Spanish market regulator, the National Securities Market Commission (CNMV), subordinate to the Ministry of Economic Affairs, chaired by its Vice-President Nadia Calviño. what to dismantle railwaylike other companies, they have problems all kinds of legislation quotes on stock exchanges United States of America: According to official CNMV media, “we are not aware of any conflicts” to be listed by any Spanish company in the US. These media insist that “if it’s not done, we don’t know why it can’t be done,” and they add: “Ferrovial, in any case, didn’t tell us”.
One of the arguments he put forward to try to explain the relocation of the construction company’s headquarters to the Netherlands was something like the shortest route between Madrid and Wall Street, where it is easier to jump from the Netherlands to the New York Stock Exchange. via Amsterdam. The company emphasizes that 93% of its investors are already international, and in addition, trading on Wall Street gives it access. greater international financing opportunities, apart from a greater power to attract new investors. However, the CNMV points out that “if it’s to acquire new shareholders or raise more financing, there are already Spanish companies in the United States getting it even without listing.”
The fact is that most of the large Spanish companies are already listed on a regulated stock exchange in Europe and America, and few are even traded on the US stock exchange through the so-called ADRs, which are certificates guaranteed by stocks. Company issued by American banks. This allows Wall Street investors to buy and sell these securities. Ferrovial already has ADR in the United StatesLike Santander, BBVA, Grifols, Inditex, Repsol or also the construction company FCC.
The financial media also emphasize that the possibility of introducing changes in Spanish legislation to facilitate access to US stock markets is actually up to European authorities, not Spanish ones, but they make it clear that this is true. The Netherlands has more favorable trade legislation Within the framework of agreements signed with the United States in the last century, before the constitution of the European Union (EU).