The Spanish Securities Commission (CNMV) published its second semiannual bulletin of the year, combining its periodic Market Trends Report with two research articles on the evolution of Spanish venture capital entities from 2013 to 2024 and the effect of ESG controversies on Ibex 35 share performance. The bulletin also introduces a new section dedicated to the cryptoassets sector. Using data up to 30 September, the market report depicts continued financial market dynamism amid persistent geopolitical risks, trade tensions and fiscal vulnerabilities in some economies. Most major equity indices show year-to-date gains above 12% to 15%, alongside increased equity trading, more active primary markets and improved liquidity, while Spain’s Ibex 35 is up 33.5%, supported by the strength of the financial sector. In fixed income, risk premia appear compressed in both sovereign and corporate debt, with sovereign yield differentials versus Germany at historically low levels; domestically, yields changed little and the sovereign risk premium declined. Cryptoasset markets are described as growing in relevance, reaching a new all-time high in market capitalisation and recording significant trading volumes. The venture capital article finds a fourfold increase over the period in both the number of entities and assets under management, reaching 1,256 entities and EUR 47,859 million by end-2024, with the sector’s weight versus GDP rising from 0.85% in 2013 to 3.01% in 2024; estimated average annual returns are 1.2% for younger entities versus 10.2% for older ones, and leverage remained low at 5.1% to 8.8% of assets over the last five years, including 5.3% in 2024. The ESG controversies study analyses 192 controversies affecting Ibex 35 constituents over 2020 to 2024 and finds a negative but limited impact on returns concentrated in the first days after disclosure, largely driven by a small number of high-severity governance controversies, while environmental and social controversies are not statistically significant in aggregate.
Spanish Securities Commission (CNMV) 2025-10-30
Spanish Securities Commission publishes semiannual bulletin with market update, new cryptoassets section and research on venture capital and ESG controversies
The Spanish Securities Commission (CNMV) released its second semiannual bulletin, featuring a Market Trends Report and research on Spanish venture capital and ESG controversies' impact on Ibex 35 shares. The report highlights strong equity market performance, with Spain’s Ibex 35 up 33.5%, and notes the growing significance of cryptoassets. Venture capital entities quadrupled from 2013 to 2024, while ESG controversies had limited impact on Ibex 35 returns.