Managing Director: Rafael Bunzl
Deputy Managing Director: Steven Horkulak


CIMD SV is the Group’s securities firm specialising in brokerage for institutional clients in wholesale financial markets.

It has been a leader in Spain for more than 35 years. The Company’s clients include the leading European banks and securities companies, and it intermediates all kinds of financial products, as well as energy derivatives, providing access at the best prices through state-of-the-art systems combining voice and data technology.

CIMD SV has developed an Organised Trading Facility (OTF), called CIMD OTF, which was authorised by the CNMV – Comisión Nacional del Mercado de Valores (Spanish National Securities Market Commission) and recognised by ESMA along with only 16 other systems in Europe (13 in the UK, 1 French and one Spanish) to cater for European clients, making it the best alternative to international brokers from Madrid.

The Company’s clients include the vast majority of European banks and securities companies.

The securities company is structured into six areas:

Deposits and FX Forwards

  • Interbank deposits in euros and foreign currencies
  • Currency forwards
  • Asian currency forwards
  • Reuters: Euro depo, Forward and LatAm. CIMF


  • Repos and simultaneous operations in the Eurozone
  • Private fixed income Repos
  • Reuters: CIMF

OTC interest rate derivatives

  • OISs, FRAs & IRSs in euros and foreign currencies
  • Volatility (swaptions, caps, floors, etc.)
  • Currency options
  • Reuters: CIMDB Bloomberg: CIMDD

Government debt

  • Treasury notes
  • European government debt
  • Other European government or supranational bonds
  • Strips
  • Asset swaps
  • Inflation-linked products

Derivatives traded in organised markets on equities, fixed income and indices

  • Execution and intermediation of derivative financial products on fixed income and equities (futures and options). Listed and OTC products
  • Intermediation in financing products; equity finance
  • Executive member of EUREX and MEFF. Execution and settlement services in EUREX, MEFF and US markets

Energy derivatives (gas and electricity)

  • Institutional intermediation of swaps, forwards, futures and electricity and gas options in the main European markets (Spain, Italy, France, Germany and the Netherlands).
  • Members of OMIP, Meff Power and EEX.