Global Markets

This unit handles the origination, structuring, distribution and risk management of market products traded through markets in Europe, Asia and the Americas.

In 2010, GM has continued with its geographical diversification by extending its product and distribution capacities in the main international financial centers. Currently, 67.4% of its revenues are generated outside Spain. In order to continue with its globalization process, the unit is strengthening its international presence with significant investments in technology and innovation and the recruitment of highly experienced professionals, basically in New York, Hong Kong and London markets.

There has been exponential growth on the Asian, New York and Latin American trading floors (particularly Chile). In Europe, despite the difficult market environment, the trading floors of Dusseldorf and Lisbon grew at over double-digit rates. In addition, cross-border business has continued to improve thanks to the global nature of the products and closer cooperation between teams.

GM continues to improve the model of added value it provides customers by offering them the best investment, financing and risk coverage solutions. Customer income grew by 20.3% in 2010 and contributes 79.3% of the total. By type of customer, the largest increases have been in institutional investors; and by underlying asset, there has been a notable increase in equity.

The unit has consolidated its leading position as top broker in Spanish equities. Its market share was 21.4% as of 31-Dec-2010, a rise of 9.6 percentage points over the last two years. The unit continues to head product innovation in Latin America, with the launch on the Mexican stock exchange of a new Exchange Traded Fund (ETF) called BRTRAC. It holds all the common stocks of the BMV Brasil 15 index and is the first index constructed by the Mexican Stock Exchange with foreign securities. The project gives further proof the close and continued working relationship between this unit and AM.

Finally, it is worth highlighting the many awards and recognitions the unit has obtained in 2010, as included in the accompanying table.

52: Global markets. Income distribution by geographical areas


53: Global markets. Customer income evolution

(As a percentage of total income)

54: Global markets. Market shares evolution in Spanish equities brokerage


Institution 2008 2009 2010 Market share 08-10
1 BBVA 11.8 15.0 21.4 9.6
2 Santander 5.5 7.5 8.1 2.6
3 Banco Espirito Santo 10.8 10.4 8.5 –2.3
4 Société Générale 8.5 7.2 7.0 –1.5
5 Credit Suisse Securities 3.6 3.6 6.2 2.6
6 Morgan Stanley 5.2 4.2 4.2 –1.0
7 Ahorro Corporación Financiera 6.3 6.4 4.0 –2.3
8 Merrill Lynch Capital Markets 2.9 3.2 3.5 0.6
9 Banesto 3.3 2.4 3.5 0.2
10 Crédit Agricole 4.7 3.7 3.5 –1.2

Global Markets. Awards 2010

Location Ranking Source
Best Competitive Pricing Spain 1 Structured Retail Products
Best Innovative Product Ideas Spain 1 Structured Retail Products
Structured Products Europe Awards 2010 Spain 1 Structured Products
Best Third Party USD Rate Structures Asia-Pacific 1 MTN-i
Best Structured Product (Retail) Spain 1 Risk España
Overall Interest Rates Spain 2 Risk España
Overall Equity Derivatives Spain 2 Risk España
Overall Currencies Spain 1 Risk España