Colombia Stock Exchange

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Colombia Stock Exchange (Bolsa de Valores de Colombia)
Founded 2001
Headquarters Bogotá
Key People Juan Pablo Cordoba, CEO
Products IGBC Index

The Colombia Stock Exchange (CSE), known in Spanish as the Bolsa de Valores de Colombia (BVC), was formed in 2001 from a union of three separate regional exchanges and is a now one of the world's top trading centers for fixed income securities. The CSE's main stock market benchmark, the IGBC Index, recovered slightly in Q1 2009 after taking a pounding in 2008's financial crisis.

CSE ranked 50th in global derivative exchange volume in 2016 with over 1.4 million contracts traded, an 33.9 percent increase from the previous year, according to the FIA Annual Volume Report.[1]


The Colombia Stock Exchange was formed in July 2001 through a merger of the country's three regional exchanges: Bolsa de Bogotá, Bolsa de Medellín and the Bolsa de Occidente in Cali.[2] Although it's called a stock exchange ('bolsa' in Spanish), between 85 percent and 90 percent of the CSE's trading is actually conducted in the bond market,[3] where it ranks as the world's fourth-largest market.

Just prior to September 2008's global credit crisis, CSE announced it would start offering derivatives trading via the Nasdaq OM Group electronic trading platform. The move is part of a strategy for the CSE to offer itself as a Latin trading alternative to the region's big dogs, Brazil's BM&F Bovespa and the Mexican Stock Exchange.

Key products[edit]

The Colombia Stock Exchange's IGBC Index serves as the overall stock market benchmark and is a capitalization-weighted indicator of Colombia's highest-cap, most liquid stocks.[4] The exchange's other main index product, the COLCAP, measures the CSE's 20 most liquid stocks but limits individual equity weights to 20 percent, compared to the IGBS where a single stock, Ecopetrol, is more than half the index value.[5]

Key people[edit]

CSE Chief Executive Juan Pablo Cordoba has held the post since March 2005 after a stint as director of Colombia's deposit insurance fund. He worked in Washington, D.C. with the International Monetary Fund (IMF) from 1999 until 2002 and earlier obtained a Ph.D. in economics from the University of Pennsylvania. In a mid-2008 interview with Securities Industry News Cordoba outlined the CSE's competitive strategy of investing in new electronic trading technology to become an advanced global trading market.[6] Cordoba also told SI News: "We...expect the derivatives market will bring new energy to the Colombian capital markets."

Contract Volume[edit]

Year Total Annual Volume Percent Change
2016 1,403,564 33.9%
2015 1,048,199 10.2%
2014 941,620 37.4%
2013 685,133 --

John Lothian News Interview, May 2015[edit]

Thinking Global: Colombia's Juan Pablo Cordoba Says Global Regulation Hurts Emerging Markets

If you don’t know Juan Pablo Cordoba you probably should. As the CEO of the Bolsa de Valores de Colombia (Colombia Securities Exchange) and chairman of the World Federation of Exchanges, he is one of the exchange executives who has a unique perspective on emerging exchanges such as those in Latin America and beyond. Yet, he also has a firm understanding of the G20 market reforms that have filtered throughout the world in the form of Dodd-Frank, Basel III, MIFID and EMIR.

Cordoba spoke with Jim Kharouf, editor-in-chief of John Lothian News, at the World Federation of Exchanges/IOMA conference in Sao Paulo, Brazil about the challenges and opportunities for the -year-old Colombia exchange, including regional efforts such as MILA, the Latin American Integrated Market. He also provides a credible voice regarding the unintended consequences of applying a host of clearing, capital and compliance hurdles that could stifle the growth of such new markets.

Read the interview on