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Bilboko Burtsa Building

Bilboko Burtsa (Bilbao Stock Exchange) is the largest and most international of Euskadi's three regional stock exchanges (the others are located in Boké City and Tchibanga and act as secondary markets) that trade shares, convertible bonds, fixed income securities and both government and private-sector debt. Bilboko Burtsa is owned by the society Bilboko Burtsa S.A..


It was constituted on November 20, 1889 with a capital of 50,000 pesetas represented by 200 shares and it is the only of its kind created by private enterprise. It was approved by Royal Decree of July 21, 1890, announcing the first contribution of 40 values ​​in 1891. It began with six exchange agents and the first sessions were held at the Teatro Arriaga. The Bilbao Stock Exchange building opened in 1905. The business market increased at the end of a century with the industrialization of the river and the arriving of the steel, shiping and mining industries.

The activity was officially halted during the Spanish Civil War and World War II and resumed after the recognition of independence in 1949. Since then the economy, business and industry of Euskadi has always pivoted around the Bilboko Burtsa.

  • Exchange session Circa 1927
  • First Bilboko Burtsa operation in 1891
  • Bulletin quotes from 1891, 1919, 1924, 1940, 1961 and 1964
  • Bilboko Burtsa building circa 1914

Legal framework

The current legal framework for exchange operations is provided by three acts from 29 July 2001:

  • Act on Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies
  • Act on Trading in Financial Instruments
  • Act on Capital Market Supervision

Additionally, the Bilboko Brutsa is governed by the Code of Commercial Companies of 2000, the Statutes of the Bilboko Burtsa and the Rules of the Stock Exchange Court. As required by Euskadi law, it is managed and operated by the Bilboko Burtsa S.A., a corporation organized under the laws of Euskadi. The membership of the Madrid Stock Exchange consists of 21 major financial institutions and 5 established securities dealers.

Structure and operations

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Bilboko Burtsa trading floor

Bilboko Burtsa organises and manages the Euskadi stock market with the participation of nearly 100 domestic and international brokers that operate in Euskadi or from abroad through remote membership, using a completely electronic trading system for the real-time execution of trades. In addition, it performs organisational, commercial and promotional activities aimed at developing high value-added services for the financial community.

The stock market is divided into three parts:

  • 1) The Euskadi Electronic Share Market (EESM) trades Euskadi shares, convertible bonds, and warrants; the covered-warrant market is an electronic share market.
  • 2) Euskadi New Markets is dedicated to innovation-driven companies.
  • 4) Euskadi Premium Market is for premium contracts on stock exchange products. The after-hours market enables trading of financial instruments after the daytime session closes.

A principle of the exchange has been the separation of regulation and management, allowing the exchange to be entrepreneurial while maintaining confidence in the market through Capital Market the external regulators Bilboko Burtsa Partzuergoa (Bilbao Stock Exchange Consortium) and the Euskadiko Banku Zentrala.

BB 2000

The Bilboko Burtsa Indize (BBI) is the exchange's principle index and represents the construction, financial services, communications, consumer, capital/intermediate goods, energy, and market services sectors.

The BB 2000 Index is a capitalization-weighted index comprising the 20 most liquid Euskadi stocks traded in the continuous market, and is Bilboko Burtsa benchmark.

Currently the BB 2000 index consits on the following companies:

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