Central de Corretajes, S.A. de C.V. (CENCOR) has requested to the Ministry of Finance (Secretaria de Hacienda y Credito Publico) a concession to form and operate a new Stock Exchange in Mexico
MEXICO CITY, Oct. 29, 2015 /PRNewswire/ -- With the purpose of contributing to the development of Mexico's financial markets, Central de Corretajes S.A. de C.V. (CENCOR) has requested to the Ministry of Finance (Secretaria de Hacienda y Credito Publico) a concession to form and operate a new Stock Exchange in Mexico: Bolsa Institucional de Valores (BIVA).
For Santiago Urquiza (CENCOR's Chairman), this initiative falls in line with the financial reform recently approved by the Mexican Government. Among the benefits of a new Stock Exchange, he mentions: technological innovation, market continuity, increased liquidity, lower execution costs, trading alternatives and attraction of new IPOs.
"We expect that investors, issuers and market participants will welcome this initiative and benefit from it. We have worked for over three years developing this project and today we submit the formal application", comments Santiago Urquiza.
The modernization of Mexico's financial markets, as well as its expansion is crucial. In 2014, Mexico was the 15th world's largest economy, whereas according to the World Federation of Exchanges it was: 23rd place in market capitalization, 45th in number of listed companies and 29th in traded volume.
The 14 largest economies have more than one stock exchange. For instance the US has 11 exchanges, Canada 5, Spain 4, France and Italy 2, and Brazil has a second stock exchange pending authorization.
"We believe that the market will increase in size by 30% in the first two years of operation (in addition to the organic market growth) due to the benefits that competition between exchanges provides", according to Jose Antonio Gomez Aguado (CENCOR's board member).
Every single security currently traded in Mexico will be tradable at BIVA on day one. New and existing issuers will have the option to choose the exchange where they prefer to have their primary listing.
About CENCOR
Central de Corretajes, S.A. de C.V., was founded in 1988, and its core business is to develop the infrastructure of financial markets in Mexico and Latin America. CENCOR is currently the holding company for:
- ENLACE INT (1993) was the first interdealer broker in Mexico. Enlace facilitates trading of fixed income, FX and derivatives between banks. Enlace has offices in Mexico, US, Chile, Colombia and Argentina.
- PROVEEDOR INTEGRAL DE PRECIOS (PiP) (2000), is an independent provider of fair value for financial assets. PiP calculates 80,000 daily prices for instruments in Mexico, Costa Rica, Peru and Colombia.
- MERCADO ELECTRONICO INSTITUCIONAL (MEI) (2006) offers brokerage services between Financial Intermediaries and Institutional Investors. MEI provides the main platform for securities lending in Mexico (MEI PRESVAL) and is currently developing MEI FONDOS for the Mutual Funds market.
- CAPITALSTAR SYSTEMS (2002), based in New York, is CENCOR's technology company. Its services include development and support of trading platforms in a variety of financial markets.
For more information: www.cencor.com
Media contacts in Mexico
Juan Pablo Vargas
+52 (55) 5246-0100 Ext:312 / +52 1 (55)45802953 [email protected]
Cynthia Llanos
+52 (55) 5246-0100 Ext: 346 / +52 1 (55) 45770803 [email protected]
SOURCE Central de Corretajes, S.A. de C.V. (CENCOR)
Related Links
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article