西班牙金融市場前景及投資研究報告-培訓課件外文版2024.5

INDUSTRIES

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MARKETSFinancialmarketsinSpainCHAPTER

01StockexchangesMarketcapitalizationoftheSpanishStockExchangefrom2012to2022(inbillionsofeuros)MarketcapitalizationoftheSpanishStockExchangefrom2012to20221,2001,0008006004002000201220132014201520162017201820192020202120224Description:Asoftheendof2022,thetotalmarketcapoftheSpanishStockExchangeamountedtojustoveronetrillioneuros,aslightdecreasecomparedtothepreviousyear.Themarketcapitalization,ormarketcap,isonemeasureofcalculatingthevalueofastockorgroupofstocks.Itisfoundbycomputingthenumberofsharestimesthepricepershare.ReadmoreNote(s):Spain;2012to2022Source(s):BMEMarketcapitalizationoftheSpanishStockExchangebysectorfrom2012to2021(inbillionsofeuros)MarketcapitalizationoftheSpanishStockExchangefrom2012to2021,bysectorOilandenergyConsumerservicesRealEstateservices*BasicMaterials,industryandconstructionFinancialservicesConsumergoodsTechnologyandTelecommunications25020015010050020122013201420152016201720182019202020215Description:Themarketcapitalization,ormarketcap,isonemeasureofcalculatingthevalueofastockorgroupofstocks.Foundbycomputingthenumberofsharestimesthepricepershare,thisgivesanestimationofhowmuchcapitalthecompanieshaveraisedbyissuingstockinaparticularmarket.In2021,thisamountedto163billioneurosfortheenergysectoroftheSpanishStockExchange,makingitthehighest-capitalizedsectoratthattime,followedbyfinancialservices.ReadmoreNote(s):Spain;2012to2021Source(s):BMEAveragedailyturnovervalueoftheSpanishStockMarketInterconnectionSystem(SIBE)from2005to2022(inmillionseuros)AverageturnoverpersessionintheelectronicmarketSIBESpain2005-20227,0006,5846,0005,0004,0003,0002,0001,00004,8944,5304,0523,7583,6003,5323,4663,3262,7302,7592,540

2,5542,30420181,84920191,68420201,46620211,409202220052006200720082009201020112012201320142015201620176Description:TheaveragedailyturnovervalueoftheSpanishStockMarketInterconnectionSystem(SIBE)stoodataround1.4billioneurosasoftheendof2022,whichrepresentedthelowestvaluerecordedduringtheperiodunderconsideration.Theaveragedailyturnoverpersessionpeakedin2007,whenitreachedalmost6.6billioneuros.ReadmoreNote(s):Spain;2005to2022Source(s):BMENumberoftradingdaysontheSpanishStockExchangefrom2005to2022TradingdaysontheSpanishStockExchange2005-20223002582572552542542542562572562552552562572552552542552532502001501005002005200620072008200920102011201220132014201520162017201820192020202120227Description:In2022,therewere257tradingdaysintheSpanishstockexchanges.ThroughouttheperiodunderconsiderationthenumberoftradingdaysintheSpanishStockExchangehasoscillatedbetween253and258.ReadmoreNote(s):Spain;2005to2022Source(s):BMENumberofcompanieslistedontheSpanishStockExchangefrom2020to2022,byfinancialmarketCompanieslistedontheSpanishStockExchange2020-2022,byfinancialmarket2020202120223,0002,5812,4322,5002,0001,5001,0005001,349127124121111091919190BMEGrowth(MAB)ElectronicOrderBook(SIBE)Open-EndInvestmentCompanies(OutcrySystem)Latibex8Description:TheSpanishStockExchangeclosedthemonthofDecember2022withatotalof1,349listedcompanies.Attheendof2022,thenumberofcompanieslistedontheElectronicOrderBook(SIBE)amountedto121.TheBMEGrowthwasthesub-marketwithhighestnumberofcompanieslisted.ReadmoreNote(s):Spain;2020to2022Source(s):BMECHAPTER

