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Biggest Latin American exchanges integrate

Latin America’s two biggest equity markets have agreed to integrate as part of a pilot scheme to bolster liquidity in the region. Brazilian and Mexican investors to gain access to each other’s markets.

Latin America’s two biggest equity markets have agreed to integrate as part of a pilot scheme to bolster liquidity in the region. The São Paulo stock exchange (Bovespa) and its Mexico City counterpart (Bolsa Mexicana de Valores – BMV) will allow investors in the two countries to buy shares in each other’s markets. It will be the first example of market integration in Latin America.

Under the scheme, which should get under way in January, Brazilian investors will be able to buy Mexican stocks from Brazilian brokers, and vice-versa. Most important, the Brazilian broker would purchase the stock first from a Mexican counterpart registered at the BMV, and vice-versa. This correspondent broker model will ensure that the local broker is not squeezed out.

“We believe the scheme will work well as we are respecting the local brokers,” says Gilberto Mifano, chief executive at the Bovespa. “We are still a mutual exchange and the brokers own it. Under this model, we are giving them a special role to play in the integration.”

Shining example

“The idea is not to split the liquidity,” he adds. “The idea is to keep liquidity in the main market of each country.”

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