The National Securities Market Commission (CNMV) has held the III Meeting of Financial Economists, focused on the analysis of the strategic role that private capital markets play in Spain in the fragmentation of stock trading, as well as in defining the possible analytical priorities of the supervisor for the next fiscal year, according to a statement made this Tuesday.
During the day, the consequences of this fragmentation on the efficiency of price formation, the degree of transparency before and after trading, and its impact on financial stability have been examined.
The meeting has also served to review the most relevant trends in fundraising, investment activity, and divestment processes in these markets.
The specialists present have agreed that the trading centers of the originating markets have been losing relative weight, although they have emphasized the need to achieve a balance between competition among platforms, which can fragment trading but lower costs, and the depth and liquidity of the market.
Additionally, the growing prominence of these markets in financing companies, their possible contribution to boosting strategic sectors, and the challenges posed by their expansion from the perspective of investor protection and financial system stability have been addressed.