02GlobalEconomicOverviewThe20countrieswiththelargestgrossdomesticproduct(GDP)in2022(inbillionU.S.dollars)Countrieswiththelargestgrossdomesticproduct(GDP)2022GDPinbillionU.S.dollars15,00005,00010,00020,00025,00030,000UnitedStatesChina25,462.7317,886.33JapanGermanyIndia4,237.534,085.683,389.69UnitedKingdomFrance3,081.872,780.14Russia2,244.25CanadaItalyBrazilAustraliaKorea2,137.942,012.011,920.021,702.551,673.9210Description:In2022,theUnitedStateshadthelargesteconomyintheworld,withagrossdomesticproductofjustunder25.5trillionU.S.dollars.Chinahadthesecondlargesteconomy,ataround18.1trillionU.S.dollars.Theremainingcountriesthatroundedouttheworld's20largesteconomiesallhadGDPsthatrangedbetween800billionandfivetrillionU.S.dollars.Comparedtothe20largesteconomiesin2020,Turkeymovedinto19thplacein2022,pushingTaiwanoffthelist.

ReadmoreNote(s):WorldwideSource(s):IMFDistributionofcountrieswithlargeststockmarketsworldwideasofJanuary2023,byshareoftotalworldequitymarketvalueCountrieswithlargeststockmarketsglobally2023Marketshareoftotalworldequitymarketvalue0%10%20%30%40%50%60%70%U.S.Japan58.4%6.3%UK4.1%3.7%ChinaFrance2.8%CanadaSwitzerlandAustraliaGermanyIndia2.7%2.5%2.2%2.1%1.8%1.6%1.3%TaiwanSouthKorea11Description:In2023,stockmarketsintheUnitedStatesaccountedfornearly60percentofworldstocks.ThenextlargestcountrybystockmarketsharewasJapan,followedbytheUnitedKingdom.TheNewYorkStockExchange(NYSE)andtheNASDAQarethelargeststockexchangeoperatorsworldwide.ReadmoreNote(s):Worldwide;January2023Source(s):CreditSuisse;FTSELargeststockexchangeoperatorsworldwideasofSeptember2023,bymarketcapitalizationoflistedcompanies(intrillionU.S.dollars)Largeststockexchangeoperatorsworldwide2023,bymarketcapitalizationMarketcapintrillionU.S.dollars051015202530NYSE,UnitedStatesNASDAQ,UnitedStatesShanghaiStockExchange,ChinaEuronext,Europe25.2420.586.66.26JapanExchangeGroupShenzhenStockExchange,ChinaHongKongExchangesNationalStockExchangeofIndiaLSEGroup,UK5.754.384.13.593.423.062.81SaudiStockExchange(Tadawul)TMXGroup,CanadaDeutscheBoerseAGSIXSwissExchange1.981.8512Description:TheNewYorkStockExchange(NYSE)isthelargeststockexchangeintheworld,withanequitymarketcapitalizationofover25trillionU.S.dollarsasofSeptember2023.ThefollowingthreeexchangesweretheNASDAQ,theShanghaiStockExchange,andtheEuronext.ReadmoreNote(s):Worldwide;September2023Source(s):WFEForeigndirectinvestment(FDI)inwardstockinSpainfrom2013to2021(inbillionU.Sdollars)Foreigndirectinvestment(FDI)inwardstockinSpain2013-2021850800750804.45775.43713.58690.5700676.82638.73650600550500587.432014553.242015554.2201620132017201820192020202113Description:Theinwardstockofforeigndirectinvestment(FDI)inSpainreacheditshighestvaluein2020,atnearly805billionUSDdollars.TheOECDcategorizes'ForeignDirectInvestment(FDI)stocksasameasureofthetotallevelofdirectinvestmentatagivenpointintime,usuallytheendofaquarterorofayear.TheinwardFDIstockisthevalueofforeigninvestors'equityinandnetloanstoenterprisesresidentinthereportingeconomy.ReadmoreNote(s):Spain;2013to2021Source(s):OECDCHAPTER

