Bolsas Y Mercados Espanoles SHMSF SA is a financial market and securities exchange operator based in Spain but with global exposure. Most investors on the Bolsa are non-Spanish as more than three quarters of trading is due to nonresident buyers or sellers. The company is organized into six business units, including equities, fixed income, derivatives, clearing, settlement, and market data and value-added services. Like most exchanges, the company relies heavily on technology in carrying out its business model and also provides central counterparty services. The company's revenue is heaving contingent on trading volumes.