Spain’s stock and derivatives exchange operator, Bolsas y Mercados Españoles (BME) has made a virtue out of its relatively small size – in global terms – since it was formed in 2002 through the combination of four regional exchanges, including Madrid.

The fourth largest exchange operator in Europe, BME has enjoyed a long run of growth, partly by acting as the capital formation venue for budding Spanish companies. Compound annual growth in net profit was 39 per cent in the three years to 2007.