03StockmarketindicesAnnualdevelopmentoftheIBEX35Indexfrom2005to2022AnnualdevelopmentIBEX35Index2005-202216,00014,00012,00010,0008,0006,0004,0002,000020052006200720082009201020112012201320142015201620172018201920202021202215Description:TheSpanishIBEX35stockmarketclosedat8,229.1indexpointsattheendof2022.ThedevelopmentoftheIBEX35stockmarketindexhasexperiencedmajorfluctuationsduringtheperiodunderconsideration.Sincetheverysharpdeclinein2012,itnotedatentativeincrease,neveryetreachingthepre-recessionlevels.In2007,beforeplummetingasthecrisiswreakhavocontheSpanisheconomy,theIBEX35recordedarecordof15,182indexpoints.

ReadmoreNote(s):Spain;2005to2022Source(s):BMEMonthlydevelopmentoftheIBEX35IndexfromJanuary2015toMay2023MonthlydevelopmentIBEX352015-202312,50011,50010,5009,5008,5007,5006,5005,50016Description:InMay2023,theIBEX35stockmarketindex,linkedtotheMadridStockExchange,increasedto9,050points,asignificantlossoverthepreviousmonth.Thisindextracksthepricesof35highly-tradedstocksonthatexchange,weightedbymarketcapitalization.ReadmoreNote(s):Spain;January2015toMay2023Source(s):BMEAnnualperformanceoftheIBEX35indexinSpainfrom2005to2021AnnualperformanceoftheIBEX35inSpain2005-202140%31.79%29.84%30%20%10%0%21.42%18.2%11.82%7.93%7.32%7.4%3.66%-2.01%-4.66%-5.56%-7.15%-13.11%-10%-20%-30%-40%-50%-14.97%-15.45%-17.43%-39.43%20082005200620072009201020112012201320142015201620172018201920202021202217Description:TheperformanceoftheIBEX35indexinSpain,calculatedonitsclosingpriceofpreviousyear,decreasedby5.56percentin2022.TheperformanceoftheSpanishIBEX35fluctuatedconsiderablysince2005,jumpingfrompositivetonegativefiguresonseveraloccasions.Thelowestperformance,-39.43percent,wasrecordedin2008.ReadmoreNote(s):Spain;2005to2021Source(s):BMEAnnnualizedvolatilityoftheIBEX35stockindexinSpainfrom2005to2022AnnualvolatilityofIBEX35Spain2005-202255%48.19%50%45%40%35%30%25%20%15%10%5%35.91%34.16%33.85%33.54%31.03%30.13%25.88%22.35%22.16%19.6%200719.45%202216.29%200616.47%201816.23%202115.49%201714.96%201912.16%2005200820092010201120122013201420152016202018Description:TheyearwiththegreatestvolatilityoftheIBEX35duringtheanalyzedperiodwas2008,inwhichtheindicatorexceeded48percent.Volatilitydecreasedfrom2017onwards,levelingoffaround15percent,withtheexceptionof2020,whentheannualizedvolatilyreached34.16percent.ReadmoreNote(s):Spain;2005to2022Source(s):BMEMonthlydevelopmentoftheIBEXMediumCapIndexfromJanuary2015toMay2023MonthlydevelopmentIBEXMediumCapindex2015-202317,00016,00015,00014,00013,00012,00011,00010,0009,00019Description:InMay2023,theSpanishIBEXMediumCapIndexclosedat13,190.9points,adecreaseofnearly300indexpointscomparedtothepreviousmonth.ReadmoreNote(s):Spain;January2015toMay2023Source(s):IMonthlydevelopmentoftheIBEXSmallCapIndexfromJanuary2015toMay2023MonthlydevelopmentIBEXSmallCapIndex2015-20239,5008,5007,5006,5005,5004,5003,50020Description:AsoftheendofMay2023,theSpanishIBEXSmallCapIndexstoodatapproximately7,500points,adecreasecomparedtothepreviousmonthandthelowestend-of-monthvaluethoughout2023.

