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Exchanges: Brazilian and Chilean bourses sign routing deal

Wider LatAm agreements planned; Brazil to introduce high-frequency trading

BM&FBovespa, Brazil’s main stock exchange, has signed a commercial agreement with the Santiago Stock Exchange, Chile’s main bourse, enabling order routing in equities and derivatives between the two markets by the second quarter of next year.

Brazilian or Chilean financial institutions must be registered in and have a brokerage in each other’s countries to trade in stocks, stock options or derivatives outside their own country. The new plans will simplify this greatly and mean that market participants in Chile and Brazil will be able to route orders directly for securities listed on the other country’s exchange. Under the arrangements, they will also be able to disseminate data from each other’s markets.

Clearing and settlement of orders will be carried out according to the rules of the local market in which the stock or derivative is listed.

BMV and Mila

BM&FBovespa is also in talks with the Bolsa Mexicana de Valores (BMV), the Mexican stock exchange, and with the Latin American Integrated Market (Mila), the new index made up of the biggest stocks listed in Colombia, Peru and Chile, about similar order-routing agreements.

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