Mexico’s stock exchange (BMV) should join the Latin American integrated stock exchange (Mila) by the end of the year, state news agency Notimex reported.
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Pedro Zorrilla Velasco, assistant director of corporate services and institutional relations at BMV, was quoted as saying: “The aim is for Mexico’s first operations with Mila to begin between October and December.”
At the beginning of the year, new securities legislation which formed part of the country’s financial reform package paved the way for BMV to establish connectivity agreements with the Colombian, Chilean and Peruvian stock exchanges that make up Mila.
“We’re ready for phase one. The Mexican stock exchange can establish agreements with foreign bourses to interconnect its operating systems and give direct access to investors from other markets,” Zorilla said.
The exchange is now awaiting new legislation from banking and securities regulator CNBV which will establish guidelines for agreements with other exchanges.
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When BMV joins Mila it will mark a turning point for the regional exchange, more or less doubling its market cap to rival, if not surpass, Brazil’s BM&F Bovespa, BNamericas revealed in a financial services Intelligence Series report.
The combined market cap of the Mila exchanges was US$547bn at the end of January, about US$55bn more than the BMV.