ReadmoreNote(s):Spain;January2015toMay2023Source(s):IMonthlydevelopmentoftheGeneralIndexoftheMadridStockExchange(IGBM)fromJanuary2015toJuly2023MonthlydevelopmentGeneralIndexoftheMadridStockExchange(IGBM)2015-20231,2501,1501,05095085075065055021Description:TheGeneralIndexoftheMadridStockExchange(IGBM)stoodat957.34pointsasoftheendofJuly2023,anincreasecomparedtothepreviousmonth,whentheindexreached949.51points.

ReadmoreNote(s):Spain;January2015toJuly2023Source(s):BMEAnnualevolutionoftheBCNGlobal-100indexinSpainfrom2005to2022AnnualevolutionoftheBCNGlobal-100Spain2005-2022index1,3001,193.941,2001,1001,0009001,134.75935.54877.63857.21809.14811.9800756.832016752.452010754.452015725.242019694.442008670.252018666.772022700664.572021645.47

644.24603.04202060050020052006200720092011201220132014201722Description:In2022,BCNGlobal-100indexstoodat666.77points,stablecomparedtothevalueregisteredattheendof2021.Despiteseveralfluctuations,overallthegeneralindexoftheStockExchangeofthecityofBarcelonashowedadownwardtrendbetween2007and2022.ReadmoreNote(s):Spain;2005to2022;IndexpointsattheclosingoftheyearSource(s):BMECHAPTER

04Fixincome(bond)marketAnnualaverageyieldsonlong-termgovernmentbondsinSpainfrom2000to2022Governmentlong-termbondyieldsinSpain2000-20227.0%6.0%5.85%5.53%5.44%5.12%4.96%5.0%4.0%3.0%2.0%1.0%0.0%4.56%4.37%4.31%4.25%4.12%

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202224Description:In2000,theaveragelong-termgovernmentbondyieldsinSpainamountedto5.53percent.Thatvaluehasdecreasedoveralltoanaverageof2.18percentbytheendof2022.

ReadmoreNote(s):Spain;2000to2022Source(s):?sterreichischeNationalbankSpain:Nationaldebtfrom2018to2028(inbillionU.S.dollars)NationaldebtofSpain20282,5002,050.811,975.252,0001,5001,0005001,902.091,831.331,766.841,709.651,640.241,574.811,483.391,348.441,332.46020182019202020212022*2023*2024*2025*2026*2027*2028*25Description:ThisstatisticshowsthenationaldebtofSpainfrom2018to2021,withprojectionsupuntil2028.In2021,thenationaldebtinSpainwasaround1,574.81billionU.S.dollars.Forcomparison,theGreekdebtamountedtoapproximately401.71billionU.S.dollarsthatsameyear.ReadmoreNote(s):Spain;*Estimate.Valueshavebeenroundedforbetterunderstandingofthestatistic.ExchangerateasofApril27,2023,1EUR=1.1022445U.S.dollarReadmoreSource(s):IMFSpain:Nationaldebtfrom2018to2028inrelationtogrossdomesticproduct(GDP)NationaldebtofSpaininrelationtogrossdomesticproduct(GDP)2028140%120.27%116.77%120%100%80%60%40%20%0%111.6%107.28%104.71%103.92%103.83%103.83%103.82%100.42%98.22%201820192020202120222023*2024*2025*2026*2027*2028*26Description:TheratioofnationaldebttogrossdomesticproductinSpainwasforecasttocontinuouslydecreasebetween2023and2028byintotal3.5percentagepoints.Theratioisestimatedtoamountto103.82percentin2028.

