The Spanish Securities Commission has published its first semiannual bulletin of 2026, combining its regular review of securities markets and market participants with three research articles on artificial intelligence and Euribor. The market report says the first months of 2026 split into two phases: an expansionary start to the year, followed by significant equity declines and higher volatility after the outbreak of war in Iran in late February, before a gradual and uneven recovery. Bond yields rose from March, more sharply in Europe, but risk premia did not come under severe stress and the financial system continued to function without disruption. In Spain, the impact was described as more moderate, with the stock market showing relative resilience because of the weight of energy and banking, sovereign debt yields rising only slightly and risk premia widening only temporarily. Collective investment continued to grow on net inflows and asset revaluations, with investors favouring fixed income, while specialist non-bank firms gained relevance in financial services, especially in advisory activities. The research articles conclude that large language models used for investment predictions without human oversight can produce material errors and losses, assess Euribor's role as a forward-looking benchmark for retail credit and risk management after benchmark reform, and, based on ESMA survey results, show progressive but uneven AI adoption among 67 Spanish investment service providers, with more than 60 percent planning to increase short-term investment mainly for cost savings and efficiency gains rather than revenue growth.
Spanish Securities Commission (CNMV)2026-06-03
Spanish Securities Commission publishes first semiannual bulletin on war in Iran market effects and uneven AI adoption by investment service providers
The Spanish Securities Commission (CNMV) published its first semiannual bulletin of 2026, reporting that early-year market gains reversed into sharp equity declines and higher volatility after the outbreak of war in Iran, while bond yields rose but risk premia and the financial system remained stable. The bulletin notes more moderate effects in Spain, continued growth in collective investment with a shift toward fixed income, and rising relevance of specialist non-bank advisory firms. It also includes research warning of material errors from unsupervised use of large language models in investment, analysing Euribor’s post-reform role, and documenting uneven but growing AI adoption among Spanish investment service providers.