Federación Iberoamericana de Bolsas

Federación Iberoamericana de Bolsas

Francis Stenning - President

Francis Stenning - President

Authorities

President
Pedro Zorrilla

Vice-president
Francis Stenning

Secretary General
Claudio Zuchovicki

 

Executive Committee

Manuel Alonso Rebareda
President of Bolsa de Valores de Caracas

Roberto Belchior
Director of Market Development for LATAM of BM&FBOVESPA

Olga Cantillo
VP of Bolsa de Valores de Panamá

Juan Pablo Córdoba
CEO of Bolsa de Valores de Colombia

Adelmo Gabbi
President of Bolsa de Comercio de Buenos Aires

Joan Hortalá
Member of the Administration Board of BME, President of Bolsa de Valores de Barcelona

Orlando Soto Enriquez
President of Bolsa Nacional de Valores

Francis Stenning
CEO de la Bolsa de Valores de Lima

José Trigo Valdivia
President of Bolsa Boliviana de Valores

 

25 de mayo 347 – 4° piso – Oficina 413
Bolsa de Comercio de Buenos Aires Building
Ciudad de Buenos Aires, Argentina

Phone: 54 (11) 4316 7140/7141
Fax: 54 (11) 4316 7240
Email: correo@fiabnet.org

FIAB Objectives

Federación Iberoamericana de Bolsas has the following objectives:

A) Foster cooperation among its Members, in order to promote the development and advancement of their securities markets, in the best interests of all market participants;

B) Cooperate with national and international entities having legislative, regulatory, or other functions related to financial and securities markets with the aim of ensuring homogeneous standards and regulations as to securities issuance, circulation, distribution, and registration; trading; issuers; brokers; securities markets; securities depositories and custodians;  as well as in connection with any fiscal and other issues deemed to be relevant to market development;

Claudio Zuchovicki - Secretary General

Claudio Zuchovicki - Secretary General

C) Promote integration of the Federation’s securities markets, stimulating interactivity among market participants as well as the free circulation, within their respective jurisdictions, of securities issued in any of its Members home countries;

D) Encourage the establishment of rules and procedures ensuring solvency, competence, legitimacy, and fair information disclosure to all savers investing through Member Exchanges.

History

The Federación Iberoamericana de Bolsas , formerly named as Federación Iberoamericana de Bolsas y Mercados de Valores, was founded on September 27, 1973 in Rio de Janeiro, Brazil. Ever since its inception, its purpose has been to facilitate the participation and channeling of people’s savings in order to stimulate public and private sector productive processes, to encourage the improvement of stock exchanges and securities markets to such effect, as well as to promote cooperation for economic and financial integration, and convergence into unified standards, practices, and usages. The Federation could act as a representative for its members before international bodies and national authorities, if required.

Delegates from the Stock Exchanges of Barcelona, Bilbao, Bogota, Buenos Aires, Caracas, Cordoba, El Salvador, Estado de Miranda, Guadalajara, Lima, Madrid, Mar del Plata, Mexico, Monterrey, Montevideo, Quito, Rio de Janeiro, Santiago, Sao Paulo, and the Mercado de Valores de Buenos Aires were the FIAB founding members.

The initial steps towards the FIAB formation date back to 1945, with the organization of consultative meetings promoted by the Consejo Interamericano de Comercio y Producción (CICYP). Throughout a long period of 25 years, the interested stock exchanges and securities markets participated in the first Hemispheric Conferences, which later developed into the Meetings of Stock Exchanges and Securities Markets of the Americas. The turning point for the FIAB formation was the Meeting of Stock Exchanges and Securities Markets convened by the Latin-American Free Trade Association (LAFTA) in April 1970, and the subsequent invitation by the Colegio de Agentes de Cambio and Bolsa de Madrid to attend an industry meeting in October 1971.

Between its foundation and 1980, the Federation expanded its activity across different technical areas. As from 1973, both the Information and Training Centers operated in Buenos Aires and Rio de Janeiro, respectively, as coordinated by the Secretary General. The Federation’s seat was established in Rio de Janeiro in 1975, when the organization was renamed into Federación Iberoamericana de Bolsas de Valores (FIABV). In 1976, the FIABV decided to set up a Working Committee consisting of the CEOs and General Managers of the Federation’s member exchanges.

In 1977, the Federation’s headquarter was finally established in the offices of Bolsa de Comercio de Buenos Aires. By 1980, the Federation went through a reorganization process whereby the Information and Training Centers were reunified, their tasks remaining in charge of the Secretary General. By then, the publications released by the Federation included a bi-monthly Newsletter, an Annual Report, Statistical Reports, and a Loose-Leaf Binder with qualitative information on member exchanges.

Between September 1983 and April 1984, the Federation acquired legal personality and it moved to the first of its offices in the City of Buenos Aires. This process of physical and institutional expansion would continue throughout all the decade, with the formation of the IT Committee, the Past Presidents’ Committee, and the creation of the Library.