ReadmoreNote(s):Spain;2018to2028;*Estimate.Valueshavebeenroundedtoprovideabetterunderstandingofthestatistic.ReadmoreSource(s):IMFDistributionofSpanishgovernmentdebtasashareoftotaldebtinSeptember2023,byinstrumentDistributionofSpanishgovernmentdebt2023,byinstrumentPercentoftotaldebt15%

20%0%5%10%25%30%35%40%45%Treasurybill,upto3monthsTreasurybill,6months0.11%0.43%1.05%Treasurybill,9monthsTreasurybill,12monthsBondsandobligations,upto3yearsBondsandobligations,5to7yearsBondsandobligations,10yearsBondsandobligations,15yearsBondsandobligations,20to50yearsIndexedBonosandObligacionesEurobonds3.58%4.52%6.02%42.12%12.7%19.71%6.27%0.02%Other3.31%Assumeddebt0.1%Foreigncurrencydebt0.05%0.05%Deudaendivisas27Description:AsofSeptember2023,thehighestproportionofSpanishdebtwasheldinlong-termbonds.Over42percentofthecountry'sdebtwasin10-yeargovernmentbonds,andalmostafifthofalldebtwasheldingovernmentbondsof20to50years.

ReadmoreNote(s):September2023Source(s):TesoroPúblicoAveragematurityofSpanishgovernmentdebtasofSeptember2022,byinstrumentAveragematurityofgovernmentdebtinSpain2023,byinstrumenreasurybillsBonds(short-term)*

Bonds(long-term)*EurobondsAssumeddebtsForeigncurrencydebtTotal28Description:AsofSeptember2023,theaveragematurityofshort-termSpanishgovernmentbondswas1.84years,whileEurobondshadanaveragematurityof12.61years.Longer-termdebtinstrumentstendtohavemorestableinterestrates,whicharebetterforfiscalplanningbutoftenlessappealingtospeculativeinvestors.ReadmoreNote(s):Spain;September2022;*Short-terminthiscasereferstolessthan5years,long-termbeingmore.ReadmoreSource(s):TesoroPúblicoOutstandingvalueofcorporatedebtsecuritiesinSpainfrom1stquarter2018to4thquarter2022,bycorporationtype(inbillionU.S.dollars)OutstandingdebtsecuritiesamongcorporationsinSpain2018-2022,FinancialcorporationsNon-financialcorporations1,0009008007006005004003002001000119.6731.8Q1156.8146.3160.6159.3163154.8137.6156114.3

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202229Description:Outstandingdebtsecuritiesfornon-financialcorporationsinSpaincontinuedtogrow,reachingapproximately713billionU.S.dollarsinthefourthquarterof2022.Thiscontinuesatrendofincreasingdebtloadsfornon-financialcorporations,uproughly35billionfromthepreviousquarter.ReadmoreNote(s):Spain;Q12018toQ42022Source(s):BankforInternationalSettlementsCHAPTER

05Currency(forex)marketU.S.Dollar(USD)toeuro(EUR)exchangeratefromJan2012-Jun21,2023USD/EURFXrate,upuntilJun21,20231.11.01.00.90.90.80.80.70.731Description:TheUSDtoEURexchangeratein2022roughly30percenthigherthanitwasin2012,revealingaverystrongdollaragainsttheeuro.Thevalueof0.91eurosperdollarwasnoticeablyhigherthanthe2016peakof0.95eurosperdollar,butstillabovethepricebeforetheEurozoneCrisis.Thisstartedin2009andwascausedbydifficultiesofseveralEuropeancountrieswithrepayinggovernmentdebt.ReadmoreNote(s):Worldwide;Jan2012-Jun21,2023;UnitsofEURperU.S.dollarSource(s):OandaLeadingforexcurrencypairsinApril2022,byshareofdailyaverageturnoverMosttradedcurrencypairsontheforexmarket2022Shareoftotaltrades10%0%5%15%20%25%USD/EURUSD/JPY22.7%13.5%USD/GBPUSD/CNYUSD/CADUSD/AUDUSD/CHFUSD/HKDUSD/SGDEUR/GBPUSD/KRWUSD/INRUSD/MXN9.5%6.6%5.5%5.1%3.9%2.4%2.3%2%1.7%1.6%1.4%32Description:TheU.S.dollardominatedthelistofthemosttradedcurrencypairsin2022,beinginvolvedallofthetopninecurrencypairs.ThemostcommonforextransactioninthatyearwastheeuroandtheU.S.dollar,whichaccountedforalmost23percentoftheaveragedailyturnoverofallcurrencyexchangesinApril2022.ThiswasfollowedbytheU.S.dollarandtheJapaneseyen,thentheU.S.dollarandtheBritishpound.ThemostcommonpairexcludingtheU.S.dollarwastheeuroandtheBritish[...]

