Over the last twenty years, SFB has been constantly present in the vertiginous evolution of the Spanish financial sector. Our suite of products and services helps to increase efficiency, reduce risks and control the project’s budget, helping our clients to obtain the most of their investment in SFB’s technology.
1988- 1994: New market law is published which totally transforms the Spanish Stock Exchange. Exchange and stock market agents are replaced by stock broking firms and agencies, National Securities Market Commission (CNMV) is created and Continuous stock market comes into operation (CATS), SCLV, the new Clearing and settlement Service, comes into operation, the new settlement and compensation Service allows settlement processes more secures, fasts and efficient.
1995: CATS stock trading System is replaced by the more modern SIBE (Spanish stock market interconnection system). Spectacular increases in trading volumes and market capitalization occur due to better practices and a huge process of privatizations of the largest Spanish companies.
1998: Economic growth, stock market flotation and market modernization help make the Stock Exchange a part of everyday Spanish life, with close to eight million Spaniards investing in equities.
1999: Latibex, the market for euro denominated LatAm Securities, comes into operation. Since the 1st of January the trading in equities is done exclusively in euros. The new Directives for the integration of all the European financial Markets will concluded in profound changes for the adaptation and modernization of the Spanish regulatory framework in the Securities Markets.
2001: The holding "Bolsas y Mercados Españoles", which groups secondary Markets and registry, clearing and settlement systems, came into existence. Its size will enable it to play a decisive role in shaping the European Stock Market map.
2003: To enhance the transparency of listed companies, the “Transparency Law” is approved in July, establishing new reporting requirements and the obligation to have a set of mechanisms in corporate governance.
2004: Despite uncertainty about the global economic recovery, the Spanish stock Exchange triple the rise in European shares at the end of the year. The IBEX 35 more than 90000 points.
2005: Bolsas y Mercados Españoles (BME) implements the AUD system (Unified Allocations Application), a system of mandatory use for all Investment Firms in Spain. AUD was created to unify the processes used by the four Spanish stock exchanges concerning the communication of settlement instructions to Iberclear.
2006: The Spanish stock market closes the best and brightest year in its history, creation of the Alternative Investment Market, MAB, as well as BME IPO.
2007: The Financial Instruments Directive (MiFID) comes into effect. In the case of the Spanish stock market, the transposition of the EU directive into national law resulted in the reform of the Securities Market Law, marked by significant changes in the organization and execution of the tasks associated with each of the stakeholders in the value chain of the stock and financial markets in general. The main objectives of the new law are the modernization of the stock market, strengthening investor protection and enhancing the supervisory powers.
2008: The year of the crisis. Stock Markets increasingly suffer the effects of the current financial crisis.
2009: BME is constantly evolving to improve the solvency and efficiency of its trading platforms, a key development was the transfer of those Securities still trading on the open-outcry market to a new electronic trading System and the Introduction of trading in stocks with more than two decimals intended to boost liquidity.
2010: The severe economic turmoil has spread from the financial sector to sovereign debt, particularly affecting countries facing the most precarious fiscal positions, and has destabilized the euro, Following Greece and Ireland, Spain and its risk Premium became the focus of scrutiny.
2011: The Stock Market turns 180 years. This year the Spanish stock Exchange recorded the fourth best year in its history in terms of investment flows.
2013: BME was the fourth largest market in the world by investment flows. The quality of trading in Spanish securities is gaining wider recognition internationally. Santander, Telefónica and BBVA were the most liquid stocks on the Euro Stoxx 50 in 2013.
2014: Record number of trades and largest number of listings in 4 years. Economic indicators confirm that Spain is no longer in recession and is on its way to recovery, while the equity market set records in several areas of activity. The Spanish exchange closed 2014 once again as one of the strongest in the world, with a capitalization of €1.1 trillion.
2015: BME CLEARING, the Central Counterparty (CCP) of BME, has received the authorization of the CNMV (the Spanish competent authority) for the launch of two new segments, Cash Equities and Interest Rate OTC Derivatives. In the Equities segment the CCP will offer clearing and CCP services for trades in equities listed on the markets operated by BME. The participation of the CCP in the post-trade constitutes a key element of the Reform of the Clearing, Settlement and Registration system in Spain.
2016: Due to the entry into force of the Reform of the Registry, Clearing and Settlement system. BME determines a positive behavior in the trades settled by the Central Counterparty. In particular BME Clearing ratio is 99 %.
1994: Software Financiero Bolsa (SFB) was created through the initiative of its three founders Amparo Ramos, Miguel Lumbreras and Luis Poblador. This three professionals decided to start a new business, they created SFB. Their aim was to create and deal with the software needs that Investment Firms were demanding primarily in the Front, Middle and Back Office.
