Bolsas y Mercados Españoles, the Spanish exchange group, has highlighted the importance of a diversified business model to large stock exchanges as its IT, bond and derivatives trading units outperformed its core equities platform, which lost money in the first quarter of this year.

Revenues at the BME’s smaller IT and consulting, fixed income and derivatives business were up in the first three months of this year, driving total revenue up 7.2% to €99.6m ($154.7m) and net profits up 10.6% to €55.4m