Bolsa de Valores de Panamá

Bolsa de Valores de Panamá

Corporation. Member of Latinex Holdings, Inc., listed on Bolsa de Valores de Panamá.

Directors of  BVP

Directors of BVP

Authorities

Chairman
Arturo Gerbaud

Vice-Chairman
Roberto Brenes P.

Treasurer
Roberto Jiménez

Secretary
Marielena García-Maritano

Directors
Rolando Arias
Mónica de Chapman
Ricardo Zarak
Christine Müller
Michelle Núñez
José Montero
Carlos Mendoza

Executive VP & CEO
Olga Cantillo

 

Av. Federico Boyd y Calle 49
Edificio Bolsa de Valores de Panamá, Panamá

Phone: (5079) 269 1966
www.panabolsa.com 

Main products and markets

  • Shares
  • Fixed Income
  • Reports

Main shareholders

  • Latinex Holdings Inc.

Trading hours

Market/product
Schedule
All instruments
10:00 – 15:00
Market Makers
10:00 – 13:00
 

Brief history

 » Bolsa de Valores de Panamá

In 1989, when Panama was undergoing the worst political and economic crisis in the Republic’s history, a group of businessmen endeavored to crystallize one of the most cherished projects of the local financial community, namely the foundation of a stock exchange.  The aim of this private-sector initiative was to operate a centralized trading system where the forces of supply and demand would freely converge, under the principles of market transparency and fairness. For such purpose, Bolsa de Valores de Panamá, S.A. (BVP) was established.

On June 26, 1990, BVP became operative and held its first trading session, which marked the beginning of a new stage in the securities market development in Panama. Throughout the 1990s, BVP gradually consolidated its participation in the competitive financial intermediation market; more participants joined the market as brokerage firms, issuers and investors; new support institutions emerged and there was a continuous increase in trading volume year after year. This progress was the outcome of both a positive environment, characterized by the return to political stability enhanced with deep economic reforms, and equal tax treatment for different financial instruments. This allowed removing the taxation bias that had prevailed until 1991, which was then acting against the securities market.

Contemporaneously with such quantitative evolution, BVP promoted several measures geared to modernizing the local securities market, among which one should note the creation of a central securities depository and settlement agency, which was the origin of Central Latinoamericana de Valores, S.A. (LATINCLEAR), a company that became operative in 1997 and today provides trade clearing and settlement services through electronic systems; thus allowing to eliminate trade risk, as well as clearing and settlement inefficiencies, since these functions were performed manually before.

On October 22, 2009, the shareholders of Bolsa de Valores de Panamá S.A., assembled at an Extraordinary General Meeting, as well as the shareholders of Central Latinoamericana de Valores S.A., approved a corporate reorganization of the Exchange in order to form a new company holding the shares of both firms, referred to as Latinex Holdings, Inc.  In February 2011, the securities regulator Comisión Nacional de Valores authorized registration of the new shares of common stock and, therefore, these instruments were listed on the stock exchange for the first time.

Market data

(Additional information at www.fiabnet.org)
Item
2016
2015
2010
2005
Total market capitalization (millions of US$)
13,563
13,174
8,348
6,62
Number of listed companies
31
31
34
27
Stock Index Level
BVPSI
413.29
403
261.69
147.74
Number of brokerage companies (members)
25
25
19
15
Total value of share trading (Millions of US$)
163
247
322
301
Total value of bond trading (Millions of US$)
4,577
3,095
2.176
1.323
 
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
2016
2015
%
%
Banking, financial and insurance
89
89
Agricultural
1
1
IT
2
5
Retail
5
2
Other
3
3
Total
100
100
2016

Organization chart

Organization chart

Financial indicators

2016
2015
Net Income (U$S thousands)
1,085
1,623
ROE (Net Income/shareholders’ Equity)
134%
204%
ROA (Net Income/Assets)
48%
54%
EBT/Shareholders’ equity
134%
258%
EBT/Assets
64%
69%
 » Bolsa de Valores de Panamá

Clearing, settlement and depositary services

The liquidation model used by Latin Clear today complies with the main recommendations of the Bank for International Settlements (BIS) and others established by the International Securities Services Association (ISSA), among them, to safeguard participants from financial risks, eliminating Operational risk, reducing cost, unifying security standards and creating efficient links in the market.

Latin clear uses BIS settlement model 2, of delivery against payment, which corresponds to cash netting and transaction per transaction in terms of values. The clearing and settlement period is made in T + 2. In T + 1 Latin Clear freeze titles and at the beginning of T + 2 the process is completed, through the Panama National Bank’s Clearing House. Each participant has a settlement bank that authorizes Latin Clear, through a contract, to debit them daily through this chamber to carry out its operations.

Every day the Panama Stock Exchange (BVP) sends the information of the transactions and update of prices to Latin Clear through an electronic batch. The confirmation of the transactions is given in T and the BVP is responsible for making the confirmations of the stock exchange operations. The confirmations of over-the-counter transactions are made by Latin Clear in T.

Latin Clear is also responsible for the deposit of securities.

Central counterparty - CCP

A Central Counterparty mechanism is not available.

Member of the following organizations

  • Association of National Numbering Agencies   (ANNA) – 1995
  • Bolsas de Comercio de Centroamérica y el Caribe  (BOLCEN) – 1990
  • Federación Iberoamericana de Bolsas (FIAB) – 2005
  • World Federation of Exchanges (WFE) – 1997- (Correspondent Exchange)

Agreements with other Exchanges

  • Bolsa de Guayaquil – 2011 – Mutual Cooperation Agreement.
  • Bolsa Nacional de Valores de Costa Rica y Bolsa de Valores de El Salvador – 2007 - Memorandum of Understanding.
  • Bolsa de Nicaragua – 2007 – Memorandum of Understanding.
  • Bolsas de Valores y Depositarias de El Salvador – Remote Trading agreement

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 April 18, 2017. 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.