Madrid Aims for Quality Above Speed

Angel Navarrete/Bloomberg

Financial Times – By Jeremy Grant – June 11, 2012

Walk into the office of Antonio Zoido, chief executive of the company that runs the Madrid stock exchange, and you step back into a time when business was done at the metronomic pace of a bygone age.

An oil painting of Pedro Sainz de Andino, author of Spain’s first commercial code in 1830, hangs behind his desk. A few floors below, the cavernous trading floor – closed as recently as 2008 – speaks of gentlemanly stock dealing done face to face.

The floor has not been used for trading for years and Bolsas y Mercados Españoles (BME) – which runs the Madrid, Bilbao, Barcelona and Valencia exchanges – has embraced electronic trading along with most bourses around the world.

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