The president of the CNMV, Rodrigo Buenaventura, announced this Wednesday that the body is analyzing, together with the Spanish market operator, BME, some formula to improve stock market connections between Spain and the United States, after Ferrovial announced its intention to change headquarters with the aim of making the leap to Wall Street.
“The company has mentioned several issues to register in the Netherlands, and one of them has to do with supposed difficulties to be listed in the United States,” Buenaventura said in a forum organized by El Español. “Both BME and the CNMV are analyzing whether there could be limitations on the use of the ‘listing’ towards the United States”, he indicated.
“We will analyze what changes are necessary to improve connectivity. We are analyzing the real demand and the necessary legal rigor by establishing a dialogue with the US counterparts. It is not a matter that can be resolved in a couple of days,” added Buenaventura.
The president of the CNMV has explained that companies listed in Spain have two formulas to be listed in the United States. The first is the ADR, some certificates so that the banks can negotiate the securities on their behalf in New York, which is used by “the vast majority” of companies. The other is “the listing type price at the time it is listed in Europe”, which requires “a certain more or less listed registry connection”.
This second formula is the one that the CNMV wants to improve in two ways, which are “representation”, that is, the one referring to the existence of physical shares that guarantee each participation, and the implementation of “adjustments that do not necessarily require changes legislative”. “We are working on these adjustments,” he added.
Buenaventura has complained that at no time has the CNMV received “expressions of interest” or “queries” from Ferrovial or any company on this aspect. “And that the reform of the stock market law, which will go ahead this week in Congress, has been in public consultation since 2021. It would have been a fantastic opportunity” for Ferrovial to report any eventual limitation, he added.