Mercado Integrado Latinoamericano (MILA)
| Mercado Integrado Lationoamericano (Latin American Integrated Market) | |
| |
| Founded | 2011 |
|---|---|
| Products | Integration of equity markets in Chile, Colombia and Peru |
| Website | mercadointegrado.com |
| Releases | Company News |
Mercado Integrado Latinoamericano (MILA), or the Latin American Integrated Market, is the end result of a market integration project taken on by Peru, Colombia, and Chile. In an attempt to make their markets more competitive among international equities, and specifically the emerging market space, the three countries merged their stock markets in May 2011.[1]
An earlier deadline was expected, but progress came to a halt while Peru’s Congress dragged its feet on passing a law that would standardize capital gains tax. On Dec. 29, 2010, Peru lowered its capital gains tax to 5 percent. The rate had previously ranged from 5 to 30 percent depending on an investor’s income bracket.
MILA is the largest Latin American Market in terms of companies listed with more than 560 stocks available to investors.[2] It is Latin America’s second-biggest stock market in terms of market cap, after Brazil’s BM&FBovespa.[3]
In June 2014, the Mexican Stock Exchange (BMV) said it would connect to the other bourses in MILA by the end of the year, becoming part of the bloc. The addition of BMV will more or less double MILA's market cap, putting it closer to the size of Brazil's BM&F Bovespa.[4] [5] BMV had first expressed interesting in joining MILA in December 2011, by signing a letter of intent.[6]
History[edit]
Discussions concerning the proposed merger of the three markets began in June 2010. Representatives from Peru, Colombia and Chile met in August and September of that year, leading up to a launch event on November 9, 2010. Testing began later that month. Operations finally began on May 30, 2011.
Key People[edit]
- Juan Pablo Córdoba, President, Bolsa de Valores de Colombia
- Jorge Hernán Jaramillo, President, Deceval
- Francis Stenning, General Manager, Bolsa de Valores de Lima
- Roberto Hoyle, President of the Board, Bolsa de Valores de Lima
- Pablo Yrarrázaval, President of the Board, Bolsa de Comercio de Santiago
- José Antonio Martínez, General Manager, Bolsa de Comercio de Santiago
References[edit]
- ↑ MILA Milestones. MILA.
- ↑ Integrated Latin American Market. alletf.com.
- ↑ Regional Integration in Latin America. The Economist.
- ↑ Mexico set to join regional stock exchange by year-end. BN Americas.
- ↑ Mexico stock exchange to be linked to LatAm bourses in 2014. Reuters.
- ↑ Mexico to join LatAm exchange tie-up. Financial Times.