El sistema financiero español

En España existen cuatro Bolsas de Valores:

  • Madrid
  • Bilbao
  • Barcelona
  • Valencia

Las cuales son los mercados secundarios oficiales de negociación de las acciones y valores convertibles o que otorguen derecho de adquisición o suscripción. En la práctica, los emisores de renta variable acuden a la Bolsa también como mercado primario donde formalizar sus ofertas de venta de acciones o ampliaciones de capital. Además, también se contrata en Bolsa la renta fija, tanto deuda pública como privada.

La organización y funcionamiento de cada Bolsa depende de su correspondiente Sociedad Rectora.


IBERCLEAR es el depositario central de valores español y se encarga  de la compensación y liquidación y de contabilizar los valores admitidos a negociación en las Bolsas españolas, en el Mercado Alternativo Bursátil (MAB), en el Mercado de Deuda Pública, en AIAF Mercado de Renta Fija,  Latibex, Mercado de Valores Latinoamericanos en Euros.

Como entidad responsable de la gestión técnica se encuentra el Sistema de Interconexión Bursátil Español (SIBE) .

En los mercados de valores nos podemos encontrar con un tipo de productos denominados derivados. Los productos derivados son aquellos cuyo valor se deriva del precio deriva del precio del activo subyacente (acciones, índices bursátiles, bonos, etc.), pero que en su inversión no es preciso el pago del principal.

Al no haber pago del principal, no hay transferencia de la propiedad del activo subyacente , pero sí se producen los efectos económico-financieros equivalentes.
El encargado de organizar los mercados de derivados es el Mercado Español de Futuros Financieros (MEFF), que gestiona la negociación de opciones y futuros sobre el índice bursátil IBEX 35, sobre tipos de interés y bonos y opciones individuales sobre acciones. Además MEFF se caracteriza por su doble función actuando también, además de como mercado, como cámara de compensación.

En AIAF Mercado de Renta Fija se negocian títulos de renta fija, como son los pagarés de empresa, bonos, obligaciones, cédulas hipotecarias, participaciones preferentes, etc., que previamente han sido puestos en circulación por el emisor en el mercado primario y admitidas a cotización en él.

Los valores negociados en el mercado de Deuda Pública son los bonos, obligaciones y letras del Tesoro, y deuda emitida por otras Administraciones y Organismos Públicos. El Banco de España es el organismo rector de este mercado.

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