The CNMV has agreed to designate the IBEX 35 as a significant benchmark index in accordance with Article 24.3 of the European Benchmark Regulation (BMR). The decision is made in the context of the BMR reform and following the assessment carried out by the CNMV, consultation with the administrator, and the favourable advice of the European Securities and Markets Authority (ESMA).
The assessment confirms the special relevance of the IBEX 35 as the main reference of the Spanish equity market, its weight in terms of capitalisation and trading, and its widespread use in financial instruments and investment products. The designation ensures the continuity of an appropriate level of regulation and supervision over the index under the new BMR framework.
The CNMV considers that the IBEX 35 meets the established conditions, as there are no suitable market-oriented substitutes that can perform its function as the main reference of the Spanish equity market equivalently. Furthermore, its discontinuation, loss of representativeness, or compilation from unreliable data could have significant adverse effects on market integrity, financial stability, investors, consumers, and the Spanish economy. The CNMV also considers that the designation is proportionate, taking into account the economic relevance, representativeness, integration into markets, and public visibility of the IBEX 35, an index that was already subject to the regime of significant indices prior to the BMR reform.
As a result of the designation, the IBEX 35 is subject to the regime established in the BMR for significant benchmark indices. Sociedad de Bolsas, S.A., which is already registered as an administrator in accordance with the BMR, will continue to be subject to the applicable requirements for administrators of significant indices based on regulated data. This decision will be notified to ESMA for the purposes provided for in Regulation (EU) 2016/1011 and, in particular, for its reflection in the register provided for in Article 36.
In parallel, the CNMV has completed the review of the affected Spanish administrators due to the reduction of the scope of application of the BMR. As a result of the end of the transitional regime, AFI, SERFIEX, BBVA, and MIBGAS will no longer appear in the European register of administrators from 1 October 2026. Leaving the register does not prevent their indices from continuing to be used by supervised entities.
