In Spain, CFD & forex brokers are jointly overseen by the national financial regulator Comision Nacional del Mercado de Valores, as well as the common European regulator known as the European Securities and Markets Authority (ESMA). Combined, this means that Spanish CFD brokers are operating under a relatively strict regulatory regime.
As one of the largest countries in Europe, Spain has a pretty large community of CFD & forex traders within its borders. Some CFD brokers have therefore chosen to set up shop in the country to better serve the Spanish trading community. Spanish traders who are looking for a more flexible regulatory regime, however, are still welcome to sign up with CFD & forex brokers in other countries outside of the EU should they wish to do so.