Bolsa de Comercio de Santiago
Corporation listed on Bolsa de Comercio de Santiago
- Main products and markets
- Main shareholders
- Brokerage firms
- Trading hours
- Market data
- Market capitalization split by economic sector
- Brief history
- Organization chart
- Financial indicators
- Clearing, settlement and depositary services
- Central counterparty - CCP
- Member of the following organizations
- Agreements with other Exchanges
Pablo Yrarrázaval Valdés - Chairman
Pablo Yrarrázaval Valdés
Leonidas Vial Echeverría
Board of Directors
Juan Andrés Camus Camus
Juan Andrés Correa García
Nicholas Davis Lecaros
Juan Andrés Fontaine Talavera
Pablo Granifo Lavín
Eduardo Muñoz Vivaldi
Jaime Larraín Vial
Hernán Somerville Senn
Óscar von Chrismar Carvajal
General Manager or CEO
José Antonio Martínez Zugarramurdi
Bandera Esquina Moneda, La Bolsa 64,
Santiago de Chile, Chile
Phone: (562) 399-3000
Main products and markets
- Investment fund units
- Off-shore market
- Fixed income
- Short-term debt instruments
- Currencies (gold, dollar)
- Promissory notes
Main shareholdersThe principal shareholders of Bolsa de Comercio de Santiago are the stockbrokers who are members of the Exchange.
(IRF-IIF: Corporate Bonds, Bank/Central Bank Bonds, Notes, and Time Deposits)
(Additional information at www.fiabnet.org)
Market capitalization split by economic sector
Bolsa de Comercio de Santiago was founded on November 27, 1893. This was a far-reaching step which injected dynamism and energy into the Chilean domestic economy. Equity and bond trading started that same year. In 1958, the Exchange created the General Stock Price Index (IGPA –Índice General de Precios de Acciones), which encompasses nearly all listed shares. Due to the great participation and significance of the local market, in 1973 the Santiago Stock Exchange joined the Ibero-American Federation of Exchanges as a FIAB founding member. Almost 20 years after the creation of the first stock index, in 1977 the Exchange created the Selective Stock Price Index (IPSA –Índice de Precios Selectivo de Acciones), including the top 40 most actively traded shares.
As from 1981, the Exchange had initiated its own information age, by installing a computer terminal network based on real-time information, designed for capital market institutions. Between 1988 and 1989, equities and fixed-income instruments were traded electronically for the first time. In the 1990s, Chilean companies began opening up to the international market through ADR issues. In 1991, the Santiago Exchange became a member of the World Federation of Exchanges.
In 1995, the Exchange recorded the highest equity trading volume in the history of securities transactions, and in 2000, the Exchange became the prime benchmark for domestic and foreign investors, thus consolidating its leadership position in the local capital market.
In 2010, the Exchange officially started trading under Telepregón HT, a system processing more than 3 thousand orders per second at speeds under one millisecond, and making use of FIX (Financial Information Exchange) protocol. On September 1, the same year, a central counterparty firm became operational under the name of CCLV, Contraparte Central S.A., an entity formed by the Santiago Stock Exchange for the provision of securities trade settlement services. Finally, in 2010, the Exchange implemented routing and DMA networks, namely Marcopolo, Fidessa, and Sungard. As from 2011, a Co-Location service has been provided, together with the first Algorithmic Trading operations for the execution of sophisticated orders. As from May 30, 2011, the Latin-American Integrated Market (MILA) has become operational; Colombia, Peru, and Chile acting as participants. Within the Exchange’s 2012 projects, one should mention the creation of ETFs on the main domestic equity market indices, as well as the execution of an agreement with BM&FBOVESPA to develop the derivatives market.
Clearing, settlement and depositary services
The Clearing House system allows for clearing and settlement of orders executed in fixed income and money market instruments with T+0 and T+1 settlement terms, additionally to simultaneous transactions (Repos) with a T+0 settlement term. Arranged in accordance with order execution, this system consists of the following processes: automated order entry; online netting; order allocation; collateral calculation; order acceptance; settlement hedging; settlement supplement; settlement verification; ordinary trade settlement and extraordinary trade settlement.
Central counterparty - CCP
The Central Counterparty system allows for clearing and settlement of orders executed in equity instruments with T+2 settlement term, and orders executed in fixed income instruments with T+1 settlement term.
The clearing and settlement procedure designed for equity instruments is equal to the one defined above, except for the fact that, during order acceptance, CCLV irrevocably becomes creditor and debtor of the rights and obligations deriving from the clearing orders that are accepted by the system.
Clearing and settlement of profits or losses originating from orders executed in derivative instruments include the following processes: order entry, registration, and acceptance; order clearing; intraday order valuation; and order settlement.
Member of the following organizations
- Federación Iberoamericana de Bolsas (FIAB) – 1973
- World Federation of Exchanges (WFE) – 1991
Agreements with other Exchanges
- Bolsas de México, Sao Paulo, and Buenos Aires – 1991 – Information sharing agreement.
- Bolsa de Madrid – 2005 – Coordination agreement.
- Bolsa Mexicana de Valores, and BM&FBOVESPA – 2007 – Integration agreements on mechanisms for mutual recognition of securities listings within the framework for consolidation of the FIAB-led project.
- Bolsa de Comercio de Santiago (with DCV S.A.), and Bolsa Mexicana de Valores (with INDEVAL S.A.) – 2008 – Formal consensus on willingness to work for implementation of mechanisms enabling integration of their capital markets.
- DCV S.A., Bolsa de Valores de Colombia – DECEVAL, and Bolsa de Valores de Lima – CAVALI S.A. – 2010 - Integrated market model – phase 1 implementation agreement.
- Bolsa de Valores de Colombia, and Bolsa de Valores de Lima – 2010 – MILA (Latin-American Integrated Market) origination agreement (2010).
- Bolsa de Comercio de Santiago, and BM&FBOVESPA – 2010 – Joint operation strategic agreement providing connectivity between both Exchanges. It also includes BM&FBOVESPA’s support and cooperation for development of the Chilean derivatives market.