517
15
5
27
0
10
207
618
0
12
572
604
4,293
0
114
727
5
0
696
74
0
919
4,203

30
4,807
1,346
114
54
1,048
823
481
920
39
2,474
118
2,261
254
93
0
22
648
1,806
318
7,792
129
655
32
141
31
0
12,951
8,267
27
0
74
8,623
178
2,737
1,131
0
0
18
80
7,129
1,603
127
775
2
31
3,642
35
0
417
1

Date of listing
in 2002 & other
comments

28-06-02

25-11-02
04-04-02

18-01-02

14-02-02
31-10-02

21-03-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
CEIBA INVERSIONES, SIMCAVF, S.A ........................................
CELEBES INVERSIONES, SIMCAV, S.A. ........... .........................
CENTRAL DE INVERSIONES EN VALORES - CEIVASA -...........
CENTRAL DE VALORES - CEVALSA - .......................................
CERAL 2000 INVERSIONES, SIMCAV ......................................
CERALF INVERSIONES, SIMCAV, S.A. ......................................
CERES INVERSIONES, SIMCAV ................................................
CETUS INVERSIONES, SIMCAV ...............................................
CHAGABER, SIMCAV, S.A. ...................... .................................
CHAMBERTIN, SIMCAV,S A ...................... ...............................
CHART INVERSIONES ...............................................................
CHERAC 2000 SIMCAV.............................................................
CHERSWIT, SIMCAV..................................................................
CHIA INVERSIONES XXI SIMCAVF, S.A. .......... ........................
CHIVILCOY INVERSIONES, SIMCAV, S.A. ...............................
CHORRONTON INVERSIONES, SIMCAV.................................
CHOWPATTY, SIMCAV..............................................................
CHULAPICO, SIMCAV...............................................................
CIFUENTES DE INVERSIONES SIMCAV....................................
CIGARRAL DE INVERSIONES, SIMCAV, S.A. ...........................
CIGNUS VALORES, SIMCAV.....................................................
CILAR INVERSIONES, SIMCAV..................................................
CIMBALARIA SIMCAV ..............................................................
CINAMON INVESTMENT, SIMCAV, S.A. ............ .....................
CININVER FINANZAS, SIMCAV ................................................
CJ PROFIT SIMCAV....................................................................
CJ TRADITIONAL, SIMCAV .......................................................
CLARIANO DE INVERSIONES, SIMCAV ...................................
CLAROL INVERSIONES, SIMCAV, S.A. ............ ........................
CLAVIJO INVERSIONES, SIMCAV,S.A. ............ .........................
CLEAR INVERSIONES ................................................................
CLEOMER, SIMCAV ...................................................................
CLINVER GESTIN PATRIMONIAL SIMCAV............................
CLOVELLY INVESTMENT, SIMCAV ...........................................
CLUB BANCOMERCIO CIBELES ...............................................
CLYTES-2001, SIMCAV, S.A. ................... ..................................
CMA GLOBAL 1999, SIMCAV...................................................
CMA GLOBAL 2000, SIMCAV...................................................
CMA GLOBAL INVESTMENTS, SIMCAV...................................
COANTISA INVERSIONES, SIMCAV .........................................
COBATILLA INVERSIONES, S.I.M.C.A.V., S.A. ... ......................
COBOS EMPRESAS REUNIDAS, SIMCAV, S.A. ........................
COKEFIN 99, SIMCAV ...............................................................
COLEVI INVERSIONES, SIMCAV, S.A. ......................................
COLIGAR DE VALORES, SIMCAV .............................................
COLLBATO INVEST, SIMCAV ....................................................
COLUMBUS INVERSIONES 2000, SIMCAV..............................
COMEBACK CONSULTANCY, SIMCAVF, SA ........... ................
COMERMATICA-KABAKH, SIMCAV .........................................
COMPAA DE INVERSIONES ANAIL, SIMCAV ......................
COMPASS INVERSIONES, SIMCAV...........................................

Capitalisation (at 31 Dec.)


2001
0
0
122,760
93,600
0
0
25,520
32,450
0
0
160,020
18,367
11,440
0
0
24,041
23,752
2,453
20,491
0
22,095
24,521
6,263
0
21,436
29,089
29,570
22,823
0
0
6,560
21,040
24,185
22,678
27,080
0
24,081
22,077
22,919
22,040
0
0
22,125
0
16,883
11,140
30,141
0
28,512
18,040
20,082

2002
22,029
23,079
101,068
81,000
0
24,441
26,000
27,250
21,156
21,877
160,020
15,338
9,420
22,838
10,738
23,920
22,382
24,050
18,855
22,703
16,321
21,637
4,394
0
48,181
25,483
28,608
20,467
24,281
26,402
6,560
17,920
19,016
21,196
26,320
22,406
23,720
20,915
21,997
18,800
24,160
23,689
17,400
11,900
14,190
8,500
25,513
34,618
30,195
15,160
20,322

Annual trading
2001

2002

0
0
1,873
1,549
0
0
80
830
0
0
34
16
294
0
0
1,114
0
0
7
0
0
5
258
0
15,495
1,766
3,348
0
0
0
171
2,627
2,766
12,617
1,110
0
22
229
5,428
2,459
0
0
0
0
423
141
72
0
0
31
15,063

728
161
2,004
2,516
0
91
77
72
11
13
36
109
75
4,995
0
66
5
0
1
5
0
15
534
0
13
997
692
2
10
12,948
171
16,885
0
1,279
671
1
1,616
33
33
30
806
760
0
12
6
31
228
12
76
24
3,930

Date of listing
in 2002 & other
comments
28-06-02
08-11-02

31-10-02

25-07-02
24-09-02

18-10-02
24-09-02

06-06-02

12-12-02

08-11-02
21-02-02

02-08-02

30-05-02
19-04-02
27-09-02

06-06-02

147

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
COMPETITIVE INVESTMENT, SIMCAV, S.A. ........ ....................
CONCORDIA DE INVERSIONES MEDITERRANEAS, SIMCAV.
CONOMA INVERSIONES, SIMCAV ..........................................
CONSENTUS 2000, SIMCAV, S.A. ................ ...........................
CONSULBIC...............................................................................
CONSULBOLSA.........................................................................
CONSULMIX 60-40, SIMCAV....................................................
CONSULNOR EUROACCIONES, SIMCAV...............................
CONSULNOR INVERSIONES FINANCIERAS LA RIOJA SIMCAV .
CONSULNOR MULTINACIONALES, SIMCAV..........................
CONTEMPORANIA DINVERSIONS, SIMCAV, S.A. .... ............
CONTINENTAL DEL MAR, SIMCAV..........................................
COOPERATIVISME, SIMCAV .....................................................
COPEY INVESTMENT, SIMCAV .................................................
CORATRIL, SIMCAV...................................................................
CORFIN INVERSIONES, SIMCAV..............................................
CORONA AUSTRALIS INVESTMENT, SIMCAV.........................
CORONDEL INVERSIONES, SIMCAV .......................................
CORPORACIN DE INVERSIONES MOBILIARIAS ..................
CORPORAT INVERSIONES........................................................
CORTES VICENTE INVERSIONES, SIMCAV ..............................
CORTIGOSO INVERSIONES, SIMCAV......................................
COSTA PLATA INVERSIONES, SIMCAV.....................................
COSTA RICA INVERSIONES, SIMCAV, S.A. ..............................
COSTAGES, SIMCAV..................................................................
COTOMAR INVERSIONES, SIMCAV.........................................
COVA INVERSIONES SIMCAV .................................................
COVEN INVERSIONES SIMCAV................................................
COVIMOSA................................................................................
CRECIMIENTO INVERSIONES, SIMCAV ...................................
CREDIT SUISSE COLUMBUS-75, SIMCAV................................
CREDIT SUISSE ELCANO-50, SIMCAV......................................
CREDIT SUISSE MAGALLANES-25, SIMCAV ............................
CRINUM INVERSIONES, SIMCAV.............................................
CRISTOBALMEMDI, SIM ...........................................................
CRONISTA CARRERES DE INVERSIONES, SIMCAV..................
CROSS ROADS INVERSIONES, SIMCAV, S.A. ....... ..................
CRUCERO DE INVERSIONES SIMCAV .....................................
CRUNVER FINANCIERA, SIMCAV ............................................
CUBAHORRO, SIMCAV............................................................
CUERNAVACA INVEST, SIMCAV...............................................
CUETO CALERO, SIMCAVF, S.A. ................. ............................
CUFATUM, SIMCAV ..................................................................
CUGONRI, SIMCAV ..................................................................
CUINVER 2000, SIMCAV...........................................................
CUSTREL, SIMCAV.....................................................................
CYNARA DE INVERSIONES, SIMCAV, S.A. ..............................
D&F ROALBA, SIMCAV.............................................................
DABIFINSA, SIMCAV .................................................................
DACINVER.................................................................................
DAEN INVESTMENT, SIMCAV...................................................

148

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

0
25,440
0
0
61,320
50,800
21,291
22,400
19,850
24,092
0
22,237
30,250
23,840
20,410
20,675
28,648
0
6,154
26,480
0
24,041
21,308
0
33,720
27,080
23,425
24,041
738
23,800
2,278
21,453
0
20,146
2,509
16,800
0
22,992
24,040
19,000
21,444
0
32,396
0
19,680
10,743
0
19,456
22,840
72,926
0

0
19,000
19,713
0
46,720
38,960
17,249
14,760
15,968
18,529
22,655
16,973
23,250
22,758
17,333
18,511
24,992
34,258
28,391
22,600
23,906
22,983
17,484
21,356
30,040
22,400
22,078
23,319
0
23,079
1,925
18,711
25,000
15,194
2,509
12,480
18,848
21,212
22,838
15,633
19,425
25,002
25,368
23,319
17,160
6,776
22,358
15,921
17,920
65,186
20,434

0
126
0
0
1,261
1,548
388
3,149
205
3,689
0
126
5,230
1,364
125
5
3
0
0
5
0
0
0
0
876
703
603
314
0
15
7,535
6,027
0
2,237
1
262
0
0
125
7,045
0
0
63
0
13
15
0
1,262
123
408
0

0
1,780
225
0
1,275
754
215
3,050
721
347
58
70
1,705
434
39
14
4
0
30,565
62
2,039
33
2
1,242
589
384
29
41
0
27
2,310
4,720
2,724
97
3
80
0
1
3,302
744
11
13
9
25
250
1,457
3,999
296
114
631
1

Date of listing
in 2002 & other
comments
25-11-02

16-10-02

12-03-02

12-08-02

Delisted 17/01/2002

21-03-02

08-11-02

21-02-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
DAF INVERSIONES, SIMCAV ....................................................
DAIMON INVERSIONES, SIMCAVF, S.A. .................................
DAJAMA INVERSIONES, SIMCAV, S.A. ....................................
DALINVEST INVERSIONES, SIMCAV ........................................
DANBUR 2000, SIMCAV...........................................................
DAPA DE INVERSIONES, SIMCAV ............................................
DAPHNE INVESTMENTS SIMCAV ............................................
DAR ...........................................................................................
DASC INVESTMENTS, SIMCAV ................................................
DASHUR INVESTMENT SIMCAV ..............................................
DAVMES ....................................................................................
DAYMIO INVESTMENTS, SIMCAVF..........................................
DAYNEWS SIMCAV ...................................................................
DB INSTITUCIONAL, SIMCAV..................................................
DEALING INVERSIONES, SIMCAV............................................
DEBARAN DE VALORES MOBILIARIOS SIMCAV ...................
DEHASA INVERSIONES FINANCIERAS, SIMCAV .....................
DEHESA LOS CHOPOS, SIMCAV..............................................
DEIMO INVESTMENT, SIMCAVF, S.A. ......................................
DELCASTRO INVERSIONES, SIMCAV, S.A. ..............................
DELFI BOLSA, SIMCAV..............................................................
DELTA INVERSIONES BURSTILES, SIMCAV............................
DELTAHORRO, SIMCAV............................................................
DELZAPEG, SIMCAV..................................................................
DENARIO INVERSIONES 2001, SIMCAV, S.A. .........................
DENURB INVERSIONES, SIMCAV ...........................................
DERRICK INVEST, SIMCAV .......................................................
DESEMBRE NORANTA-NOU, SIMCAV ....................................
DEVON ISLAND, SIMCAV ........................................................
DIANA BOAT, SIMCAV, S.A. .....................................................
DIAPASON GESTIN, SIMCAV ................................................
DIBICO INVERSIONES, SIMCAV...............................................
DICASTILLO INVERSIONES, SIMCAV.......................................
DIGIT INVERSIONES, SIMCAV..................................................
DINER INVERSIN 2000 SIMCAV ............................................
DINERAHORRO, SIMCAV ........................................................
DINERCAPITAL, SIMCAV...........................................................
DINERCARTERA, SIMCAV .........................................................
DINERGLOBAL, SIMCAV .........................................................
DINERINVER..............................................................................
DINERINVERSIN, SIMCAV .....................................................
DINERISCAL, SIMCAV ...............................................................
DINERVALOR, SIMCAV .............................................................
DINERVERA SIMCAV .................................................................
DIPACHAR DE INVERSIONES, SIMCAV ...................................
DIRDAM LAER, SIMCAV, S.A. ................... ...............................
DIROJU, SIMCAV, S.A. ..............................................................
DITA INVERSIONES SIMCAV.....................................................
DIVALSA DE INVERSIONES, SIMCAV .......................................
DIVERSIFICACIN FINANCIERA .............................................
DIVERSITY DE INVERSIONES, SIMCAV ....................................

Capitalisation (at 31 Dec.)


2001
27,749
0
0
21,925
0
20,480
19,834
18,620
11,648
57,497
152,400
61,800
30,331
25,122
11,063
28,037
21,636
84,999
0
0
22,240
22,838
24,772
24,050
0
0
19,588
27,750
23,520
0
20,775
24,000
24,283
11,680
19,408
19,962
22,000
20,683
21,880
29,000
17,797
19,240
21,280
18,759
21,156
0
0
19,136
0
35,070
24,699

2002
27,132
14,274
22,598
17,838
60,702
16,600
17,798
18,620
12,164
54,492
118,880
60,000
27,406
22,427
11,159
23,139
19,232
23,966
24,281
20,194
21,640
21,108
25,012
22,318
11,672
29,930
15,802
21,250
19,160
23,050
16,483
23,840
21,826
11,020
18,783
16,595
19,080
18,759
21,880
29,000
15,873
15,873
18,400
15,633
18,655
23,377
0
17,189
20,875
27,720
23,858

Annual trading
2001

2002

80
0
0
17
0
925
309
1,999
72
470
396
0
8,345
166
50
125
5
5,028
0
0
102
698
1,349
4,601
0
0
36
5,394
3
0
3
12,006
1,214
2,061
5
0
3,495
0
0
5
0
1,543
513
3,186
602
0
0
298
0
224
1,453

2,463
3,249
10
27
3,751
2
57
3
67
88
547
28,555
2
1,599
52
27
13
25,622
1
11
99
157
646
6,938
978
0
25
1,311
1
0
89
12
1,950
108
2,179
3
204
121
0
3
0
0
223
234
1,282
0
0
31
42
260
1,374

Date of listing
in 2002 & other
comments
06-02-02
24-09-02

06-02-02
13-08-02

18-01-02

14-02-02

24-09-02
20-12-02

149

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
DIVIDENDOS E INCREMENTOS, SIMCAV ...............................
DOBLE F STOCKS, SIMCAV .....................................................
DOBLERS ...................................................................................
DOBRA INVERSIONES, SIMCAV, SA ........................................
DOCE LUNAS INVERSIONES, SIMCAV, S.A. ...........................
DOCK INVERSIONES, SIMCAV.................................................
DOCRES, SIMCAV, S.A ......................... ....................................
DOCUMENTO FILM INVERSIONES SIMCAV...........................
DOGALSA, SIMCAV ..................................................................
DON CURRO INVERSIONES, SIMCAV ...................................
DONADOS 2000 SIMCAV .......................................................
DOOHAN INVESTMENT SIMCAV............................................
DORALEX DE INVERSIONES, SIMCAV ....................................
DORMA VALORES, SIMCAV ....................................................
DOSANE, SIMCAV.....................................................................
DOSSAU DE INVERSIONES SIMCAV........................................
DRACO INVERSIONES, SIMCAV, S.A. ............. ........................
DRAFT INVERSIONES, SIMCAV ................................................
DREI INVEST, SIMCAV...............................................................
DRIER INVERSIONES, SIMCAV .................................................
DRIVE INVESTMENT, SIMCAV ..................................................
DRIVER INVERSIONES, SIMCAV...............................................
DUBHE DE INVERSIONES, SIMCAV, S.A. ................................
DULCE NOMBRE INVERSIONES SIMCAV................................
DUNCAN DE INVERSIONES SIMCAV ......................................
DUNIE 98 DE INVERSIONES, SIMCAV.....................................
DURBANA I, SIMCAV................................................................
DURIEN SIMCAV.......................................................................
DUVEN-00, SIMCAV .................................................................
DZ 2000 INVERSIONES, SIMCAV .............................................
E.S.F. EURORENT, SIMCAV .......................................................
EARNING INVERSIONES, SIMCAV ..........................................
EAST STAR..................................................................................
EAST WIND INVERSIONES, SIMCAV........................................
ECHO DE INVERSIONES, SIMCAV ...........................................
ECOLOGIA VIVA, SIMCAV........................................................
EDIGA 11, SIMCAV....................................................................
EDUMONE, SIMCAVF, S.A. ......................................................
EFFICIENT ASSET ALLOCATION INVESTMENTS, SIMCA.........
EFIMA BERGIDUM, SIMCAV, S.A. ............................................
EIKON 99, SIMCAV ...................................................................
EIXAMPLE 2000, SIMCAV .........................................................
EIZAFI 1, SIMCAV ......................................................................
EIZAFI 2, SIMCAV ......................................................................
EL DORADO INVERSIONES, SIMCAV .....................................
EL HAYADAL, SIMCAVF, S.A. ................... ................................
EL VANTAROS SIMCAV.............................................................
ELIM AHORRO, SIMCAV, S.A. ................... ..............................
ELMIRON 2000 SIMCAV ..........................................................
ELORBE, SIMCAV.......................................................................
ELVERTON BRATON, SIMCAV, S.A. ............... ..........................

150

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

0
10,686
36,000
0
0
5,430
0
0
46,518
11,059
27,106
0
19,954
20,098
23,766
26,324
0
21,717
0
18,223
12,720
19,841
0
23,930
22,718
21,320
10,390
22,037
19,732
21,308
31,140
22,078
40,960
15,103
25,400
29,798
21,680
0
0
0
21,860
8,568
24,026
24,026
33,800
0
21,156
0
20,154
20,400
0

6,784
6,371
31,840
23,800
24,401
4,700
19,978
26,835
42,552
9,448
24,641
21,636
18,271
15,266
23,606
26,525
16,595
14,839
25,002
14,040
11,980
17,196
23,777
20,924
21,837
16,040
0
20,234
14,360
18,326
30,600
0
33,080
13,035
18,440
30,131
17,720
20,675
24,772
24,218
19,400
8,577
21,934
21,982
30,520
20,362
19,473
21,636
17,508
15,560
24,360

0
137
424
0
0
30
0
0
5
13
1,600
0
0
55
5
2
0
51
0
1
755
36
0
0
455
5
0
2
14
18
15,457
6
1,270
37
118
34
1
0
0
0
2,154
114
3,463
3,463
3,643
0
5
0
5
1
0

0
66
286
1,199
40
29
90
30
1,362
61
1,030
1
11
95
16
14
2
41
1,513
0
292
4
0
2
602
76
0
2
368
24
6,374
0
493
34
28
173
0
6
0
0
415
284
5,934
5,934
1,121
120
2
25
0
2
156

Date of listing
in 2002 & other
comments

24-05-02
01-02-02
03-06-02

24-05-02

07-03-02

03-06-02
24-09-02
24-09-02

21-02-02
21-03-02

10-05-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
ELYOB CARTERA, SIMCAV, S.A. ...............................................
EMENUR DE INVERSIONES, SIMCAV.......................................
EMESA GLOBAL, SIMCAV.........................................................
EMIBE BOLSA SIMCAV..............................................................
EMUJAL, SIMCAVF, S.A. ....................... ....................................
ENDURA CARTERA, SIMCAV, S.A. ...........................................
ENTRECAR INVERSIONES, S.I.M.C.A.V., S.A. .... ......................
ENVILU INVERSIONES, SIMCAV, S.A. ............ .........................
EONIA INVERSIONES, SIMCAV ...............................................
EPECUEN, SIMCAV....................................................................
EPEHIA INVERSIONES, SIMCAV................................................
EPOMENES ...............................................................................
EPSILON INVERSIONES BURSTILES, SIMCAV .......................
EQIOMVEST 2000, SIMCAV......................................................
EQUAL INVERSIONES, SIMCAV, S.A. ............. .........................
EQUIVALIA INVERSIONES, SIMCAV, S.A. ................................
ERCIA DE VALORES MOBILIARIOS ..........................................
ERDAC INVERSIONES, SIMCAV................................................
EREAGA INVERSIONES, SIMCAV..............................................
EREGOS, SIMCAV .....................................................................
EREMUA DE INVERSIONES, SIMCAV .......................................
ERISONO, SIMCAV....................................................................
ERNIO INGENIEROS, SIMCAV..................................................
ESALIBUZ, SIMCAV ...................................................................
ESAR PATRIMONIO SIMCAV ....................................................
ESASER INVERSIONES, SIMCAV ...............................................
ESBA DE INVERSIONES, SIMCAV .............................................
ESCAL 2000 INVERSIONS, SIMCAV..........................................
ESCOPELDOS, SIMCAV.............................................................
ESCRITURA INVERSIONES, SIMCAV.........................................
ESFIBOR, SIMCAV......................................................................
ESGER INVERSIONES SIMCAV..................................................
ESGUEVA DE INVERSIONES, SIMCAV .....................................
ESJAPIOL, SIMCAV.....................................................................
ESKARRA BOLSA SIMCAV.........................................................
ESM NOVO SIMCAV .................................................................
ESMOMA 49, SIMCAV...............................................................
ESNALI, SIMCAV........................................................................
ESPEJO DE INVERSIONES, SIMCAV ..........................................
ESPELT INVERSIONS, SIMCAV ..................................................
ESSAOUIRA, SIMCAV ................................................................
ESTUDIOS FINANCIEROS DE VALORES ..................................
ETIMO SIMCAV, S.A. .......................... ......................................
ETORKIZUNA DE INVERSIONES, SIMCAV...............................
EUGEMOR, SIMCAV..................................................................
EUMAI INVERSIONES, SIMCAVF, S.A. ........... .......................
EUMAR INVERSIONES SIMCAV................................................
EURPIDES, SIMCAV ..................................................................
EURO 21 DE INVERSIONES, SIMCAV ......................................
EURO DELTA XXI SIMCAV.........................................................
EURO INVERSIONES XXI SIMCAV............................................

Capitalisation (at 31 Dec.)


2001
0
21,680
18,320
24,148
0
0
0
0
18,759
25,483
30,600
37,240
23,704
21,733
0
0
5,400
20,434
16,828
28,760
21,480
0
24,291
0
0
12,100
22,120
23,800
22,117
20,675
17,000
20,040
20,560
20,507
20,579
0
24,257
4,880
21,901
0
23,848
31,975
0
20,394
21,156
0
21,300
32,160
116,717
24,377
42,351

2002
24,241
15,960
17,200
23,570
24,041
8,655
30,000
11,780
17,388
23,920
27,900
37,560
21,396
18,560
22,030
24,521
5,400
18,271
14,384
29,480
18,280
28,849
20,683
17,850
19,237
12,902
21,080
18,752
19,954
11,299
11,250
17,800
16,880
14,256
17,405
13,222
23,175
19,755
19,016
19,954
15,987
29,675
0
16,426
19,713
21,895
17,622
22,200
104,336
26,757
41,301

Annual trading
2001

2002

0
3
32
3,618
0
0
0
0
44
9,021
600
731
71
3,299
0
0
331
5
780
1,197
4
0
453
0
0
0
3
5
2,402
15
247
53
2
242
731
0
0
3,795
1,022
0
1
601
0
1
168
0
378
769
36,697
482
4,022

309
2
22,122
1,124
0
3,482
2
12
16
13
1
177
555
55
120
3,011
51
13
2
4,660
0
0
263
18
11
97
2,122
10
13
2,010
119
1,236
22
602
27
873
7,818
15
1,492
11
1
151
0
1
286
2
27
138
13,198
2,090
3,633

Date of listing
in 2002 & other
comments
29-10-02

22-07-02
25-07-02
15-07-02
10-10-02

22-07-02
21-02-02

23-09-02

21-02-02

151

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
EUROARGA ...............................................................................
EUROARRADI, SIMCAV ............................................................
EUROBIRDIE, SIMCAV ..............................................................
EUROBOLSA SELECCION, SIMCAV..........................................
EUROBOLSA XXI, SIMCAV........................................................
EUROBRICK DE INVERSIONES SIMCAV ..................................
EUROCAIXA 1, SIM ..................................................................
EUROCOSTERGO DE INVERSIONES, SIMCAV........................
EURODUERO 2002, SIMCAV, S.A. ................ ..........................
EUROEQUITY INVESTMENT, SIMCAV ....................................
EUROFINANZAS RENTA, SIMCAV ...........................................
EUROHUNTERS, SIMCAV.........................................................
EUROJUCAR 2002, SIMCAV, S.A. ................ ............................
EUROLEVANTE INVERSIONES, SIMCAV ..................................
EUROMIX...................................................................................
EURONARCEA 2002, SIMCAV, S.A. .........................................
EUROPEAN STOCK EXCHANGE, SIMCAV ..............................
EUROSTAR ACTIVOS, SIMCAV.................................................
EUROTALAVE 2002, SIMCAV, S.A. ............... ...........................
EUROTER 2002, SIMCAV, S.A. .................................................
EUROTTULOS .........................................................................
EUROZITRO, SIMCAV ..............................................................
EVEREST 8848, SIMCAV ............................................................
EVIMUR DE INVERSIONES, SIMCAV .......................................
EVLO INVERSIONES SIMCAV ..................................................
EXPANDMENTS INVERSIONES, SIMCAV .................................
FA GLOBAL, SIMCAV ................................................................
FACETA INVEST, SIMCAV ..........................................................
FACTOR INVERSIONES ............................................................
FADOGUE, SIMCAV..................................................................
FAGISAQ-1, S.A., SIMCAV ........................................................
FAIMSA ......................................................................................
FAIRWAY INVERSIONES, SIMCAV ............................................
FAITX DE INVERSIONES, SIMCAV, S.A. .......... .........................
FAMEGA INVESTMENT, SIMCAV ..............................................
FAMGILPAR, SIMCAV................................................................
FAMI-CUATRO DE INVERSIONES, SIMCAV.............................
FAMQUIR INVERSIONES, SIMCAV...........................................
FANIUL INVERSIONES, SIMCAV...............................................
FAPAC INVERSIONES MOBILIARIAS, SIMCAV.........................
FAPERNA INVERSIONES SIMCAV,S.A. ............. ........................
FAR99 INVERSIONES, SIMCAV ................................................
FARWIN WORLWIDE INVESTMENT, SIMCAV, S.A. .... ............
FAZYX INVERSIONES MOBILIARIAS, SIMCAV.........................
FCBARHER INVERSIONES, SIMCAVF, S.A. ......... .....................
FEBRER NORANTAVUIT, SIMCAV ............................................
FELICIA INVERSIONES, SIMCAV ...............................................
FELICITY L.P. SIMCAV ...............................................................
FEMAINSA INVERSIONES, SIMCAVF, S.A. ...............................
FENIDES INVERSIONES, SIMCAV .............................................
FERNANFLOR DE INVERSIONES .............................................

152

Capitalisation (at 31 Dec.)


2001
26,200
0
22,318
32,440
26,197
19,425
51,400
47,640
0
19,593
12,213
20,598
0
22,478
40,480
0
21,360
23,450
0
0
3,400
46,080
31,752
20,972
48,800
23,593
22,838
23,955
18,162
10,025
0
65,232
21,501
0
23,880
24,242
101,000
23,960
98,013
106,360
0
11,604
0
19,785
0
20,160
18,271
20,394
0
17,148
673

2002
24,920
36,060
22,678
23,600
17,786
14,857
52,000
20,918
213,299
12,677
10,241
15,726
101,500
17,718
32,880
245,213
15,320
23,700
183,347
24,041
3,400
44,520
27,288
17,725
48,900
23,617
20,675
19,858
15,804
8,081
0
55,224
17,220
24,218
17,520
22,174
113,000
21,000
98,662
96,520
20,098
9,348
25,002
21,492
24,281
16,650
12,982
17,124
124,800
13,901
673

Annual trading
2001

2002

6,394
0
2
16,086
1,593
0
2,738
5
0
8,722
4,720
980
0
806
720
0
1
121
0
0
0
1,181
12
51
12,018
35
15
2,362
55
345
0
99
1,419
0
17
102
0
59
780
145
0
1,798
0
119
0
5
5
1,263
0
0
5

27
9,692
2
3,741
709
34
1,859
12
0
1,695
867
298
0
27
518
115
0
0
1
1
0
21
11
3
3
8,383
27
271
691
430
0
140
620
0
413
276
48,422
2,374
4,889
147
216
27
15
2,674
12
171
8,705
607
1,827
3
6

Date of listing
in 2002 & other
comments

24-09-02

31-10-02

18-10-02

12-12-02
23-09-02

06-02-02

21-02-02

21-03-02
02-09-02
08-11-02

07-03-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
FERRARI 7 INVERSIONES SIMCAV ...........................................
FERROMAIG, SIMCAV, S.A. ......................................................
FEVSA 3,000, SIMCAV ...............................................................
FH TEOGAR SIMCAV, S.A. ...................... .................................
FIAMPI INVERSIONES, SIMCAV................................................
FIB ARCA FUTURA, SIMCAV ...................................................
FIBUR ........................................................................................
FIBUR 3000 DE INVERSIONES SIMCAV ...................................
FILIPON CMA 2000 SIMCAVF...................................................
FIMAD INVERSIONES, SIMCAV ................................................
FIMAR DE VALORES, SIMCAV ..................................................
FIMARSE INVERSIONES, SIMCAV ............................................
FIMBROBOLSA..........................................................................
FINA DE INVERSIONES 97, SIMCAV ........................................
FINABLET, SIMCAV....................................................................
FINAGON INVERSIONES, SIMCAV ..........................................
FINANBELA, SIMCAV ................................................................
FINANCES DE PONENT, SIMCAV ............................................
FINANCIACIONES SEGMENTOS ALTERNATIVOS, SIMCAV....
FINANCIAL DRAC, SIMCAV, S.A. .............................................
FINANCIAL SPEED, SIMCAV ....................................................
FINANCIERA BANSANDER ......................................................
FINANCIERA BERONE, SIMCAV ...............................................
FINANCIERA BESTESA, SIMCAV ...............................................
FINANCIERA EMPORDANESA, SIMCAV, S.A. ........ .................
FINANCIERA INBAY, SIMCAV ...................................................
FINANCIERA INTERNACIONAL................................................
FINANCIERA J. PALOMO E HIJOS, SIMCAV.............................
FINANCIERA LAS MORERAS, SIMCAV .....................................
FINANCIERA MUNELVIR, SIMCAV ...........................................
FINANCIERA OLMEDO, SIMCAV .............................................
FINANCIERA PONFERRADA.....................................................
FINANCIERA TOLINVER, SIMCAV ............................................
FINANMETRO ESPAA, SIMCAV ............................................
FINANTER ..................................................................................
FINANZAS 24, SIMCAV, SA ......................................................
FINANZAS ALCANTARA, SIMCAV............................................
FINANZAS AZORIN, SIMCAV...................................................
FINANZAS QUERQUS, SIMCAV...............................................
FINANZAS SPEI, SIMCAV ..........................................................
FINANZAS Y PATRIMONIOS.....................................................
FINANZASA, SIMCAV ..............................................................
FINCAPITAL ..............................................................................
FINCOR DE INVERSIONES, SIMCAV ........................................
FINDINER, SIMCAV ...................................................................
FINEBRO 6, SIMCAV .................................................................
FINECO ACCIONES, SIMCAV ..................................................
FINECO DE VALORES MOBILIARIOS .......................................
FINECO EURO CARTERA ..........................................................
FINEN INVERSIONES, SIMCAV .................................................
FINHEGIM, SIMCAV ..................................................................

