The National Securities Market Commission, better known by its acronym (CNMV), is celebrating its first 35 years of existence, since its creation at the end of July 1988. And to celebrate, it brought together representatives of several Spanish companies and Representatives from Madrid brought together yesterday the most important sectoral organizations to analyze the situation of the markets throughout these three long decades of history of the Spanish supervisor. And if there is anything that is clear, according to Rodrigo Buenaventura, its current president, it is that the markets must be strengthened to help transform savers into investors, at a time when Europe is facing significant challenges to finance its development in the decades to come.
“Capital markets must be revitalized so that they better serve the economy”, explained Buenaventura during his speech, while emphasizing the need to make them “more liquid and deeper”, because this is what allows “correct price formation” of shares. listed companies. Something essential to gain the confidence of investors, at a time when artificial intelligence will also represent a shock for the world of investment. “AI will transform finance, but it is still difficult to identify how,” warned Buenaventura, for whom this innovation will mean “a change in the sociology of the world of investment” in view of what the regulator is preparing by hiring technological profiles.
“During these 35 years, we went from 15 employees, including a single technician, to 80% of our technical employees, 50% of whom are women,” Buenaventura recalled about these years of the CNMV’s journey, a period. in which, he emphasized, 80% of the regulations developed by the supervisor come from European or international standards, and in which they have managed to gain the respect of listed companies and investors “not out of fear of the institution “, but for the conviction of our independence and our rigor”, he underlined.
The president of the CNMV assured that the use of technology will improve data analysis, which will result in greater protection of the retail investor, one of the main objectives of the regulator. “We have learned time and time again through scares and crises,” but “the markets have put us all in our place,” he said.
On the occasion of this 35th anniversary of full fiscal years of the CNMV, Ángel Martínez-Aldama, president of Inverco, reiterated the need to apply tax incentives to help transform savers into investors, and not just investors. Spain. “Financial savings are the engine of markets and without them, Europe will not work,” warned Martínez-Aldama, who underlined the importance of investment funds and pension schemes to channel this savings towards economy through capital markets. “This is what allows the strategic autonomy of a country because the more savings are channeled, the easier it is for States to finance themselves,” he stressed.
Lola Solana, president of the Institute of Financial Analysts, highlighted the need to tell more business success stories to attract the attention of future investors and change the social perception of the financial world, because “the more companies succeed, the more They I want to go out and quote.” He further advocated simplifying the information provided to investors and adapting it to long-term objectives so that they are not tempted to place their assets in fixed income securities in due to an erroneous conception of risk.
Praise of Martínez-Parera
The celebration of the 35th anniversary of the CNMV took place a day after the announcement of the appointment of Rodrigo Buenaventura as Secretary General of Osco, the highest representation of the organization that brings together global stock market supervisors, meaning that he will not renew his position. as president of the Spanish regulator for a second term.
A position that the government must fill and for which the name of the current vice president of the organization, Montserrat Martínez Parera, is heard. For Buenaventura, “he is a person of an indisputable professional and personal category and capable of leading any complex organization”, although he insisted that the competence of appointments is in the hands of the Ministry of the Economy.
If this happens, she would be the third woman to hold this position, after Elvira Rodríguez (2012-2016) and Pilar Valiente (2000-2001).
