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Bolsa de Valencia Moves Its Headquarters Forced By The Generalitat Valenciana

Today the Generalitat Valenciana has taken possession of the building that has been the headquarters of the Valencia Stock Exchange for the last 26 years, the historic Palau dels Boïl d’Arenós on Calle Libreros. An act that occurs after the Valencian Government, owner of the property, decided to end the free transfer by which Bolsas y Mercados Españoles (BME) occupied the space in the center of Valencia to develop the stock market activity

Finally, BME has moved the headquarters of Bolsa Valencia very close, to Calle Pintor Sorolla 23, in a building that is already occupied by one of its subsidiaries, the fintech firm Openfinance, according to company sources, where it has transferred the personnel that until now performed his duties in the building. Although with the digitization of the negotiation, the Stock Exchange’s courtyard maintained a practically symbolic character, from the company now in the hands of the Swiss group Six, it ensures that the intention is to promote the business in the Valencian Community.

The arguments
Precisely the Consell justified the recovery of the building and the termination of the assignment because it considers that “currently no negotiation is carried out in the city’s Stock Market, nor are registration, settlement or compensation activities carried out, thus breaching the condition basic for the free transfer of use, which was to allocate the building to services of the Stock Exchange “.

Although the free transfer contemplated a term of 30 years, the Valencian Government considered that the object of that agreement was not being fulfilled. After several attempts to negotiate a new agreement with BME, the Generalitat finally chose to return the property to its asset management, with the aim of using it as the headquarters of the Valencian Institute of Finance (IVF).

For its part, BME tried to paralyze the measure with an administrative appeal before the Generalitat that was denied and another before the Superior Court of Justice of the Valencian Community in which it requested that the end of the assignment be stopped in a precautionary manner.

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