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

21,813
0
21,324
0
44,043
29,040
61,530
17,349
19,713
20,915
21,516
23,295
49,800
26,960
32,200
18,240
28,120
22,631
21,396
0
21,840
99,960
18,271
28,368
0
25,800
1,968
6,214
22,117
18,030
26,160
89,118
22,120
25,850
7,560
0
22,358
0
24,041
21,636
57,510
15,920
3,823
21,960
16,835
25,043
24,720
32,520
31,600
26,348
21,877

19,312
19,994
19,016
0
40,581
23,760
58,380
14,344
16,908
18,752
16,660
21,564
40,760
22,840
28,280
15,040
26,520
22,415
19,393
24,121
19,800
79,360
15,867
28,849
25,218
20,700
0
5,223
19,473
12,501
24,960
74,940
18,920
24,836
5,612
22,598
17,550
9,496
18,992
20,675
43,335
11,560
3,905
18,320
15,392
26,605
18,360
29,760
26,680
28,993
19,232

1
0
248
0
3,653
391
349
1,936
1,191
5
6
2,628
2,132
2
753
48
5
10,549
1
0
765
2,091
1,808
8
0
5
1
1,057
100
5
5
7,442
5
605
1,239
0
15
0
14,815
5
5,195
240
100
3
289
25
844
5,606
4,121
2,877
5

1
2,236
24
0
348
88
362
26
1,490
19
15
94
52
858
13
9
2
1
1
1
508
1,758
15
13
605
13
0
13
11
14
13
12,703
253
11,314
38
11
39
425
12
13
6,793
501
739
433
1,522
39
1,462
72
2,576
38
13

Date of listing
in 2002 & other
comments
19-04-02
11-11-02

22-07-02

08-02-02
Delisted 04/10/2002

24-05-02

153

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
FINLAR INVERSIN, SIMCAV, S.A. ..........................................
FINLOVEST SIMCAV..................................................................
FINVALOR, SIMCAV ..................................................................
FIRST CANION, S.A., SIMCAV ..................................................
FISMON INVERSIONES SIMCAV .............................................
FLAKE INVERSIONES SIMCAV, S.A. .............. ...........................
FLAVIOBRIGA DE INVERSIONES, SIMCAV, S.A. .... .................
FLMCINCO, SIMCAV.................................................................
FLORIDIAN, SIMCAV ................................................................
FLOROSAN 8BG, SIMCAV ........................................................
FLOW INVERSIONES, SIMCAV .................................................
FOCUS INVERSIONES...............................................................
FOEXIN CARTERA, SIMCAV, SA ...............................................
FOFILADO SIMCAV...................................................................
FOIX DE INVERSIONES, SIMCAV ............................................
FOLONPIE..................................................................................
FOMENTO DE AHORRO E INVERSIONES...............................
FON DE CASTRO, SIMCAV ......................................................
FONBE DE INVERSIONES SIMCAV...........................................
FONCYG SIMCAV .....................................................................
FONLAR FUTURO, SIMCAV .....................................................
FONMOBA, SIMCAV.................................................................
FONT ROCHA, SIMCAV ..........................................................
FONTECILLA..............................................................................
FONTS FINANZAS, SIMCAV .....................................................
FONVIMAR 2000, SIMCAV.......................................................
FORALEX ...................................................................................
FORAS INVERSIONES SIMCAV ................................................
FORILDOS, SIMCAV .................................................................
FORSTECT INVESTMENT, SIMCAV ...........................................
FOURSOME, SIMCAV................................................................
FRAGUAS DE INVERSIONES SIMCAV......................................
FRAMADEMO SIMCAVF, S.A. ..................... .............................
FRANCAT INVERSIONES, SIMCAV, S.A. ........... .......................
FREEHOLD INVERSIONES, SIMCAV.........................................
FUENTE CLARIN, SIMCAV ........................................................
FUERFIN, SIMCAV .....................................................................
FUNRENT MILENIO, SIMCAV...................................................
FUP 99, SIMCAV .......................................................................
FUSOPAR SIMCAV ...................................................................
FUTURVALOR, SIMCAV............................................................
G.U. IRAU, SIMCAV .................................................................
GAAP OPTIMA, SIMCAVF.........................................................
GABOR INVESTMENT, SIMCAVF, S.A. .....................................
GADES FINANZAS DOS, SIMCAV............................................
GADES FINANZAS, SIMCAV ....................................................
GAHERVI, SIMCAV ....................................................................
GAIF 2001 SIMCAV ...................................................................
GALA CAPITAL, SIMCAV...........................................................
GALAFATE INVERSIONES SIMCAV ...........................................
GALENOS CENTENARIO INVERSIONES, SIMCAV...................

154

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

0
24,052
31,854
30,051
22,525
0
0
23,120
24,360
0
23,200
8,748
0
10,037
40,320
14,200
66,990
8,462
22,598
8,294
31,984
23,040
21,360
0
22,838
9,111
5,433
19,216
24,122
23,920
23,000
20,635
0
0
11,520
27,560
13,550
5,764
23,776
119,602
19,569
22,814
23,848
0
22,174
20,434
21,044
0
20,194
0
25,522

27,406
20,991
31,854
29,149
19,619
23,560
23,713
18,680
20,640
4,141
17,680
8,544
17,550
8,594
38,240
11,380
66,990
5,914
21,677
6,779
28,739
20,480
17,800
0
18,271
8,198
4,715
16,835
23,184
20,715
22,160
17,989
0
23,079
11,556
22,160
20,900
5,818
21,925
95,802
14,496
19,857
24,593
24,281
19,793
17,790
18,759
16,348
16,107
48,081
23,883

0
9
0
0
5
0
0
3,520
55
0
33
95
0
1
14,841
38
59
2
25
0
604
128
2
0
15
0
171
1,154
5
2
4
0
0
0
53
1,245
0
76
27
81
2,982
1,935
7,665
0
11
5
2,011
0
5
0
943

10,056
156
0
0
13
11
7,171
874
111
1
29
65
11
247
6
36
7
0
2
1
551
11
1,064
0
27
0
93
397
213
68
12,038
1
0
10
1,188
5
0
71
28
6,079
1,884
59
4,565
0
50
13
1
10
12
0
661

Date of listing
in 2002 & other
comments
03-06-02

02-09-02
22-07-02

24-09-02

31-10-02
31-10-02

31-10-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
GALIRUBEN INVERSIONES SIMCAV ........................................
GALLEVILLE INVERSIONES, SIMCAV, S.A. ...............................
GAMA BURSTIL .....................................................................
GAMA RENTA INMOBILIARIA, SIMCAV...................................
GAMAZO 20, SIMCAV..............................................................
GAMBIT 2000, SIMCAV ............................................................
GAMMA INVERSIONES BURSTILES, SIMCAV........................
GANABIEN, SIMCAV.................................................................
GANANCIA PATRIMONIAL, SIM,S.A ............... ........................
GARABOLSA, SIM ....................................................................
GARADASA ...............................................................................
GARATO INVERSIONES, SIMCAV, S.A. ....................................
GARBI DE VALORES, SIMCAV ..................................................
GARBIZU DE INVERSIONES, SIMCAV .....................................
GARDAMA DE INVERSIONES, SIMCAV ..................................
GARESA DE INVERSIONES, SIMCAV ........................................
GAREZ INVERSIONES, SIMCAV, S.A. .......................................
GARION INVERSIONES, SIMCAV, S.A. ....................................
GARNO INVESTMENTS, SIMCAV, S.A. ....................................
GAROS DE INVERSIONES, SIMCAV .........................................
GARROGAR INVERSIONES SIMCAV, S.A. ...............................
GASCONA INVERSIONES, SIMCAV..........................................
GAUDI INVERSIONS SIMCAV ..................................................
GAYAR DE INVERSIONES, SIMCAV..........................................
GAZAMIA INVERSIONES, SIMCAV...........................................
GBI 9000, SIMCAV, S.A. ...................... .....................................
GECIP PATRIMONIO, SIMCAV..................................................
GEINCO ACTIUS MOBILIARIS SIMCAV, S.A. ....... ...................
GEISER INVERSIONES 2000, SIMCAV.......................................
GENER NORANTANOU BORSA, S.I.M.C.A.V. .........................
GENERA FINANZAS, SIMCAV,SA .............................................
GENERACIN 21, SIMCAV.......................................................
GENIL DE INVERSIONES, SIMCAV ..........................................
GERCAFOND, SIMCAV .............................................................
GERION INVERSIONES, SIMCAV ............................................
GERLOCAPITAL, SIMCAV..........................................................
GESAMER INVERSIONES, SIMCAV ..........................................
GESAPI INVERSIONES, SIMCAVF, S.A. ........... .........................
GESBOLSA INVERSIONES, SIMCAV, S.A. .......... ......................
GESCAT XXI SIMCAV.................................................................
GESGLOBAL INVERSIONES SIMCAV........................................
GESINBESA VALORES, SIMCAV ................................................
GESINBOL DE INVERSIONES....................................................
GESPRISA INVERSIONES, SIMCAV ..........................................
GESRENTA, SIMCAV .................................................................
GESTBOS SIMCAV ....................................................................
GESTIGOBE, SIMCAV ...............................................................
GESTIN DE INVERSIONES DEL EBRO, SIMCAV....................
GESTIN PATRIMONIAL MARTHAS, SIMCAV .......................
GESTRISA ..................................................................................
GG HORIZONE, SIMCAV, S.A. ................... .............................

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

20,675
0
1,800
20,050
24,241
11,640
18,992
22,989
0
2,120
0
0
23,930
20,362
28,840
24,041
0
0
0
20,948
0
13,030
21,877
8,995
19,384
0
22,638
0
10,530
9,000
0
6,880
22,030
9,701
22,358
20,400
20,094
0
0
23,960
57,594
35,237
63,280
50,171
17,076
22,598
21,693
18,127
21,236
10,080
0

17,069
20,675
1,680
17,526
24,762
11,340
16,588
20,014
2,165
1,806
97,000
27,181
21,405
18,415
26,600
20,915
21,156
23,079
3,194
19,312
20,915
5,577
17,309
7,192
15,729
20,050
22,518
24,481
9,364
10,250
23,319
6,064
17,869
8,758
21,156
17,360
14,889
21,156
20,646
22,920
58,630
35,977
43,330
35,725
12,747
19,713
17,364
15,338
20,434
10,080
23,439

15
0
32
0
11
31
279
15
0
192
0
0
12
2
277
656
0
0
0
0
0
2,198
1,431
390
239
0
918
0
78
62
0
2
3,623
0
5
1,012
440
0
0
4
15,178
91
5
4,482
77
5
67
5
311
8
0

27
0
3
21
2,812
7
328
27
3
222
19
4
0
16,438
1,484
62
1,120
10
33
6
10
145
2,759
5,079
21
2,005
212
106
60
5,106
10
2,524
0
10
911
1,247
2
147
11
4
8,583
154
6
3,685
166
97
0
2,201
4,921
6
1

Date of listing
in 2002 & other
comments
27-09-02

14-02-02

26-04-02

14-05-02
31-10-02
26-04-02
19-04-02

25-07-02
28-08-02

03-06-02

02-09-02
22-07-02

06-02-02

155

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
GIBARA INVERSIONES, SIMCAV ..............................................
GIESSEN INVERSIONES, SIMCAV, S.A. ........... .........................
GILONDE INVERSIONES, SIMCAVF, S.A. .......... ......................
GIMKO DE INVERSIONES, SIMCAV .........................................
GIROTAI INVERSIONES, SIMCAV, S.A. ....................................
GIZA INVESTMENT, SIMCAV ....................................................
GLOBAL ANANDA SIMCAV ....................................................
GLOBAL EFFICIENCY CMA 2001 SIMCAVF, S.A. .... ................
GLOBAL GROWTH, SIMCAV ..................................................
GLOBAL INVESTMENTS XXI, SIMCAV .....................................
GLOBAL INVESTOR 2000 ACTIUS MOBILIARIS SIMCAV .......
GLOBAL PENTA INVERSIONES SIMCAV ..................................
GLOBALFINANZAS, SIMCAV ..................................................
GLOBALMIX, SIMCAV...............................................................
GLOVAL PROCESOS BOLSA SIMCAV ......................................
GOALCIA 2001 SIMCAV ...........................................................
GOC 2002, SIMCAV, S.A. .........................................................
GODIL CIA. DE INVERSIONES, SIMCAV..................................
GOLDA INVERSIONES, SIMCAV ..............................................
GOLDEN GROWTH INVESTMENT, SIMCAV ...........................
GOMENAR INVERSIONES, SIMCAV.........................................
GOMPOR BOLSA, SIMCAV ......................................................
GONARA CARTERA, SIMCAV, SA ............................................
GONPEMI INVERSIONES, SIMCAV ..........................................
GONRAPA INVERSIONES, SIMCAV..........................................
GOOD LION INVESTMENT, SIMCAV.......................................
GORBEIALDE INVERSIONES, SIMCAV .....................................
GORINVEST ACTIUS MOBILIARIS, SIMCAV ............................
GOVER ACTIUS MOBILIARIS, SIMCAV ....................................
GRALEU INVERSIONES, SIMCAV ............................................
GRAMER INVERSIONES, SIMCAV ............................................
GRAN CANARIA INVERSIONES, SIMCAV................................
GRAN SOL INVERSIONES, SIMCAV .........................................
GRANADOS CARTERA, SIMCAV, S.A. .....................................
GRATIL INVEST, SIMCAV, SA ....................................................
GRATTAROLA INVERSIONES, SIMCAV, S.A. ........ ...................
GRAZALEMA INVERSIONES, SIMCAV......................................
GREEN CARTERA, SIMCAV .......................................................
GREEN FOREST INVEST, SIMCAV.............................................
GREGAL INVESTMENTS 2000, SIMCAVF, S.A. ........................
GRIAL INVERSIONES, SIMCAV .................................................
GRIPA, SIMCAV .........................................................................
GROWTH INVERSIONES, SIMCAV .........................................
GRUCALTOR, SIMCAV..............................................................
GRUFALER, SIMCAV..................................................................
GRUNBLICK SIMCAV ..............................................................
GRUPO ARCE DE INVERSIONES, SIMCAV ..............................
GRUPO ASUNCION DE INVERSIONES, SIMCAV....................
GRUPO DE INVERSIONES GESTIN 10, SIMCAV ..................
GRUPO FCM5, SIMCAV, S.A. ...................................................
GRUPO FINANCIERO CABEMA, SIMCAV................................

156

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

21,837
0
0
21,693
0
21,685
18,271
0
6,270
31,320
0
18,824
24,000
22,640
0
0
0
20,611
22,959
20,795
18,217
22,480
0
25,160
24,401
22,758
10,848
35,550
34,250
21,453
23,680
19,673
19,753
0
0
0
20,795
25,464
7,698
0
32,328
6,392
11,556
22,463
23,480
23,401
23,617
23,100
25,068
0
14,424

17,429
27,360
23,319
18,158
24,361
19,906
16,107
24,481
5,474
24,400
23,325
17,309
22,840
19,920
17,309
52,649
11,756
19,288
22,398
16,588
12,829
18,680
23,560
20,720
23,127
21,236
9,866
30,050
27,700
20,491
20,600
15,488
16,388
0
19,962
33,441
19,232
23,683
6,578
24,041
33,023
5,269
11,496
20,058
19,040
20,418
22,751
18,900
20,929
10,253
12,741

6,264
0
0
1,770
0
41
242
0
734
2,043
0
0
1
942
0
0
0
3
2
4
152
3
0
1,456
90
293
5
360
395
61
5
1
3
0
0
0
380
4
1
0
134
51
1,555
3
188
0
7,102
5
2
0
0

1,166
0
13
1,885
689
5
27
12
10
112
631
23
1
242
11
0
21
1
2
2,008
15
3
1,334
2
1
4
0
181
5
5
3
1
48
0
6,334
1
1,525
3,904
23
2
42
66
55
26
167
1
268
13
61
29
12

Date of listing
in 2002 & other
comments
28-06-02
28-06-02
05-12-02

18-03-02

20-02-02

16-10-02

24-05-02

31-10-02
12-03-02
22-07-02

28-06-02

17-09-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
GRUPO MARINA DOR, SICMAV, S.A. ............. ......................
GRUPO SATOCAN INVEST, SIMCAV, S.A. .......... ....................
GSTAAD INVERSIONES, SIMCAV .............................................
GUADAJIRA CARTERA, SIMCAV ..............................................
GUADALEN DE INVERSIONES SIMCAV ..................................
GUADALQUIVIR 2000 DE INVERSIONES SIMCAV .................
GUADIX99 VALORES, SIMCAV, S.A. .............. .........................
GUAICANAMAR INVERSIONES, SIMCAV................................
GUANABACOBA SIMCAV ........................................................
GUARDALAVACA INVERSIONES, SIMCAV..............................
GUATEN DE INVERSIONES, SIMCAV.......................................
GUERFAL INVERSIONES, SIMCAV............................................
GUESINVER ...............................................................................
GUIALMAR, SIMCAV.................................................................
GURIA INVERSIONES, SIMCAV ................................................
GURUGUACTIVOS, SIMCAV....................................................
H.M.H.M. FINANCIERA, SIMCAV.............................................
H2 O2 INVERSIONES SIMCAV .................................................
H2HB INVERSIONES, SIMCAV .................................................
HACIENDA DE COVI, SIMCAV.................................................
HARVESTER INVESTMENT SIMCAV .........................................
HATHOR INVEST, SIMCAV ......................................................
HAVEN INVERSIONES, SIMCAV ...............................................
HAWASS INVESTMENTF, S.A. .................... ..............................
HAYA INVERSIONES, SIMCAV ..................................................
HAZAS DE INVERSIONES, SIMCAV..........................................
HEAL INVEST SIMCAV, S.A. .................... .................................
HECLASAN, SIMCAV.................................................................
HEDGE INVERSIONES, SIMCAV ..............................................
HEDWING INVESTMENT SIMCAV ...........................................
HELDALIN INVERSIONES, SIMCAV .........................................
HELP INVERSIONES, SIMCAV, S.A............................................
HENA TRES ...............................................................................
HENDUN 19, SIMCAV ..............................................................
HERCASOL.................................................................................
HERDOSA, SIMCAV ..................................................................
HEREDEROS TEMPRADO TRIAS, SIMCAV...............................
HEREMARC INVERSIONES SIMCAV .........................................
HERLOPAR 2000, SIMCAV........................................................
HERMYSO INVERSIONES, SIMCAV, S.A. .................................
HERNANZAR, SIMCAV .............................................................
HERPLAN 99 INVERSIONS, SIMCAV .......................................
HERTASA INVERSIONES, SIMCAV,S A ............. ........................
HEXASTAR, SIMCAV, S.A. .........................................................
HIANA INVERSIONES, SIMCAV................................................
HIE DE INVERSIONES................................................................
HIGH PROFIT INVERSIONES, SIMCAV ....................................
HIJULE, SIMCAV ........................................................................
HIPEMA 2000, SIMCAV.............................................................
HISPALIS INVERSIN XXI, SIMCAV..........................................

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

0
0
14,713
20,434
14,069
20,851
0
4,652
20,915
16,227
24,892
22,598
229,800
23,760
24,209
24,750
18,271
19,184
22,093
24,840
26,938
17,965
21,164
0
25,150
20,370
0
23,960
6,675
22,398
25,803
20,915
46,260
15,392
50,400
25,880
6,671
0
26,595
0
12,893
22,117
0
0
0
81,240
20,675
27,480
23,050
18,400

17,870
29,730
11,227
16,348
11,231
18,302
19,954
4,000
18,992
12,261
23,930
24,521
69,854
23,480
24,858
16,600
15,386
16,684
19,040
23,400
23,392
15,897
19,072
13,943
22,425
16,138
24,241
22,280
5,070
18,391
26,445
17,550
19,305
0
45,760
26,160
6,094
20,194
25,663
0
10,260
21,396
21,877
16,828
15,146
38,280
17,790
25,120
3,575
13,840

0
0
28
781
3
416
0
7,505
2,660
34
3,074
5
1,344
0
12,115
15
5
1,317
9
2
307
2,151
48
0
333
1
0
663
26
747
1
47
166
5,454
435
8,796
5
0
77
0
906
0
0
0
0
133
28
4,407
1,396
3,033

608
0
20
9,794
498
1
12
1,300
24
16
6,799
8
749
0
97
26
13
297
17
996
208
1,544
48
2,933
121
11
12
123
22
3
2
37
106
287
3,017
3,080
4
11
27
0
987
10
10
11
480
326
69
10
742
10

Date of listing
in 2002 & other
comments
19-04-02
28-02-02

06-06-02

21-02-02

01-08-02

Delisted 27/03/2002

24-05-02

13-08-02
06-02-02

157

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

HISPANA CINCO .......................................................................

1,707

7,493

22

HISPANA DOS ..........................................................................


HISPASIM SIMCAV.....................................................................
HITERO DE INVERSIONES, SIMCAVF, S.A. ..............................
HOLDER INVERSIONES, SIMCAV ............................................
HOLGUINFRAN, SIMCAV.........................................................
HOLOP INVERSIONES, SIMCAV...............................................
HONTANAS DE INVERSIONES SIMCAV .................................
HORTUS 2001 SIMCAV, S.A. .................... ...............................
HOSIFE 2002, SIMCAV, S.A. .....................................................
HUBBLE INVEST, SIM ................................................................
HUEROS INVERSIONES, SIMCAV.............................................
HUPASA DE VALORES MOBILIARIOS .....................................
IBERFAMA INVERSIONES SIMCAV ..........................................
IBERSECURITIES INVERSIN, SIMCAV.....................................
IBIAS DE INVERSIONES SIMCAV ..............................................
IBIDA..........................................................................................
IBS RESERVA, SIMCAV...............................................................
ICARO 2000, SIMCAV ...............................................................
ICEAM INVERSIONES, SIMCAVF...............................................
ICLES INVESTMENTS, SIMCAV..................................................
IFOL, SIMCAV, S.A. ...................................................................
IGANVAL DE INVERSIONES, SIMCAV......................................
ILOROPE INVERSIONES, SIMCAV, SA ............. ........................
ILUSTRACION ...........................................................................
IMASI SIMCAV ..........................................................................
IMF 2000, SIMCAV ....................................................................
IMPACT INVERSIONES SIMCAV ...............................................
INAHFAE, SIMCAV.....................................................................
INAMOSA, SIMCAV...................................................................
INAT DE INVERSIONES SIMCAV...............................................
INBARRE GESTIN, SIMCAV....................................................
INBARSAVE................................................................................
INCHORTA, SIMCAV.................................................................
INCOME INVERSIONES, SIMCAV ............................................
INCREASING, SIMCAV, S.A. .................... .................................
INDEX INVERSIONES, SIMCAV.................................................
INDEX PRESTIGIO, SIMCAV, S.A. .............................................
INDICES BURSTILES SIMCAV .................................................
INDICO DE INVERSIONES SIMCAV .........................................
INDIVISA INVERSIONES, SIMCAV ............................................
INDOSUEZ GESTIN SIMCAV .................................................
INDUS INVESTMENT SIMCAV..................................................
INDUVISA..................................................................................
INEDER INVERSIONES, SIMCAV...............................................
INFAR 2000, SIMCAV ................................................................
INFASA 99, SIMCAV .................................................................
INFEGAR AHORRO SIMCAV ....................................................
INFINIUM INVERSIONES, SIMCAV...........................................
INFINOIZ, SIMCAV ...................................................................

2,164
22,367
0
11,460
21,789
21,886
25,400
0
0
5,000
18,175
62,920
18,960
22,078
23,112
39,520
20,098
13,980
30,171
8,992
0
24,481
0
30,875
24,129
10,097
21,597
23,579
11,000
20,899
28,575
5,640
27,121
27,285
0
24,880
0
6,096
19,288
221,173
29,040
23,370
4,600
15,416
20,058
6,755
23,360
21,621
7,209

2,164
20,443
23,760
10,040
18,230
17,797
22,900
21,886
23,359
5,000
17,310
52,739
17,720
17,003
20,563
33,560
18,800
12,855
28,037
8,269
23,239
22,838
22,946
26,344
24,645
8,871
18,759
21,614
8,160
20,010
28,100
5,140
28,081
27,676
9,256
24,800
24,281
5,264
17,532
15,867
25,020
21,115
6,150
11,857
16,739
4,712
21,116
17,412
6,561

11
2,009
0
61
0
32
660
0
0
27
1
1
153
4,865
1
252
42
74
11,343
119
0
2
0
2,637
2
352
108
44
7
393
3,538
88
450
143
0
34
0
255
4
0
7,095
2
0
272
135
71
25
188
15

52
0
0
73
6
24
529
2
500
29
0
563
267
653
1
147
29
1,353
3,664
277
1
130
21,664
1,075
979
52
29
256
1,081
1
13
81
92
53
10
2,710
1,830
3,937
0
11
1,592
67
8
32
231
356
666
109
27

158

2001

2002

Date of listing
in 2002 & other
comments
Suspended on
31/12/2002

25-07-02

17-07-02
24-09-02

06-02-02
21-02-02

14-05-02
29-07-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
INFIPER 2 VALORES, SIMCAV, S.A. ..........................................
INFIPER 3 VALORES, SIMCAVF, S.A. ........................................
INFIPER VALORES, SIMCAV .....................................................
INFLUX INVERSIONES, SIMCAV ..............................................
INFRAN 95 ................................................................................
INGAES INVERSIONES, SIMCAVF, S.A. ....................................
INGERCOVER ............................................................................
INGOAN ACTIUS MOBILIARIS, SIMCAV .................................
INGOSO 2000, SIMCAV............................................................
INGUNZA, SIMCAV ..................................................................
INICIO 2000, SIMCAV...............................................................
INLEX DE INVERSIN, SIMCAV................................................
INMADEL INVERSIONES, SIMCAV ...........................................
INMEVAL INVERSIONES, SIMCAV............................................
INMOBASA ...............................................................................
INMOBILIARIA CALERA Y CHOZAS CARTERA, SIMCAV,........
INNSBRUCK INVERSIONES, SIMCAVF, S.A. ............................
INOINVERSORA ........................................................................
INPAMOSA ................................................................................
INPAYER INVERSIONES, SIMCAV .............................................
INPISA DOS ..............................................................................
INPUT INVERSIONES, SIMCAV ................................................
INQUIRABE, SIMCAV ................................................................
INRA DE INVERSIONES, SIMCAV .............................................
INSALAZA SIMCAV....................................................................
INSAPI ........................................................................................
INTERCONTINENTAL DE CARTERA ........................................
INTERKALENDA SIMCAV ..........................................................
INTERLAKEN INVERSIONES, SIMCAV ......................................
INTERMONEY 1, SIMCAV, S.A. ...............................................
INTERVALO................................................................................
INTOSSALS, SIMCAV.................................................................
INVACO .....................................................................................
INVER 15575 EQUITIES SIMCAV ..............................................
INVER-99 SIMCAV ....................................................................
INVERA GRN 2000, SIMCAVF, S.A. .............. ...........................
INVERACCIONES CARTERA, SIMCAV, SA ........... ....................
INVERAGUDO 2,000, SIMCAV ................................................
INVERANAYET, SIMCAV............................................................
INVERAVANCE, SIMCAV ...........................................................
INVERBELA SIMCAV .................................................................
INVERBLAVA INVERSIONS, SIMCAV, S.A. ...............................
INVERBLOC 2000, SIMCAV ......................................................
INVERCAT ACTIUS MOBILIARIS SIMCAV ...............................
INVERCELLA ACTIUS MOBILIARIS, SIMCAV ...........................
INVERCHICO, SIMCAV .............................................................
INVERCLIMER ACTIUS MOBILIARIS, SIMCAV .........................
INVERCOMPI, SIMCAV .............................................................
INVERCORIA INVERSIONES, SIMCAV, S.A. .............................
INVERDINCO ............................................................................
INVERDOCUN ACTIUS MOBILIARIS, SIMCAV .......................

