The Spanish Securities Commission (CNMV) has published a new financial stability note reviewing 2025 year-end market and asset management developments, setting out its assessment of the main risks to the financial system, and quantifying Spanish collective investment institutions’ exposure to technology-related issuers. Market stress remained in a low-risk zone throughout the second half of 2025 but picked up in early 2026 amid renewed geopolitical uncertainty. Equity markets ended 2025 with significant gains and trading increased by 40.4%, alongside three initial public offerings and a recovery in capital increases to EUR 11.595 billion, up 46% versus 2024. Private debt issuance in Spanish markets also rebounded, rising 31.3% to EUR 89.0 billion. In collective investment, assets under management reached record highs at EUR 473.0 billion (November 2025), supported by net subscriptions and market performance, with net inflows concentrated in fixed income funds. Retail participation in Ibex 35 trading increased, accounting for 7.6% of purchase transactions and 11.1% of sales. Geopolitical risks are identified as the main source of uncertainty, with market and contagion risks also highlighted, and medium-to-long-term risks including those linked to the use of new technologies. A dedicated study of Spanish collective investment institutions’ portfolios between 2023 and June 2025 estimates average exposure to the technology sector at 9.7% of assets as of June 2025, including 5.8% to artificial intelligence companies and 3.3% to the “Magnificent Seven”. The calculation includes equity and fixed income holdings as well as indirect exposure via other collective investment institutions, and finds exposures are higher in equity funds.

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