Stock exchanges
Number of listed companies
Domestic market capitalization
million US$

Bolsas y Mercados Españoles (BME)

Name Bolsas y Mercados Españoles (BME)
Country Spain
Number of listed companies 2504
Domestic market capitalization 1024803 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

ESG reporting required as a listing rule Yes

  • Spanish companies and, therefore, BME’s listed companies, are under the scope of Directive 2014/95/EU “Non-Financial Reporting Directive (NFRD)”. According to this, large companies which are public-interest entities exceeding on their balance sheet dates the criterion of the average number of 500 employees during the financial year shall include in the management report a non-financial statement containing information to the extent necessary for an understanding of the company’s development, performance, position and impact of its activity, relating to, as a minimum, environmental, social and employee matters, respect for human rights, anti-corruption and bribery matters.

Has written guidance on ESG reporting Yes

Offers ESG related training Yes

  • Instituto BME, covers ESG and Sustainability issues in its mFIA Master Degree (consisting of 640 lecture hours). It is covered within the Ethics module and two chapters about Socially Responsible Investments and ESG are also included. Information found here.
  • Instituto BME also has issued in 2022 a specific course about Sustainable Financing in which the different sustainable financing products and their basic characteristics are explained during 60 hours. Information found here.
  • BME co-hosted with the SSE initiative, TCFD training sessions in February 2023, in collaboration with IFC and CDP. (source)

Market covered by sustainability-related index Yes

Has sustainability bond listing segment Yes

Has SME listing platform Yes

Women on boards mandatory minimum rule Yes

Additional information
BME has taken part in the Sustainable Stock Exchanges initiative since 2016. The company encourages the issuers of securities and the new companies listed on the markets and systems managed by BME to report non-financial, social and corporate governance information in their periodic reports.

As SSE member, BME celebrates the Ring the Bell for Gender Equality since 2018.

Organizational model of stock exchange
  • Private company for profit; demutualized in 2001.

BME was incorporated in 2001. It was a listed company from 2006 to 2020, when it was excluded after being acquired by SIX Group. BME structured its business in this units: Equity, Fixed-Income, Derivatives, Clearing, Settlement, Market Data and Value Added Services. As a Financial Markets Infrastructure, BME is regulated by the Comisión Nacional del Mercado de Valores (CNMV).

Regulatory bodies

Regulatory model
Limited Exchange Self-Regulatory Organization (SRO) Model

  • The Comisión Nacional del Mercado de Valores (CNMV) acts as the supervisory body for capital markets in Spain. The CNMV possesses the authority to impose changes in the markets and continuously monitors the BME Group. As such, the exchange wields limited regulatory authority although it is still considered to be self-regulated.

About the stock exchange
  • BME is the operator of all stock markets and financial systems in Spain. It is part of SIX Group, the third largest exchange group in Europe. The company has presence in Madrid, Barcelona, Bilbao and Valencia.

Criteria for Stock Exchange Database

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.


Criteria Considered

Country Country of primary residence or registration
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include:

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.