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

0
0
26,360
23,208
2,820
0
59,400
29,200
23,090
23,680
16,750
27,647
32,129
23,665
37,728
0
0
14,042
1,924
27,086
55,574
20,760
21,360
15,650
22,670
66,300
123,712
18,350
22,983
0
1,496
7,609
4,320
22,838
34,400
0
0
29,930
23,600
21,920
63,800
0
20,200
25,750
10,520
22,535
24,120
20,114
0
27,360
17,000

19,713
22,911
20,440
18,374
2,820
37,081
53,920
26,700
21,539
24,720
10,000
23,319
26,714
23,232
32,310
23,560
22,766
11,130
1,924
23,880
47,635
20,800
15,920
18,295
21,492
55,860
111,424
16,138
20,963
24,882
1,344
6,978
0
21,636
30,702
24,041
22,598
26,204
20,840
18,440
55,800
23,560
16,160
26,000
5,640
18,807
21,360
19,232
19,232
21,400
11,500

0
0
46
69
6
0
1,589
40
20
3
307
284
6
145
32
0
0
15
4
2
1,468
2,109
152
19,986
0
1,137
590
81
0
0
223
2,025
0
4,979
0
0
0
6
31
2
15
0
607
238
1,250
132
1
23
0
926
1

13
0
34
699
8
32
257
141
31
2,327
901
27
5
329
45
10
0
431
1
2
929
69
162
12
102
3,051
1,699
136
26
10,397
168
27
0
28
0
0
11
15
61
3
181
11
3,129
162
187
688
5
74
11
212
1

Date of listing
in 2002 & other
comments
27-09-02
03-06-02

24-04-02

31-10-02
26-04-02

24-05-02

24-09-02
14-05-02

02-08-02

21-02-02

159

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
INVERELID, SIMCAV..................................................................
INVERETIRO, SIMCAV ...............................................................
INVERFINA ................................................................................
INVERFRUT-2001, SIMCAV, S.A. ..............................................
INVERGALDANA, SIMCAV .......................................................
INVERGEINSA, SIMCAV ............................................................
INVERGLOBAL ASSISTENCIA ACTIUS MOBILIARIS, SI............
INVERGRAMA CARTERA, SIMCAV ...........................................
INVERIMPAR VALORES, SIMCAV..............................................
INVERKAL BOLSA, SIMCAV ......................................................
INVERLAN 2000, SIMCAV ........................................................
INVERLENDO ............................................................................
INVERLUGAR DE INVERSIONES, SIMCAV...............................
INVERLUMA DE VALORES SIMCAV .........................................
INVERMANHER ........................................................................
INVERMARINADA DE INVERSIONES, SIMCAV .......................
INVERMAY .................................................................................
INVERMAY 2..............................................................................
INVERMAY 3..............................................................................
INVERMAY 4 VALORES ............................................................
INVERMUAL, SIMCAV, S.A. ......................................................
INVEROC FINANCIERA, SIMCAV .............................................
INVEROD INVERSIONES, SIMCAV ...........................................
INVEROSCA XXI, SIMCAV.........................................................
INVERPAMPLONA ....................................................................
INVERPASTOR ...........................................................................
INVERPOLO VEINTIUNO, SIMCAVF, S.A. ...............................
INVER-RENT...............................................................................
INVER-RISK, SIMCAV, S.A. ........................................................
INVERSALIA DE VALORES, SIMCAV, S.A. ................................
INVERSALINAS, SIMCAV, S.A. ..................................................
INVERSENECA, SIMCAV............................................................
INVERSIO ACTIVA PENEDES 3, SIMCAV ..................................
INVERSIO ACTIVA PENEDES, SIMCAV ....................................
INVERSIN EN VALORES 3 DE ABRIL, SIMCAV......................
INVERSIN GLOBAL 2,000, SIMCAV.......................................
INVERSIN GLOBAL 2001 SIMCAVF, S.A. ..............................
INVERSIN MOBILIARIA SIETE F, SIMCAV ..............................
INVERSIONES 1965, SIMCAV ...................................................
INVERSIONES 1992, SIMCAV ...................................................
INVERSIONES ABABOL, SIMCAV .............................................
INVERSIONES ABASOL VI, SIMCAV .........................................
INVERSIONES ABERDEEN, SIMCAV .........................................
INVERSIONES AGUANAZ, SIMCAV .........................................
INVERSIONES AGUAVIVA I, SIMCAV ......................................
INVERSIONES ALBACORA, SIMCAV ........................................
INVERSIONES ALBARELO, SIMCAV..........................................
INVERSIONES ALMOZARA, SIMCAV ......................................
INVERSIONES ALQUERIA SAN VICENTE SIMCAV ..................
INVERSIONES ANAMARA, SIMCAV .........................................
INVERSIONES ANAMER, SIMCAV ...........................................

160

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

26,505
19,200
764
0
36,366
29,233
0
20,194
34,041
19,833
18,824
36,946
17,117
23,569
124,080
22,511
315,900
162,240
115,800
29,880
0
25,280
22,358
23,160
6,134
121,000
0
50,000
0
0
0
22,560
26,425
127,125
23,400
24,882
0
13,320
21,886
20,915
16,750
17,960
18,848
10,180
23,103
26,550
23,560
24,281
21,957
21,549
36,121

27,106
15,600
764
23,521
28,727
23,271
0
19,713
30,891
16,323
18,872
31,287
13,655
20,924
83,480
20,178
282,660
141,440
99,900
24,480
24,241
25,240
20,915
23,480
0
120,080
0
30,680
36,061
21,876
20,939
17,160
26,850
113,250
20,160
21,372
0
12,500
19,913
16,588
16,858
13,920
17,117
8,620
21,252
27,300
20,434
20,254
19,994
18,711
32,154

606
15
1
0
2,487
185
0
15
0
718
41
288
274
97
443
5
18,550
4,124
7,618
3,016
0
0
5
3
332
13,308
0
280
0
0
0
433
68
6,280
34
10,620
0
765
32
15
4,760
49
61
181
48
68
105
179
35
32
24

610
27
3
1
514
241
0
27
7
15
0
257
172
13
68
0
15,556
23,796
42,202
1,928
10
16
13
2,083
0
56
0
28
11
10
618
2,402
66
2,492
30
312
0
1,052
2,250
1,281
9,894
10
413
0
39
67
58
967
1,234
25
0

Date of listing
in 2002 & other
comments

24-05-02

24-10-02

28-08-02

Delisted 26/04/2002
27-09-02
24-09-02
06-02-02
30-01-02

24-09-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
INVERSIONES ANSO ................................................................
INVERSIONES ARBIOSTE, SIMCAV, S.A. ...............................
INVERSIONES ARGA .................................................................
INVERSIONES ARNO, SIMCAV.................................................
INVERSIONES ASPE...................................................................
INVERSIONES AVANTI, SIMCAV...............................................
INVERSIONES AZURITA 2,000, SIMCAV ..................................
INVERSIONES BAJUAN, SIMCAV, SA .......................................
INVERSIONES BANIAR SIMCAV ...............................................
INVERSIONES BANZANO.........................................................
INVERSIONES BARBAZANA, SIMCAV, S.A. .............................
INVERSIONES BARCAL, SIMCAV..............................................
INVERSIONES BAZTAN.............................................................
INVERSIONES BEATELLA, SIMCAV ..........................................
INVERSIONES BEJAR, SIMCAV..................................................
INVERSIONES BEREZAL, SIMCAV.............................................
INVERSIONES BERKAY, SIMCAV ..............................................
INVERSIONES C.I.Z., SIMCAV...................................................
INVERSIONES CAMECAR, SIMCAV .........................................
INVERSIONES CAMINO 21, SIMCAV ......................................
INVERSIONES CAMPEA ............................................................
INVERSIONES CAMPOS DEL MONTIEL, SIMCAV ...................
INVERSIONES CARLINGA, SIMCAV, S.A. .......... ......................
INVERSIONES CARRETAS, SIMCAV ..........................................
INVERSIONES CASAU, SIMCAV ..............................................
INVERSIONES CAUZAR, SIMCAV.............................................
INVERSIONES CCUE, SIMCAV..................................................
INVERSIONES CERYBO, SIMCAV .............................................
INVERSIONES CHAMACA, SIMCAV.........................................
INVERSIONES CILLA, SIMCAV..................................................
INVERSIONES CLANSA, SIMCAV, S.A. ............ ........................
INVERSIONES CLASOR, SIMCAVF............................................
INVERSIONES CLIAN SIMCAVF, S.A. .......................................
INVERSIONES COCOA, SIMCAV .............................................
INVERSIONES COPU SIMCAV ..................................................
INVERSIONES COSAN 99, SIMCAV..........................................
INVERSIONES COVADONGA SIMCAV ....................................
INVERSIONES COVER, SIMCAV, S.A. ............. .........................
INVERSIONES CRESA II, SIMCAV..............................................
INVERSIONES CRESA-3, SIMCAV ............................................
INVERSIONES DEMETER, SIMCAV ...........................................
INVERSIONES DEVA .................................................................
INVERSIONES DIEMA, SIMCAV ................................................
INVERSIONES DUBLIN, SIMCAV..............................................
INVERSIONES ECHEMU ...........................................................
INVERSIONES EL FRUTAL, SIMCAV..........................................
INVERSIONES ELIZONDO ........................................................
INVERSIONES EN BOLSA SIGLO XXI, SIMCAV, S.A.................
INVERSIONES EN VALORES SIGLO XXI ..................................
INVERSIONES ENLOR, SIMCAV, S.A. ............. .........................
INVERSIONES ERILO, SIMCAV..................................................

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

21,840
0
6,312
24,617
5,473
50,725
22,680
0
17,893
59,360
0
21,525
43,360
19,329
25,849
21,636
61,200
20,948
27,887
22,814
38,680
42,167
0
24,762
13,612
0
0
18,752
19,937
22,222
0
17,528
0
24,954
0
15,698
24,050
0
15,825
17,630
23,400
49,965
10,203
22,400
4,442
10,097
28,080
0
12,840
0
208,800

20,260
21,260
37,647
21,035
0
46,038
18,560
11,768
14,238
50,720
17,069
20,130
28,991
15,073
24,008
17,838
32,400
18,470
24,641
18,006
33,000
44,787
21,973
23,720
9,235
21,669
23,079
15,242
16,162
21,164
23,800
13,014
0
21,420
20,771
10,482
21,164
22,839
11,328
11,059
18,950
48,954
8,733
18,750
4,445
8,294
21,200
25,734
13,176
19,817
198,400

258
0
0
34
0
12
87
0
27
513
0
0
11
611
225
15
85
0
12,514
99
202
15,096
0
10,846
92
0
0
1,357
16
168
0
36
0
85
0
2,332
685
0
0
1
6,440
354
488
0
91
305
0
0
12,848
0
3

653
23
33,431
2,046
0
6,122
39
2,335
1,266
795
13
492
7
27
198
27
15
0
577
729
44
7,650
14
6,011
35
0
25
27
0
471
2,211
528
0
2,146
205
1,217
79
4,809
2,289
0
2,131
101
498
750
119
13
0
1,532
36
19
13,265

Date of listing
in 2002 & other
comments
09-01-02

05-09-02

07-03-02

24-05-02

25-07-02
14-11-02

19-04-02

28-06-02
01-03-02

161

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
INVERSIONES ERISTE, SIMCAV.................................................
INVERSIONES ERUAIN, SIMCAV , S.A. ....................................
INVERSIONES ESFIMO SIMCAV................................................
INVERSIONES ESTRELLA ...........................................................
INVERSIONES EUROMAR, SIMCAV .........................................
INVERSIONES EVEREST, SIMCAV, SA .......................................
INVERSIONES FAMEI ................................................................
INVERSIONES FERBA, SIMCAV ................................................
INVERSIONES FILVOS, SIMCAV................................................
INVERSIONES FILVOS, SIMCAV................................................
INVERSIONES FINANCIERAS ARAGONESAS...........................
INVERSIONES FINANCIERAS CBA SIMCAVF, S.A. ... ...............
INVERSIONES FINANCIERAS CINCINATTI, SIMCAV ...............
INVERSIONES FINANCIERAS CRESA, SIMCAV ........................
INVERSIONES FINANCIERAS CUBI, SIMCAV...........................
INVERSIONES FINANCIERAS EUROKAS, SIMCAV...................
INVERSIONES FINANCIERAS FERRINVEST, SIMCAVF .............
INVERSIONES FINANCIERAS GLASS CERAMICA, SIMCA .......
INVERSIONES FINANCIERAS MENDEXA, SIMCAVF, S.A.........
INVERSIONES FINANCIERAS PEPES, SIMCAVF, S.A.................
INVERSIONES FINANCIERAS PERSONALES, SIMCAV .............
INVERSIONES FINANCOR, SIMCAV.........................................
INVERSIONES FINANZAS VALDELANDINGA SIMCAV...........
INVERSIONES FLEXIM, SIMCAV ...............................................
INVERSIONES FONLANA, SIMCAV..........................................
INVERSIONES FROFER, SIMCAV, S.A. ............ .........................
INVERSIONES FUND NET 2001, SIMCAV ...............................
INVERSIONES GALA XXI, SIMCAV ...........................................
INVERSIONES GALERNA, SIMCAV...........................................
INVERSIONES GARBI ................................................................
INVERSIONES GARDON, SIMCAV ..........................................
INVERSIONES GARIBAS SIMCAV .............................................
INVERSIONES GARODIES, SIMCAV ........................................
INVERSIONES GELMA, SIMCAV, S.A. ............. .........................
INVERSIONES GELRO, SIMCAV, S.A. ............. .........................
INVERSIONES GEM 2000, SIMCAV ..........................................
INVERSIONES GERESA, SIMCAV ..............................................
INVERSIONES GESCAMAR, SIMCAV, S.A. ...............................
INVERSIONES GFISA 1199, SIMCAV.........................................
INVERSIONES GIRALBA, SIMCAV ............................................
INVERSIONES GIRALDA, SIMCAV............................................
INVERSIONES GOCAL, SIMCAV...............................................
INVERSIONES GOYSAMAR SIMCAV........................................
INVERSIONES GREC, SIMCAV ..................................................
INVERSIONES GUMIEL 2002, SIMCAV ....................................
INVERSIONES HABANA 2000, SIMCAV...................................
INVERSIONES HELGUERA, SIMCAV.........................................
INVERSIONES HERCA ..............................................................
INVERSIONES HERRERO...........................................................
INVERSIONES HIFLOR, SIMCAV, SA ........................................
INVERSIONES IBERBAUM, SIMCAV .........................................

162

Capitalisation (at 31 Dec.)


2001

2002

26,118
0
20,539
3,184
19,393
0
14,340
5,382
9,015
0
56,120
0
22,758
29,375
24,680
19,730
0
0
0
0
25,720
21,011
0
21,116
34,500
0
10,301
8,672
9,006
3,080
21,700
20,226
21,560
0
0
21,116
62,462
0
10,842
0
19,737
12,068
20,707
18,427
21,020
21,000
22,559
4,100
71,103
0
24,401

24,339
22,944
17,364
3,184
15,426
24,242
10,800
4,084
0
18,929
47,360
0
22,157
20,625
22,600
15,968
19,866
14,464
0
23,850
25,040
16,756
9,857
17,653
28,620
10,686
6,671
7,904
8,132
6,236
19,200
15,633
17,120
23,560
23,319
19,232
62,078
23,079
9,869
24,931
13,775
11,455
15,320
0
19,769
19,080
17,989
4,025
64,130
18,711
24,041

Annual trading
2001
28
0
31
0
1
0
0
27
0
0
75
0
15
2
12
843
0
0
0
0
2
3,563
0
3,719
84
0
1,426
15
16
4
4,853
0
32
0
0
258
287
0
71
0
979
390
0
5,412
1,265
37
0
127
1,874
0
3,068

2002
9,939
936
23
0
1
0
45
28
0
528
42
0
4,843
2
268
194
3
6
0
4
2
1,717
11
594
38
1
1,224
6
27
10
5,452
1
11
13
13
0
150
36
62
89
870
915
1
0
979
36
1
29
31,084
19
0

Date of listing
in 2002 & other
comments
03-06-02

24-09-02

30-12-02

07-03-02
18-10-02
21-05-02

10-10-02

24-09-02
24-09-02

23-09-02

Delisted 30/07/2002

17-03-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
INVERSIONES IC49, SIMCAV ...................................................
INVERSIONES IMABAR, SIMCAV..............................................
INVERSIONES INDASA EJEA, SIMCAV......................................
INVERSIONES INESFI, SIMCAV, S.A. ............ ............................
INVERSIONES INFANTES, SIMCAV...........................................
INVERSIONES INMENSA, SIMCAV ...........................................
INVERSIONES INSANCO, SIMCAV...........................................
INVERSIONES INSTITUCIONALES, SIMCAV ...........................
INVERSIONES INTERMARKETS, SIMCAV .................................
INVERSIONES INVERARTE SIMCAV..........................................
INVERSIONES INVERJOTA, SIMCAV ........................................
INVERSIONES INVESTU, SIMCAV, S.A. ........... ........................
INVERSIONES IPCUS SIMCAV ..................................................
INVERSIONES IPSON, SIMCAV.................................................
INVERSIONES IRADA, SIMCAV ...............................................
INVERSIONES IREBUA, SIMCAV, S.A. ......................................
INVERSIONES IRURITA ............................................................
INVERSIONES ITACA AHORRO, SIMCAV ................................
INVERSIONES ITZIAR, SIMCAV, SA ..........................................
INVERSIONES JALABUN, SIMCAV ...........................................
INVERSIONES JALAMA AHORRO, SIMCAV.............................
INVERSIONES JALAMA CRECIMIENTO SIMCAV......................
INVERSIONES JALAMA RENTA SIMCAV ..................................
INVERSIONES JULGAB SIMCAV ...............................................
INVERSIONES KISHOO, SIMCAV, S.A. ............ ........................
INVERSIONES LA MATA DEL MORAL, SIMCAV.......................
INVERSIONES LA PILONA, SIMCAV.........................................
INVERSIONES LABRADOR, SIMCAV........................................
INVERSIONES LAGASCA 75, SIMCAV......................................
INVERSIONES LEAL ...................................................................
INVERSIONES LEALTAD ............................................................
INVERSIONES LECAROZ...........................................................
INVERSIONES LELO, SIMCAV...................................................
INVERSIONES LES BEDULES, SIMCAV .....................................
INVERSIONES LIXVA 6, SIMCAV, SA ........................................
INVERSIONES LLONER ............................................................
INVERSIONES LOIDA, SIMCAV ................................................
INVERSIONES LONHER ............................................................
INVERSIONES LOS AZULES, SIMCAV.......................................
INVERSIONES LUTIMO, SIMCAV .............................................
INVERSIONES MACBETH, SIMCAV, S.A. ........... ......................
INVERSIONES MACHAQUITO, SIMCAVF, S.A. .......................
INVERSIONES MADEGO 2000, SIMCAV..................................
INVERSIONES MADRID SUR, SIMCAV.....................................
INVERSIONES MARITIMA PASOAL, SIMCAV...........................
INVERSIONES MARREBA, SIMCAV...........................................
INVERSIONES MARYGLO,SIMCAV...........................................
INVERSIONES MATIPE SIMCAV ................................................
INVERSIONES MAZONSO, SIMCAV.........................................
INVERSIONES MEERLEN, SIMCAV............................................
INVERSIONES MENENDEZ PELAYO, SIMCAV .........................

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

18,711
18,271
23,000
0
26,000
22,463
46,480
23,479
38,016
18,752
32,340
0
21,396
19,641
27,120
0
3,260
23,920
0
25,470
24,321
19,393
24,802
25,445
0
23,760
24,521
25,680
24,041
40,480
101,600
10,034
18,951
20,010
0
102,102
28,295
24,440
10,991
17,965
0
0
20,394
17,862
0
31,160
22,406
19,929
21,645
22,920
70,320

14,863
13,222
19,240
10,097
20,600
28,921
45,360
18,922
29,520
12,958
27,300
10,738
19,232
18,679
22,880
23,319
5,492
87,750
27,046
19,830
22,558
13,062
20,474
25,541
20,483
23,480
24,762
25,320
23,319
23,520
89,200
86,360
13,131
16,065
10,638
78,679
26,362
19,880
9,139
15,633
23,319
23,319
16,835
13,342
21,156
21,240
19,256
14,466
19,096
18,680
70,560

28
75
1,238
0
179
1,872
238
1,203
14,614
55
84
0
16
16
680
0
3
12,858
0
30
35,288
2,332
20,788
35
0
3,761
555
3,972
5
1,109
35
365
244
9
0
1,048
149
97
1,164
2,101
0
0
31
125
0
94
18
41
18
79
98

2,319
124
1
1,130
19
22,464
11
1,743
47
384
36
0
32
27
641
13
6
227
13
121
24,719
4,625
15,118
1,424
29
4
96
30
13
98
28
193
2
1
46
342
60
73
255
1,587
12
13
23
2
25
0
15
59
202
37
48,563

Date of listing
in 2002 & other
comments

30-04-02

24-09-02

24-09-02

18-10-02

29-08-02

20-05-02

14-11-02
28-06-02

163

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
INVERSIONES MERCOMEDINA, SIMCAV ................................
INVERSIONES MIDMAR, SIMCAV ............................................
INVERSIONES MILAMAR 2000, SIMCAV ................................
INVERSIONES MISI, SIMCAV ....................................................
INVERSIONES MOBILIARIAS ALICANTE, SIMCAV...................
INVERSIONES MOBILIARIAS GRUPO ADAN .........................
INVERSIONES MOBILIARIAS IMAGO, SIMCAV.......................
INVERSIONES MOBILIARIAS URQUIOLA................................
INVERSIONES MOLUTI, SIMCAV ............................................
INVERSIONES MONEGROS-BAJO ARAGON SIMCAVF, S.A ...
INVERSIONES MONSEVI, SIMCAV ...........................................
INVERSIONES MONTALBAN, SIMCAV ....................................
INVERSIONES MONTARTO, SIMCAV.......................................
INVERSIONES MONTERRON, SIMCAVF, S.A. .........................
INVERSIONES MONTISIELLO, SIMCAV ...................................
INVERSIONES MONTLLOR, SIMCAV ......................................
INVERSIONES MOURA SIMCAV ..............................................
INVERSIONES NAIRA, SIMCAVF, S.A. ............ .........................
INVERSIONES NEOCLASICAS, SIMCAVF, S.A. ...... ..................
INVERSIONES NEON CMA, SIMCAVF......................................
INVERSIONES NIBANI, SIMCAV ...............................................
INVERSIONES OLABERRIA, SIMCAVF ......................................
INVERSIONES OMNITOT, SIMCAV .........................................
INVERSIONES OPTIMUS, SIMCAV ...........................................
INVERSIONES ORELLANA, SIMCAV.........................................
INVERSIONES PADUA, SIMCAV...............................................
INVERSIONES PANTER, SIMCAV ..............................................
INVERSIONES PATRICIO Y AMANCIA SIMCAV .......................
INVERSIONES PECUNIA, SIMCAV, S.A. ...................................
INVERSIONES PEMASA, SIMCAV, S.A. ............ ........................
INVERSIONES PERMON, SIMCAV ............................................
INVERSIONES PICO TRES MARES, SIMCAV.............................
INVERSIONES PIKAIA, SIMCAV ................................................
INVERSIONES PIRO, SIMCAV ...................................................
INVERSIONES PLANTEN SIMCAV ............................................
INVERSIONES POLIVALENTE, SIMCAV ....................................
INVERSIONES PROGRAMADAS...............................................
INVERSIONES PUERTO ALEGRE, SIMCAV, S.A. ..... .................
INVERSIONES QUINTA DIMENSION, SIMCAV........................
INVERSIONES RANZA...............................................................
INVERSIONES REALTTA, SIMCAV .............................................
INVERSIONES REMELLAN, SIMCAV ........................................
INVERSIONES RETAMA, SIMCAV .............................................
INVERSIONES RIO HUECHA, SIMCAV, S.A. ........ ...................
INVERSIONES RIOCOBO, SIMCAV ..........................................
INVERSIONES ROBINIA, SIMCAV ...........................................
INVERSIONES ROSCHELL, SIMCAV .........................................
INVERSIONES RUGETES SIMCAV, S.A. ....................................
INVERSIONES RUSH, SIMCAV..................................................
INVERSIONES SACARA, SIMCAV, S.A. ............ ........................
INVERSIONES SALESAS I, SIM...................................................

164

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

5,992
20,434
26,040
19,906
19,673
66,400
17,003
31,922
8,971
0
23,800
14,380
24,483
0
19,200
28,620
19,817
0
0
22,278
21,140
0
10,422
26,715
0
21,356
23,720
19,264
0
0
24,684
22,358
41,100
23,640
18,350
39,864
13,400
0
21,480
27,498
23,375
19,481
21,108
0
22,622
26,360
25,280
0
20,972
0
2,500

5,169
16,828
22,960
17,862
17,292
52,800
12,795
33,143
7,792
18,030
23,199
12,200
21,092
23,367
14,560
22,185
16,378
36,421
24,762
20,354
20,178
7,140
9,965
24,040
0
17,797
19,680
14,406
20,731
22,838
20,483
22,117
34,050
18,760
13,733
37,260
13,400
24,321
18,000
25,303
18,020
17,557
15,170
5,589
19,353
26,400
22,320
24,041
18,567
31,152
2,020

15
15
42
15
675
150
18
1,196
1,789
0
2
510
3
0
84
29
12
0
0
340
104
0
248
142
0
761
484
0
0
0
614
36,477
2,467
41
0
560
183
0
57
5,166
178
486
17
0
75
92
89
0
3,608
0
256

28
1,226
38
24
897
2,141
0
194
1,544
6
4
43
22
4,786
4
332
4
11,506
133
32
17
1,695
187
27
0
522
289
1
17
25
24
11,310
8,209
45
0
410
192
0
30
19
125
213
27
11
63
43
38
13
312
15,549
687

Date of listing
in 2002 & other
comments

30-04-02

02-08-02

08-11-02
12-12-02

23-05-02
21-03-02

29-08-02

19-04-02

18-10-02
04-04-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
INVERSIONES SANFE SIMCAV .................................................
INVERSIONES SANTA MARINA, SIMCAV, S.A. ........................
INVERSIONES SELECTIVAS........................................................
INVERSIONES SERRABLO .........................................................
INVERSIONES SEZUR ...............................................................
INVERSIONES SIENA, SIMCAV..................................................
INVERSIONES SIERRA DE SAN PEDRO, SIMCAV ....................
INVERSIONES SINGLADURA SIMCAV .....................................
INVERSIONES SOINVISA, SIMCAV...........................................
INVERSIONES SOLBUS, SIMCAV..............................................
INVERSIONES TAMBRE, SIMCAV..............................................
INVERSIONES TEIDE ................................................................
INVERSIONES TELEBE, SIM ......................................................
INVERSIONES TORCAL, SIMCAV..............................................
INVERSIONES TORRES DE CUART, SIMCAV............................
INVERSIONES TOSCANA SIMCAV ...........................................
INVERSIONES TRENTO SIMCAV ..............................................
INVERSIONES UGUESI, SIMCAV ..............................................
INVERSIONES URANET, SIMCAV .............................................
INVERSIONES VALDELINARES, SIMCAVF ................................
INVERSIONES VALIX-6, SIMCAV, SA ............. ..........................
INVERSIONES VALLE ASON, SIMCAV......................................
INVERSIONES VALLE PALLIN, SIMCAV ....................................
INVERSIONES VALLIER, SIMCAV ..............................................
INVERSIONES VERAL ................................................................
INVERSIONES VERDES SIMCAV ...............................................
INVERSIONES VERFANI SIMCAV .............................................
INVERSIONES VERMA 21, SIMCAV .........................................
INVERSIONES VIBET, SIMCAV ..................................................
INVERSIONES VICEDO SIMCAV...............................................
INVERSIONES VILLA DE PARIS I ..............................................
INVERSIONES VILLA DE PARIS II ..............................................
INVERSIONES VILLA DE PARIS III ............................................
INVERSIONES VISANSA ............................................................
INVERSIONES Y ANALISIS ESTRATEGICOS, SIMCAV ..............
INVERSIONES ZAGA .................................................................
INVERSIONES ZAM, SIMCAV....................................................
INVERSIONES ZIARREH, SIMCAV ...........................................
INVERSIONES ZUBITEL, SIMCAV .............................................
INVERSIONS 4TS, SIMCAV ......................................................
INVERSIONS AGO, SIMCAV .....................................................
INVERSIONS DCINC 2000, SIMCAV ........................................
INVERSIONS EGERIA, SIMCAV .................................................
INVERSIONS EL CIRERER, SIMCAV...........................................
INVERSIONS LOLIVERA, SIMCAV, SA ............ ........................
INVERSIONS MOIX, SIMCAV....................................................
INVERSIONS PATRIMONI CAPITAL FH, SIMCAV.....................
INVERSIONS POBLE NOU, SIMCAV .......................................
INVERSIONS PUIGCERDA 2000, SIMCAV ...............................
INVERSIONS SACONCA, SIMCAV, S.A. ...................................
INVERSIONS TONA 2000, SIMCAV..........................................

Capitalisation (at 31 Dec.)


