Bolsa de Comercio de Santiago

Bolsa de Comercio de Santiago

Corporation listed on Bolsa de Comercio de Santiago

Pablo Yrarrázaval Valdés - Chairman

Pablo Yrarrázaval Valdés - Chairman

Authorities

Chairman

Pablo Yrarrázaval Valdés

Vice-Chairman

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
www.bolsadesantiago.com 

Main products and markets

  • Shares
  • Investment fund units
  • Off-shore market
  • Fixed income
  • Short-term debt instruments
  • Currencies (gold, dollar)
  • Options
  • Futures
  • Promissory notes
  • CDs

Main shareholders

The principal shareholders of Bolsa de Comercio de Santiago are the stockbrokers who are members of the Exchange.

Trading hours

Trading system
Schedule
Shares, Investment Fund Units, Gold, Dollars, Options, and Futures
Open Outcry (Trading Floor)
Rueda Única
09:30 to 16:00
Telepregón
09:30 to 16:00
Note: Between October and April, trading is extended to 17:00 (daylight saving time)
Traditional Auction (Trading Floor)
At 09:15, 12:30, and 15:45
Electronic Auction
Auction 1
10:30 to 10:40
Auction 2
11:30 to 11:40
Auction 3
13:30 to 13:40
Auction 4
15:30 to 15:40
Serial Auction
Auction 1
09:30 to 13:00
Auction 2
13:00 to 16:00
Debt Instruments
(IRF-IIF: Corporate Bonds, Bank/Central Bank Bonds, Notes, and Time Deposits)
Electronic Auction IRF & IIF
Auction 1
09:30 to 09:40
Auction 2
10:00 to 10:10
Auction 3
10:30 to 10:40
Auction 4
11:00 to 11:10
Auction 5
11:30 to 11:40
Auction 6
12:00 to 12:10
Auction 7
12:30 to 12:40
Auction 8
13:00 to 13:05
Auction 9
13:15 to 13:20
Auction 10
13:40 to 13:45
Auction 11
15:50 to 15:55
Telerenta IRF & IIF
Between 9:00 and 16:00
Note: Between October and April, trading is extended to 17:00 (daylight saving time)
Dutch Auction
Auction 1
10:45 to 10:55
Auction 2
11:45 to 11:55

Market data

(Additional information at www.fiabnet.org)
Item
2012
2010
2005
2000
Total market capitalization (millions of US$)*
334,289
362,635
153,376
52,811
Number of listed companies
242
231
246
260
Stock Index Level
IGPA
21,070.28
22,979.22
9,206.10
4,869.04
IPSA
4,301.38
4,927.53
1,964.47
1,084.41
Number of brokerage companies
30
32
34
37
Total value of share trading (Millions of US$)
46,783
55,937
18,960
5,433
Total value of bond trading (Millions of US$)
169,259
177,440
105,940
41,850
* Includes domestic and foreign companies
Market Capitalization - (US$ Millions)
Total value of Share trading - (US$ Millions)
Total value of Fixed Income trading - (US$ Millions)

Market capitalization split by economic sector

 
Sector
2012
2011
%
%
Industrial
8
6
Banking, financial and insurance
13
13
Retail
14
15
I.T.
0
3
Other
65
63
Total
100
100
2012

Brief history

 » Bolsa de Comercio de Santiago

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.

Organization chart

Organization chart

Financial indicators

2012
2011
Net Income (U$S thousands)
10,388
9,812
ROE (Net Income/shareholders’ Equity)
16.55%
16.32%
ROA (Net Income/Assets)
10.53%
10.85%
EBT/Shareholders’ Equity
22.42%
19.41%
EBT/Assets
14.24%
12.91%
 » Bolsa de Comercio de Santiago

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.

Edited by FIAB Secretariat. The information referred to member exchanges and markets compiled in this Handbook has been provided to FIAB by these entities and is updated up to August 31, 2012. Every effort has been made to ensure that the information in this edition is accurate at the time of its publication. FIAB Secretariat cannot accept responsibility for errors or omissions.