In 2017, the IBEX 35 caused a lot of concern in response to the potential secession of Catalonia from Spain. Some experts even advised their clients to avoid the stocks listed on the Madrid Stock Exchange.However, most of the IBEX 35 companies don’t show high levels of exposure to Catalonia. According to the research, conducted by the Bolsas y Mercados Españoles (BME), the IBEX 35 companies derive only 34% of their revenues in Spain. For example, Santander (the top IBEX 35 component by market cap) makes twice as much profit in Latin America, as at home. Therefore, the fears and rumours over Catalonia may be overestimated.