Bolsas y Mercados Españoles, the Spanish exchange, has underlined the importance of clearing and settlement to stock and futures exchanges’ earnings, as its post-trade services drove its 2007 profits up 54% to €201m ($306m).

Rival exchange groups, including the London Stock Exchange and Liffe, the NYSE Euronext-owned futures market, are moving to launch their own clearing services. The BME’s clearing and settlement business was its top performer last year, generating revenues of €92m, an increase of 49% on the previous year, according to the exchange's full-year results.