2001

2002

18,776
0
71,960
67,480
5,340
20,915
43,050
0
19,256
24,387
24,161
61,050
2,322
24,026
20,675
62,024
20,827
19,240
18,391
24,360
0
23,280
21,781
23,399
3,850
24,353
29,209
31,881
19,954
7,212
4,124
3,096
3,784
16,160
13,800
122,280
21,156
18,607
10,920
24,858
33,390
14,172
20,218
12,145
0
17,453
26,600
16,577
37,143
0
60,903

13,703
22,983
53,844
60,920
47,672
19,545
39,300
23,575
15,867
18,903
24,041
52,250
2,154
21,429
15,626
56,675
17,220
15,633
13,943
24,560
0
22,560
16,973
23,920
3,040
23,656
28,849
26,751
16,828
5,680
3,834
3,096
3,784
11,760
11,340
25,296
14,625
16,696
8,240
25,555
30,285
11,125
18,487
11,304
0
13,198
24,320
12,312
35,700
10,770
60,502

Annual trading
2001

2002

31
0
1
94
165
2,682
955
0
653
36
1,529
1,645
69
0
161
537
761
312
400
2,402
0
44
16
180
209
620
0
356
0
108
1,916
303
216
158
490
3,862
4,292
49
94
5,525
943
130
69
6
0
402
43
2,160
607
0
3,002

38
33
0
388
0
911
0
2
48
26
0
572
64
0
85
440
522
3,707
488
31
0
41
29
173
21
173
11
369
1,198
12
880
1
54
274
294
76
793
27
475
2,275
483
50
168
6
0
42
37
37
0
31
2

Date of listing
in 2002 & other
comments
29-07-02

28-06-02

24-09-02

29-07-02

165

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
INVERSORA MOBILIARIA ESPAOLA .....................................
INVERSORA OLARIZU ..............................................................
INVERSORA PATRIMONIAL .....................................................
INVERSORA SORRIBO, SIMCAV ..............................................
INVERSUM CARTERA, SIMCAV, S.A. .............. .........................
INVERSUS INVERSIONES, SIMCAV ..........................................
INVERSUS PLUS INVERSIONES, SIMCAV, S.A. ........................
INVERTIA DE GESTIN SIMCAV ..............................................
INVERUN INVERSIONES, SIMCAV ...........................................
INVERURBASA ..........................................................................
INVERVALOR ............................................................................
INVERVULCANO, SIMCAV ......................................................
INVERZETA ................................................................................
INVESBECADA, SIMCAV ...........................................................
INVESBRA 2001, SIMCAV, S.A. ................. ...............................
INVESCA CARTERA, SIMCAV ....................................................
INVESJUST XXI, SIMCAV, S.A. ................. .................................
INVESNET 99 SIMCAV ..............................................................
INVEST 2000-2001 DE INVERSIONES, SIMCAV.......................
INVEST VALOR, SIMCAV...........................................................
INVESTALBERT...........................................................................
INVESTBLUE ACTIVOS, SIMCAV ..............................................
INVESTBLUE DOS ASSETS, SIMCAV.........................................
INVESTFAM, SIMCAV ................................................................
INVESTGODAMA, SIMCAV, S.A. .................. ...........................
INVESTIGACIN, DESARROLO E IMPLANTACIN, SIMCAV
INVESTMENTS MASAVE, SIMCAV ...........................................
INVESTOR VM40, SIMCAV .......................................................
IRADIER DE INVERSIONES........................................................
IRARTEL INVERSIONES SIMCAVF .............................................
IRASA INVERSIONS MOBILIARIES, SIMCAV ............................
IRASBALEAK, SIMCAV, S.A. ......................................................
IRINEAL, SIMCAVF, S.A. ............................................................
IRON ONE ................................................................................
IRU DE INVERSIONES SIMCAV.................................................
IRUR GESTIN, SIMCAV...........................................................
IRVING INVEST SIMCAV ...........................................................
ISAGA 2001, SIMCAVF, S.A. .....................................................
ISANVAL DE INVERSIONES, SIMCAV.......................................
ISCAR FINANZAS, SIMCAV.......................................................
ISCOSAN FINANCIERA, SIMCAV .............................................
ISLA ESMERALDA DE INVERSIONES, SIMCAV.........................
ISLETA DEL MORO INVERSIONES, S.A., SIMCAV ...................
ISUNTZA BOLSA, SIMCAV, SA .................................................
ITEM INVERSIONES, SIMCAV ...................................................
ITH BOLSA SIMCAV .................................................................
ITUERO INVERSIONES, SIMCAV, SA .............. .........................
ITURINVER.................................................................................
IZAGA DE INVERSIONES .........................................................
IZNAJAR DE INVERSIONES SIMCAV ........................................
J&P ALCARAZ INVERSIONES, SIMCAV.....................................

166

Capitalisation (at 31 Dec.)


2001

2002

64,200
0
8,100
24,762
0
22,069
0
19,413
0
32,973
2,236
29,320
11,000
11,804
0
38,547
0
20,082
23,232
22,262
4,074
29,029
19,208
22,160
0
22,515
35,267
24,281
13,807
18,507
24,000
0
0
25,960
21,332
23,464
23,372
0
1,899
23,136
22,117
21,573
0
0
24,531
13,828
0
31,200
32,319
12,140
11,888

55,920
18,200
7,600
18,728
27,346
21,541
21,129
14,274
36,061
28,053
2,236
27,040
11,000
11,083
22,598
35,534
23,800
17,965
22,439
18,295
4,576
28,758
14,236
19,720
19,313
19,056
36,890
22,117
11,965
13,216
20,840
18,511
0
22,320
18,086
20,242
21,571
25,050
1,418
21,645
18,271
20,515
21,636
20,292
18,062
12,815
24,041
26,560
32,873
11,179
11,359

Annual trading
2001

2002

259
0
3,172
536
0
1,914
0
0
0
170
0
120
0
237
0
65
0
232
0
6
40
1,058
9
1
0
69
3,203
15
522
435
597
0
0
135
3
64
1,803
0
5
4,359
65
176
0
0
1,017
371
0
601
143
1,797
16

6,217
3,453
35
27
7,373
840
2,537
0
0
147
0
330
8
345
453
273
10
2
541
162
87
8,284
0
1
1,081
291
68
1,348
177
1,174
15
11
0
38
4
1,464
1,806
9,702
12
1,677
15
99
250
170
56
5,790
11
0
24
154
72

Date of listing
in 2002 & other
comments

24-09-02
28-06-02

28-06-02
31-10-02

06-02-02

28-01-02
20-12-02

15-07-02

18-01-02
24-09-02

13-08-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies

Capitalisation (at 31 Dec.)


2001

J.S. WANER 2000, SIMCAV .......................................................


0
JAITER INVERSIONES SIMCAV .................................................
20,338
JANUS INVESTMENT SIMCAV .................................................
22,113
JAP 99, SIMCAV .........................................................................
23,520
JAQUISA INVERSIONES, SIMCAV, S.A. ....................................
0
JARA BOLSA, SIMCAV ...............................................................
21,596
JARAMIEL ...................................................................................
56,730
JARBA 2000, SIMCAV ................................................................
8,855
JASOCA .....................................................................................
0
JATMOS 99, SIMCAV .................................................................
12,140
JEDI DE INVERSIONES, SIMCAV, SA ........................................
0
JENKINGS INVERSIONES, SIMCAV...........................................
18,504
JENUSA DE VALORES MOBILIARIOS ......................................
1,764
JEREMIAS INVERSIONES, SIMCAV, S.A. ...................................
0
JERIGONDOR, SIMCAV ............................................................
9,200
JERTE DE INVERSIONES, SIMCAV.............................................
19,640
JFM 2001 CARTERA SIMCAV.....................................................
24,481
JIBACOA INVERSIONES, SIMCAV.............................................
25,960
JJ CARTERA ACTIVA, SIMCAV, S.A. ............. .............................
0
JLC INVEST 2001, SIMCAV, S.A. ...............................................
0
JOGAMI DE INVERSIONES SIMCAV.........................................
61,063
JOJUSA 99, SIMCAV .................................................................
11,239
JONATA INVERSIONES, SIMCAVF, S.A. ........... ........................
0
JOPA INVERSIONES, SIMCAV, SA ................ ............................
0
JORICK INVESTMENT SIMCAV..................................................
21,476
JOSA FINANCE SIMCAV............................................................
20,967
JOSAN INVERSIONES, SIMCAV ...............................................
22,628
JOTAHORRO, SIMCAV .............................................................
16,835
JQ41 DE VALORES, SIMCAV.....................................................
55,425
JUDBEM DE INVERSIONES, SIMCAV .......................................
23,160
JUMI CARTERA, SIMCAV, SA ....................................................
0
JUNIO 99, SIMCAV....................................................................
6,651
JUNLAS INVERSIONES 99, SIMCAV .........................................
22,458
JUOSDE INVERSIONES, SIMCAV, S.A. .....................................
0
JUPITER DE INVERSIONES, SIMCAV .......................................
19,865
JUSA PATRIMONIO 2001, SIMCAV, S.A. .......... .......................
0
JUVITEC INVERSIONES, SIMCAV, S.A. .....................................
0
JVCM ACTIVOS, SIMCAV, S.A. .................................................
0
KALMIA DE INVERSIONES SIMCAV ........................................
16,989
KALYANI, SIMCAV ....................................................................
79,300
KAPITAL GELD...........................................................................
25,960
KAREGO FINANCE, SIMCAV ....................................................
8,541
KARKIPA SIMCAV ......................................................................
23,032
KATAKANA, SIMCAVF ...............................................................
19,270
KAWAB INVESTMENT, SIMCAV................................................
0
KEEPER INVERSIONES, SIMCAV ...............................................
212,800
KELSO BRATON, SIMCAV, S.A. ................................................
0
KEVLAR DE INVERSIONES, SIMCAV......................................... 1,858,741
KEY 98, SIMCAV ........................................................................
24,960
KEY DE VALORES, SIMCAV, S.A. ..............................................
0
KEY RATE INVERSIONES, SIMCAV............................................
29,320

2002
21,685
16,372
18,752
22,040
22,838
17,349
50,880
7,172
4,728
11,960
22,574
17,352
1,764
0
7,800
16,520
24,882
24,680
23,512
22,439
61,423
9,877
22,598
18,030
17,670
16,147
0
14,911
41,250
23,304
45,196
6,451
19,292
0
16,378
23,079
24,435
24,242
13,783
69,700
22,360
8,550
18,200
14,402
25,343
168,800
24,720
1,900,736
20,760
17,550
25,240

Annual trading
2001

2002

0
1
1,035
1,503
0
1
1,843
0
0
43
0
41
1
0
469
831
283
37
0
0
1,354
0
0
0
2
15
1
0
181
0
0
0
524
0
1
0
0
0
2
11,372
734
317
5
0
0
55
0
92,081
85
0
16

0
4
605
0
10
468
3,896
1,493
12
11,966
2
413
2
0
1,454
492
206
18
5
2
6,595
1
6
12
3
27
0
0
37
1
10
1,613
0
0
1
11
707
701
1
6,979
431
8,755
356
0
3,305
56
5
32,493
32
24
98

Date of listing
in 2002 & other
comments

08-11-02

06-02-02

20-12-02

18-10-02
26-02-02

06-02-02
03-06-02

21-02-02

12-12-02
24-09-02
06-06-02
24-09-02

11-11-02

28-01-02

167

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
KEY WEST INVERSIONES, SIMCAV...........................................
KGINVES 10, SIMCAV ..............................................................
KGINVES 11, SIMCAV................................................................
KGINVES 7, SIMCAV ................................................................
KGINVES 8, SIMCAV .................................................................
KGINVES 9, SIMCAV .................................................................
KGINVES1 SIMCAV ..................................................................
KGINVES100, SIMCAVF, S.A. ................... ................................
KGINVES101, SIMCAVF, S.A. ................... ................................
KGINVES103, SIMCAV, S.A. .................... .................................
KGINVES104, SIMCAVF, S.A. ................ ...................................
KGINVES105, SIMCAVF, S.A. .................. .................................
KGINVES12, SIMCAV ................................................................
KGINVES13, SIMCAV ................................................................
KGINVES14 SIMCAV .................................................................
KGINVES15, SIMCAV ................................................................
KGINVES16, SIMCAV ................................................................
KGINVES17, SIMCAV ................................................................
KGINVES2, SIMCAV...................................................................
KGINVES3,SIMCAV ...................................................................
KGINVES4, SIMCAV...................................................................
KGINVES5 SIMCAV....................................................................
KGINVES6 SIMCAV....................................................................
KILMOR INVERSIONES, SIMCAV, S.A.......................................
KINGSTON INVESTMENT SIMCAV .........................................
KITZBUHEL INVERSIONES, SIMCAV ........................................
KIUKET INVERSIONES, SIMCAV ..............................................
KLANDUR, SIMCAV ..................................................................
KLAPPEN INVERSIONES ...........................................................
KOKINO INVERSIONES SIMCAV..............................................
KONTACT EXCHANGE ............................................................
KOOPMANS INVERSIONES, SIMCAV .....................................
KRUGER INVERSIONES, SIMCAV ............................................
KURSAAL 2000, SIMCAV .........................................................
KURSAAL FINANCE, SIMCAV ..................................................
KUTXACAPITAL, SIMCAV..........................................................
LA ADRADA INVERSIONES, SIMCAV.......................................
LA ALAMEDA DEL SOL XXI, SIMCAV .......................................
LA ALCAZABA FINANCIERA, SIMCAV......................................
LA AYERDENSE, SIMCAV, S.A. ..................................................
LA LEGITIMA, SIMCAV ..............................................................
LA LINDARAJA INVERSIONES, SIMCAV ...................................
LA MUZA INVERSIONES, SIMCAV ...........................................
LA NOGUERA AHORRO, SIMCAV...........................................
LA NOGUERA DE ORO, SIMCAVF...........................................
LA RIPERA DE INVERSIONES, SIMCAV.....................................
LA ROMANA INVERSIONES, S.I.M.C.A.V., S.A. .......................
LABIERNAG 2,000, SIMCAV .....................................................
LACERTA INVERSIONES, SIMCAV.............................................
LAFUVER 2000, SIMCAV...........................................................
LAGUN INVERSIONES SIMCAV................................................

168

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

23,449
20,875
23,954
17,893
24,820
18,422
17,701
0
0
0
0
0
26,022
23,810
45,536
23,617
24,579
23,569
17,985
18,711
17,220
21,453
17,460
0
22,077
17,213
14,005
21,480
23,200
24,113
3,050
19,529
9,568
6,939
0
20,202
24,113
24,000
21,636
0
0
0
46,900
17,925
24,834
0
0
24,325
24,240
25,763
21,324

21,044
13,949
22,607
11,977
20,635
14,719
11,111
0
0
24,228
0
0
22,896
19,769
46,022
19,529
22,367
21,116
15,392
12,698
11,111
14,141
11,015
21,156
18,832
13,775
9,816
16,680
19,120
21,805
3,125
14,863
8,570
6,174
7,335
12,891
23,608
24,560
17,550
22,848
21,380
7,628
42,980
14,717
24,041
4,135
21,586
22,737
17,760
26,364
17,718

34
2,440
2,851
194
1
1,485
5,204
0
0
0
0
0
15,625
15,447
13
24,032
11,443
7,563
3,605
0
0
7,812
1
0
63
0
0
4
74
0
180
46
44
267
0
0
4,663
0
11
0
0
0
317
4
17
0
0
1,871
2,088
451
46

1,706
3,048
3,664
2
7,044
1,054
1,657
0
0
300
0
0
3
3,590
82
20,597
3,148
2,811
2
2
58
39,490
182
135
392
26
1
1,267
118
2,017
186
24
43
51
1,541
2
20
3
11
1,576
0
10
809
2,405
0
149
31
23
59
21
3,697

Date of listing
in 2002 & other
comments

19-09-02
18-12-02
19-09-02
30-10-02
19-09-02

14-05-02

05-09-02

15-07-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
LAJARINVEST, SIMCAV..............................................................
LALLO INVERSIONES, SIMCAV ................................................
LAMDA INVERSIONES BURSTILES, SIMCAV ........................
LAMPEDUSA INVERSIONES, SIMCAV, S.A. .............................
LANCE INVERSIONES SIMCAV, S.A. ........................................
LANDON CARTERA DE INVERSIONES, SIMCAVF, S.A............
LANDSA FINANCIERA, SIMCAV ..............................................
LANGRE DE INVERSIONES, SIMCAV .......................................
LANGREO FINANZAS, SIMCAV................................................
LARK UNITED INVESTMENT SIMCAV, S.A. .............................
LAS ABRAS DE FUENTES, SIMCAV...........................................
LAS ARROYADAS INVERSIONES, SIMCAV...............................
LAS CALLEJAS 2000, SIMCAV, S.A. ............. .............................
LASARIZA, SIMCAV ..................................................................
LASCONI INVERSIONES, SIMCAV............................................
LASTRAS GESTIN SIMCAVF, S.A. ............... ...........................
LATORES 2000 DE INVERSIONES, SIMCAV ............................
LAUCUSAN, SIMCAV................................................................
LAULLON INVERSIONES SIMCAV ...........................................
LAURUS PATRIMONIAL, SIMCAV, SA .....................................
LAXMI INVERSIONES, SIMCAV ................................................
LAYMO 74, S.A., SIMCAV .........................................................
LAZAREJO, SIM..........................................................................
LEADERSHIP BOLSA, SIMCAV ..................................................
LEALTAD 2,000, SIMCAV...........................................................
LEBASI DE INVERSIONES, SIMCAV .........................................
LECANTAL, SIMCAV ..................................................................
LECIENA DE INVERSIONES, SIMCAV ...................................
LEGADI DE INVERSIONES, SIMCAV.........................................
LEJASA ACTIVOS SIMCAV.........................................................
LEMPIRA SIMCAV ......................................................................
LENDA DE INVERSIONES, SIMCAV..........................................
LEN VALORES ........................................................................
LEXOVIOS, SIMCAV ..................................................................
LEXUS 99, SIMCAV ...................................................................
LEYRE DE INVERSIONES ...........................................................
LEZAMA-INEAR ........................................................................
LIAN INVERSIONES, SIMCAV ...................................................
LIBER INVERSIONES, S.I.M.C.A.V., S.A. ....... ............................
LIENDO DE INVERSIONES........................................................
LIERDE........................................................................................
LIFO INVERSIONES, SIMCAV ...................................................
LIGA MOBILIARIA .....................................................................
LINANTO, SIM...........................................................................
LINDE DE SANSONELIA, SIMCAVF, S.A. .......... .......................
LINDEN 91 INVERSIONES, SIMCAV ........................................
LINKER INVERSIONES, SIMCAV ...............................................
LINKS INVERSIONES, SIMCAV..................................................
LIRADOS, SIMCAV ....................................................................
LIRATRES, SIMCAV ....................................................................
LIRAUNO, SIMCAV ...................................................................

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

23,560
21,174
20,146
0
0
0
20,443
20,996
0
0
10,914
22,960
0
21,160
21,396
0
19,192
21,516
21,156
0
222,600
24,209
9,450
6,032
264,005
22,342
15,768
23,425
19,384
11,500
21,645
6,421
97,350
24,449
21,405
45,240
75,780
21,762
0
44,520
2,920
24,411
14,000
2,463
0
36,090
8,200
16,931
21,757
7,202
20,314

24,280
20,758
16,444
21,781
22,358
123,808
17,893
17,581
11,419
22,718
10,001
18,000
30,051
16,760
17,478
0
16,402
17,718
18,271
14,875
193,600
23,344
9,194
4,720
265,205
18,735
12,166
20,346
16,955
11,250
19,240
5,772
92,800
24,834
17,845
33,280
57,480
17,010
11,388
37,680
9,968
23,473
12,400
2,500
24,148
36,692
8,340
13,396
21,276
6,506
17,357

2
5
0
0
0
0
442
836
0
0
4,908
76
0
140
123
0
4
0
5
0
24,308
7,377
196
115
47,519
3
241
1,316
905
5,171
0
8
17,061
6
701
2
10,643
1,362
0
10
36
646
102
9
0
3,436
22
1,343
144
234
65

3
5
0
12
10
40,636
13
2,408
401
1,179
2,279
1,247
0
41
703
0
0
1
0
1,790
31,668
7,879
260
60
23,711
0
26
1,397
1,529
2,495
0
1
18,960
271
1,040
3
6,262
93
51
6
253
484
97
6
5
76
70
192
2
59
51

Date of listing
in 2002 & other
comments

14-11-02
03-06-02
04-04-02

24-09-02

06-02-02

18-10-02

05-02-02

12-12-02

169

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
LITA VALORES, SIMCAV ............................................................
LIVORNO INVERSIONES, SIMCAV ..........................................
LLINARES & SEVILA INVERSIONES SIMCAV ............................
LLINARES ACOSTA INVERSIONES, SIMCAV ............................
LLOSANTA SIMCAV, S.A. ..........................................................
LLUC VALORES, SIMCAV .........................................................
LOBO 3,000 SIMCAV ...............................................................
LODARES FINANZAS, SIMCAV.................................................
LODIMA GROUP INVESTMENT 2000 SIMCAV .......................
LOFA INVERSIONES, SIMCAV ..................................................
LONCHIVAR, SIMCAV...............................................................
LONG INVESTOR SIMCAV........................................................
LONG TERM INVESTMENTS, SIMCAV .....................................
LOPAFESA SIMCAV....................................................................
LOPBU-6 SIMCAV .....................................................................
LORA DE INVERSIONES ...........................................................
LOS BOTEJARES INVERSIONES, SIMCAV, S.A. ........................
LOS LAPONES INVESTMENT, SIMCAV, S.A. ............................
LOSIRAM CUATRO, SIMCAVF, S.A. .........................................
LOSVA, SIMCAV ........................................................................
LOTAMAR INVERSIONES, SIMCAV ..........................................
LOUCA 98, SIMCAV..................................................................
LOUPRI INVERSIONES, SIMCAV ..............................................
LUBIA DE INVERSIONES, SIMCAV ...........................................
LUCA INVEST 2000, SIMCAV ...................................................
LUCEL INVERSIONES SIMCAV .................................................
LUCERNARIUM 2000, SIMCAV ................................................
LUCKY STAR INVESTMENT SIMCAV ........................................
LUCUENS, SIMCAV ...................................................................
LUMBTIN, SIMCAV....................................................................
LUZALVAR INVERSIONES SIMCAV ..........................................
LYNDON INVERSIONES SIMCAV.............................................
M.A.F. MARCO, SIMCAV...........................................................
M.S.P. EUROGESTIN BOLSA, SIMCAV .................................
MAASTRICHT INVERSIONES, SIMCAV.....................................
MABINVER 2000, SIMCAV........................................................
MACALUMA INVERSIONES, SIMCAV, S.A. .......... ...................
MACAMJU SIMCAV ..................................................................
MACKEREL.................................................................................
MACONHA INVERSIONES, SIMCAV, S.A. ...............................
MACRISON DE INVERSIONES, SIMCAV, S.A. ....... ..................
MADEVILAR INVERSIONS, SIMCAV, SA ..................................
MADRIGAL DE INVERSIONES, SIMCAV...................................
MADROALES DE INVERSIONES, SIMCAV.............................
MAESMA INVERSIONES SIMCAV .............................................
MAFASA JULSA, SIMCAV ..........................................................
MAFRAMA DE INVERSIONES, SIMCAV....................................
MAGASA VALORES, SIMCAV ..................................................
MAGESCQ 2000, SIMCAV .......................................................
MA-GO DE INVERSIONES, SIMCAV.........................................
MAGO VALORS 2001, SIMCAV ...............................................

170

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

16,828
20,027
22,598
0
0
20,240
22,500
15,626
24,041
9,953
27,160
5,584
18,591
24,185
20,915
115,500
0
0
0
22,520
21,829
130,620
18,831
66,000
16,560
24,486
10,626
22,703
0
17,934
23,858
95,220
12,068
11,400
15,560
21,877
0
22,991
91,200
0
0
0
24,560
23,329
25,563
25,349
19,920
29,239
23,040
0
23,194

13,751
18,702
18,752
18,752
21,372
16,840
20,880
14,424
20,194
7,693
23,800
4,928
16,067
22,454
20,266
86,850
21,636
16,396
0
20,120
16,108
118,560
16,114
58,900
14,760
17,834
20,170
21,353
23,079
14,328
22,679
96,210
11,972
7,040
12,073
19,473
21,276
20,630
85,560
21,949
24,411
24,714
23,800
21,573
25,403
25,782
14,400
22,117
19,680
18,615
19,473

100
2,784
5
0
0
5,755
6
5
1
0
217
1,003
2
242
2
4
0
0
0
141
52
4
4,058
3
602
1,018
7,296
513
0
61
0
10,746
3
994
256
5
0
26
21,504
0
0
0
10
5
20
12
2
16
46
0
874

21
221
13
11
178
4,328
18
6,313
1,198
0
36
1,679
1
150
0
4
10
0
0
1
371
3
2,543
2
2,205
367
59
2,326
25
44
1
28
0
188
230
13
1
27
26,089
40
37
4,114
18
1
2
3
2
27
20
2
139

Date of listing
in 2002 & other
comments

18-10-02

21-02-02
22-07-02
25-07-02

14-11-02

11-02-02
19-04-02
11-06-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
MAHOGANY INVERSIONES MOBILIARIAS, SIMCAV .............
MAITE CARTERA, SIMCAV ........................................................
MAIVAREN INVERSIONES, SIMCAV.........................................
MAIVAREN, SIMCAV .................................................................
MAJAI INVERSIONES, SIMCAVF, S.A. ............ ..........................
MAJESTIC DE INVERSIONES, SIMCAV .....................................
MAKER INVERSIONES, SIMCAV ...............................................
MALI INVERSIONES, SIMCAV...................................................
MALLORQUINA DE TTULOS .................................................
MALODEI INVERSIONES, SIMCAV, S.A. ..................................
MANATI INVERSIONES, SIMCAV..............................................
MANEED INVERSIONES, SIMCAV, S.A. ............ .......................
MANEL INVERSIONES, SIMCAVF, S.A. ............ ........................
MANENSPA INVERSIONES, SIMCAVF, S.A. ......... ....................
MANHATTAN CMB GLOBAL, SIMCAV....................................
MANILA INVERSIONES GLOBALES, SIMCAV ..........................
MANLIU CARTERA, SIMCAV, S.A. ................ ...........................
MANOCAP, SIMCAV ................................................................
MANRESA CAPITAL, SIMCAV....................................................
MANRESA ESTALVI, SIMCAV.....................................................
MAPISU FINANZAS, SIMCAV ...................................................
MAQUEDA 2000, SIMCAV ......................................................
MARALBA INVERSIONES, SIMCAV, S.A. ........... ......................
MARCEN INVERSIONES, SIMCAV ...........................................
MARCRIS INVERSIONES SIMCAV.............................................
MARELE INVERSIONES, SIMCAV..............................................
MARGIN INVERSIONES, SIMCAV.............................................
MARIBA INVERSIONES, SIMCAV..............................................
MARIAN INVERSIONES, SIMCAV ..........................................
MARISA FINANZAS, SIMCAV....................................................
MARJAMI 2, SIMCAV, S.A. ........................................................
MARKT INVERSIONES ..............................................................
MARLIN INVERSIONES, SIMCAV..............................................
MARMIRE INVERSIONS, SIMCAV.............................................
MARONE DE INVERSIONES, SIMCAV, S.A. .............................
MARTON Y BERNET SIMCAV ...................................................
MARU FINANCE, SIMCAV, S.A. .................. .............................
MARZAL INVERSIONES, SIMCAV.............................................
MASVOLTES, SIMCAV ...............................................................
MATCH TEN INVERSIONES, SIMCAV.......................................
MATELCO 234, SIMCAV, S.A. ...................................................
MATEUS INV. SIMCAV...............................................................
MATRIX INVERSIONES, SIMCAV ..............................................
MATURITY INVERSIONES SIMCAV...........................................
MATXITXAKO DIVERSIFICADA, SIMCAV ................................
MAVAGO 1999, SIMCAV .........................................................
MAVER-21 SIMCAV ...................................................................
MAYMER INVEST, SIMCAV, S.A. ...............................................
MAYPRAT INVVERSIONES SIMCAV..........................................
MB GLOBAL 1 ...........................................................................
MB GLOBAL 2 ...........................................................................

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

18,110
22,622
22,439
0
0
19,793
10,714
9,480
228,825
0
20,509
0
0
0
17,069
0
0
22,222
12,480
26,250
22,838
20,491
0
18,557
20,717
21,252
26,083
17,261
21,853
19,232
0
50,840
22,480
23,850
0
16,107
0
23,787
24,440
20,250
0
25,288
6,380
26,166
14,060
22,953
21,204
0
21,786
43,560
33,050

17,220
20,675
21,693
22,825
25,002
15,272
9,608
8,205
181,116
21,492
18,919
22,598
21,396
11,900
14,625
60,702
7,933
19,168
9,960
26,250
23,319
18,975
20,924
14,629
19,310
20,266
21,035
14,136
18,968
16,828
19,713
46,320
23,000
20,750
20,675
12,020
10,938
18,027
20,520
18,519
23,271
21,501
6,170
19,553
9,540
19,718
18,367
24,041
20,132
42,180
30,300

608
77
1,842
0
0
6
273
167
3,811
0
43
0
0
0
1,160
0
0
1,013
1,243
1,900
5
4
0
1
614
686
39
1,249
10,956
5
0
169
2,698
61
0
606
0
195
4
1,340
0
361
34
59
16
2,340
281
0
2,199
6,858
2,047

964
60
319
0
749
0
76
130
8,759
542
20
11
25
1,011
839
18,966
11
7,525
1,330
1,392
2,968
0
21
0
207
1
44
43
572
13
13
144
12
54
11
12
13
10,714
3
697
2,713
510
36
55
27
13
66
0
34
4,436
5,923

Date of listing
in 2002 & other
comments

07-03-02

28-01-02
06-02-02
06-02-02
02-08-02

25-07-02

09-01-02

30-04-02

24-05-02
24-05-02

19-11-02

15-07-02

171

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
MB GLOBAL 3 ...........................................................................
MB GLOBAL 5, SIMCAV............................................................
MB GLOBAL 7, SIMCAV............................................................
MBUMBA SIMCAV, S.A. ......................... ..................................
MED 2001 INVERSIONES, SIMCAV, S.A. .......... .......................
MEDIC PRESTIGIO, SIMCAV .....................................................
MEDIO AMBIENTE Y FINANZAS, SIMCAV...............................
MEDISA 2,000, SIMCAV ...........................................................
MEDITERRANEA 2000 INVERSIONES, SIMCAV .......................
MEGEVE INVERSIONES SIMCAVF, S.A. ............ .......................
MEJANA ....................................................................................
MENDIBILE DE INVERSIONES, SIMCAV...................................
MENDILAST, SIMCAV................................................................
MERCADAL DE VALORES, SIMCAV..........................................
MERCAVENIR, SIMCAV ............................................................
MERCOR GLOBAL SIMCAV, S.A. .............................................
MEREU DE INVERSIONES, SIMCAV..........................................
MERI DACE, SIMCAV.................................................................
MERIBEL INVERSIONES SIMCAV ..............................................
MERIDIONAL DE TTULOS, SIMCAV .......................................
MERINILLAS INVERSIONES, SIMCAV .......................................
MERRYHOUSE INVERSIONES, SIMCAV ...................................
MERSIR.......................................................................................
MESA ERMITA, SIMCAV.............................................................
MESANA INVERSIONES, SIMCAV, S.A. ....................................
MESSINA ASSET MANAGEMENT, SIMCAVF, S.A. ....................
METID DE INVERSIONES, SIMCAV, SA ....................................
METODI FINANCIERA, SIMCAV ...............................................
METROPOLI PATRIMONIO, SIMCAV .......................................
MEZQUITA DE INVERSIONES, SIMCAV ...................................
MICRON INVERSIONES ............................................................
MIDDLE YOUNG, SIMCAV, S.A. ..............................................
MIGJORN INVERSIONS, SIMCAV ............................................
MIJALU, SIMCAV, S.A. ........................ ......................................
MILENIO PATRIMONIO, SIMCAV, S.A. ....................................
MILLENIUM INVEST 2000, SIMCAV .........................................
MIMBRALES INVERSIONES, SIMCAVF, S.A. ........ ....................
MINOS INVESTMENT SIMCAVF ...............................................
MINT INVERSIONES SIMCAV ...................................................
MINTREVOD 1600, SIMCAV, S.A. ................ ...........................
MIRA DE INVERSIONES ............................................................
MIRACLE 2000, SIMCAV ...........................................................
MIRAFLOR FINANCIERA, SIMCAV ...........................................
MIRENI, SIMCAV .......................................................................
MIRNOVA INVESTMENT SIMCAV ............................................
MIRRIAX, SIMCAV .....................................................................
MIRTA DE INVERSIONES, SIMCAV ...........................................
MISTE INVERSIONES, SIMCAV..................................................
MITEGAMA 2000, SIMCAV .......................................................
MITICA INVERSIONES, SIMCAV ...............................................
MIX-GLOBAL INVERSIONS, SIMCAV, S.A. ......... .....................