1995: SFB was firmly established thanks to a heavy demand for computer products in a booming sector. The first wave was a technological change. SFB developed and began to implement two of their main applications: GESCLI, to manage client accounts, and LIQWIN for the settlement of transactions in the Spanish market. The trading volume increased and Investment firms needed more efficient and secure systems to carry out their business. Soon after, SFB market share increased dramatically.
1998- 1999: SFB's consolidations occurs. With the entrance of the single European currency came into force in January 1999, many entities needed to renew their management systems which had become obsolete. Many of these entities relied on SFB to carry out this important change; this was a milestone in the history of European securities markets. Over 50% of the Stock Exchange members became customers of SFB. SFB's products and services became a benchmark within the market.
2000: SFB expanded its portfolio of products and services developing Internet-oriented systems, order routing and derivatives. SFB's products achieved great success beyond the challenges of the millennium effect and in other technological challenges.
2002: SFB expanded its geographic scope to Portugal. SFB adapted its major systems Liqwin and Gescli to the needs of the Portuguese Investment Firms and the Stock exchanges in Lisbon and Porto. Also a technological renovation was occurring .NET (Microsoft platform) new tools were born, ICARO- Trading terminal and ARGOS-Automated trade flow management.
2003: SFB undertakes its most ambitious project to date, HYDRA. With the confidence that comes with 10 years experience and the possibilities offered by cutting edge technology, SFB faced the challenge of creating a tool that would provide a comprehensive solution for our Middle and Back Office clients.
2005: SFB developed the communication systems (AUD) making necessary amendments to the LIQWIN application and successfully implanted it in 37 Investment Firms on the same day. This success reinforces the credibility and confidence in the company; SFB professionals again living up to the challenge proposed by the market.
2006: After 4 years of work, SFB successfully put into operation the first version of HYDRA, which was yet another milestone in the history of the company.
2007: Following MiFID coming into effect, investment firms are required to disclose to the CNMV what is called Transaction Reporting. SFB again decides to undertake this project and implemented it in about 40 Investment Firms. Moreover, these companies are required to have a contingency plans for disasters. SFB reacts to this new challenge and sets up a service providing business continuity (BCP), implementing a digital telecommunications network that allows incremental backups of databases, remote monitoring systems, communications with BME, etc.
2009: As a consequence of the changes implemented by BME, in relation to the increase from 2 decimals to 4 decimals, SFB adapted the affected applications to the changes in the trading and settlement procedures in more than 40 clients, allowing them to continue developing their normal everyday activity.
2010: SFB begins a new decade waging its own reorganization and implementing a new governance model. Looking for new business opportunities. Strengthening our team and establishing professional development plans to meet the required standards and quality that our customers have come to expect.
2013: Our systems processes daily the settlement Instructions for more than 50% of the trading volume intermediate in the Spanish stock Exchange. Among our clients we have the main investment Banks worldwide.
2014: Our consultants and developers team works at their full capacity in the reform of the registry, clearing and settlement system project. They are dedicating themselves to interpret the existing documentation and the design of a solution that will cover our clients new business needs.
SFB celebrates the commemoration of the 20th anniversary of its creation with a ceremony held at the Palacio de Cibeles in Madrid. It features the magician and illusionist Jorge Blass. With his performance and his amazing show our celebration turned into a memorable experience.
2015: The market reform continues to focus all our efforts. SFB has been working on this project for more than 2 years developing a reliable and robust system that will facilitate our clients' daily activity.
24 clearing members of the new central counterparty "BME Clearing" , rely on SFB’s solutions vis a vis the Reform.
SFB successfully passes the main conformance testing on its systems, becoming the first Company that will be certify by BME Clearing.
For third consecutive year Software Financiero Bolsa, announces its presence in the Top 500 of the world’s largest software and services companies, published by the specialized magazine Software Magazine in its 33rd edition.
2016: Software Financiero Bolsa announces the entry into its shareholding of CAD IT Group, leader in the Italian financial software market. This agreement provides great possibilities for both companies. This alliance is a magnificent opportunity to increase the portfolio that SFB offer to the financial sector in Spain and Portugal.
On April 27th was the go live of the first phase of the Spanish Clearing, Settlement and Registry System Reform . It was a roaring success. All our clients were able to perform the complete trading cycle without incidents. SFB launched 26 entities who trusted us to address the Reform’s project.
SFB creates SFB Outsourcing, a company dedicated to provide services. Our objective is to offer a complete solution from the perspective of the financial services technology. SFBO offers financial institutions the Backoffice functions outsourcing and technological application support following the best market practices.