Miguel Ángel Zapatero, general manager of the BVL and client and business manager of nuam, details that, In a relatively optimistic scenario, they see the continuation of some trends, although greater caution is perceived. “In capitalizations, for example, the level of capital increases this year has been relatively discrete compared to regular years,” says Zapatero, specifying that companies are aligned to “wait and see” how the electoral situation progresses.
“We see that financing activity remains quite concentrated in the short term, although we know that there are many programs activated to issue in the long term. That is, There is some preparation and expectation that can be triggered if the right announcements and stability are given.”, he adds.
Photos: JOEL ALONZO / @photo.gec.
/ JOEL ALONZO
Zapatero also highlights that more retail investors continue to arrive at the BVL; a trend that various stock markets perceive globallygiven the proliferation of digital channels that allow investing. According to the executive, This year they expect to reach around 60,000 to 70,000 new accountswith various brokerage companies that allow individuals to buy and sell shares from their cell phone or computer.
“Today’s financial consumer wants to make their own decisions. Half of the accounts that have been opened in recent years are for those under 30 years of age”, indicates Zapatero.
Of these new accounts received by the BVL, 40% correspond to women and 50% are opened outside the capital. In that sense, the decentralizing power of a more dynamic market stands out.
About the progress towards regional integrationZapatero highlights the deployment of a technological trading platform in Peru, as well as the deployment of Nasdaq’s most recent matching engine for stocks in nuam.
“In parallel we have had the support of the Superintendence of the Securities Market, with a fairly comprehensive reform of stock exchange operating regulations”, comments the executive.
LIMA FEBRUARY 7, 2024 GRAPHIC RECORD OF THE FACILITIES OF THE NEW LIMA STOCK EXCHANGE AT THE SAN ISIDRO HEADQUARTERS.
/ NUCLEO-PHOTOGRAPHY > JORGE CERDAN
However, there are still three pending pillars. First of all, Zapatero mentions that the operating regulations of the three countries must be the samewith a standard regulation and linear game rules. A second element is that a central counterparty chamber be established in Peruwhich allows any operational risk to become residual and for Peruvian brokerages, as well as investors, to interact on equal terms with Colombian and Chilean brokerages.
“The chamber is critical. We hope very soon to have the rules to establish it by the end of the year,” explains Zapatero.
Once the aforementioned chamber is established, Zapatero explains that it will be possible to establish a third pending element: interoperability. “This implies that a Peruvian brokerage company is recognized as an intermediary in Chile and Colombia. This requires that the entire process of loading and transmitting orders be consistent,” he says.
However, Zapatero estimates that, Operationally, the integration of exchanges could be completed by mid-2027although this is subject to the pace of regulatory advances in each country. “There are quite a few pieces moving,” he points out.