ReadmoreNote(s):Worldwide;April2022Source(s):BankforInternationalSettlementsDailyturnoveroftheeuroonglobalforeignexchangemarketsfrom2001to2022(inbillionU.S.dollars)Turnoveroftheeuro(EUR)inforexmarketsworldwide2001-20222,5002,0001,5001,00050002001200420072010201320162019202233Description:Turnoverintheeuroincreasedbetween2019and2022,reflectingagrowingshareinglobaltradingonforeignexchangemarkets.By2022,tradesoftheeurocurrencyonforexwasover2.29trillionU.S.dollarsonaverageonasingleday,asignificantincreaseontheturnoverof470billionU.S.dollarsrecordedin2001.Theforex-orforeignexchangemarket-turnoverperdayisafigurethatisnotoftenmeasured,onlyonceeverythreeyears.

ReadmoreNote(s):Worldwide;2001to2022Source(s):BankforInternationalSettlementsDailyturnoveroftheeuroontheforeignexchangemarketinSpainfrom2001to2022(inbillionU.S.dollars)Turnoveroftheeuro(EUR)intheforexmarketinSpain2001-2022504540353025201510502001200420072010201320162019202234Description:Bytheendof2019,forextradesinvolvingtheeuroinSpainhadgrowneightbillionUSDdollarscomparedtotheturnoverin2016.ThedailyvolumeoftheeuroonSpanishforeignexchangemarketsamountedtoaround39billionU.S.dollarsin2022,asimilarleveltothe43billionU.S.dollarsrecordedin2013.Theforex-orforeignexchangemarket-turnoverperdayisafigurethatisnotoftenmeasured,onlyonceeverythreeyears.

ReadmoreNote(s):Germany;2001to2022Source(s):BankforInternationalSettlementsCHAPTER

06MoneyMarketAveragedailyturnoverofunsecuredborrowingbetweenbanksintheeuromoneymarketfrom2017toJanuary2023(inbillioneuro)Sizeofinterbankborrowingintheeurozone2017-January202330252015105036Description:InNovember2022,theaveragedailyturnoverforunsecuredinterbankborrowingintheeuromoneymarketgrewsignificanltycomparedtothepreviousmonth,reaching24.1billioneuros.Overall,thedailyaverageturnofforintrabanklendingfluctuatedsignificantlybetweenMarch2017andNovember2022.ReadmoreNote(s):Europe;March2017toJanuary2023Source(s):ECBMonthlyeuroshorttermratefromOctober2019toMarch2023Euroshorttermrate2019-2023,bymonth3.5%3.0%2.5%2.0%1.5%1.0%0.5%0.0%-0.5%-1.0%37Description:SinceitsintroductioninOctober2019,theEuroShort-TermRate(€STR)hasremainedconstantatbetween-0.52and-0.59percentuntilhalf2022.AsoftheendofMarch2023,theratestoodat2.88percent,whichwasthehighestrateobserved.The€STRisaninterestratebenchmarkdesignedtoreplacetheEuroOverNightIndexAverage(EOIA),adoptingadifferentcalculationmethodologythatreturnssignificantlylowerrates.ItisintendedthattheEOIAwillbediscontinuedfromJanuary3,2022.ReadmoreNote(s):Europe;October2019toMarch2023Source(s):ECBComparisonofthemonthlyEuroInterbankOfferedRatefromJanuary2020toMarch2023,bymaturityMonthlyEURIBORrate2020-2023,bymaturityOne-weekfundsOne-monthfundsThree-monthfundsSix-monthfundsTwelve-monthfunds4.0%3.5%3.0%2.5%2.0%1.5%1.0%0.5%0.0%-0.5%-1.0%38Description:AsofMarch2023,themonthlyEuroInterbankOfferedRate(EURIBOR)forone-weekfundsstoodat2.57percent,comparedto3.65percentfortwelve-monthfunds.TheEURIBORisoneofthemajoreurozoneintrabankreferenceinterestrates.Itisbasedonadailysurveyoftheinterestratesapanelofmajorbankswouldofferothermajorbanksforinterbanktermdeposits.Therearethereforedifferentreferenceratespublishedfordifferentmaturities,coveringoneweek,onemonth,three[...]

