Amongst these uncertainties, worth particular mention is the political instability in Europe and the neo-protectionism demonstrated by the USA. Furthermore, the application of new regulations, in particular MiFID II, has made it necessary for significant investments to be made and has entailed a structural change in the way in which the services that financial brokers offer their customers are charged for. This new regulation, which was transposed into Spanish law at quite a late stage, also generated uncertainty on the market, both amongst institutional investors and stock broking companies, and brought activities to a partial standstill.
This has made 2018 a very complicated year, surpassing even the complexity seen in 2017, which, at the time, was considered difficult. Against this backdrop, Bankinter Securities was able to stabilise the business and maintain the level of income. Furthermore, the entry into force of MiFID II facilitated the integration of its activities at the parent company; the end result of this process is expected to see business costs decrease.
Traded volume during 2018 amounted to €21,509.2 million which represents a 1.83% of the total market share in Spain after third-market trading. Trading fee revenues totalled €8.7 million and earnings before taxes amounted to €4.64 million.
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