Spain’s BME asks for authorisation to launch fund platform
Bolsas y Mercados Españoles (BME), the Spanish exchange operator, has reportedly asked for authorisation to launch a platform for mutual funds.
The authorisation was requested to the Spanish financial regulator CNMV and the new fund platform is expected to be launched by the end of this year, El Confidencial has reported.
BME declined to comment to InvestmentEurope and a spokesperson for CNMV said the financial regulator won’t make any official announcement until an eventual authorisation is issued.
The new fund platform project was announced in 2015, when BME said it planned to set up a subscription, redemption and transfer fund platform in order to diversify its business.
The company said the platform would be open to all types of investors, market members and collective investment institutions. It would also be compatible with other fund distribution platforms in Spain, said the BME.
The initiative is aimed at national and international mutual funds that are registered with the Spanish regulator, but so far only those whose currency is the euro will be allowed to register, Beatriz Alonso, deputy director of equities at BME told local media in April this year.
The new platform, which builds on an existing service to Sicavs and exchange-traded funds, will allow market participants to access a wide distribution network, automated order handling and transparency offered by the Spanish stock exchange.