ReadmoreNote(s):Europe;January2020toMarch2023Source(s):DeutscheBundesbankFluctuationoftheEuropeanCentralBankinterestrateondepositfacilitiesfrom2008to2023FluctuationoftheECBinterestrateondepositfacilities2008-20234.5%4.0%3.5%3.0%2.5%2.0%1.5%1.0%0.5%0.0%-0.5%-1.0%39Description:TheEuropeanCentralBank(ECB)interestrateondepositfacilitiesfluctuatedsignificantlybetween2008and2023.FromSeptember2019onwards,theratewasincreasedregularly.OnSeptember20,2023,ECB'sinterestrateondepositfacilitieswasincreasedtofourpercent,thehighestrateintheobservedperiod.ReadmoreNote(s):Europe;2008to2023Source(s):ECBFluctuationoftheEuropeanCentralBankinterestrateonthemarginallendingfacilitiesfrom2008toOctober2023FluctuationoftheECBinterestrateonmarginallendingfacilities2008-20236.0%5.0%4.0%3.0%2.0%1.0%0.0%40Description:TheEuropeanCentralBank(ECB)interestrateonmarginallendingfacilitywaschangedfrom0.3percentto0.25percentonMarch16,2016andhasremainedunchangeduntilJuly2022,whenitincreasedto0.75percent.AfterSeptember2022,theratewasincreasedfurtheronaregularbasis.AsofOctober2023,theratewas4.75percent.ReadmoreNote(s):Europe;2008toOctober2023Source(s):ECBYieldofSpainone-yeartreasurybillsonthemoneymarketfromJanuary2019toNovember2023Spanishone-yearbondyield2019-20235.0%4.0%3.0%2.0%1.0%0.0%-1.0%Jan

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202341Description:ThebondyieldontheSpanishone-yeartreasurybillcontinuedtogrowreachingalmost3.70percentinNovember2023.Anincreaseofroughly1.25percentfromNovember2022.

ReadmoreNote(s):Spain;January2019toNovember2023Source(s):ICHAPTER

07DerivativesmarketLargestderivativesexchangesworldwidefrom2020to2022,bynumberofcontractstraded(inmillions)Largestderivativesexchangesworldwide2020-2022,byvolumeNumberoftradedcontractsinmillions20222021202005,00010,00015,00020,00025,00030,00035,00040,00045,00038,113.51NationalStockExchangeofIndiaB317,255.338,850.478,755.778,313.796,342.885,846.334,942.744,820.59CMEGroupCBOEHoldingsIntercontinentalExchangeNasdaq3,476.173,095.692,614.113,435.073,317.892,788.943,147.543,292.842,660.62,726.892,081.041,517.48BorsaIstanbul2,397.62,582.231,701.85ZhengzhouCommodityExchangeDalianCommodityExchangeKoreaExchange2,275.22,364.422,207.332,058.222,281.742,184.931,955.731,703.291,861.42Eurex1,843.442,445.7721

86ShanghaiFuturesExchange43Description:TheNationalStockExchangeofIndiacementeditsplaceasthelargest