172

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

31,500
27,466
25,062
0
0
23,561
21,597
21,720
43,520
0
196,840
0
0
21,693
6,229
0
20,635
22,213
22,358
18,752
20,760
20,394
4,848
24,521
0
0
0
19,713
24,819
22,968
0
0
17,640
0
0
22,296
0
0
23,978
0
52,950
0
28,255
24,978
65,390
16,949
26,475
21,636
17,797
56,495
0

28,350
25,303
20,885
24,682
20,915
23,001
20,202
18,440
41,040
23,536
172,320
22,246
20,850
18,278
5,232
20,683
17,100
19,237
19,881
13,439
17,600
17,773
4,312
21,396
24,281
21,907
22,598
18,030
24,777
20,875
12,600
18,150
16,960
0
24,642
20,210
18,175
23,079
20,755
24,281
48,100
21,877
28,856
17,405
49,403
14,224
23,600
21,156
14,550
55,293
0

2,807
1,205
1,953
0
0
2,231
18,984
882
2,198
0
296
0
0
398
674
0
1
0
0
1,023
35
140
130
5
0
0
0
5
0
296
0
0
382
0
0
2
0
0
23,545
0
98
0
53
74
2
16
715
11,052
2
12,029
0

1,081
613
82
190
10
2,957
6
3,013
5
0
334
0
433
1,789
314
7,295
1
13
25
623
3,920
606
94
15
1,122
1
11
2
0
2,802
1
378
3,007
0
236
2
0
1
53
11
29
0
27,061
1
50
243
378
14,656
1
8,868
0

Date of listing
in 2002 & other
comments

14-10-02
21-02-02

03-06-02

24-09-02

21-02-02
14-11-02
14-11-02

22-07-02
17-07-02
26-07-02
03-06-02

06-02-02

17-09-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies

Capitalisation (at 31 Dec.)


2001

MIXTO EUROPA 15, SIMCAV ..................................................


18,829
MIXTO EUROPA 30, SIMCAV ...................................................
17,809
MIXTO EUROPA 50, SIMCAV ...................................................
17,021
MIZAR INVEST, SIM...................................................................
1,580
MIZUNO, SIMCAV ....................................................................
22,560
MJB SANZGA INVERSIONES, SIMCAV .....................................
23,480
MLM VALORES, SIMCAVF, S.A .................................................
0
MM 4437 INVERSIONES SIMCAV.............................................
11,083
MOALA INVEST, SIMCAV..........................................................
0
MOBILACTIVO SIMCAV............................................................
18,519
MOBILCAPITAL..........................................................................
68,560
MOBILCARTERA ........................................................................
77,220
MOBILINVERSIN SIMCAV .....................................................
14,671
MOBINVER ...............................................................................
2,250
MOBINVERSORA .....................................................................
7,379
MODIGLIANI INVERSIONES, SIMCAV, SA .......... ....................
0
MOENSA....................................................................................
29,200
MOLIETE ...................................................................................
34,520
MOLINA DEL PINAR, SIMCAV..................................................
18,559
MONCAYO GLOBAL INVESTMENTS SIMCAV.........................
22,606
MONITOR CAPITAL, SIMCAV...................................................
22,286
MONJOFI INVERSIONES, SIMCAV, S.A. ........... .......................
0
MONMA INVERSIONES, SIMCAV, S.A. ............. ......................
0
MONTALTO INVERSIONES, SIMCAV .......................................
27,862
MONTE DE VALORES ...............................................................
4,800
MONTE GENIL, SIMCAV...........................................................
12,780
MONTECILLO DE INVERSIONES SIMCAV ...............................
25,325
MONTECRISTO INVERSIONS SIMCAV.....................................
24,266
MONTESANCHA DE INVERSIONES, SIMCAV .........................
18,735
MONTINVERT CARTERA, SIMCAV, SA .............. ......................
0
MONTMARTRE DE INVERSIONES, SIMCAV ...........................
21,477
MONTRIGALES, SIMCAV ..........................................................
10,337
MONTSIRESA, SIMCAV ............................................................
58,429
MORA DE INVERSIONES, SIMCAV...........................................
24,400
MORALZARZAL DE INVERSIONES, SIMCAV ...........................
30,750
MORCOTE INVERSIONES, SIMCAV .........................................
0
MORGAN STANLEY DINER CEUTA, SIMCAV ..........................
0
MORI ONE, SIMCAV .................................................................
30,351
MORINVEST, SIMCAV ............................................................... 1,024,500
MORMEDI INVESTMENT, SIMCAV...........................................
0
MORO 2, SIMCAV.....................................................................
28,050
MOSEFRA, SIMCAV ...................................................................
19,120
MOSEL FINANCE, SIMCAV .......................................................
24,440
MOSEL INVEST,SIMCAV ............................................................
23,273
MOTERFIN, SIMCAV, S.A. ...................... ..................................
0
MOTIVASA DE INVERSIONES ..................................................
2,940
MOULDER INVERSIONES, SIMCAV, S.A. ........... .....................
0
MSP INVESTMENT 2000 SIMCAV.............................................
22,438
MUFOLLSA SIMCAV..................................................................
19,954
MUGUR INVEST, SIMCAV.........................................................
21,982
MULBAL INVERSIONES SIMCAV..............................................
24,675

2002
17,290
15,078
12,578
1,580
20,120
23,840
30,021
10,650
27,887
15,392
63,160
68,820
13,949
2,250
5,932
22,598
22,320
24,120
13,895
20,437
21,444
24,281
5,472
25,243
3,300
8,880
22,775
23,184
15,777
23,560
18,543
8,054
41,877
22,880
27,050
12,020
2,500
30,952
1,057,500
24,123
25,100
16,800
19,080
19,029
30,270
2,940
17,634
16,388
18,752
17,821
25,060

Annual trading
2001

2002

6,720
5,670
9,050
25
1,199
0
0
68
0
1,891
7
941
0
24
4
0
38
286
62
12
11
0
0
0
282
2,274
181
48
243
0
1
15
60
474
3
0
0
5
103,118
0
383
8,007
108
74
0
0
0
3,027
5
0
465

1,470
1,646
2,191
143
3,071
93
0
61
0
103
11
822
0
138
2,439
11
30
3
115
2
25
8
16
8
92
1,393
63
740
2,931
10
1
27
51
659
3
170
4,977
13
435,131
0
224
4,217
27
51
20,999
0
56
3,436
13
0
111

Date of listing
in 2002 & other
comments

08-11-02

27-09-02

07-10-02
31-10-02

08-11-02

10-10-02
25-02-02

173

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
MULINSAR.................................................................................
MULTICARTERA.........................................................................
MULTIRESORTS INVERSIONES FINANCIERAS, SIMCAV,.........
MURADA DE INVERSIONES, SIMCAV .....................................
MURASI INVERSIONES, SIMCAVF, S.A. ...................................
MURMENDI, SIMCAV ...............................................................
MUSKARIA INVERSIONES, SIMCAV .........................................
MUTUALSASA INVERSIONES, SIMCAV, S.A. ........ ..................
MUTUAVALOR I .......................................................................
MUVI FINANCIERA, SIMCAV ...................................................
N.IBAETA AHORRO, SIMCAV ................................................
N.SARASATE VALORES, SIMCAV ..............................................
NABOA INVERSIONES SIMCAV ...............................................
NADIR 98, SIMCAV ...................................................................
NADU INVEST, SIMCAV, S.A. ...................................................
NAITAN INVERSIONES, SIMCAV .............................................
NAJE ALE DE INVERSIN, SIMCAV..........................................
NAMACAR, SIMCAV .................................................................
NANTENI INVERSIONES, SIMCAV, S.A. ........... .......................
NAPIER INVERSIONES, SIMCAV ...............................................
NAPOLSI, SIMCAV ...................................................................
NAPULIA DE INVERSIONES, SIMCAV .....................................
NARA ........................................................................................
NAROGIV, SIMCAV ...................................................................
NASECAD INVERSIONES, SIMCAV, S.A. ..................................
NAVALLE INVERSIONES SIMCAV .............................................
NAVEDA BOLSA, SIMCAV .......................................................
NAVIERA INVERSIONES, SIMCAV ...........................................
NAZLET INVESTMENT, SIMCAV ...............................................
NEMAR INVERSIONES, SIMCAV...............................................
NEMESIS TERCER MILENIO, SIMCAV .......................................
NEMORINO SIMCAV ................................................................
NEMOSA INVERSIONES, SIMCAV, S.A. ............ .......................
NEPEFRAN INVERSIONES, SIMCAV .........................................
NEREI INVERSIONES, SIMCAV..................................................
NEREIDA CARTERA, SIMCAV, S.A. ...........................................
NEREN INVERSIONES, SIMCAV................................................
NERIUM INVESTIUM, SIMCAV .................................................
NERVIN INVEST, SIMCAV.......................................................
NESS DE INVERSIONES, SIMCAV ............................................
NETTING INVERSIONES, SIMCAV............................................
NEUTRAL INVERSIONES SIMCAV ............................................
NEVA DE INVERSIONES, SIMCAV ...........................................
NEWSIF INVERSIONES, SIMCAV, S.A. ............ .........................
NIBAFER INVERSIONES 2001, SIMCAV....................................
NICOGUAMA INVERSIONES , SIMCAV...................................
NIKARIC DE INVERSIONES SIMCAV ........................................
NIKOBRI, SIMCAV.....................................................................
NISOC INVERSIONS..................................................................
NISU INVERSIONES SIMCAV....................................................
NITE HAWK, SIMCAV................................................................

174

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

65,850
1,204
0
22,360
0
20,160
10,760
0
7,230
2,356
23,000
22,336
20,891
12,480
0
31,986
19,954
45,388
0
19,184
7,983
28,040
65,240
23,319
0
23,640
23,875
15,831
0
21,596
22,616
11,816
0
21,116
104,698
0
11,155
38,224
0
21,429
21,477
18,752
17,710
0
11,732
23,800
23,353
21,350
22,400
18,030
24,880

0
1,204
18,712
18,720
0
14,880
8,480
22,766
5,400
2,212
19,400
18,406
17,261
10,320
24,561
23,367
15,386
41,879
22,790
16,684
6,102
24,360
60,180
18,191
24,882
24,121
18,300
14,352
19,713
21,877
19,007
9,700
23,800
15,777
93,038
8,474
10,686
34,378
24,840
15,560
19,841
12,741
10,898
0
9,075
22,838
21,188
17,475
19,575
17,309
21,680

77
1
0
1
0
3
14
0
138
5
1,021
599
791
47
0
5,708
15
4,003
0
4
891
4
5,808
1,283
0
9
0
49
0
548
205
62
0
30
17
0
30
1,542
0
1,944
6,012
36,665
0
0
22
5
0
256
58
15
1,887

0
1
2
1
0
1
12
8
44
16
257
267
2,756
57
337
27
27
0
0
0
27
3
4,219
120
2,459
22
5
48
5
370
103
59
10
922
24
4,818
8,393
1,151
31
4,660
993
3,975
4
0
64
13
779
781
51
3,573
80

Date of listing
in 2002 & other
comments

19-04-02
10-10-02

19-09-02

09-04-02

21-02-02

10-10-02

08-11-02

02-08-02

24-05-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
NODOR 1991, SIMCAV, S.A. ...................................................
NOFASURC, SIMCAV ................................................................
NOGRARO INVESTMENT, SIMCAV..........................................
NOMENTANA INVERSIONES, SIMCAV....................................
NOMIT III INTERNACIONAL SIMCAVF ....................................
NOMIT INVERSIONES, SIMCAV ..............................................
NOMIT IV GLOBAL SIMCAVF ..................................................
NORAM INVERSIONES 2000, SIMCAV ....................................
NORCAFIX.................................................................................
NORFEU RENTA 24, SIMCAV, SA ................. ...........................
NORMANDIA INVESTMENTS, SIMCAV, S.A. ......... .................
NORTEA DE VALORES ...........................................................
NORTH CAPE INVERSIONES ....................................................
NOTE-INVEST SIMCAV..............................................................
NOTIFIX, SIMCAV......................................................................
NOVA EUROPA ACTIUS MOBILIARIS, SIMCAV.......................
NOVAFILLOLA SIMCAV ............................................................
NOVAGESTIN INVERSIONES, SIMCAV .................................
NOVAINVER INVESTMENTS 2000, SIMCAVF, S.A. .................
NOVAMER .................................................................................
NOVELDA INVERSIONES, SIMCAV ..........................................
NOXAR INVERSIONES, SIMCAV...............................................
NUCLEO FINANZAS, SIMCAV..................................................
NUEVA GESTIN SIGLO XXI, SIMCAV ....................................
NUEVA OLTAL BURSTIL, SIMCAV .........................................
NUEVA RIMATRA BURSTIL, SIMCAV .....................................
NUEVA RIOJA BURSTIL, SIMCAV...........................................
NUEVA XICAL SIMCAV .............................................................
NUEVOS VALORES ...................................................................
NUMIDE INVERSIONES, SIMCAV.............................................
NYMEX INVERSIONES, SIMCAV...............................................
OBAM 99, SIMCAV ..................................................................
OBIS INVERSIONES SIMCAV ....................................................
OCEJON INVERSIONES SIMCAV ..............................................
OCHO 99 INVERSIONES SIMCAV............................................
OCTUBRE NORANTANOU, SIMCAV.......................................
ODAMI DE VALORES, SIM ......................................................
ODIEL INVERSIONES, SIMCAV.................................................
OFFER INVERSIONES, SIMCAV, S.A. ........................................
OFFICE INVERSIONS, SIMCAV, S.A. ............. ...........................
OKER INVERSIONES, SIMCAV, S.A. .........................................
OLARBI ......................................................................................
OLEIROS DE INVERSIONES, SIMCAV.......................................
OLH INVERSIONES SIMCAV.....................................................
OLIVARDA, SIMCAV .................................................................
OLIVENZA GESTIN DIVERSIFICADA, SIMCAV .....................
OLLER INVERSIONES, SIMCAVF, S.A. ......................................
OMBU INVERSIONES SIMCAV.................................................
OMICRON .................................................................................
ONDA GLOBAL DE INVERSIONES, SIMCAV...........................
ONDARZAS E INVERSIONES, SIMCAV ....................................

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

0
9,340
26,875
25,002
146,647
91,955
289,087
29,149
3,400
0
0
43,152
42,800
6,336
17,429
19,000
22,102
33,250
0
0
26,800
22,397
25,243
21,960
8,592
8,064
25,790
11,780
30,600
20,474
9,199
11,860
64,740
29,594
10,458
28,500
3,150
15,506
0
0
0
94,095
23,184
23,079
12,825
23,800
0
21,276
27,007
20,346
25,225

24,257
7,465
23,750
25,699
126,814
80,415
251,223
29,149
3,230
16,011
23,570
40,480
36,440
5,232
13,583
14,500
19,168
29,450
24,041
0
22,400
21,817
26,445
18,600
8,720
8,176
25,765
11,880
26,000
17,630
7,588
11,119
66,660
21,324
9,476
28,250
3,150
13,992
23,954
23,560
28,248
72,360
21,164
19,713
11,400
21,396
18,000
15,666
23,951
15,608
22,850

0
632
1,129
41
19
34
19
32,955
168
0
0
2,171
1,415
374
17
217
0
2,740
0
0
172
1
1,539
38
302
1
76
19
136
3
148
277
11,270
38
131
0
1
48
0
0
0
1
0
51
70
2,292
0
93
67
1
1

45
197
557
8,955
25,389
32,593
57,953
16,261
47
3,000
600
1,543
96
1,399
27
262
292
2,944
1
0
171
1
13
30
649
0
0
6
334
5
690
78
4,802
1,220
1,396
6,252
2
46
123
12
5,068
2
362
452
59
586
1,799
3
448
0
145

Date of listing
in 2002 & other
comments
08-04-02

16-09-02
25-11-02

28-06-02

17-05-02
21-03-02
21-02-02

02-09-02

175

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
OPEC INVERSIONES SIMCAV ..................................................
OPEN CAPITAL 3000, SIMCAV .................................................
OPEN CAPITAL SIMCAV............................................................
OPEN MARKET INVERSIONES, SIMCAV ..................................
OPORTUNIDAD BURSTIL......................................................
ORAFLA 2000 SIMCAV ............................................................
ORDEF .......................................................................................
ORECA INVERSIONES, SIMCAV ..............................................
OREGON 2000, SIMCAV ..........................................................
OREJAS XXI, SIMCAV.................................................................
ORESTES INVESTMENT, SIMCAV, S.A. .....................................
ORGOR DE VALORES, SIMCAV ...............................................
ORIOLA DE INVERSIONES SIMCAV .........................................
ORMIBASA ................................................................................
OROBAL GESTIN, SIMCAV....................................................
ORONSIDE, SIMCAV, SA ..........................................................
ORSEVEN ...................................................................................
ORTENFENO SIMCAV ...............................................................
ORTESICA, SIMCAV, S.A. ..........................................................
ORTO-INVERSIONES, SIMCAV .................................................
OSMA DE INVERSIONES, SIMCAV ...........................................
OSMOSIS INVESTMENT SIMCAV ............................................
OTAGO INVERSIONES, SIMCAV ..............................................
OUTLAY 2010, SIMCAV ...........................................................
OUTLOOK INVERSIONES, SIMCAV .........................................
OVERALL INVERSIONES SIMCAV.............................................
P.C.J. YEGOMI, SIMCAV ............................................................
P70 ELECTRA INVERSIN, SIMCAV .........................................
PABEGA INVERSIONES, SIMCAV..............................................
PADINVER..................................................................................
PAGASARRI DE INVERSIONES, SIMCAV ..................................
PALMERAL ACTIVOS, SIMCAV, S.A. .............. ..........................
PAMCALERO SPAIN, SIMCAV, SA ............................................
PAMPALONA GRUP, SIMCAV, S.A. ..........................................
PANAYA INVERSIONES, SIMCAV..............................................
PANDO 2000, SIMCAV .............................................................
PANDORA FINANCIERA SIMCAV.............................................
PANIKIRITO DE INVERSIONES, SIMCAV..................................
PAPER FUTURO, SIMCAV .........................................................
PARITY .......................................................................................
PARKIA INVESTMENT, SIMCAV.................................................
PARNUERA ................................................................................
PARQUE INDEPENDENCIA, SIMCAV .......................................
PARTNER GM INVERSIONES, SIMCAV.....................................
PARVATI INVERSIONES, SIM, S.A. .............. .............................
PASGOM INVERSIONES, SIMCAV ............................................
PASHMINA 2000, SIMCAV........................................................
PATLLARI INVERSIN, SIMCAV................................................
PATRICOMPA.............................................................................
PATRIMIX ...................................................................................
PATRIMONIAL GLOCESA, SIMCAV, S.A. .................................

176

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

22,421
38,128
39,565
22,294
36,260
20,130
14,420
20,960
20,370
21,477
0
21,300
17,629
24,580
22,358
0
19,700
19,120
0
15,500
25,240
36,061
23,127
7,728
23,665
9,488
16,949
35,941
17,605
94,931
21,669
0
0
0
18,927
21,982
21,407
22,535
22,838
37,596
0
5,742
10,818
0
0
25,002
14,929
23,761
29,378
41,120
0

16,606
43,321
40,547
20,226
32,200
18,951
11,920
18,560
17,557
17,581
22,117
17,934
14,286
22,540
21,636
0
19,120
16,595
24,425
15,700
19,720
32,034
22,839
6,640
20,755
8,742
13,342
33,206
11,448
90,557
16,979
24,100
21,540
7,270
14,959
20,010
18,761
20,346
17,790
32,215
21,276
5,742
8,254
19,232
6,010
26,204
11,732
23,280
30,231
33,240
20,675

2,215
397
343
1,776
10,989
4
450
24
1
675
0
376
360
15
18,035
0
0
471
0
1
3
21
1,013
1
1,188
91
5
1,502
1
160
1
0
0
0
4
599
5
2,255
15
4
0
243
0
0
0
3
0
7,983
219
1,863
0

652
432
112
50
9,892
1
0
24
1
1,488
15
43
580
31
13
0
306
451
3
0
4
27
4,679
0
1,005
43
1,799
206
1,811
4,262
1
1,000
26
12
3,201
1,984
13
52
27
7
124
4
1
11
44
33
0
1,959
52
1,466
10

Date of listing
in 2002 & other
comments

06-06-02

03-06-02

18-12-02

10-10-02
04-09-02
13-11-02

18-02-02

24-05-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
PATRIMONIO BURSTIL SIMCAV ............................................
PATRIMONIO DE VALORES .....................................................
PATRIMONIO GLOBAL, SIMCAV .............................................
PATRIMONIOS ZAMORANOS, SIMCAV .................................
PATRINVEST AHORRO, SIMCAV .............................................
PATRINVEST INVERSIN, SIMCAV...........................................
PATRIRENT DE INVERSIONES, SIMCAV ...................................
PAY OUT INVERSIONES, SIMCAV ............................................
PEALMA 1, SIMCAV. ..................................................................
PEDEMA INVERSIONES, SIMCAV .............................................
PEGASIDES, SIMCAV ................................................................
PEMYC INVERSIONES, SIMCAV ...............................................
PENTACORE INVERSIONES, SIM ..............................................
PENYA EL FRARE, SIMCAV ........................................................
PEA CABRA, SIMCAVF, S.A. ...................................................
PEAFIEL DE INVERSIONES, SIMCAV .....................................
PEALARA DE INVERSIONES ...................................................
PEALVER DOCE ......................................................................
PEASANTA DE VALORES, SIMCAV .......................................
PEASEN 2002, SIMCAVF, S.A. ................................................
PEOPEI INVERSIONES SIMCAV.................................................
PEOPLENET, SIMCAV.................................................................
PERCAPITAL, SIMCAV ..............................................................
PERCO PATRIMONIAL, SIMCAV...............................................
PEREL VALORES SIMCAV ..........................................................
PERIGORD CARTERA, SIMCAV, S.A. .............. .........................
PERLORA INVERSIONES, SIMCAV............................................
PERSEO DE INVERSIONES, SIMCAV, S.A. ................................
PERSEUS INVERSIONES, SIMCAV ............................................
PERUARGO, SIMCAV ...............................................................
PERUGGIA INVERSIONES, SIMCAV .........................................
PERYGON DE INVERSIONES, SIMCAVF, S.A. ..........................
PETO INVERSIONES, SIMCAV...................................................
PETRONILA 2000, SIMCAV.......................................................
PETU, SIMCAV...........................................................................
PHALAENOPSIS, SIMCAV, S.A. .................. ..............................
PHRONESIS DE INVERSIONES, SIMCAV, S.A. .........................
PIGMANORT, SIMCAV, S.A. ..................... ................................
PIGOYSA DE INVERSIONES, SIMCAV ......................................
PIMA XXI, SIMCAV ...................................................................
PINTOFON ...............................................................................
PISUEA DE INVERSIONES SIMCAV........................................
PISUERGA ARROYO, SIMCAV ..................................................
PIXELL INVERSIONES SIMCAV..................................................
PLANAHUR, SIMCAV................................................................
PLATINIUM INVESTMENT, SIMCAV .........................................
PLATINO FINANCIERA SIMCAV ...............................................
PLENCIA DE INVERSIONES, SIMCAV ......................................
PLEYADES INVERSIONES, SIMCAV, S.A. ..................................
PLUSCAPITAL.............................................................................
PLUSINVERSIN, SIMCAV........................................................

Capitalisation (at 31 Dec.)


2001

2002

15,900
2,180
40,482
26,814
12,657
8,150
21,164
22,126
22,222
18,950
24,218
32,383
15,000
22,520
0
31,150
37,600
1,200
10,428
0
0
81,933
29,000
0
9,980
0
23,840
0
21,960
10,240
14,833
0
21,316
22,742
21,444
0
0
0
22,999
25,301
27,520
19,569
13,373
21,436
22,598
17,460
115,000
25,600
0
2,129
20,434

8,550
9,604
37,890
20,260
12,080
7,465
17,797
21,140
19,841
17,950
23,954
26,743
15,000
20,000
5,220
30,250
31,560
1,200
8,904
0
34,979
61,634
25,080
123,808
8,060
24,722
23,960
22,959
21,200
9,680
12,092
24,281
16,508
22,310
19,016
24,435
20,587
23,608
19,914
24,699
24,440
17,718
11,720
20,474
19,232
13,757
106,250
21,480
29,354
0
18,331

Annual trading
2001
705
65
4
1
1,325
121
290
49
0
2,174
1,012
1
126
2
0
1
2,280
45
1
0
0
10
1,615
0
106
0
417
0
331
0
32
0
364
43
89
0
0
0
2
202
408
16
65
1
5
27
6,534
2
0
2
3,260

2002
1
162
4
1
980
178
13
201
1
1,524
16,780
3
9
2
0
2
29
34
603
0
91
11
647
19,190
131
199
1
341
23
0
24
11
578
36
56
1
1,442
0
2
430
1,202
27
33
773
13
169
2,998
3
0
0
0

Date of listing
in 2002 & other
comments

28-01-02

20-12-02

16-05-02
07-03-02

27-09-02

19-07-02
19-04-02
25-11-02

12-12-02

177

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
PLUSVALUE INVERSIONES SIMCAV.........................................
PLYZOSMAR, SIMCAV ..............................................................
POFINABI, SIMCAV ...................................................................
POLADAMAR, SIMCAV, S.A. ....................................................
POLO CAPITAL, SIMCAV ..........................................................
POMODORO INVERSIONES, SIMCAV, S.A. ......... .................
PORTALET DE INVERSIONES SIMCAVF, S.A. ....... ...................
PORTFOLIO 25..........................................................................
PORTFOLIO BENKERS I, SIMCAV ............................................
PORTFOLIO GLOBAL I, SIMCAV..............................................
PORTINARI INVERSIONES, SIMCAV.........................................
PORTSIDE INVERSIONES, SIMCAV...........................................
POVERSAL INVERSIONES, SIMCAV,S.A. ..................................
POWERPIPO, SIMCAV .............................................................
PRABUENA, SIMCAV.................................................................
PRACAS ACTIUS MOBILIARIS, SIMCAV ...................................
PRASIUM, SIMCAV....................................................................
PREM 2000, SIMCAV.................................................................
PREMIUM INVERSIONES .........................................................
PRESEA CANTERAS, SIMCAV ....................................................
PRESS NAVARRA, SIMCAV .......................................................
PRESTIGE INVERSIONES, SIMCAV ...........................................
PRESTIGI TOTAL, SIMCAV.........................................................
PRESTO INVERSIONES, SIMCAV...............................................
PREVICIA....................................................................................
PREVISORA INVERSIONES, SIMCAV ........................................
PREZANES DE INVERSIONES, SIMCAV ....................................
PRICE INVERSIONES, SIMCAV..................................................
PRIME RATE INVERSIONES, SIMCAV ......................................
PRININVER, SIMCAV ................................................................
PRIPUSA, SIMCAVF, S.A. ...................... ....................................
PRITUR INVERSIONES, SIMCAVF, S.A. ........... .........................
PRIVALIA INVERSIONES, SIMCAV ............................................
PROCESS INVERSIONES SIMCAV .............................................
PROFIT INVERSIONES, SIM.......................................................
PROFIT INVESTORS, SIMCAV ...................................................
PROINCREA INVESTMENT SIMCAV .........................................
PROMOCINVER ........................................................................
PROMVICA INVERSIONES, SIMCAV, S.A. ......... ...................
PROMOZALIA, SIMCAV............................................................
PROSPECT INVERSIONES, SIMCAV..........................................
PROTEAS DE INVERSIONES SIMCAV .......................................
PROYECCIN DE RENTAS, SIMCAV ........................................
PSJ INDEX GESTIN, SIMCAV ..................................................
PUEBLA ALCARRIA, SIMCAV, S.A. ............... ............................
PULSA 1 INVERSIONES, SIMCAV, S.A. ........... .........................
PULSA INVERSIONES II, SIMCAV..............................................
PULSO ACTUAL INVERSIONES, SIMCAV.................................
PYSACO INVERSIONES, SIMCAV .............................................
Q-GESTIO MIXTE PLUS, SIMCAV .............................................
QUADROPHENIA, SIMCAVF, S.A. ...........................................

