Bolsas y Mercados Españoles (BME), the operator of all stock markets and financial systems in Spain, has reported its consolidated results for the six months ending June 30, 2018, which saw mixed flows across various segments including clearing services, derivatives, and stocks markets among many others.
For H1 2018, BME revealed that revenues pointed lower, coming in at €154 million ($180 million), down 6.3 percent year-over-year compared to H1 2017.
Stripping out the effect of extraordinary costs and those associated with the reform of clearing and settlement in Spain, operating costs in the first half increased by 6.1 percent over a yearly basis to €57.7 million ($67.3 million).
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In terms of BME’s EBITDA for H1 2018, the figure amounted to €96.2 million ($112.2 million) – this represents a drop of 12.5 percent year-over-year from H1 2017.
Mixed turnover metrics
The main management indicators were also mixed at the end of June 2018 in year on year terms. The efficiency ratio was higher 4.4 points to 37.5 percent while the Return on Equity (ROE) was lower 4.3 points to 33.1 percent, compared to a year ago.
Finally, BME reported a net profit of €71.3 million ($83 million) in the first half of 2018, down 11.2 percent from H1 2017.
Delving into volumes metrics, the Spanish Stock Exchange revealed that equity trading volume pointed lower in the second quarter, coming in at €191.2 billion, down 6.3 percent compared to Q2 2017’s figures. Across a quarterly interval, however, the trading volume in Q2 2018 was higher by a factor of 30 percent when compared with the first quarter.