Guía de Emisores Acciones BVC ● Guide of Listed Companies 2014 Guía de Emisores Acciones BVC ● Guide of Listed Co | Page 59

Juan Pablo Córdoba, CEO of
BVC, explained that the MILA is “a
real-life, concrete case of integration” which has been able to advance in several fronts.
“In a context of looking at things
in the long run and generating
structural changes in how the markets operate, for us MILA is extremely important. We have been able
to accomplish a lot in a very short
time”, emphasized Córdoba.

on track

MILA has actively advanced
both in quantitative and qualitative
terms since the end of 2012. Figures reveal this evolution in areas like

PERSPECTIVAS

Foto: AFP

“In a context of
lookIng at thIngs
In the long run
and generatIng
structural
changes In how
the markets
operate, for us
mIla Is extremely
Important”

the monthly amount and volume of
transactions. In the first category,
it moved from 16 million dollars
traded per year at December 2011
to 140 million dollars at the end of
2013; while operations went from
578 in all of 2011 to 2,976 in 2013.
To that regard, the CEO of BVC
explained that while the figures are
still small compared to those reported by the local markets in Colombia,
Chile and Peru, the most important
aspect of the integration is that those
businesses are now a reality, and have
served to change the perspective on
the market’s potential for all the securities industry’s actors in the region.
The executive pointed out that
since MILA’s creation, new foreign
actors have come into Colombia
because they see a strategic opportunity for growth in the integration.
In addition to these figures
which reflect consistent growth,
the impact is also evident in how
the countries’ regulators have
aligned their vision. “This unity of
views and objectives is an enormous advantage for the local markets”, he stated.
The second accomplishment
was to showcase the three MILA
markets, which as of December
2013 had capitalized USD 601,953
million, but move within a space
dominated by Brazil (80 percent of
the regional market). “We were able
to establish a dialog with investors
that is different from what we had
a few years ago”, he stressed. The
third accomplishment was to open
new horizons for local investors.
Based on this scenario, the market’s future growth, which in 2013
total volume trades was of USD
75,462 million for the three countries, will also depend on being able
to meet challenges. According to
Córdoba, the main challenges are
regulatory, tax and mental.
At three years old, MILA is
plowing ahead like an adult in Latin
America’s securities industry, and
foreign investors have taken notice
and given a wink and a nod to this
market, which is consolidating the
region’s integration and market W