178

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

23,954
39,480
22,798
0
20,560
0
0
536
24,240
17,381
22,892
0
0
21,540
24,660
25,400
31,920
27,046
3,360
81,313
22,561
18,110
21,228
19,408
7,000
23,848
22,679
19,020
21,079
17,453
0
0
25,350
20,899
1,644
20,635
22,670
69,707
0
24,000
21,372
12,461
63,600
105,418
0
0
20,891
23,680
18,480
12,862
0

22,102
32,100
19,954
24,209
19,440
22,117
0
536
20,160
13,391
21,956
0
22,117
16,876
21,510
23,680
24,200
18,035
3,360
22,283
18,800
15,921
18,631
15,127
6,676
23,127
20,683
17,790
17,681
14,833
22,391
21,886
22,250
20,875
1,420
14,045
18,800
59,163
23,058
22,280
17,309
10,538
49,200
106,269
21,396
7,453
18,151
23,920
13,280
12,862
18,717

25
0
14
0
78
0
0
1
132
2,961
2,822
0
0
17
2
4,257
5
5
55
606
88
43
42
38
41
1,690
6
8,614
45
6
0
0
360
947
0
833
2,442
3,315
0
0
2,294
4,760
12,965
89
0
0
11
0
27
3,709
0

2,508
5
13
41
11
5,016
0
1
346
3,599
698
0
10
477
605
2,533
12
15
48
3,284
1,105
40
46
31
22
3,397
192
9,051
44
13
2,396
4,690
0
262
49
1
27
6,001
0
369
1,090
1,584
6,988
2,805
0
22
28
126
22
6,516
7,322

Date of listing
in 2002 & other
comments

29-05-02
06-02-02
31-10-02

13-08-02

27-09-02
19-04-02

25-07-02

24-05-02
14-02-02

11-12-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
QUAESTOR INVESTMENTS, SIMCAV.......................................
QUANTOP INVESTMENTS SIMCAV .........................................
QUANTUM 2001, SIMCAV, S.A. ..............................................
QUEMBRE DE INVERSIONES SIMCAVF ...................................
QUEMEN INVESTMENT SIMCAV .............................................
QUIESCELL, SIMCAV .................................................................
QUINCUNCE, SIMCAV .............................................................
QUINTANS INVERSIONES, SIMCAVF, SA ................................
QUORUM 98, SIMCAV.............................................................
QUORUM INVERSIONES, SIMCAV .........................................
QUOTA INVERSIONES, SIMCAV ..............................................
QUOTATION ............................................................................
RACAFER INVERSIONES SIMCAV.............................................
RADISA INVERSIONES SIMCAV................................................
RAFRA 2000, SIMCAV ...............................................................
RAICHU INVERSIONES SIMCAV .............................................
RALLACZED, SIMCAV ...............................................................
RALLY INVESTMENTS, SIMCAV, S.A. ............. ..........................
RANGALI & ATOL INVERSIONES, SIMCAVF, S.A. ...................
RANK INVERSIONES .................................................................
RASAL CARTERA, SIMCAV .......................................................
RASEC INVERSIONES, SIMCAV ................................................
RATEVIN VALORES, SIMCAV ....................................................
RATING INVERSIONES, SIMCAV ..............................................
RCSCCH 1604, SIMCAV............................................................
REALE ASSET MANAGEMENT SIMCAV ....................................
REBECO-98, SIMCAV.................................................................
RED JUNGLE PARTICIPACIONES SIMCAV................................
REINVER INVERSIONES, SIMCAV ............................................
REINVERPLUS ...........................................................................
RELLTEMA INVERSIONES SIMCAVF S.A ............ ......................
REMAR AHORRO, SIMCAV ......................................................
RENTA INSULAR CANARIA - RINCASA - .................................
RENTABILIDAD 2,009, SIMCAV................................................
RENTAPLUS 46, SIMCAV...........................................................
RENTINVER ...............................................................................
RENTIVAL DE INVERSIONES, SIM ............................................
RENTIVASA DE INVERSIONES ..................................................
RENVALOR ................................................................................
RENVASA, SIMCAV....................................................................
REOLSO DE INVERSIONES, SIMCAV........................................
REPORT INVERSIONES, SIMCAVF ............................................
RESULT INVERSIONES, SIMCAV ...............................................
RETINTO INVERSIONES SIMCAV .............................................
RETSA INVERSIONES, SIMCAV .................................................
REVIEW INVERSIONES, SIMCAV ..............................................
REX ROYAL BLUE, SIMCAV ......................................................
REYZA INVERSIONES Y GESTIN, SIMCAV.............................
RG 27, SIM.................................................................................
RHEVILO INVERSIONES, SIMCAV, S.A. ...................................
RHODES INVESTMENT, SIMCAV..............................................

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

43,392
24,081
0
24,041
10,121
36,796
21,601
0
11,100
20,387
8,114
13,820
24,041
20,274
18,639
24,884
18,127
0
0
85,935
22,222
29,800
32,154
17,869
17,832
19,120
27,680
20,034
10,578
30,120
0
18,165
42,500
11,580
12,900
41,700
3,005
27,860
2,706
25,600
25,320
23,761
17,557
23,377
19,625
11,131
20,549
26,920
7,889
0
23,800

41,136
22,919
18,470
20,675
7,693
28,860
19,890
21,636
8,520
17,962
6,581
12,240
24,201
17,484
13,757
25,286
14,809
23,279
23,800
29,739
21,645
23,750
28,999
14,646
17,922
16,787
26,200
20,115
10,377
20,920
23,360
13,794
44,200
9,540
11,850
43,020
1,690
24,600
2,706
21,880
24,600
23,040
15,176
23,064
16,700
10,121
17,343
23,880
56,630
9,304
20,434

126
2,124
0
15,626
19
0
0
0
780
230
231
154
725
0
1
382
1,067
0
0
45
248
16
3
42
1,590
1,471
87
3
2,238
640
0
10
499
574
5
467
1
0
2
629
3
5
3,599
721
54
51
32
1,505
0
0
0

3,736
401
2
0
1,563
52
0
12
826
1,069
47
1,500
764
1
0
1
45
1
11
41
122
30
216
38
2
5,067
82
9
1,000
387
11
428
12,916
0
3
2,331
162
868
2
95
40
414
2,094
1,746
17
51
113
786
73
53
1

Date of listing
in 2002 & other
comments

12-08-02

28-06-02

22-07-02
03-06-02

26-04-02

11-02-02

179

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
RHYDON INVERSIONES, SIMCAV,S.A. ............. ......................
RIBADEO DE INVERSIONES, SIMCAV......................................
RIBASARO, SIMCAV, S.A. .........................................................
RIBERAS DEL SOR INVESTMENT, SIMCAV, S.A. ......................
RICAB 2001 INVERSIONES SIMCAV.........................................
RICLA DE INVERSIONES SIMCAV.............................................
RIDEO2, SIMCAV, S.A. ..............................................................
RIJEKA INVESTMENT, SIMCAV ..................................................
RIMAKVALOR, SIMCAV ............................................................
RIO INVERSIONES 99, SIMCAV ...............................................
RIO URUMEA DE INVERSIONES, SIMCAV...............................
RIOFISA INVERSIONES, SIMCAV ..............................................
RIOTIRON, SIMCAV ..................................................................
RISK EQUITY, SIMCAV, S.A. ................... ..................................
RM 99 DE INVERSIONES, SIMCAV...........................................
ROA PATRIMONIO, SIMCAV, SA .................. ...........................
ROCILLO DE INVERSIONES, SIMCAV .....................................
RODAON INVERSIONES SIMCAV............................................
RODEO DE INVERSIONES, SIMCAV ........................................
ROINVER PORTFOLIO, SIMCAV, S.A. ............. ........................
ROLAVI INVERSIONES, SIMCAV...............................................
ROLLBACK INVERSIONES, SIMCAV.........................................
ROMERCAPITAL, SIMCAV.........................................................
ROMERO INVERSIONES MOBILIARIAS, SIMCAV....................
RONDINVER INVERSIONES SIMCAV.......................................
ROSILNU, SIMCAV....................................................................
ROSTERAL SIMCAV ..................................................................
ROTRESA INVERSIONES, SIMCAV............................................
ROVIME INVERSIONES, SIMCAV..............................................
RSA 2000 INVESTMENT, SIMCAV ............................................
RUA NOVA INVERSIONES, SIMCAV .......................................
RUAL FINANZAS, SIMCAVF, S.A. .............................................
RUBICON INVERSIONES, SIMCAV...........................................
RUBICON XXI............................................................................
RUCANDIO INVERSIONES, SIMCAV........................................
RUIDERA INVERSIONES SIMCAV .............................................
RURAL PATRIMONIOS AGRUPADOS, SIMCAV ......................
RUTEMA DE INVERSIONES, SIMCAV ......................................
RUVECAPITAL INVERSIONES, SIMCAV, S.A. ...........................
S&P EUROPE 350 INDICE, SIMCAV, SA ...................................
S.G. 2000 INVERSIONES, SIMCAV ..........................................
S.I.C.B.I., SIMCAV, S.A. .................... .........................................
SABBIA INVERSIONES, SIMCAV ...............................................
SABOCO INVERSIONES, SIMCAV ............................................
SABUC INVERSIONES SIMCAV, S.A. .............. .........................
SAFEI TECNOLOGA, SIMCAV..................................................
SAFETY INVERSIONES, SIMCAV, S.A. ............ ..........................
SAGEI .........................................................................................
SAGGIA INVERSIONES, SIMCAV ..............................................
SAGIAL INVERSIONES, SIMCAV ...............................................
SAGITARI 2000, SIMCAV...........................................................

180

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

0
23,978
0
0
0
23,593
0
27,246
25,253
24,161
22,320
21,396
19,954
0
19,216
0
22,463
28,608
22,678
0
23,560
10,035
0
23,761
24,040
20,840
24,499
15,554
22,598
21,116
24,988
0
3,558
78,500
22,262
22,848
18,278
4,770
0
0
7,833
0
20,002
24,666
0
12,521
0
66,220
10,169
13,653
28,578

24,800
20,130
8,474
0
23,824
21,813
30,051
23,439
23,810
23,824
18,120
20,194
16,828
21,348
12,626
23,848
18,759
32,455
21,917
20,915
20,915
7,785
29,209
18,711
22,838
18,800
23,519
10,337
23,319
19,288
25,661
12,240
2,596
69,700
18,271
20,443
16,138
4,000
0
24,401
5,349
22,454
17,982
25,795
22,838
12,922
22,342
47,850
14,665
13,183
28,548

0
3,067
0
0
0
7
0
2,406
0
45
2
5
5
0
6
0
341
32
1
0
5
39
0
51
5
2
5
47
5
32
1,140
0
372
4,334
16
5
1,330
6
0
0
152
0
42
1,108
0
8,289
0
24,075
25
14
3,051

512
377
11
0
336
1
4,456
3
5,117
1,513
4
13
31
0
9
0
203
48
2
10
613
34
0
49
3,070
1
13
67
13
752
2,655
0
26
7,322
3,017
440
146
3
0
232
194
253
32
1,085
4,368
0
1,407
5,511
5,118
432
3,971

Date of listing
in 2002 & other
comments
09-01-02
08-11-02
18-07-02

02-09-02

14-05-02
28-06-02

18-10-02

07-10-02

25-07-02
31-10-02
11-01-02

25-07-02
30-05-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
SAINT RANDY, SIMCAV............................................................
SAKAKI INVESTMENT, SIMCAV, S.A. ............. ..........................
SALAMANCA I ..........................................................................
SALAMINA INVESTMENT, SIMCAV, S.A. ........... ......................
SALDAMOVIL NORANTANOU, SIMCAV ...............................
SALDAA DE INVERSIONES, SIMCAV.....................................
SALIMAR INVESTMENTS, SIMCAV ..........................................
SALIME DE INVERSIONES.........................................................
SALINAS DE INVERSIONES, SIMCAV ......................................
SALIONA DE INVERSIONES, SIMCAV ......................................
SALLIERCA, SIMCAV, S.A. .........................................................
SALVAGO DE INVERSIONES, SIMCAV .....................................
SALVIA DE INVERSIONES, SIMCAV .........................................
SAMAJOFE, SIMCAV..................................................................
SAMAROCA, SIMCAV ...............................................................
SAMBOAL DE INVERSIONES, SIMCAV ....................................
SAMMAR....................................................................................
SAN AMARO DE INVERSIONES, SIMCAV................................
SAN ANTONIO TORRE, SIMCAV..............................................
SANAL 2001, SIMCAVF, S.A. ....................................................
SANCLAVE, SIMCAV..................................................................
SNDALOS 2001 SIMCAV........................................................
SANINVER INVERSIONES, SIMCAV, S.A. .................................
SANINVERPA, SIMCAV..............................................................
SANSEMISA ...............................................................................
SANT BERNAT DE INVERSIONES, SIMCAV .............................
SANTA CLARA DE VALORES, SIMCAV ....................................
SANTA CROYA DE INVERSIONES SIMCAV .............................
SANTA MARGARITA INVERSIONES SIMCAV ...........................
SANTACABE, SIMCAV ..............................................................
SANTANDER INVERSIONES CEUTA MELILLA .........................
SANTEUL INVEST, SIMCAV .......................................................
SANTOS NUEVOS, SIMCAV .....................................................
SANZCOR INVERSIONES SIMCAV ...........................................
SANZCORIN INVERSIONES, SIMCAV ......................................
SAPPHIRE INVERSIONES, SIMCAV ...........................................
SAPRI INVERSIONES 2000, SIMCAV.........................................
SARLARDU DE INVERSIONES, SIMCAV...................................
SARSUIL INVERSIONES, SIMCAV .............................................
SASABE INVERSIONES SIMCAV................................................
SATIREV, SIMCAV.......................................................................
SATLY GLOBAL SECURITIES, SIMCAV, S.A. ....... ......................
SATRAPA SIMCAV......................................................................
SAU DINVERSIONS, SIMCAV .................................................
SAUCE VALORES, SIMCAVF, S.A. ................ ............................
SAVIR 2000 DE INVERSIONES SIMCAV ..................................
SAVIR PATRIMONIO, SIMCAVF, S.A. .......................................
SAVOY INVERSIONES, SIMCAVF, S.A. .....................................
SAYOA .......................................................................................
SBP GLOBAL 10, S.A., SIMCAV.................................................
SBP GLOBAL 4...........................................................................

Capitalisation (at 31 Dec.)


2001

2002

11,379
0
32,643
0
13,250
24,747
35,200
34,440
20,130
22,415
0
21,068
27,000
0
103,650
22,896
0
25,160
22,598
0
21,886
0
0
25,397
169,830
23,785
26,525
11,371
8,655
15,480
45,780
24,084
17,213
21,156
23,680
11,544
18,704
19,168
24,041
22,222
20,635
0
11,600
20,240
0
65,664
0
0
87,000
29,870
30,100

10,658
23,319
23,891
22,358
9,500
21,020
31,760
26,486
15,753
21,092
24,041
17,148
27,800
17,526
86,400
23,545
7,784
20,520
20,915
22,838
18,013
21,973
33,536
27,922
137,520
23,785
26,204
9,616
6,251
14,760
47,040
20,763
10,987
18,992
23,800
11,291
16,011
16,426
24,762
16,114
17,845
18,511
11,071
17,640
30,051
59,616
20,531
21,396
68,600
26,234
27,800

Annual trading
2001

2002

1
0
813
0
2
1,951
8,232
6
5
47
0
7
1,852
0
94
1
0
3
15
0
609
0
0
0
547
3
2
1
918
0
1,629
2
407
606
603
41
0
10
8
30
271
0
322
4
0
0
0
0
2,056
1,152
2,635

661
0
8
0
1
1
2,458
10
2
3
0
1
7,507
33
83
5,999
0
21
27
11
0
0
12
2
438
1
4,871
0
626
11
11,338
3
37
2
36
474
0
1,799
13
46
201
11
664
2
0
0
0
13
909
3,908
2,458

Date of listing
in 2002 & other
comments
06-02-02
24-09-02

06-02-02

18-10-02

22-07-02

21-02-02

28-06-02
25-11-02
22-07-02

181

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
SBP GLOBAL 8...........................................................................
SBP GLOBAL 9, S.A., SIMCAV .................. ...............................
SC MERCADOS GLOBALES INVERSIONES SIMCAV................
SCHAELCHLI INVERSIONES SIMCAV.......................................
SCHILARACU INVERSIONES, SIMCAV.....................................
SCHOLA DE INVERSIONES, SIMCAV, SA ........... .....................
SEA WOLF SIMCAV ..................................................................
SEBORUCO, SIMCAV ...............................................................
SECRAM INVERSIONES SIMCAV ..............................................
SECUOYA DE INVERSIONES, SIMCAV .....................................
SECURE INVERSIONES..............................................................
SECURITY ANALYSIS INVESTMENTS, SIMCAV.........................
SEGRE 2000, SIMCAV................................................................
SEISBECISA.................................................................................
SELACO 99 INVERSIONES, SIMCAV ........................................
SELECCION DIVERSIFICADA, SIMCAV ....................................
SELEGNA RENTA VARIABLE, SIMCAV, S.A. ........ .....................
SELEGNA, SIMCAV ....................................................................
SEMOB 2001, SIMCAV, S.A. .....................................................
SENESTRELLA, SIMCAV .............................................................
SENTANI DE VALORES MOBILIARIOS, SIMCAV......................
SENY 97, SIMCAV .....................................................................
SEQUIA INVERSIONS SIMCAV .................................................
SERANTES CARTERA, SIMCAV..................................................
SERECO INVERSIONES, SIM .....................................................
SERGAMA INVERSIONES, SIMCAV...........................................
SERGROBE DE INVERSIONES...................................................
SETOBA DE INVERSIONES, SIMCAV ........................................
SEVIDON, SIMCAV....................................................................
SHARE INVERSIONES................................................................
SHUTTLE INVERSIONES, SIMCAV ............................................
SICEUTA .....................................................................................
SIERRA TOLEDANA DE INVERSIONES, SIMCAV, S.A...............
SIGLO XXI BOLSA, SIMCAV......................................................
SIGLO XXI INVERSIONES GLOBALES, SIMCAVF, S.A. .............
SIGMA DIVERSIFICACION .......................................................
SIJUCRI, SIMCAV .......................................................................
SILENO INVESTMENT SIMCAVF S.A ........................................
SILGA GESTIN, SIMCAV .........................................................
SILLA INVERSIONES SIMCAV, S.A. ...........................................
SILLEIRO DE INVERSIN, SIMCAV...........................................
SILOBAR.....................................................................................
SILURIC, SIMCAV ......................................................................
SILURO INVERSIONES, SIMCAV, S.A. ............ .........................
SIMA AHORRO, SIMCAV ..........................................................
SIMA INVERSIONES, SIMCAV ...................................................
SIMAR INVERSIONES, SIMCAV.................................................
SIMCOVAS GRUP, SIMCAV.......................................................
SIMHERSAN...............................................................................
SIMPLICITY SELECT, SIMCAV, S.A. ............. ..............................
SIMSON 2000, SIMCAV ............................................................

182

Capitalisation (at 31 Dec.)


2001

2002

25,363
0
22,391
10,398
25,443
0
22,222
18,151
20,434
22,391
30,680
24,000
26,680
3,253
9,977
60,160
0
8,960
0
4,740
26,075
28,014
4,423
28,079
1,510
20,410
29,440
0
23,400
3,080
9,247
30,760
0
28,880
0
26,320
11,455
0
19,538
0
245,213
20,832
7,453
0
9,997
37,894
24,320
20,394
105,960
0
22,367

22,117
30,561
19,000
7,993
24,962
24,778
20,779
16,131
15,146
21,525
26,080
24,561
21,480
3,241
7,533
48,960
25,002
6,900
23,800
3,990
27,075
24,276
4,135
27,695
1,372
17,886
26,080
24,266
19,920
3,080
8,177
28,440
0
24,920
23,800
17,120
10,758
25,002
14,162
0
251,944
18,752
6,130
24,942
7,653
23,325
20,960
15,681
61,440
23,159
20,370

Annual trading
2001
1,822
0
18
59
2
0
14
39
399
516
796
9,845
469
328
30
6
0
0
0
6
640
7,671
215
5,857
10
42
489
0
7
42
326
286
0
413
0
928
679
0
11
0
2,142
174
300
0
150
5
117
18
108
0
1,461

2002
636
16,843
0
6
2
58
0
29
14
770
704
9,024
972
1,424
413
0
0
66
10
428
2,595
954
40
1,555
33
572
3
300
1
44
1,033
478
0
165
2,405
2,348
312
0
2
0
96,541
21
10
132
0
16
112
22
0
1
26

Date of listing
in 2002 & other
comments
14-06-02

23-01-02

22-07-02
24-05-02

24-09-02
13-08-02

28-06-02
19-09-02

07-03-02

22-07-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
SINAMA INVERSIONES, SIMCAV, S.A. .....................................
SINE QUO NUM, SIMCAV........................................................
SINIPOLI.....................................................................................
SIROCO EXPECTATIONS, SIMCAV ...........................................
SIRVAL........................................................................................
SISAPON INVERSORES, SIMCAV..............................................
SJJ VALORES COROLYPSO, SIMCAV ........................................
SNOOPY INVERSIONES, SIMCAV ............................................
SOANDRES DE ACTIVOS SIMCAVF .........................................
SOCIEDAD DE CARTERA DEL VALLES - SOCARVE - ...............
SOCIEDAD MADRILEA DE INVERSIN MOBILIARIA ..........
SOCIEDAD MEDITERRANEA ASSET MANAGEMENT, SIMCAV.
SOCIETY FAMITEX, SIMCAV......................................................
SOCYAM, SIMCAV.....................................................................
SOFORT GESTIN, SIMCAV.....................................................
SOFROSINE, SIMCAV ...............................................................
SOGAPRIM, SIMCAV ................................................................
SOGAZA DE INVERSIONES, SIMCAV.......................................
SOIXA.........................................................................................
SOL FINANZAS SIMCAV ...........................................................
SOL Y SOMBRA, INVERSIONES SIMCAV .................................
SOLCA INVERSIONES, SIMCAV, S.A. .......................................
SOLE BOADA INVERSIONS, SIMCAV.......................................
SOLEMEG, SIMCAV ...................................................................
SOLMA INVERSIONES, SIMCAV, SA ............... .........................
SOLRAC INVERSIONES 2000 SIMCAV .....................................
SOMOLINOS INVERSIONES, SIMCAV .....................................
SOMOSUSA, SIMCAV ...............................................................
SONORA GLOBAL SIMCAV......................................................
SOOLHASI, SIMCAV..................................................................
SORNI CAPITAL, SIMCAV .........................................................
SOROA INVERSIONES, SIMCAV...............................................
SORRAL INVERSIONES SIMCAVF, S.A. ....................................
SORUGES DE INVERSIONES, SIMCAV.....................................
SOSMART INVERSIONES ..........................................................
SOTAVENTO DE VALORES SIMCAV.........................................
SOUK-EL- ARBA SIMCAV ..........................................................
SOUTH HILL..............................................................................
SPILBO INVERSIONES, SIMCAV ...............................................
SPLIT INVERSIONES, SIM ..........................................................
SPOT INVERSIONES, SIMCAV...................................................
SPQLA DE VALORES, SIMCAV..................................................
SPRINGMAX, SIMCAV...............................................................
ST. MORITZ INVERSIONES, SIMCAV, S.A. ...............................
STAMVALOR INVERSIONES, SIMCAV, SA ........... ....................
STELLARIA, SIMCAV, S.A. .........................................................
STEP GESTIN, SIMCAV ...........................................................
STOCK AREA, SIMCAV ..............................................................
STOCK INVERSIONES ..............................................................
STRATEGIC CARTERA, SIMCAV ................................................
STRIP INVERSIONES, SIMCAV ..................................................

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

0
20,867
25,440
112,029
8,430
20,443
24,000
20,803
360,000
6,000
11,480
38,040
22,358
83,380
37,980
22,350
22,160
23,377
26,963
23,800
7,122
0
18,567
22,350
0
22,906
0
25,160
20,915
24,040
20,539
19,569
0
33,868
17,040
17,124
24,630
174,000
17,069
3,600
16,160
18,120
26,300
0
0
0
23,608
26,960
3,684
32,040
20,010

11,059
16,299
19,760
99,167
0
16,797
0
19,336
331,200
5,600
33,952
32,840
20,194
73,724
35,460
19,100
17,520
20,467
26,963
22,598
5,950
10,770
15,031
19,800
21,636
18,132
23,401
21,880
17,309
24,440
18,422
14,617
24,041
20,680
17,400
13,324
23,377
146,000
13,463
4,952
11,480
13,880
23,656
16,900
19,954
0
22,021
25,280
3,288
30,240
19,140

0
852
36
0
2,049
206
0
48
204,338
184
52
3
5
256
603
164
148
0
4
5
15
0
1
3,909
0
29
0
5
135
19
31
44
0
5
110
3
0
1
5,598
926
90
349
445
0
0
0
10
8
3
4,686
35

11
871
32
1
0
227
0
2,349
50,005
63
0
103
2
967
110
24
139
190
3
13
27
58
2
1,339
33
21
889
433
147
24
54
18
0
94
419
2
0
104
331
409
0
28
0
32
11
1
5
207
387
1,113
13,571

Date of listing
in 2002 & other
comments
24-05-02

21-01-02

08-07-02

14-05-02

11-02-02
13-08-02
21-10-02

183

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
SUALFER INVERSIONES, SIMCAV.............................................
SUBAIDA FINANCIERA, SIMCAV..............................................
SUJA 12, SIMCAV.......................................................................
SUNBERPRIZE 13, SIMCAV, SA .................. ..............................
SUNDAY DE INVERSIONES, SIMCAV ......................................
SUNEO CAPITAL, SIMCAVF, S.A. .............................................
SUNGAVE LAND, SIMCAV ......................................................
SUNRISE INVESTMENT, SIMCAVF ............................................
SUNTAN, SIMCAV.....................................................................
SURABAYA 2000, SIMCAV ........................................................
SURENOR INVERSIONES, SIMCAV .........................................
SURFUP, SIMCAV ......................................................................
SYNC 2000, SIMCAV.................................................................
SYRIUS INVERSIONES, SIMCAV ...............................................
TABAGU.....................................................................................
TABARCA ASSET MANAGEMENT, SIMCAV..............................
TAGALO DE INVERSIONES SIMCAV ........................................
TAGUARO INVERSIONES, SIMCAV..........................................
TALLOLA, SIMCAV ....................................................................
TAMAR CAPITAL SIMCAV .........................................................
TAMB INVERSIONES, SIMCAV..................................................
TAMBRE 2000, SIMCAV ............................................................
TANOA INVERSIONES, SIMCAV...............................................
TANTEO DE HARCORELIA SIMCAVF .......................................
TARRACISA ................................................................................
TASDEY DE INVERSIONES, SIMCAV.........................................
TATE INVERSIONES SIMCAV.....................................................
TATESA INVERSIONES, SIMCAV................................................
TAUPO INVERSIONES, SIMCAV ...............................................
TAWARZAR 2 S-1, SIMCAV, S.A. ..............................................
TAWARZAR 2 S-2, SIMCAV .......................................................
TB SIGLO XXI INVERSIONES, SIMCAV.....................................
TEAM SPIRIT, SIMCAV ...............................................................
TEBROS DE INVERSIONES, SIMCAV ........................................
TECAMIRA DE INVERSIONES, SIMCAV....................................
TECVAL INVERSIONES SIMCAV................................................
TEEBEEGEE INVESTMENT, SIMCAV ..........................................
TELEIXO INVERSIONES, SIMCAV..............................................
TELNET INVERSIONES, SIMCAV ..............................................
TEMPERA INVERSIONES SIMCAV.............................................
TEMPLE FINANCE, SIMCAV, S.A. ................ .............................
TENA INVERSIONES, SIMCAV ..................................................
TENDENCIAS DE VALORES SIMCAV........................................
TENORIO 98, SIMCAV ..............................................................
TEPIC DE INVERSIONES, SIMCAV, S.A. .......... .........................
TER DE VALORES MOBILIARIOS, SIMCAV...............................
TERAINA, SIMCAV ....................................................................
TERMIA INVERSIONES, SIMCAV...............................................
TERRA FINANCE, SIMCAV .......................................................
TERTON INVERSIONES, SIMCAVF, S.A. ...................................
TESTARDO INVERSIONES, SIMCAV ........................................

184

Capitalisation (at 31 Dec.)


2001

2002

24,920
37,680
21,853
0
22,126
0
19,336
24,762
21,212
23,199
25,801
25,880
12,220
22,465
19,103
19,168
24,842
22,015
41,808
21,453
19,720
0
22,174
24,483
4,724
20,400
19,240
8,438
16,179
0
0
16,350
22,025
23,449
101,000
19,473
20,635
0
17,124
21,252
0
38,000
23,800
10,065
0
23,247
23,760
0
6,660
0
20,026

22,320
26,640
19,449
0
22,006
21,636
19,048
21,396
17,605
22,999
25,801
24,985
12,360
19,277
10,113
15,993
23,640
20,812
36,480
18,326
12,680
21,925
19,673
24,916
0
14,320
17,244
6,852
12,044
21,717
22,045
13,500
16,125
21,597
97,000
0
20,915
21,011
13,997
18,343
24,762
30,850
24,377
7,557
17,027
19,016
22,880
17,532
5,400
31,080
17,045

Annual trading
2001
122
5,885
120
0
4
0
1,651
5,351
2,500
601
445
1,198
242
45
678
1,518
750
2,912
5
18
190
0
466
60
0
3
3
10
1
0
0
24
1
2
0
0
2
0
2,612
118
0
110
66
16
0
103
399
0
5
0
2,484

2002
181
414
5
0
9,760
187
10,793
19,008
24
5,551
3
667
273
46
269
4,175
695
22
1
109
115
3
121
213
0
2
0
6
0
20,940
4,234
18
1,640
1
19,229
0
218
38
19
107
11
94
68
32
10,808
1,930
37
1
1
499
287

Date of listing
in 2002 & other
comments

02-08-02
06-06-02

06-02-02

Delisted 22/04/2002

14-11-02

18-01-02

24-09-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
TESTARROSA 1985, SIMCAV, S.A. ............... ............................
TEXERA DE INVERSIONES SIMCAV ..........................................
TEXFINCO, SIMCAV .................................................................
TEXRENTA INVERSIONES..........................................................
TG MANAGEMENT INVERSIONES 2002, SIMCAV, S.A...........
THALASSA DE INVERSIONES, SIMCAV....................................
THISHUL INVESTMENT SIMCAV .............................................
TIBEST CINCO ...........................................................................
TIBEST DOS ...............................................................................
TICAN DIVERSIFICADA, SIMCAV ............................................
TIEBAS DE INVERSIONES, SIMCAV .........................................
TIETAR DE INVERSIONES..........................................................
TIGNA VENTURA, SIMCAV.......................................................
TIGRIS INVERSIONES, SIMCAV, S.A. ............ ...........................
TIMING INVERSIONES, SIMCAV ..............................................
TISU INVEST, SIMCAV ...............................................................
TTULOS BILBAO ......................................................................
TTULOS CUZCO, SIMCAV.......................................................
TTULOS ESTRAUNZA, SIMCAV...............................................
TTULOS GALICIA .....................................................................
TTULOS IGUELDO, SIMCAV ...................................................
TTULOS IMBACA, SIMCAV. .....................................................
TIZONA INVEST SIMCAV..........................................................
TOFI DE INVERSIONES, SIMCAVF, S.A. ...................................
TOGAEST INVERSIONES, SIMCAV ...........................................
TOJABI INVERSIONES, SIMCAV, S.A. .......................................
TOMASON DE INVERSIONES, SIMCAV...................................
TOMKA INVERSIONES SIMCAV................................................
TOPAZ INVERSIONES SIMCAV.................................................
TORDESILLAS DE INVERSIONES, SIMCAV ..............................
TORRELLA INVERSIONES, SIMCAV .........................................
TORRENOVA INVERSIONES .....................................................
TORREVALORES, SIMCAV ........................................................
TORRIJOS INVERSIONES, SIMCAV, S.A. ..................................
TORRLA INVERSIONES 2000, SIMCAV ....................................
TORROFISA, SIMCAV................................................................
TOVACOR INVERSIONES, SIMCA ............................................
TPJ MOLTA PAU INVERSIONES FINANCIERAS, SIMCAV.........
TRANSFORMACION DE INVERSIONES, SIMCAV....................
TRASCASA DE INVERSIONES, SIMCAV....................................
TRAXIS .......................................................................................
TREDICON INVERSIONES, SIMCAV.........................................
TREDOS DE INVERSIONES, SIMCAV........................................
TREND INVERSIONES ..............................................................
TRESIM INVERSIONES SIMCAV ...............................................
TRETZE 01, SIMCAV, S.A. ..................... ....................................
TREVEGIL INVERSIONES, SIMCAV, S.A. .......... ........................
TRICON INVERSIONES, SIMCAV..............................................
TRIENTE INVERSIONES, SIMCAV .............................................
TRIGAL INVERSIONES, SIMCAV, S.A. ......................................
TRINIDAD INVERSIONES SIMCAV ...........................................

