| AIAF | Asociación de Intermediarios de Activos Financieros (fixed income market) |
| AUM | assets under management |
| AXIS | venture capital subsidiary of Instituto de Crédito Oficial |
| BBVA | Banco Bilbao Vizcaya Argentaria |
| BdE | Banco de España (Bank of Spain) |
| BME | Bolsas y Mercados Españoles |
| BME Growth | Spanish stock market for small and medium‑sized entities |
| BREEAM | Building Research Establishment Environmental Assessment Methodology |
| CATS | Toronto Computer Assisted Trading System |
| CEO | chief executive officer |
| CEOE | Confederación Española de Organizaciones Empresariales (Spanish Confederation of Business Organisations) |
| CEPYME | Confederación Española de la Pequeña y Mediana Empresa (Spanish Confederation of Small and Medium-Sized Enterprises) |
| CFO | chief financial officer |
| CIALP | Cuenta Individual de Ahorro a Largo Plazo (long-term individual saving account) |
| CIS | collective investment schemes |
| CMU | Capital Markets Union |
| CNMV | Comisión Nacional del Mercado de Valores (Spanish National Securities Market Commission) |
| CSD | central securities depository |
| CTP | consolidated tape provider |
| DEBRA | debt-equity bias reduction allowance |
| DG Reform | European Commission Directorate General for Structural Reform Support |
| DLTs | distributed ledger technologies |
| EBITDA | earnings before interest, taxes, depreciation and amortisation |
| EC | European Commission |
| ECB | European Central Bank |
| ECRs | venture capital entities |
| EEA | European Economic Area |
| EFRAG | European financial reporting advisory group |
| EIB | European Investment Bank |
| ELTIF | European Long-term Investment Fund |
| ESA | European System of Accounts |
| ESG | environmental, social and governance |
| ESMA | European Securities and Market Authority |
| ESRS | EU sustainability reporting standards |
| ETF | exchange traded fund |
| EU | European Union |
| EUGBS | European green bond standard |
| FCA | Financial Conduct Authority |
| FIBEN | Fichier bancaire des entreprises |
| FINMA | Swiss Financial Market Supervisory Authority |
| FTT | financial transactions tax |
| GAAP | generally accepted accounting principles |
| GDP | gross domestic product |
| GHG | greenhouse gas |
| GICS | Global Industry Classification Standards |
| GRI | general reporting initiative |
| IBERCLEAR | Spanish central securities depository |
| IBEX 35 | benchmark stock market index of the Bolsa de Madrid |
| ICB | Industry Classification Benchmark |
| ICMA | International Capital Market Association |
| ICO | Instituto de Crédito Oficial (Official Credit Institute) |
| IFRS | International Financing Reporting Standards |
| IG | investment grade |
| IICs | instituciones de inversión colectiva (collective investment institutions) |
| IMF | International Monetary Fund |
| INE | Instituto Nacional de Estadística (Spanish statistical office) |
| INFE | International Network on Financial Education |
| IPO | initial public offering |
| IRNR | Impuesto sobre la Renta de No Residentes (income tax to non-residents) |
| IRPF | Impuesto sobre la Renta de las Personas Físicas (personal income tax) |
| ISA | individual savings account |
| ISIC | international standard industrial classification of all economic activities |
| ISIN | International Securities Identification Number |
| ISS | Institutional Shareholder Services |
| LATIBEX | Latin American Securities Market in Euros |
| LMVSI | Law 6/2023 on Securities Markets and Investment Services |
| M&A | mergers and acquisitions |
| MAB | Mercado Alternativo Bursátil (alternative stock market) |
| MARF | Spanish alternative fixed income market for medium‑sized entities |
| MEFF | BME’s derivatives exchange |
| MFI | monetary financial institution |
| MiFID II | Markets in Financial Instruments Directive II |
| MiFIR | Markets in Financial Instruments Regulation |
| MMF | money market fund |
| MTF | multilateral trading facility |
| NPLs | non-performing loans |
| OECD | Organisation for Economic Co-operation and Development |
| PALP | Plan de Ahorro a Largo Plazo |
| PE | private equity |
| PEA | Plan d'épargne en actions (French equity savings plan) |
| PIAS | Plan Individual de Ahorro Sistemático (Systematic Individual Savings Plan) |
| PPAs | Planes de Previsión Asegurados (Insured Pension Plans) |
| PPP | purchasing power parity |
| PPS | purchasing power standard |
| PwC | PricewaterhouseCoopers |
| R&D | research and development |
| REIT | real estate investment trust |
| RENADE | national registry for greenhouse gas emission allowances |
| ROA | return on assets |
| ROE | return on equity |
| RRP | Recovery and Resilience Plan |
| SENAF | electronic system for trading of financial assets |
| SIALP | Seguro Individual de Ahorro a Largo Plazo (Long-term Individual Savings Insurance) |
| SIBE | Spanish stock market trading system |
| SICAV | sociedad de inversión de capital variable (open-ended investment companies) |
| SILs | sociedades de inversión libre (free investment scheme) |
| SME | small and medium-sized enterprise |
| SPO | secondary public offering (follow-on offering) |
| T2S | TARGET2-Securities |
| UCITS | Undertakings for Collective Investment in Transferable Securities |
| US | United States |
| VC | venture capital |
OECD Capital Market Review of Spain 2024
Capital Markets for a Vibrant and Sustainable Spanish Economy and Corporate Sector
