The National Securities Market Commission, better known by its acronym (CNMV), is celebrating its first 35 full years, since it was created at the end of July 1988. And to celebrate it, it brought together representatives of several Spanish companies and representatives in Madrid yesterday. most important sectoral organizations to analyze the situation of the markets throughout these three long decades of history of the Spanish supervisor. And if anything is clear, in the opinion of Rodrigo Buenaventura, its current president, it is that markets must be strengthened to help transform savers into investors, at a time when Europe faces important challenges in financing its development in the coming decades.
“Capital markets must be revitalized so that they serve the economy better,” Buenaventura explained during his speech, while highlighting the need for them to be “more liquid and deeper” because this is what allows “correct price formation.” ” of the shares of listed companies. Something essential to gain the trust of investors, at a time when artificial intelligence is also going to represent a shock to 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 investment world” in view of what the regulator is preparing by hiring technological profiles.
“In these 35 years we have gone from 15 employees, of which only one was a technician, to 80% of our employees being technical, of which 50% are women,” Buenaventura recalled about these years of the CNMV’s journey. , a period in which, he stressed, 80% of the regulations produced by the supervisor come from Europe 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 rigor,” he stressed.
The president of the CNMV assured that the use of technology will allow an improvement in data analysis, which will result in greater protection for the retail investor, one of the main purposes of the regulator. “We have learned many times through scares and crises,” but “the markets put us all in our place,” he said.
In celebration of this 35th anniversary of complete 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 only in Spain. “Financial savings are the driving force of the markets and without it, Europe will not work,” warned Martínez-Aldama, who emphasized the importance of investment funds and pension plans in channeling said savings into the economy through of the capital markets. “It 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, pointed out the need to tell more business success stories to attract the attention of future investors, and change social perception about the financial world, because “the more companies are successful, the more they will want go out and quote.” In addition, he advocated simplifying the information provided to investors and adapting it to long-term objectives so that they do not feel tempted to place their assets in fixed income due to a misconception of risk.
Praise for Martínez-Parera
The celebration of the 35th anniversary of the CNMV took place one day after the appointment of Rodrigo Buenaventura as general secretary of Iosco, the highest representation in the organization that brings together global stock market supervisors, was announced, meaning that he will not renew his position as president of the Spanish regulator for a second term.
A vacancy that the Government must fill and for which the name of the current vice president of the organization, Montserrat Martínez Parera, is being heard. For Buenaventura, “he is a person of a professional and personal category beyond any doubt and capable of directing any complex organization,” although he insisted that the competence of the appointments is in the hands of the Ministry of Economy.
If this occurs, she would be the third woman to assume the position, after Elvira Rodríguez (2012-2016) and Pilar Valiente (2000-2001).
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