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

0
24,170
51,391
47,750
0
21,212
23,199
13,237
22,680
29,700
19,120
6,420
64,587
0
20,298
21,236
40,800
4,682
24,194
3,908
29,033
24,531
0
0
22,318
0
20,000
24,521
24,531
24,315
19,560
229,664
21,760
0
25,243
27,750
21,212
25,840
19,240
24,555
26,213
20,338
23,208
27,400
19,697
0
0
18,127
27,045
0
14,064

16,444
24,218
44,100
42,850
22,318
18,711
22,438
14,539
23,310
21,010
15,801
10,308
54,820
6,977
18,735
20,314
33,440
3,291
19,240
5,160
25,741
22,030
20,987
23,480
18,671
21,636
12,640
25,393
26,599
21,068
14,880
230,516
17,960
12,314
20,675
25,150
20,755
22,880
18,038
20,779
26,213
16,877
20,611
18,040
0
15,434
20,587
12,333
20,340
20,603
10,241

0
0
104
7,635
0
0
1,203
29
22,695
6
2
6
0
0
1,824
1
683
1,791
327
20
2,024
1,984
0
0
26
0
193
48
1,416
2,406
949
11,871
1,515
0
0
3,556
405
2,593
0
2,444
4
23
245
236
153
0
0
2,712
618
0
34

1,169
1
52
45
2
1
1,126
2,104
36
267
2
12
0
1,530
207
2,031
842
1,028
968
76
965
2,678
103
2,499
514
10
2
979
997
790
280
4,453
2,189
5
0
1,660
611
2,424
0
16
3
137
1
33
0
5,318
837
82
19
1
119

Date of listing
in 2002 & other
comments
19-04-02

17-10-02

21-03-02

22-07-02
13-08-02

29-10-02

29-01-02
13-05-02

14-11-02

185

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
TRUCHA INVERSIONES, SIMCAV.............................................
TRURE CAPITAL, SIMCAV ........................................................
TRUST IN ITACA, SIMCAV ........................................................
TRUVI DE INVERSIONES, SIMCAV ...........................................
TTH DE INVERSIONES, SIMCAV...............................................
TUCANA INVERSIONES, SIMCAV ............................................
TUGO INVERSIONES, SIMCAV.................................................
TULIACAN, SIMCAVF, S.A. .......................................................
TULIPN DE INVERSIONES, SIMCAV ......................................
TULUM INVESTMENT, SIMCAV................................................
TUNDRA 99 SIMCAV ...............................................................
TURA INVESTMENT, SIMCAV ...................................................
TURQUESA 2000 INVERSIONES, SIMCAV...............................
TUSAK INVERSAM, SIMCAV.....................................................
TXILUAGI, SIMCAV ..................................................................
TYROL INVERSIONES, SIMCAVF, S.A. ............ .........................
UBS SELECCION CRECIMIENTO, SIMCAVF, S.A. ....................
UBS SELECCION RENTA VARIABLE, SIMCAVF S.A ... ..............
UGBA INVERSIONES, SIMCAV ................................................
ULEILA SANTA MARIA INVERSIONES, SIMCAV.......................
ULLS NOUS, SIMCAV ...............................................................
UMASGES, SIMCAV ..................................................................
UNDARTE DE INVERSIONES, SIMCAV ....................................
UNIFIN INVESTMENTS, SIMCAVF, S.A. ...................................
UNIFOND .................................................................................
UNIMAT INVERSIONES, S.A., SIMCAV ...................................
UNIN 400 SIMCAV ................................................................
UNIN ESPAOLA DE INVERSIONES ....................................
UNIN TIRRENIA, SIMCAV, S.A. .............................................
UNIPROM 98 SIMCAV..............................................................
UNIVEL INVERSIONES, SIMCAV...............................................
UNIVERSAL DE INVERSIONES..................................................
UNIVERSAL NET SIMCAV .........................................................
UPTREND INVESTMENTS, SIMCAVF, S.A. ...............................
URBEL 2000 DE INVERSIONES, SIMCAV .................................
URC PATRIMONIS, SIMCAV, S.A. ................ ............................
URCUIT, SIMCAV, S.A. ........................ .....................................
URMAR INVERSIONES, SIMCAVF, S.A. ............ .......................
URO INVERSIONES, SIMCAV, S.A. ............... ...........................
URPRASA FINANCIERA, SIMCAV .............................................
URQUIJO CARTERA DINMICA, SIMCAV...............................
URQUIJO PORTFOLIO GLOBAL, SIMCAV ..............................
URQUIJO PORTFOLIO INTERNACIONAL, SIMCAV................
USATEGI INVERSIONES, SIMCAV, S.A. ....................................
UXAMA INVERSIONES .............................................................
VABUVA, SIMCAV .....................................................................
VACONTE INVERSIONES SIMCAV ...........................................
VADERCAP INVERSIONES, SIMCAV.........................................
VAIMESA ....................................................................................
VAINGU INVERSIONES, SIMCAV .............................................
VALAIS INVESTMENTS, SIMCAV...............................................

186

Capitalisation (at 31 Dec.)


2001

2002

22,021
21,693
26,564
18,927
22,126
23,840
11,860
0
23,208
19,288
8,655
18,792
22,358
21,636
22,651
0
0
0
20,437
18,752
23,079
10,938
22,102
0
26,920
0
23,549
10,000
0
16,560
23,800
1,444
22,270
0
15,657
0
0
0
0
21,600
23,505
19,192
21,837
0
11,580
19,088
24,521
19,473
45,640
23,319
25,209

19,040
19,962
25,290
15,897
20,370
21,720
10,340
0
20,875
15,633
7,513
16,548
20,194
18,752
18,049
21,733
24,281
24,281
18,268
14,665
19,713
8,915
19,577
10,440
27,480
21,925
23,625
8,600
23,520
12,480
24,617
1,444
22,318
29,149
12,506
23,593
20,675
18,992
11,568
18,000
17,737
32,406
19,962
0
8,940
12,958
23,560
14,424
38,320
22,358
26,799

Annual trading
2001
5
9
436
639
3
16
1,485
0
1
25
0
1,216
5
5
725
0
0
0
20
5
15
132
0
0
4,100
0
542
294
0
503
5,118
111
7,755
0
0
0
0
0
0
37
4,058
6,353
18
0
161
34
0
5
41
15
920

2002
0
11
1,420
538
2
27
352
0
1
21
0
676
13
13
7,174
639
0
0
196
12
27
3,360
1
33
1,944
0
136
8
1
8
5,664
114
6,365
13
642
1,074
11
13
4
29
2,201
3,135
20,161
0
90
27
0
12
106
1,070
116

Date of listing
in 2002 & other
comments

27-12-02

18-03-02
06-06-02
28-06-02

07-03-02
04-04-02

14-02-02

21-03-02
10-05-02
24-09-02
28-06-02
30-09-02

18-12-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
VALBORSA, SIMCAV .................................................................
VALBRAN DE INVERSIONES, SIMCAV .....................................
VALCORONA INVERSIONES, SIMCAV ....................................
VALDARBI INVEST, SIMCAVF, SA .............................................
VALDEARENAS INVERSIONES, SIMCAV, S.A. .........................
VALDECAAS 99, SIMCAV ......................................................
VALDECARROS 2000, SIMCAV.................................................
VALDECRUZ INVERSIONES, SIMCAV ......................................
VALDEFRADES DE INVERSIONES, SIMCAV, S.A. .....................
VALDEOLEA DE INVERSIONES SIMCAV .................................
VALDEREY CAPITAL, SIMCAV ..................................................
VALDILLANA INVERSIONES, SIMCAV......................................
VALDIS DE INVERSIONES, SIMCAV ........................................
VALDORBA INVERSIONES, SIMCAV.......................................
VALENCIANA DE VALORES .....................................................
VALIBESA ..................................................................................
VALINRE, SIMCAV, S.A. ............................................................
VALLISOLETANA DE VALORES .................................................
VALMER DE INVERSIONES, SIMCAV........................................
VALMON INVERSIONES, SIMCAV............................................
VALOR GLOBAL MUNDIAL 2000, SIMCAV ............................
VALOR XXI.................................................................................
VALORES BILBANAS ...............................................................
VALORES CORONA . ................................................................
VALORES DE VALDERRAMA, SIMCAVF, S.A. ..........................
VALORES DEL DARRO, SIMCAV, S.A. .....................................
VALORES DEL PRINCIPADO ....................................................
VALORES DIVERSIFICADOS, SIMCAV .....................................
VALORES GLOBALES SIMCAV..................................................
VALORES INDUSTRIALES..........................................................
VALORES MADRID....................................................................
VALORES MEDITERRNEOS ....................................................
VALORES MOBILIARIOS DEL EBRO, SIMCAV .........................
VALORES MOBILIARIOS HERRERO..........................................
VALRENT....................................................................................
VALRIMA, SIMCAV ....................................................................
VALRRUBIO SIMCAV ................................................................
VALSEL INVERSIONES, SIMCAV................................................
VALSIP INVERSIONES, SIMCAV ...............................................
VALTISA......................................................................................
VALUE INVERSIONES................................................................
VALVANERA INVERSIONES, SIMCAV .......................................
VANCOUVER INVERSIONES, SIMCAV.....................................
VAPALSA 2002, SIMCAV, S.A. ..................................................
VASAN FINANCIERA, SIMCAV .................................................
VASANVA, SIMCAV ..................................................................
VAYOMER, SIMCAV .................................................................
VAZABI GESTIN SIMCAV .......................................................
VELABOIT, SIMCAV ...................................................................
VELLON INVESTMENT, SIMCAV, S.A........................................
VENETO INVERSIONES SIMCAV .............................................

Capitalisation (at 31 Dec.)


2001

2002

25,000
17,069
0
0
0
19,529
20,843
17,309
0
18,543
21,453
27,992
4,486
12,441
10,720
47,725
0
70,680
21,440
23,319
22,598
26,400
14,906
2,321
0
0
4,718
50,320
21,886
0
3,080
6,466
19,800
16,500
4,600
23,280
24,579
9,256
25,120
1,996
11,825
20,425
13,871
0
24,041
0
18,992
18,030
21,320
0
21,925

23,250
12,261
24,040
22,598
0
15,993
17,862
11,600
24,582
15,440
18,422
25,747
3,899
10,878
10,944
46,570
21,925
58,280
16,240
21,156
18,271
22,360
21,216
2,321
29,600
27,767
1,720
19,445
21,645
0
3,080
6,466
16,640
13,452
3,660
18,800
24,411
6,130
21,640
1,996
8,983
16,550
9,833
21,789
24,281
10,200
16,588
15,626
16,600
23,439
21,372

Annual trading
2001
533
5
0
0
0
5
352
2
0
7
1,695
103
51
141
97
109
0
715
3
15
15
297
83
140
0
0
0
16
918
0
0
0
23
1,904
62
12
1
15
357
2
677
458
30
0
5
0
1,555
5
3
0
42

2002
12,035
14
4
134
0
1
1,333
0
12
2
502
39
382
0
560
119
454
258
3
27
27
424
17
175
0
18,466
104
1,726
1
0
0
0
1,876
6,858
60
165
31
2,431
61
39
703
1,510
20
1,402
2,974
1
13
13
164
1,350
35

Date of listing
in 2002 & other
comments

31-10-02
12-12-02

10-10-02

30-04-02

12-12-02
24-09-02

10-10-02

28-01-02

187

Annual report on the Securities Markets. 2002

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
VENTURADA DE INVERSIONES, SIMCAV................................
VERIESA .....................................................................................
VERTIENTE INVERSIONES, SIMCAV .........................................
VERTISOL CARTERA SIMCAVF S.A ...........................................
VERTRA INVERSIONES, SIMCAV, S.A. .....................................
VIATANEXIS, SIMCAV, SA .........................................................
VICENTE FINANZAS, SIMCAV, S.A. ..........................................
VICOLO INVERSIONES, SIMCAV ............................................
VICTORIA VALORES .................................................................
VIDRIOLA INVERSIONES, SIMCAV, S.A....................................
VIFAG 2002, SIMCAV, S.A.........................................................
VIGIL 2001, SIMCAV, S.A. ........................................................
VIGORINVERSIN SIMCAV......................................................
VIKINVEST,SIMCAV ...................................................................
VILACASA DE INVERSIONES, SIMCAV.....................................
VILLANDRY DE INVERSIONES, SIMCAV..................................
VILLANUEVA DE INVERSIONES, SIMCAV................................
VILLARIN INVERSIONES SIMCAV ............................................
VILLCAD BOLSA SIMCAV .........................................................
VIMAL DE INVERSIONES, SIMCAV...........................................
VINADIVIA INVERSIONS, SIMCAV, S.A. ..................................
VINCIT-93 .................................................................................
VINCKE INVESTMENTS, SIMCAV..............................................
VINIDIS INVERSIONES, SIMCAV .............................................
VIALES INVERSIONES, SIMCAV .............................................
VIRALSA DE INVERSIONES, SIMCAVF, S.A...............................
VIRIATO DE INVERSIONES .......................................................
VIRIDIA 2000, SIMCAV ............................................................
VIRKKALA, SIMCAVF, S.A..........................................................
VISCASA.....................................................................................
VIVAR INVERSIONES, SIMCAV .................................................
VIVERO DE INVERSIONES SIMCAV..........................................
VOLGA DE VALORES MOBILIARIOS ......................................
VOLGA INVERSIONES, SIMCAV, S.A. ......................................
VUIT-NORANTANOU, SIMCAV ..............................................
WALDO-PHALDO INVESTMENT, SIMCAV ..............................
WALFIS FINANCE, SIMCAV.......................................................
WANA INVERSIONES, SIMCAVF, S.A. .....................................
WATERLANE, SIMCAV...............................................................
WATT INVERSIONES MOBILIARIAS, SIMCAV, S.A. .................
WAWY REEF, SIMCAV................................................................
WEBSTER INVERSIONES, SIMCAV............................................
WEST RIVER...............................................................................
WHITE COAST INVESTMENT, SIMCAV, SA ..............................
WIENER BLUT............................................................................
WILD BOAT, SIMCAV................................................................
WOLYSEN INVERSIONES, SIMCAV, S.A. ..................................
WORLD POLICY SIMCAV .........................................................
XAELA INVERSIONS, SIMCAV, S.A............................................
XAIGA 2001, SIMCAV, S.A. ......................................................
XALOC-MESTRAL, SIMCAV.......................................................

188

Capitalisation (at 31 Dec.)

Annual trading

2001

2002

2001

2002

21,861
41,280
75,720
0
0
0
0
24,666
22,120
0
0
0
24,050
24,242
22,054
39,162
19,432
18,319
12,261
11,532
0
29,680
27,000
22,358
24,160
0
5,070
21,997
0
26,200
23,200
122,606
2,435
0
0
20,000
9,234
0
23,480
0
15,249
23,440
40,760
0
26,720
24,627
0
25,016
0
0
20,507

21,236
34,720
63,120
24,281
23,415
0
18,992
23,776
19,160
23,800
0
12,360
24,291
18,038
17,532
35,953
15,296
14,641
11,191
11,340
23,545
22,880
24,840
21,156
21,080
9,180
4,563
20,170
21,636
21,600
17,280
125,011
12,200
20,194
25,500
18,520
9,432
23,872
23,360
6,869
11,832
23,640
33,840
22,398
25,120
22,655
24,792
23,594
12,200
23,040
17,646

1,118
17
1
0
0
0
0
932
184
0
0
0
0
1,679
2
22,313
3
685
2,024
16
0
30
147
185
30
0
5
1
0
25
180
15
0
0
0
422
2,053
0
2,203
0
15
32
1,014
0
373
17
0
73
0
0
68

2
27
7
1
6
0
11
42
87
10
0
535
904
829
1
3,177
3
763
607
27
6
56
122
732
26
35
2
0
0
2
102
7,155
0
329
353
25
3,268
843
963
18
854
34
239
1
405
5,475
25,526
241
3,001
1
52

Date of listing
in 2002 & other
comments

03-06-02
24-05-02
20-12-02
25-07-02

02-08-02
27-12-02
02-08-02

10-10-02

28-01-02

20-06-02

06-02-02

24-05-02
29-08-02

24-09-02

06-02-02
27-12-02
10-05-02

Annex 2: SECONDARY MARKETS

(Continued)

A.2.19. SECONDARY MARKETS. EQUITIES.


OUTCRY MARKET. LISTED COMPANIES. 2002
Amounts in thousands of euros

Companies
XAXELS FINANCE, SIMCAV, S.A. ..............................................
XYLON-94 .................................................................................
YACARETE, SIMCAV ..................................................................
YAINCOA SIMCAV ...................................................................
YAK INVESTMENT, SIMCAV......................................................
YANKI INVEST, SIMCAV ............................................................
YBARVI DE INVERSIONES, SIMCAV .........................................
YIELD INVERSIONES .................................................................
YLANG DE INVERSIONES, SIMCAV .........................................
YOQUI INVERSIONES, SIMCAV ...............................................
YORBALINDA 2000 INVERSIONES FINANZAS, SIMCAV........
ZABIMA INVERSIONES FINANCIERAS, SIMCAV......................
ZAMARRON, SIMCAV...............................................................
ZANETT INVERSIONES, SIMCAV .............................................
ZANISA DE INVERSIONES .......................................................
ZANZIBAR INVERSIONES SIMCAV...........................................
ZAARTU 2000, SIMCAV ........................................................
ZAVALAGA ................................................................................
ZAWAZKY DE INVERSIONES SIMCAV .....................................
ZELESTE 4, SIMCAV ...................................................................
ZELETA DE INVERSIONES .........................................................
ZERAIN DE INVERSIONES SIMCAV .........................................
ZEREPDOM, SIMCAV ...............................................................
ZESTAO DE INVERSIONES, SIMCAV .......................................
ZIAMVE......................................................................................
ZIORVEL, SIMCAVF, S.A. ..........................................................
ZIRI DE INVERSIONES, SIMCAV ..............................................
ZONA EURO 3D, SIMCAV........................................................
ZOOM INVERSIONES, SIMCAV................................................
ZUBAYDA GESTIN DIVERSIFICADA SIMCAV .......................
ZUBIRENT INVESTMENTS, SIMCAV.........................................
ZUBISE FINANCIERA SIMCAV .................................................
ZUGARRAMURDI DE INVERSIONES, SIMCAV........................

Capitalisation (at 31 Dec.)


2001

2002

0
51,240
24,521
21,877
28,713
0
46,800
14,029
22,318
0
19,713
98,250
20,915
11,280
1,586
15,650
20,880
20,080
19,793
26,920
45,210
20,394
20,627
37,140
1,248
0
21,934
15,500
22,342
29,630
25,763
19,473
23,425

14,400
38,080
24,762
18,511
29,885
27,226
42,096
13,929
21,116
0
16,588
95,850
17,790
10,360
7,412
13,316
20,400
14,300
15,079
27,480
44,055
19,553
19,329
36,120
3,928
20,850
19,408
8,250
20,491
27,707
22,003
14,875
21,260

Annual trading
2001

2002

0
0
1,273
5
2,015
0
0
503
2,242
0
42
5
1,822
433
0
1,036
2,269
149
305
2
9
13
671
2,051
56
0
5
1,660
349
3,021
27
5
3

1,820
1
98
13
4
4,195
1
432
605
0
134
16
27
349
2
1,918
982
113
0
73
79
0
416
8,062
4
0
1
86
51
522
5
14
295

Date of listing
in 2002 & other
comments
26-03-02

24-05-02

189

Annual report on the Securities Markets. 2002

A.2.20. SECONDARY MARKETS. EQUITIES. SECOND MARKET


Barcelona

Bilbao

Madrid

Valencia

Total

No. of securities
1997 ....................................
1998 ....................................
1999 ....................................
2000 ....................................
2001 ....................................
2002 ....................................

17
18
17
16
19
15

8
8
7
3
3
1

5
3
3
3
3
3

3
2
2
4
4
4

31
31
29
26
29
24

Capitalisation (*)
1997 ....................................
1998 ....................................
1999 ....................................
2000 ....................................
2001 ....................................
2002 ....................................

33,404
128,136
177,617
171,314
193,243
262,395

28,278
39,192
35,345
57,140
42,067
29,005

57,000
9,472
12,017
12,249
16,580
14,232

4,435
3,480
5,132
17,935
73,886
77,414

121,050
180,280
230,111
258,638
325,775
383,047

Trading volume (*)


1997 ....................................
1998 ....................................
1999 ....................................
2000 ....................................
2001 ....................................
2002 ....................................

6,232
1,605
28,000
8,791
7,461
8,324

2,092
7,501
487
735
2,507
2,533

8,751
2,650
2,200
7,891
8,637
4,789

27
992
410
898
6,260
2,252

17,880
12,747
31,097
18,315
24,865
17,899

(*) In thousands of euros

A.2.21. SECONDARY MARKETS. EQUITIES. EFFECTIVE TRADING


IN SPANISH SECURITIES ON THE NEW YORK STOCK EXCHANGE
$Mn
Year

BBVA

BSCH

Endesa

Repsol YPF

Telefnica

1991 .............
1992 .............
1993 .............
1994 .............
1995 .............
1996 .............
1997 .............
1998 .............
1999 .............
2000 .............
2001 .............
2002 .............

26.3
30.8
625.6
481.4
313.5
409.0
410.1
674.2
331.4
292.0
790.6
607.7

47.8
107.5
366.3
369.4
310.1
566.3
697.5
699.4
323.8
609.9
555.1
627.1

520.2
697.8
575.1
873.4
1,400.1
712.6
1,043.5
1,107.3
566.8
569.2
430.3
511.7

744.8
838.7
1,943.8
2,252.4
3,736.3
3,346.5
2,640.9
2,119.4
1,373.3
1,688.5
1,161.7
1,277.2

2,318.2
2,456.4
1,714.1
3,222.4
2,503.3
2,211.2
4,682.7
3,513.8
2,183.3
23,163.9
6,300.2
2,629.5

Telef. Mviles

Total

Pro memoria:
Mn

16.6
11.0
10.9

3,657.3
4,131.3
5,224.9
7,199.0
8,263.4
7,245.6
9,474.7
8,114.2
4,778.6
26,340.0
9,249.0
5,664.2

2,288.2
2,535.6
4,000.0
5,795.2
6,196.4
5,505.5
8,179.6
7,300.1
4,484.3
24,338.2
10,358.1
5,980.5

0.2
0.3
0.5

8.1
9.9
10.3
10.9
13.3
7.2
5.0
2.6
1.5
4.9
2.3
1.4

NYSE to Spanish market ratio (*)


1991 .............
1992 .............
1993 .............
1994 .............
1995 .............
1996 .............
1997 .............
1998 .............
1999 .............
2000 .............
2001 .............
2002 .............

1.6
10.1
17.9
21.3
14.9
7.8
4.3
3.1
1.2
0.4
1.5
0.9

3.2
5.4
12.2
10.1
17.7
10.6
6.4
2.9
0.7
1.1
1.2
0.9

53.3
43.4
23.4
15.7
26.8
7.6
4.9
3.3
1.8
1.8
1.8
2.0

65.1
22.7
43.6
40.0
49.9
33.9
15.0
12.4
5.1
5.1
3.8
4.6

Source: Madrid Stock Exchange.


(*) The total is compared with the total trading volume in the four Spanish stock exchanges.
Note: Annual average of monthly average exchange rate.

190

80.4
64.9
39.5
34.9
24.8
13.6
12.7
6.2
3.6
14.1
5.2
2.7

Annex 2: SECONDARY MARKETS

A.2.22. SECONDARY MARKETS. FIXED-INCOME.


TRADING VOLUME
Nominal trading in millions of euros

1999

2000

2001

Change (%)

2002

2000/99

2001/00

2002/01

Government debt book-entry system (*) .. 1,854,604.4 1,639,772.0 2,041,757.7 2,310,943.1


Bonds and debentures........................... 1,774,765.5 1,559,952.2 1,983,641.5 2,270,847.2
Treasury bills .......................................
79,838.9
79,819.8
58,116.2
40,095.9

11.6
12.1
0.0

24.5
27.2
27.2

13.2
14.5
31.0

Stock exchanges (**)................................


Electronic market ..................................
Outcry market ......................................

44,710.4
2,399.5
42,310.9

40,704.0
1,965.3
38,738.7

57,463.1
2,383.8
55,079.3

71,140.2
2,046.3
69,093.9

9.0
18.1
8.4

41.2
21.3
42.2

23.8
14.2
25.4

AIAF .........................................................
Commercial paper ................................
Matador bonds......................................
Mortgage bonds ....................................
Bonds and debentures...........................

85,765.8
25,577.5
2,234.2
1,738.4
56,215.7

100,758.8
47,342.4
1,140.6
2,260.4
50,015.5

143,732.8
100,812
2,001
2,100
38,820

272,470
212,702
3,458
4,164
52,146

17.5
85.1
49.0
30.0
11.0

42.7
112.9
75.4
7.1
22.4

89.6
111.0
72.8
98.3
34.3

(*) Includes only outright spot trades. Includes unstripped debt and STRIPS.
(**) Effective amount.
Sources: Bank of Spain, AIAF and CNMV.

A.2.23. SECONDARY MARKETS. FIXED-INCOME.


GOVERNMENT DEBT BOOK-ENTRY SYSTEM. OUTSTANDING BALANCES
Amounts in millions of euros

31-12-01
Amount

31-12-02
% of total

Amount

% of total

% change
2002-2001

Treasury bills....................................
Unsegregated bonds and
debentures .................................
STRIPS .............................................

35,584

13.0

35,831

12.6

0.7

226,715
11,647

82.8
4.3

235,029
12,582

82.9
4.4

3.7
8.0

TOTAL.............................................

273,946

100.0

283,442

100.0

3.5

Pro-memoria:
Interest STRIPS.................................

7,229

2.6

8,012.0

2.8

10.8

Source: Bank of Spain.

191

Annual report on the Securities Markets. 2002

A.2.24. SECONDARY MARKETS. FIXED-INCOME. GOVERNMENT DEBT


BOOK-ENTRY SYSTEM. TRADING VOLUME (OUTRIGHT SPOT TRADES)
Nominal amounts in millions of euros

Bonds and debentures


Treasury bills
Total (1)

Maturing under
1 year

Maturing
1-2 years

Maturing
2-4 years

Maturing over
4 years

1998................................................
1999................................................
2000................................................
2001................................................
2002................................................

100,554
79,839
79,820
58,116
40,096

1,653,950
1,774,765
1,559,952
1,983,641
2,270,847

76,187
75,618
80,327
75,031
179,855

79,628
107,920
61,732
222,720
114,683

375,078
388,767
344,487
397,529
417,820

1,123,057
1,202,460
1,073,406
1,288,361
1,558,490

January ............................................
February ..........................................
March..............................................
April ................................................
May .................................................
June .................................................
July ..................................................
August .............................................
September .......................................
October ...........................................
November .......................................
December........................................

3,432
2,452
3,513
2,352
3,037
3,190
3,909
5,935
2,326
2,673
2,555
4,723

169,351
134,278
169,401
148,773
174,499
148,365
190,455
174,007
218,789
337,805
225,169
179,954

18,214
13,843
14,758
14,567
15,884
13,231
21,670
12,858
12,220
13,115
17,196
12,299

11,866
5,037
9,579
6,535
5,832
6,140
3,975
13,460
6,813
8,815
20,462
16,168

34,525
25,804
32,133
27,703
38,833
37,258
40,673
35,341
33,586
50,809
34,679
26,475

104,745
89,594
112,931
99,968
113,951
91,735
124,137
112,348
166,171
265,066
152,832
125,012

Source: Bank of Spain.


(1) Includes unstripped government bonds and principal and interest STRIPS.

192

32
38
6
120

174

TOTAL.........................

2000

Commercial paper.......
Matador bonds ............
Mortgage bonds ..........
Debentures and bonds..

Segments

225

43
31
6
145

2001

Issuers

251

49
25
8
169

2002

1,843

1,308
203
15
317

2000

2,017

1,480
143
17
377

2001

Issues

1,990

1,459
56
22
453

2002

89,390.5

20,633.1
11,355.2
7,333.7
50,068.5

Amounts

2000

100.0

23.1
12.7
8.2
56.0

% of total

103,103.6

22,071.1
8,179.9
10,628.6
62,224.0

Amounts

2001

100.0

21.4
7.9
10.3
60.4

% of total

Outstanding balances

127,003.1

21,114.5
3,747.0
22,051.7
80,089.9

Amounts

2002

100.0

16.6
3.0
17.4
63.1

% of total

23.2

4.3
54.2
107.5
28.7

% change
2002/01

Amounts in millions of euros

A.2.25. SECONDARY MARKETS. FIXED-INCOME. AIAF. NUMBER OF ISSUERS AND ISSUES,


AND OUTSTANDING BALANCES AT 31/12

Annex 2: SECONDARY MARKETS

193

194

143,733

272,470

27,847
22,784
23,082
25,366
22,574
23,887
21,965
15,306
19,610
23,614
22,813
23,623

89.6

22.4
15.3

2001 ................................................

2002 ................................................

January.............................................
February...........................................
March ..............................................
April.................................................
May..................................................
June .................................................
July ..................................................
August..............................................
September........................................
October............................................
November........................................
December ........................................

Change 2002/01 % .........................

Pro memoria: proprietory


trading (%) ......................................
2001 ................................................
2002 ................................................

Total

86.3
94.7

72.8

228
148
245
314
323
366
316
309
327
375
347
160

3,458

2,001

Matador
bonds

9.7
3.8

-0.1

65
152
41
52
375
89
176
97
25
93
80
250

1,495

1,497

Simple
bonds

58.6
68.6

21.8

1,797
513
1,080
991
753
1,076
1,028
935
1,218
1,657
1,130
1,127

13,306

10,927

Simple
debentures

82.0
83.2

39.2

1,042
929
1,264
1,288
1,352
2,475
2,015
2,523
1,430
2,891
3,961
2,623

23,793

17,091

Mortgagebacked bonds

50.4
30.6

44.7

366
403
2,254
527
425
1,543
800
691
546
664
509
2,594

11,321

7,821

Nuclear sects.
bonds

6.8
4.9

98.3

319
113
242
138
530
377
203
75
650
781
425
311

4,164

2,100

Mortgage
bonds

4.9
2.3

119.8

22,706
19,819
16,948
21,013
18,022
17,097
16,684
10,372
14,722
16,394
15,836
15,926

205,540

93,503

Commercial
paper

17.4
12.7

-2.0

1,047
539
875
827
591
689
447
174
567
554
379
472

7,162

7,309

Securitised
comm. paper

0.3
2.4

50.4

276
168
132
217
203
175
295
129
125
206
146
159

2,231

1,484

Preference
shares

Nominal amounts in millions of euros

A.2.26. SECONDARY MARKETS. FIXED-INCOME. AIAF. TRADING VOLUME. 2002

Annual report on the Securities Markets. 2002

0.0
0.0
0.0
0.0
3,458.0
3,458.0
3,458.0

STATE .....................................................
AUTONOMOUS REGIONS ...................
LOCAL GOVERNMENTS .......................
OTHER GOVERNMENT AGENCIES.......
STATE BODIES .......................................
INTERNATIONAL BODIES .....................

