Latin America: New York squares up to battle with local bourses

IS SÃO PAULO supplanting New York as the Latin American equity market of choice? Of the top 20 Latin American IPOs of 2006, only one – Argentine steel maker Ternium’s – came with a listing in New York. Fifteen of the top 20 IPOs were Brazilian, and not one of them saw fit to pursue a dual listing. Meanwhile, average daily volume on Bovespa, Brazil’s stock exchange, soared 68% to $1.12 billion in 2006 from $667 million in 2005.