FILE IMAGE. An operator works at the Colombian Stock Exchange in Bogotá. February 1, 2019. REUTERS / Luisa Gonzalez
Soon the stock exchanges of Colombia, Chile and Peru will be integrated to build a single market, this means that the three countries can access on equal terms to negotiate and settle on a trading platform. Colombia will hand over 100% of its shares in exchange for a 40% stake in the group.
Chile will hand over all its shares to the stock exchange in exchange for the other 40%, while Peru will do so for 20%. This would bring annual revenues to countries between $ 21 million and $ 41 million in the short term. In the long term it will be up to 51 million. The stock exchanges of the three countries made it clear that they will begin planning the integration of trading, clearing and settlement platforms for the three markets.
“Considering that the first milestone of the integration will be the standardization of the trading platform, it is estimated that the implementation, considering the adequacy of the clearing, settlement and securities deposit platforms, will culminate in the fourth quarter of 2023, at which time that the operation of the integrated market would begin ”, it is specified in the statement.
Juan Pablo Córdoba, president of the Colombian Stock Exchange, explained that this will allow the development of the country’s capital market, which will make national products reach other markets and investors. The holding or platform, whose creation will be conditional on the approval of the regulators of the respective countries, will imply “moving the borders and having an even bigger vision for the development of the Colombian capital market and the region,” he added.
According to the document, the integration will be carried out based on an average equity value of the Chilean stock market of 188,000 million pesos (258.8 million dollars), of the Colombian one of 895,000 million pesos (247.8 million dollars) and of the Peruvian of 503.5 million soles (137.5 million dollars).
The integration will promote a significant increase in the number of issuers, the attraction of international participants, a greater regional participation of pension funds and the growth of the volume of derivatives, among other benefits.
“In this way, we can achieve a greater development of the regional market, through a standardization of business models and therefore the generation of technological and operational synergies, among other aspects,” the statement added.
On the other hand, a few weeks ago it was known that the Colombian economy grew 13.2 percent in the third quarter of 2021 compared to the same period last year and is recovering from the crisis that caused the pandemic in 2020, they reported on Tuesday in the National Administrative Department of Statistics (Dane).
“The country is advancing at a steady pace (…) driven by commerce and industry,” celebrated President Iván Duque through his official Twitter account. Hit by the Covid-19 health crisis, Latin America’s fourth economy had its worst performance in half a century when the Gross Domestic Product (GDP) fell 6.8 percent in 2020.
Since then it has shown signs of recovery, hand in hand with a vaccination campaign that has already immunized 46 percent of the population of 50 million inhabitants and a health system under less pressure.
The economy grew 1.1 percent in the first quarter of 2021 and 17.6 percent in the second, compared to the same sections of 2020. Between July and September of this year, Colombia recorded an advance mainly driven by growth in the sectors of commerce, transport, accommodation and food services (33.8 percent); manufacturing industries (18.8 percent) and public and defense administration (8 percent).
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