TOTAL PUBLIC SECTOR..............................

TOTAL .........................................................

18
19
20
21
22
23

TOTAL FINANCIAL SECTOR .......................

14,801.3

2,476.6

1.8
410.0
352.9
1,711.9
0.0

3,297.5

61.9

0.0
0.0

2,804.6
430.5
0.5

BANKS ...................................................
INSURANCE ..........................................
PORTFOLIO COMPANIES .....................
SIM ........................................................
FINANCE COMPANIES ..........................
SECURITIES FIRMS..................................

0.0
0.0
0.0

8.5
6,357.8

0.0
0.0

12
13
14
15
16
17

2.8

0.0

9,027.2

0.0

2,658.1

0.0

0.0

Bonds and
debentures

0.0

OIL.........................................................
ENERGY & WATER.................................
MINING & BASE METALS ......................
CEMENT & CONSTRUCTION
MATERIALS ............................................
CHEMICALS...........................................
TEXTILE & PAPER...................................
METAL-MECHANICAL ...........................
FOOD....................................................
CONSTRUCTION ..................................
REAL ESTATE..........................................
TRANSPORT & COMMUNICATIONS......
OTHER...................................................

Matador
bonds

TOTAL NON-FINANCIAL SECTOR .............

4
5
6
7
8
9
10
11

0
1
2
3

Sector

23,792.8

0.0

0.0
0.0
0.0
0.0
0.0

23,792.8

23,792.8

0.0
0.0
0.0

0.0

0.0
0.0

0.0

0.0

0.0

11,320.8

0.0

0.0
0.0
0.0
0.0
0.0

11,320.8

11,320.8

0.0
0.0
0.0

0.0

0.0
0.0

0.0

0.0

0.0

MortgageNuclear
backed bonds sects. bonds

4,164.0

0.0

0.0
0.0
0.0
0.0
0.0

4,164.0

0.0

4,164.0
0.0
0.0

0.0

0.0
0.0

0.0

0.0

0.0

Mortgage
bonds

205,539.6

3,619.4

0.0
0.0
0.0
2,785.0
834.4

191,721.7

578.4

191,143.3
0.0
0.0

10,198.5

658.7
2,585.1

0.0

0.0

6,954.7

Commercial
paper

7,162.0

0.0

0.0
0.0
0.0
0.0
0.0

7,162.0

7,162.0
0.0

0.0
0.0
0.0

0.0

0.0
0.0

0.0

0.0

0.0

Securitised
comm. paper

2,231.4

0.0

0.0
0.0
0.0
0.0
0.0

2,231.4

2,231.4
0.0

0.0
0.0
0.0

0.0

0.0
0.0
0.0

0.0

0.0

0.0

Preference
shares

272,469.9

9,554.0

0.0
1.8
410.0
352.9
4,496.9
4,292.4

243,690.2

198,111.9
430.5
0.5
0.0
45,147.4

100.0

3.5

0.0
0.0
0.2
0.1
1.7
1.6

89.4

72.7
0.2
0.0
0.0
16.6

7.1

0.0
0.0
0.0
0.0
0.0
0.0
0.2
3.3
0.0

0.0
0.0
0.0
0.0
2.8
0.0
667.2
8,942.9
0.0
19,225.7

0.0
3.5
0.0

%
0.0
9,612.8
0.0

Mn

Total AIAF

Nominal amounts in millions of euros

A.2.27. SECONDARY MARKETS. FIXED-INCOME. AIAF. TRADING VOLUME BY SECTOR. 2002

Annex 2: SECONDARY MARKETS

195

Annual report on the Securities Markets. 2002

A.2.28. SECONDARY MARKETS. FIXED-INCOME. STOCK EXCHANGES.


NUMBER OF ISSUERS AND ISSUES, AND LISTED CAPITAL AT 31/12
MADRID

BARCELONA

BILBAO

VALENCIA

TOTAL

Number of issuers ...................


1996 .......................................
1997 .......................................
1998 .......................................
1999 .......................................
2000 .......................................
2001 .......................................
2002 .......................................

126
117
95
61
73
51
41

81
69
65
91
81
54
47

86
72
67
93
81
55
49

56
54
52
84
77
53
45

153
142
115
110
95
63
58

Number of issues
1996 .......................................
1997 .......................................
1998 .......................................
1999 .......................................
2000 .......................................
2001 .......................................
2002 .......................................

683
753
657
569
454
267
176

553
508
477
584
491
272
200

569
477
405
513
420
274
192

503
451
410
546
469
285
221

851
937
835
764
636
299
260

Listed capital (Mn)


1996 .......................................
1997 .......................................
1998 .......................................
1999 .......................................
2000 .......................................
2001 .......................................
2002 .......................................

17,963
16,929
13,998
13,265
10,419
9,174
7,181

10,813
8,988
8,204
14,934
14,197
9,250
34,917

15,211
11,567
9,286
12,537
10,428
9,237
8,020

9,320
7,036
5,806
11,609
10,673
10,501
8,824

22,424
22,016
19,851
20,521
18,266
10,639
37,398

Excluding securities listed on the Government Debt Book-Entry market, even where they could be traded on the stock exchange.

196

10
16
0
1
0
0
0
17
1
0
1
4
2
6
14
41

TOTAL NON-FINANCIAL SECTOR ....................................

BANKS..........................................................................
INSURANCE .................................................................
PORTFOLIO COMPANIES ............................................
SIM ...............................................................................
FINANCE COMPANIES.................................................
SECURITIES FIRMS .......................................................

TOTAL FINANCIAL SECTOR..............................................

STATE............................................................................
AUTONOMOUS REGIONS..........................................
LOCAL GOVERNMENTS ..............................................
OTHER GOVERNMENT AGENCIES .............................
STATE BODIES..............................................................
INTERNATIONAL BODIES............................................

12
13
14
15
16
17

18
19
20
21
22
23

TOTAL PUBLIC SECTOR ....................................................

TOTAL ................................................................................

Excluding warrant issues and references listed on the Government Debt Book-Entry market.

0
2
1
0
2
0
0
0
0
0
4
1

Madrid
Stock Exchange

OIL ...............................................................................
ENERGY & WATER .......................................................
MINING & BASE METALS.............................................
CEMENT & CONSTRUCTION MATERIALS...................
CHEMICALS .................................................................
TEXTILE & PAPER .........................................................
METAL-MECHANICAL..................................................
FOOD ..........................................................................
CONSTRUCTION.........................................................
REAL ESTATE ................................................................
TRANSPORT & COMMUNICATIONS ..........................
OTHER .........................................................................

0
1
2
3
4
5
6
7
8
9
10
11

Sector

47

17

1
1
2
5
2
6

20

18
0
1
0
1
0

10

0
2
1
0
2
0
0
0
0
0
4
1

Barcelona
Stock Exchange

49

19

1
1
4
5
2
6

18

17
0
1
0
0
0

12

0
2
2
0
2
0
0
0
0
0
5
1

Bilbao
Stock Exchange

45

15

1
1
1
4
2
6

20

19
0
1
0
0
0

10

0
2
1
0
2
0
0
0
0
0
4
1

Valencia
Stock Exchange

58

22

1
3
4
6
2
6

24

22
0
1
0
1
0

12

0
2
2
0
2
0
0
0
0
0
5
1

Total market

A.2.29. SECONDARY MARKETS. FIXED-INCOME. STOCK EXCHANGES.


ISSUERS BY SECTOR. 2002

41

14

1
0
1
4
2
6

17

16
0
1
0
0
0

10

0
2
1
0
2
0
0
0
0
0
4
1

Electronic market

All stock exchanges

19

0
3
3
2
0
0

8
0
0
0
1
0

0
0
1
0
0
0
0
0
0
0
1
0

Outcry market

Number of issuers

Annex 2: SECONDARY MARKETS

197

198
26
66
0
1
0
0
0
67
8
0
2
8
33
32
83
176

TOTAL NON-FINANCIAL SECTOR ....................................

BANKS..........................................................................
INSURANCE .................................................................
PORTFOLIO COMPANIES ............................................
SIM ...............................................................................
FINANCE COMPANIES.................................................
SECURITIES FIRMS .......................................................

TOTAL FINANCIAL SECTOR..............................................

STATE............................................................................
AUTONOMOUS REGIONS..........................................
LOCAL GOVERNMENTS ..............................................
OTHER GOVERNMENT AGENCIES .............................
STATE BODIES..............................................................
INTERNATIONAL BODIES............................................

12
13
14
15
16
17

18
19
20
21
22
23

TOTAL PUBLIC SECTOR ....................................................

TOTAL ................................................................................

Excluding warrant issues and references listed on the Government Debt Book-Entry market.

0
8
1
0
2
0
0
0
0
0
13
2

Madrid
Stock Exchange

OIL ...............................................................................
ENERGY & WATER .......................................................
MINING & BASE METALS.............................................
CEMENT & CONSTRUCTION MATERIALS...................
CHEMICALS .................................................................
TEXTILE & PAPER .........................................................
METAL-MECHANICAL..................................................
FOOD ..........................................................................
CONSTRUCTION.........................................................
REAL ESTATE ................................................................
TRANSPORT & COMMUNICATIONS ..........................
OTHER .........................................................................

0
1
2
3
4
5
6
7
8
9
10
11

Sector

200

100

8
13
4
10
33
32

74

68
0
1
0
5
0

26

0
8
1
0
2
0
0
0
0
0
13
2

Barcelona
Stock Exchange

192

93

8
4
7
9
33
32

71

70
0
1
0
0
0

28

0
8
2
0
2
0
0
0
0
0
14
2

Bilbao
Stock Exchange

221

109

8
26
2
8
33
32

86

85
0
1
0
0
0

26

0
8
1
0
2
0
0
0
0
0
13
2

Valencia
Stock Exchange

260

135

8
43
8
11
33
32

97

91
0
1
0
5
0

28

0
8
2
0
2
0
0
0
0
0
14
2

Total market

A.2.30. SECONDARY MARKETS. FIXED-INCOME. STOCK EXCHANGES.


ISSUES LISTED BY SECTOR. 2002

176

83

8
0
2
8
33
32

67

66
0
1
0
0
0

26

0
8
1
0
2
0
0
0
0
0
13
2

Electronic market

All stock exchanges

84

52

0
43
6
3
0
0

30

25
0
0
0
5
0

0
0
1
0
0
0
0
0
0
0
1
0

Outcry market

Number of issues

Annual report on the Securities Markets. 2002

5,417,243
7,181,467

TOTAL PUBLIC SECTOR ....................................................

TOTAL ................................................................................

Excluding warrant issues and references listed on the Government Debt Book-Entry market.

1,868
0
83
336,774
273,839
4,804,679

STATE............................................................................
AUTONOMOUS REGIONS..........................................
LOCAL GOVERNMENTS ..............................................
OTHER GOVERNMENT AGENCIES .............................
STATE BODIES..............................................................
INTERNATIONAL BODIES............................................

757,545

TOTAL FINANCIAL SECTOR..............................................

18
19
20
21
22
23

757,373
0
172
0
0
0

BANKS..........................................................................
INSURANCE .................................................................
PORTFOLIO COMPANIES ............................................
SIM ...............................................................................
FINANCE COMPANIES.................................................
SECURITIES FIRMS .......................................................

1,006,680

TOTAL NON-FINANCIAL SECTOR ..................................

12
13
14
15
16
17

0
54,687
232
0
124
0
0
0
0
0
876,636
75,000

Madrid
Stock Exchange

OIL ...............................................................................
ENERGY & WATER .......................................................
MINING & BASE METALS.............................................
CEMENT & CONSTRUCTION MATERIALS...................
CHEMICALS .................................................................
TEXTILE & PAPER .........................................................
METAL-MECHANICAL..................................................
FOOD ..........................................................................
CONSTRUCTION.........................................................
REAL ESTATE ................................................................
TRANSPORT & COMMUNICATIONS ..........................
OTHER .........................................................................

0
1
2
3
4
5
6
7
8
9
10
11

Sector

10,038,718

7,802,368

1,868
2,345,044
164
376,774
273,839
4,804,679

1,229,671

832,499
0
172
0
397,000
0

1,006,680

0
54,687
232
0
124
0
0
0
0
0
876,636
75,000

Barcelona
Stock Exchange

8,145,214

6,293,602

1,868
581,769
264,622
366,824
273,839
4,804,679

844,838

844,666
0
172
0
0
0

1,006,774

0
54,687
292
0
124
0
0
0
0
0
876,670
75,000

Bilbao
Stock Exchange

8,823,540

5,624,621

1,868
207,378
83
336,774
273,839
4,804,679

2,192,239

2,192,067
0
172
0
0
0

1,006,680

0
54,687
232
0
124
0
0
0
0
0
876,636
75,000

Valencia
Stock Exchange

12,644,481

8,886,048

1,868
3,134,191
264,647
406,824
273,839
4,804,679

2,751,659

2,354,487
0
172
0
397,000
0

1,006,774

0
54,687
292
0
124
0
0
0
0
0
876,670
75,000

Total market

A.2.31. SECONDARY MARKETS. FIXED-INCOME. STOCK EXCHANGES.


OUTSTANDING BALANCES LISTED BY SECTOR. 2002

7,181,467

5,417,243

1,868
0
83
336,774
273,839
4,804,679

757,545

757,373
0
172
0
0
0

1,006,680

0
54,687
232
0
124
0
0
0
0
0
876,636
75,000

Electronic market

All stock exchanges

5,463,013

3,468,805

0
3,134,191
264,564
70,051
0
0

1,994,114

1,597,114
0
0
0
397,000
0

94

0
0
60
0
0
0
0
0
0
0
34
0

Outcry market

Thousands of euros

Annex 2: SECONDARY MARKETS

199

Annual report on the Securities Markets. 2002

A.2.32. SECONDARY MARKETS. FIXED-INCOME. STOCK EXCHANGES.


CONVERTIBLE ISSUES. NUMBERS AND LISTED CAPITAL AT 31/12
Capital in thousands of euros

Total

Madrid

Barcelona

Bilbao

Valencia

ISSUES
Financial institutions
1997....................................
1998....................................
1999....................................
2000....................................
2001....................................
2002....................................

0
1
3
3
3
2

0
1
3
3
3
2

0
1
3
3
3
2

0
1
3
3
3
2

0
0
3
3
3
2

Non-financial companies
1997....................................
1998....................................
1999....................................
2000....................................
2001....................................
2002....................................

11
7
5
5
2
3

11
7
5
5
2
3

6
4
5
5
2
3

6
4
5
5
2
3

1
0
5
5
2
3

TOTAL.....................................
1997....................................
1998....................................
1999....................................
2000....................................
2001....................................
2002....................................

11
8
8
8
5
5

11
8
8
8
5
5

6
5
8
8
5
5

6
5
8
8
5
5

1
0
8
8
5
5

LISTED CAPITAL......................
Financial institutions
1997....................................
1998....................................
1999....................................
2000....................................
2001....................................
2002....................................

0
126
719,579
251,204
206,803
71,024

0
126
719,579
251,204
206,803
71,024

0
126
719,579
251,204
206,803
71,024

0
126
719,579
251,204
206,803
71,024

0
0
719,579
251,204
206,803
71,024

Non-financial companies
1997....................................
1998....................................
1999....................................
2000....................................
2001....................................
2002....................................

114,322
70,913
55,973
19,529
1,427
75,689

114,322
70,913
55,973
19,529
1,427
75,689

102,164
59,524
55,973
19,529
1,427
75,689

74,675
7,807
55,973
19,529
1,427
75,689

67,614
0
55,973
19,529
1,427
75,689

TOTAL
1997....................................
1998....................................
1999....................................
2000....................................
2001....................................
2002....................................

114,322
71,040
775,552
270,733
208,230
146,713

114,322
71,040
775,552
270,733
208,230
146,713

102,164
59,650
775,552
270,733
208,230
146,713

74,675
7,933
775,552
270,733
208,230
146,713

67,614
0
775,552
270,733
208,230
146,713

200

Annex 2: SECONDARY MARKETS

A.2.33. SECONDARY MARKETS. FIXED-INCOME. STOCK EXCHANGES.


EFFECTIVE TRADING VOLUME. 2002
Amounts in millions of euros

Total

Electronic
market (1)

Total
outcry

Outcry market (2)


Barcelona

Bilbao

Valencia

Pro memoria
E.M. share
(%) (3)

1997 ....................
1998 ....................
1999 ....................
2000 ....................
2001 ....................
2002 ....................

54,219.6
53,238.0
44,908.9
40,704.0
57,463.1
71,140.2

25,546.7
2,607.5
2,598.0
1,965.3
2,383.8
2,046.3

28,672.9
50,630.5
42,310.9
38,738.7
55,079.3
69,093.9

10,468.7
23,136.4
28,615.0
30,729.0
50,498.8
64,626.8

17,965.0
27,211.8
13,405.6
7,440.1
4,142.8
4,194.9

239.2
282.3
290.3
569.6
437.6
272.3

47.1
4.9
5.8
4.8
4.1
2.9

January.................
February...............
March ..................
April.....................
May......................
June......................
July.......................
August..................
September............
October................
November............
December ............

5,356.8
5,253.4
5,867.7
6,574.9
5,710.0
5,474.5
7,067.6
6,145.4
6,220.6
6,780.1
5,741.4
4,947.8

148.2
109.7
112.6
130.7
148.4
273.0
191.6
108.1
143.3
175.4
287.8
217.6

5,208.6
5,143.8
5,755.1
6,444.2
5,561.7
5,201.5
6,876.1
6,037.3
6,077.3
6,604.7
5,453.6
4,730.2

4,915.7
4,859.1
5,528.0
6,190.2
5,238.7
4,904.6
6,382.1
5,686.7
5,679.9
6,175.2
4,963.5
4,103.0

271.9
267.2
197.6
230.9
290.2
268.6
475.0
342.0
378.5
407.3
475.7
590.1

21.0
17.5
29.4
23.1
32.8
28.3
19.0
8.7
18.9
22.2
14.3
37.1

2.8
2.1
1.9
2.0
2.6
5.0
2.7
1.8
2.3
2.6
5.0
4.4

Change (%) .........


1998 / 97 .............
1999 / 98 .............
2000 / 99 .............
2001 / 00 .............
2002 / 01 .............

1.8
15.6
9.4
41.2
23.8

89.8
0.4
24.4
21.3
14.2

76.6
16.4
8.4
42.2
25.4

121.0
23.7
7.4
64.3
28.0

51.5
50.7
44.5
44.3
1.3

18.0
2.8
96.2
23.2
37.8

Share (%).............
1998 ....................
1999 ....................
2000 ....................
2001 ....................
2002 ....................

100.0
100.0
100.0
100.0
100.0

4.9
5.8
4.8
4.1
2.9

95.1
94.2
95.2
95.9
97.1

43.5
63.7
75.5
87.9
90.8

51.1
29.9
18.3
7.2
5.9

0.5
0.6
1.4
0.8
0.4

(1) Includes fixed-income warrant trading. 198 million in 1999, 902 million in 2000, 1.636 billion in 2001 and 1.232 billion in 2002
(2) All fixed-income trading on the Madrid Exchange is conducted in the electronic market.
(3) Percentage of total fixed-income trading. E.M.: Electronic Market.

201

202
419.2

0.4

0.4
0.0
0.0
0.0
0.0
0.0

Excluding fixed-income warrant trading.

100.0

369.0

259.3
0.0
0.0
0.0
159.9
0.0

0.9

0.0
0.3
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.5
0.0

1998

TOTAL ............................................................... 53,088.0 44,710.5 39,802.4 55,827.1 69,813.6

753.7

358.2
0.0
0.0
0.0
10.8
0.0

183.0

0.0
58.4
0.0
0.0
0.0
0.9
0.0
0.0
0.0
0.0
123.7
0.0

2002

98.7

910.6

753.7
0.0
0.0
0.0
0.0
0.0

136.2

0.0
15.7
0.0
0.0
0.0
2.8
0.0
0.0
0.0
0.0
117.7
0.0

2001

TOTAL PUBLIC SECTOR.................................... 52,377.5 43,076.0 38,842.4 55,321.9 69,211.4

237.4

TOTAL FINANCIAL SECTOR .............................

910.6
0.0
0.0
0.0
0.0
0.0

206.3

0.0
16.8
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
189.3
0.0

2000

1.0
95.4
0.3
0.3
0.7
0.9

236.3
0.0
0.0
0.0
0.0
1.0

BANKS.........................................................
INSURANCE ................................................
PORTFOLIO COMPANIES ...........................
SIM ..............................................................
FINANCE COMPANIES ................................
SECURITIES FIRMS.......................................

12
13
14
15
16
17

723.9

0.0
36.6
0.3
0.0
0.0
0.0
0.0
0.3
0.0
17.9
668.8
0.0

1999

Millions of euros

STATE...........................................................
551.6
162.0
58.6
58.6
62.6
AUTONOMOUS REGIONS ......................... 50,651.2 42,076.3 38,297.5 54,659.8 68,710.3
LOCAL GOVERNMENTS .............................
147.0
127.6
21.7
152.3
62.0
OTHER GOVERNMENT AGENCIES.............
167.9
149.6
170.3
187.7
96.7
STATE BODIES .............................................
376.1
74.1
121.5
75.1
222.6
INTERNATIONAL BODIES ...........................
483.8
486.3
172.8
188.4
57.2

473.2

TOTAL NON-FINANCIAL SECTOR ...................

18
19
20
21
22
23

0.1
143.2
4.1
0.0
0.0
6.7
0.0
0.4
0.0
28.6
290.0
0.0

1998

OIL...............................................................
ENERGY & WATER ......................................
MINING & BASE METALS............................
CEMENT & CONSTRUCTION MATERIALS..
CHEMICALS.................................................
TEXTILE & PAPER.........................................
METAL-MECHANICAL .................................
FOOD..........................................................
CONSTRUCTION ........................................
IREAL ESTATE...............................................
TRANSPORT & COMMUNICATIONS..........
OTHER.........................................................

0
1
2
3
4
5
6
7
8
9
10
11

Sector

100.0

96.3

0.4
94.1
0.3
0.3
0.2
1.1

2.0

2.0
0.0
0.0
0.0
0.0
0.0

1.6

0.0
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1.5
0.0

1999

100.0

97.6

0.1
96.2
0.1
0.4
0.3
0.4

1.9

1.9
0.0
0.0
0.0
0.0
0.0

0.5

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.5
0.0

2000

100.0

99.1

0.1
97.9
0.3
0.3
0.1
0.3

0.7

0.6
0.0
0.0
0.0
0.0
0.0

0.2

0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.2
0.0

2001

% of total trading

100.0

99.1

0.1
98.4
0.1
0.1
0.3
0.1

0.6

0.4
0.0
0.0
0.0
0.2
0.0

0.3

0.0
0.1
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.2
0.0

2002

A.2.34. SECONDARY MARKETS. FIXED-INCOME. STOCK EXCHANGES.


TRADING VOLUME BY SECTOR

15.8

17.8

70.6
16.9
13.2
10.9
80.3
0.5

283.7

285.3

100.0
95.5

53.0

-100.0
74.5
93.7

88.7
100.0
92.8
29.5

37.3
130.7

11.0

9.8

63.8
9.0
83.0
13.8
63.9
64.5

17.2

17.2

62.1

100.0

71.5

54.0
42.6

74.9

48.3
100.0

100.0
71.7
100.0

1999/98 2000/99

34.4

271.9
45.8

50.3
66.9
100.0

5.1

40.3

42.4

0.1
42.7
601.4
10.2
38.2
9.0

51.0

25.1

25.1

6.9
25.7
59.3
48.4
196.3
69.7

13.6

52.5
27.6

35.5
68.4

1,377.5

34.0

6.6
81.9

297.3

57.8

37.8

2001/00 2002/01

Year-on-year change %

Amounts in millions of euros

Annual report on the Securities Markets. 2002

Annex 2: SECONDARY MARKETS

A.2.35. SECONDARY MARKETS. FIXED-INCOME. STOCK EXCHANGES.


TRADING VOLUME BY ISSUER. 2002
Number of issuers required to attain a given percentage of trading
Sector
25%

50%

75%

90%

OIL..................................................................................
ENERGY & WATER..........................................................
MINING & BASE METALS ...............................................
CEMENT & CONSTRUCTION MATERIALS .....................
CHEMICALS....................................................................
TEXTILE & PAPER ............................................................
METAL-MECHANICAL ....................................................
FOOD .............................................................................
CONSTRUCTION ...........................................................
REAL ESTATE ...................................................................
TRANSPORT & COMMUNICATIONS .............................
OTHER ............................................................................

0
1
1
0
1
1
0
0
0
0
1
0

0
1
1
0
1
1
0
0
0
0
2
0

0
1
1
0
1
1
0
0
0
0
2
0

0
2
1
0
1
1
0
0
0
0
3
0

0
3
2
0
1
1
0
0
0
0
4
0

TOTAL NON-FINANCIAL SECTOR.......................................

11

12
13
14
15
16
17

BANKS ............................................................................
INSURANCE....................................................................
PORTFOLIO COMPANIES...............................................
SIM..................................................................................
FINANCE COMPANIES ...................................................
SECURITIES FIRMS ..........................................................

1
0
1
0
1
0

2
0
1
0
1
0

4
0
1
0
1
0

9
0
1
0
1
0

22
0
1
0
1
0

TOTAL FINANCIAL SECTOR.................................................

24

18
19
20
21
22
23

STATE ..............................................................................
AUTONOMOUS REGIONS ............................................
LOCAL GOVERNMENTS.................................................
OTHER GOVERNMENT AGENCIES ................................
STATE BODIES ................................................................
INTERNATIONAL BODIES ..............................................

1
1
1
1
1
1

1
1
1
2
1
1

1
1
1
3
2
1

1
1
1
4
2
1

1
3
1
6
2
5

TOTAL PUBLIC SECTOR .......................................................

18

TOTAL...................................................................................

53

0
1
2
3
4
5
6
7
8
9
10
11

Excluding fixed-income warrant trading.


Pro memoria: list of main issuers in terms of trading volume in 2002.
1. Catalua government ........................................................................
2. Basque government............................................................................

100%

92.31%
5.90%

203

Annual report on the Securities Markets. 2002

A.2.36. SECONDARY MARKETS. FIXED-INCOME. STOCK EXCHANGES.


TRADING VOLUME BY ISSUE. 2002
Number of issuers required to attain a given percentage of trading
Sector
25%

50%

75%

90%

100%

OIL..................................................................................
ENERGY & WATER..........................................................
MINING & BASE METALS ...............................................
CEMENT & CONSTRUCTION MATERIALS .....................
CHEMICALS....................................................................
TEXTILE & PAPER ............................................................
METAL-MECHANICAL ....................................................
FOOD .............................................................................
CONSTRUCTION ...........................................................
REAL ESTATE ...................................................................
TRANSPORT & COMMUNICATIONS .............................
OTHER ............................................................................

0
1
1
0
1
1
0
0
0
0
2
0

0
1
1
0
1
1
0
0
0
0
4
0

0
1
1
0
1
1
0
0
0
0
6
0

0
2
1
0
1
1
0
0
0
0
9
0

0
8
2
0
1
1
0
0
0
0
14
0

TOTAL NON-FINANCIAL SECTOR.......................................

10

26

12
13
14
15
16
17

BANKS ............................................................................
INSURANCE....................................................................
PORFOLIO COMPANIES.................................................
SIM..................................................................................
FINANCE COMPANIES ...................................................
SSECURITIES FIRMS ........................................................

3
0
1
0
1
0

8
0
1
0
1
0

15
0
1
0
2
0

32
0
1
0
3
0

92
0
1
0
5
0

TOTAL FINANCIAL SECTOR.................................................

14

28

98

18
19
20
21
22
23

STATE ..............................................................................
AUTONOMOUS REGIONS ............................................
LOCAL GOVERNMENTS.................................................
OTHER GOVERNMENT AGENCIES ................................
STATE BODIES ................................................................
INTERNATIONAL BODIES ..............................................

5
1
1
1
1
2

12
2
1
2
2
3

25
6
1
4
3
6

39
13
2
6
4
9

70
113
3
10
14
24

TOTAL PUBLIC SECTOR .......................................................

13

234

TOTAL...................................................................................

14

358

0
1
2
3
4
5
6
7
8
9
10
11

Excluding fixed-income warrant trading.

204

Annex 2: SECONDARY MARKETS

A.2.37. SECONDARY MARKETS. STOCK EXCHANGES AND SCLV.


MARGIN TRADING AND STOCK LOANS. 2002
Amounts in thousands of euros

Margin trading (1)


Outstanding balances (3)

Stock loans (2)


Trading

Purchases

Outstanding balances

Purchases

Sales

Sales

1998.....................
1999.....................
2000.....................
2001.....................
2002.....................

23,668
32,606
54,687
43,114
31,452

3,588
6,013
4,400
8,531
7,758

810,770
677,184
1,121,315
534,132
382,859

125,392
167,512
151,422
174,106
161,211

7,581,431
10,439,268
12,101,952
20,141,394
14,125,307

January .................
February ...............
March...................
April .....................
May......................
June......................
July.......................
August ..................
September ............
October................
November ............
December ............

39,493
36,661
48,318
41,597
39,358
35,544
35,937
31,958
28,583
27,934
33,950
31,452

7,551
9,736
8,705
7,968
8,336
6,382
8,251
8,942
7,653
10,589
12,925
7,758

35,352
31,263
44,020
29,129
32,207
27,573
38,283
28,056
26,230
31,097
33,488
26,161

16,704
14,528
11,149
11,116
9,609
11,358
17,042
14,218
13,737
17,236
16,849
7,665

20,672,833
15,405,104
16,634,668
18,733,726
14,897,483
16,272,365
14,619,159
10,597,792
9,794,058
12,720,435
13,638,023
14,125,307

Trading
Amounts

% of EM
vol. (5)

2.3