Bolsa de Valores y Productos de Asunción

Bolsa de Valores y Productos de Asunción

Corporation listed on Bolsa de Valores y Productos de Asunción

Board of Directors of BVPASA

Board of Directors of BVPASA

Authorities

Chief Executive Officer
Rodrigo G. Callizo L. M.

First Vice-Chairman
Sergio Pérez

Second Vice-Chairman
Pablo Cheng Lu

Board Members
Gustavo Sanabria
César Paredes
Christian Borja
Eduardo Borgognon
Álvaro Acosta
Gustavo Rivas

Commercial Manager
Osvaldo Gauto

15 de agosto 640
Asunción, Paraguay

Phone: (595 21) 442445
relaciones@bvpasa.com.py
www.bvpasa.com.py 

Main products / markets

Equities: Ordinary and Preferred Stocks

Fixed Income: Short-term and Long term Corporate Bonds, Treasury Bonds, Municipal Bonds, Negotiable securities issued under trust developments, Subordinated Bonds, Financial Bonds

Others: Repos

Main shareholders

Due to regulation, it is established that every shareholder may have a maximum of one (1) share and vote.
The total amount of shareholders of BVPASA is 43.

Brokerage firms

www.bvpasa.com.py

Trading hours

Market or product
Timetable
Electronic trading system
Primary market (Fixed Income)
11:00 – 12:15
Secondary market (Fixed Income)
12:30 – 13:00
Traditional trading system - Open outcry
Primary market (Equities & Fixed Income)
11:00 – 15:00
Secondary market (Equities & Fixed Income)
11:00 – 15:00

Market data

(Additional information at www.fiabnet.org)
Item
2017
2010
2005
2000
Total market capitalization (millions of US$)*
1,672
842.57
307.72
191.45
Number of listed companies
40
79
67
65
Stock Index Level
PDV General
3,513
914.37
440.59
254.14
PDV 20
1,311
876.91
376.09
217.22
Number of brokerage firms
9
8
5
5
Total value of share trading (Millions of US$)
25
23
1.5
6.5
Total value of bond trading (Millions of US$)
501
95
22.6
12.7
*Includes domestic and foreign companies
Market Capitalization - (US$ Millions)
Total value of Share trading - (US$ Millions)
Total value of Fixed Income trading - (US$ Millions)

 
Sector
2017
2016
%
%
Industrial
1
1
Banking, financial and insurance
81
81
Retail
17
17
Other
1
1
Total
100
100
2017

Brief history

 » Bolsa de Valores y Productos de Asunción

Bolsa de Valores y Productos de Asunción S.A. (BVPASA) was founded in 1977 upon the initiative of currently known as Cámara Nacional de Comercio y Servicios del Paraguay. The then prevailing political scenario hindered the development of this National Trade and Services Chamber. After the initial efforts to make it operative, trading sessions closed down before 1980.

As from 1989, with political and economic changes occurring in Paraguay, the new Securities Market Law No. 94/91 was enacted in 1991, thereby reating the National Securities Commission. In 1993, trading sessions were re-opened, which marked the starting point of the Bolsa de Valores y Productos de Asunción’s trading history, and the production of statistical data on all stock-exchange transactions nationwide.

The first statutory rules provided for tax incentives to promote company development and admission to listing, which had a major impact in the following years, with more than 50 corporations being listed as open companies/issuers. In only 3 years, trading volume increased by more than 600 percent on the BVPASA.

In the last five years, significant projects have advanced on a promising note, such as the 2010 Electronic Trading System Implementation Initiative, which enabled the Securities Exchange to start providing Securities Custody services (a preliminary step to creating a future central securities depository), by way of dematerializing physical securities and registering securities holdings through book-entry records.

Seventeen new issuers have been listed in the last 3 years. In addition to equities and corporate bonds, other instruments such as Subordinated Bonds issued by Banks, Investment Bonds issued by Credit Unions (Cooperativas), Commercial Paper, Negotiable Securities issued consistently with the development of Trusts, and repos with haircuts are traded on BVPASA. Additionally, as from 2012, the National Treasury has started placing Treasury Bonds through BVPASA.

Organization Chart

Organization Chart

Financial indicators

2012
2011
Net Income (U$S thousands)
132
105,32
ROE (Net Income/shareholders’ equity)
13,5%
12%
ROA (Net Income/Assets)
13%
12.31%
EBT/Shareholders’ equity
15%
15%
EBT/Assets
15%
14%
 » Bolsa de Valores y Productos de Asunción

Clearing, settlement and depository services

There are two clearing and settlement schemes depending on the market: Equity or Fixed income. In both cases, transactions shall be settled on T+2.

Equity market:  As trading is still based on physical securities, transactions are executed on the floor or traditional trading session, and Brokerage Firms are in charge of trade settlement. The latter must file within 48 hours documents and forms required by the Exchange, where they shall declare on oath that such transactions were finally cleared and settled. This case is applicable to cross-trading. In the case of ordinary trading, funds shall be deposited in a clearing account opened by the Exchange with a Bank, where all Brokerage Firms shall have opened accounts, and the Exchange shall perform final settlement.

Fixed income market:  In this case, instruments are handled through the electronic trading system, trading has been dematerialized and securities custody, which is book-entry, is provided by the Exchange. The procedure is as follows: Once transactions have been executed, Brokerage Houses deposit funds received from their investors in a clearing account opened by the Exchange with a licensed Bank, which acts as a Clearing Bank or Paying Agent, operating as instructed by the Exchange. Once deposits are confirmed as freely-available funds, the Exchange shall perform the relevant transfers to the selling issuer.  All Brokerage Firms and issuers shall have opened accounts with the Clearing Bank. For principal and interest payments, on maturity date, issuers shall deposit in the morning such freely-available funds in the clearing account so that, in turn, the Exchange shall transfer them to Brokerage Firms, and the latter shall subsequently transfer them to their relevant investors.  In the case of institutional investors, they generally deposit funds directly in the Exchange’s clearing account, without passing through Brokerage Houses, and then the Exchange transfers funds directly to them in payment of principal and interest.

Central counterparty - CCP

For transactions executed within the electronic trading system, the central counterparty (CCP) is the Exchange.  As mentioned in the above section, the Exchange receives fund deposits in the clearing account opened with a licensed Bank within the specified terms, and it subsequently transfers them to the relevant participants.  At the same time, the Exchange provides book-entry securities custody services.

Member of the following organizations

  • Cámara Nacional de Comercios y Servicios del Paraguay – 1992
  •  Brazil – Paraguay Forum – 2012
  • America’s Central Securities Depositories Association (ACSDA) – Marzo 2012
  • Federación Iberoamericana de Bolsas (FIAB) – Septiembre 2012

Agreements with other Exchanges

  • Argentina Clearing – ROFEX – 2005 – Electronic Trading System
  • Bolsa de Valores de Montevideo – 2011 – Custody and settlement of trades between brokers
  • Argentina Clearing – ROFEX – 2012 – Derivatives & Currency Futures 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 May of 2019. 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.