Global Market
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| >Guillermo Camou Hernández>President of Trade of Derivate Products Committee |
Plan to integrate with Bovespa
On February 26, the CNBV officially recognized the Sao Paolo stock exchange in Brazil (Bovespa) for the purposes of listing and trading securities in the BMV's International Quotations System (known as SIC). The purpose of this integration was to create the technological, operating, regulatory and commercial conditions that would make access viable for investors in both markets.
In a meeting held with the BMV on March 7, the following agreements were reached:
- That Bovespa uses a concept called "respecification", under which investor information cannot be revealed until the time of settlement, which would allow the entry to be made if the investor were to participate in a cross trade.
- The BMV would prepare a list with all the requirements that Mexican brokerage firms must meet, indicating the data that must be supplied on behalf of their clients.
- The BMV would prepare a document detailing the procedures to follow in trading on Bovespa and the BMV.
- AMIB will prepare the contracts that must be signed by brokers and investors, and the scope of those contracts.
The following additional aspects were defined:
- The contracts to be signed between Mexican and Brazilian brokerage firms
- Review of Bovespa's rule that the Brazilian brokerage firm must keep all information on the Mexican client trading in its market, and that it can request a sampling of those clients.
- To complement the listing in Mexico's SIC, on June 20, the MSCI Brazil Index Fun iShare (EWZ) was listed.
Because of BOVESPA's requirements on client information disclosure, the project's development was suspended until the parties can reach an agreement on the information requirement from clients of Mexican brokerage firms.
Integration Project for BMV-Santiago Stock Exchange
On June 27, the Mexican Stock Exchanged signed an integration agreement with the Santiago Stock Exchange, complying with FIAB agreements on the integration of Ibero-American markets. >>
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