Company: BBVXF
Filing Date: 2025-02-27
Form Type: F-4/A
Source: 0001193125-25-037317
Chunk: 322

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-02-27
Form: F-4/A
Chunk 322
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.7 | % |     |      | 16.9% |
| United States and Canada |     |      |  2.7 | % |     |      | 3.0%  |
| Rest of the world        |     |      |  3.8 | % |     |      | 2.8%  |
| Total                    |     |      |  100 | % |     |      | 100%  |

As can be seen in the table, the risk is concentrated in counterparties with a high credit quality, with 76% of the risk relating to counterparties rated A, whereas as at 31 December 2023 this concentration was 82%. In 2016, under the European Market Infrastructure Regulation (EMIR) (Regulation 648/2012), the obligation to settle and clear certain Over-The-Counter(OTC) derivatives through central counterparty clearing houses (CCPs) began to apply to the Group. For this reason, the derivatives arranged by the Group and subject to the foregoing are channelled via these agents. At the same time, the Group has improved the standardisation of OTC derivatives with a view to fostering the use of clearing houses. The exposure to risk with CCPs largely depends on the value of the deposited guarantees. With regard to derivative transactions in Organised Markets (OMs), based on management criteria, it is considered that there is no exposure, given that there is no risk as the OMs act as counterparties in the transactions and a daily settlement and guarantee mechanism is in place to ensure the transparency and continuity of the activity. In OMs the exposure is equivalent to the deposited guarantees. The breakdown of transactions involving derivatives in financial markets, according to whether the counterparty is another financial institution, a clearing house or an organised market, is shown below:

| Thousand euro                       |     |      |             |     |      |             |
|                                     |     | 2024 |             |     | 2023 |             |
| Transactions with organised markets |     |      |     506,105 |     |      |   1,505,736 |
| OTC transactions                    |     |      | 202,054,253 |     |      | 188,207,641 |
| Settled through clearing houses     |     |      | 126,969,629 |     |      | 113,467,997 |
| Total                               |     |      | 202