New stock exchange set to open in MexicoBy Elliot Bullman
Mexico’s new institutional stock exchange aims to be operating by the start of 2018, as it bids to capture part of the existing market in Latin America’s No. 2 economy and entice more companies to issue stock.
The new Stock Exchange called BIVA formally received its operating license from the government at an event in Mexico City on August. 29th. It will compete with the Mexican Stock Exchange, or BMV.
BIVA president Santiago Urquiza said he saw a lot of potential for new public offerings from companies with annual sales of between 500 million pesos and 1 billion pesos ($28 million to $56 million USD).
He said that there is a big seedbed of highly prepared and institutionalized companies which are very close to the requirements to be listed.
BIVA will be backed by technology provided by Nasdaq, the second-biggest U.S. exchange, that is used by more than 70 markets around the world.
Urquiza expects the number of publicly traded companies in Mexico could increase over the next three years by about 30 percent to around 200 while daily volume in Mexican stocks could grow 50 percent to around 20 billion pesos.
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