This Capital Market Review provides an extensive mapping of the Spanish capital markets and formulates policy recommendations to improve their functioning within six different areas. It builds on in-depth empirical analysis using original data, as well as a unique survey of Spanish listed and unlisted companies conducted by the OECD for the purpose of this project. The policy recommendations have been developed by the OECD in consultation with a wide range of market stakeholders, including Spanish government authorities, business and industry organisations, market infrastructure providers, brokers, legal and financial advisors, and non-financial corporations.
The report follows from a request by the Spanish National Securities Market Commission (CNMV), supported by the Spanish Government, following which the European Commission tasked the OECD with developing a comprehensive review of the Spanish capital markets.
This report is part of the OECD Capital Market Series, which informs policy discussions on how capital markets can serve their important role of channelling financial resources from households to productive investments in the real economy.
It is structured as follows: Chapter 1 provides an assessment of six different capital market areas and associated policy recommendations; Chapter 2 contains an overview of the Spanish economy and corporate sector; Chapter 3 presents the results of the OECD survey of Spanish companies; Chapters 4-6 offer a comprehensive empirical mapping of the Spanish capital markets, including public equity (Chapter 4), corporate bonds including sustainable bonds (Chapter 5) and private capital (Chapter 6).
A detailed description of data sources and the methodology for data collection and analysis are provided in the Annex. For qualitative inputs, the OECD Secretariat gratefully acknowledges the contribution of the organisations and individuals who have offered their time to consultations in preparation of this report.
The report was prepared by a team composed of Blanca Gené Orriols and Carl Magnus Magnusson, under the leadership of Serdar Çelik, Head of the Capital Markets and Financial Institutions Division, and Alejandra Medina, Head of the Financial Economics Team, within the OECD Directorate for Financial and Enterprise Affairs. The authors are grateful to Laura Torelli for research assistance during her internship at the OECD. The review is funded by the European Union via the Technical Support Instrument, administered by the European Commission’s Directorate-General for Structural Reform Support.