In 1993, the Federation restructured its Governing Council, and it amended its bylaws, thereby including an Executive Committee and providing for the creation of Working Sub-Committees which would absorb and extend the duties until then performed by the Working Committee and the IT Committee. The development of specific tasks and technical and cooperation activities increased all over the 1990s, being organized around six different Working Sub-Committees: International Standards and Self-Regulation, Transactions and New Products, Training, Multinational Integration Affairs, Market Technology, and Clearing and Settlement.

As from November 1998, the tasks performed by the technical work teams are reorganized into a single Working Sub-Committee, which has remained active up until the present day with the participation of experts from most member exchanges.

The dynamics of regional markets and the growing diversification of products traded thereon, together with the incorporation of derivatives markets and other financial products, led the Annual General Meeting held in Oaxaca, Mexico, in September 2002, to admit as FIAB members stock exchanges, as well as exchanges trading other financial instruments and Associations of exchanges trading securities and other financial instruments, thus adjusting the Federation’s name accordingly which has, from then onwards, been referred to as Federación Iberoamericana de Bolsas (FIAB).

The goal of development and integration of securities markets, pursued by the Federation since its inception, translated into a major achievement known as the Regional Securities Market Strengthening and Development Project which was, under the scope of the Inter-American Development Bank (IDB) Regional Public Goods Initiative, carried out by the FIAB between 2005 and 2008. The tasks performed within the framework of such initiative laid solid foundations for member exchanges to advance in the present decade towards the cross-border integration of their markets in Latin America.

In line with the goal of cooperation with authorities, in April 2008 the FIAB and the IIMV –an organization granting membership to market regulatory and supervisory authorities- have signed an institutional cooperation agreement supporting an active agenda where one should highlight the IIMV-FIAB Joint Meetings of Presidents of member institutions. In 2012, the 10th Joint Meeting will be held in December.

Finally, this brief summary should underscore the significant and most valuable cooperation maintained by the FIAB with other regional federations of exchanges and, very particularly, with the World Federation of Exchanges.

Publications

Among FIAB publications, the following are worth mentioning:

  1. Annual Report.

  2. Fact Book, published in June every year. It includes trading information, market indices from member exchanges, as well as specific data on securities traded on each exchange, operational costs, taxes and duties, services provided, and other qualitative issues concerning such securities. Spanish-English edition.

  3. Monthly Reports with statistics that are, like the Annual Report, prepared following the methodological guidelines that are adopted as an international standard by the World Federation of Exchanges (WEF). Spanish-English edition.

  4. News from member exchanges. Online Spanish-English information on this topic, posted on the webpage, based on data provided by member exchanges and publicly available information.

  5. FIAB Facebook, created to share information among member exchanges and anyone interested in the development of Ibero-American markets. Material should be addressed to:  facebook@fiabnet.org.

  6. FIAB Section, a regular contribution to the IIMV Journal -Revista del Instituto Iberoamericano de Mercados de Valores-, published every four months. It includes news on member exchanges, public reports on FIAB activities, and summarized statistics.

  7. Technical Reports presented at public events where FIAB is a participant, and at events organized by FIAB.  After a major editorial update effort, access to such reports for consultation through our webpage has recently been reorganized, thereby concentrating the data base on public technical studies by way of the FIAB Document Center. It should be noted that there are more than 400 specialized reports.

The Library

The FIAB Library, consistently with the new information technologies, and complying with its original the purpose which consists in collecting, examining, storing, and spreading bibliographic material prepared by FIAB and FIAB member exchanges, provides the so-called digital library service by accessing websites that contain e-journals, texts, documents, and other digital publications.

Institutional cooperation is another priority goal of this Library. Therefore, our new book releases are referred to each member exchange’s library quarterly, and also posted on the FIAB website monthly.

Also in line with our policy to include new releases, we kindly request member exchanges’ libraries to send their own bibliographical material every six months, so that the FIAB may disseminate updated information on such institutions through its website, where there is a specific link to include new releases.

As an Information Unit, the FIAB Library participates in economic and social information network UNIRED and, as a result, it is part of Argentine information network organization RECIARIA consisting of 29 networks, the main purpose of which is to organize general access to information for every sector of society.

Thus, the Library’s data base currently has more than 12,800 records.

Assemblies

General Assemblies Date Place Host Exchange FIAB President
I 24-25/09/1973 Río de Janeiro Bolsa de Valores de Río de Janeiro Arturo Alonso Cassani
Brasil Bolsa Mexicana de Valores
II 20-21-22/01/1975 Bogotá Bolsa de Valores de Bogotá Arturo Alonso Cassani
Colombia Bolsa Mexicana de Valores
III 15-16-17/11/1976 México DF Bolsa Mexicana de Valores Fernando Souza Ribeiro de Carvalho
México Bolsa de Valores de Río de Janeiro
IV 3-4/10/1977 Barcelona Bolsa de Valores de Barcelona Fernando Souza Ribeiro de Carvalho
España Bolsa de Valores de Río de Janeiro
V 16-17/10/1978 Buenos Aires Bolsa de Comercio de Buenos Aires Fernando Souza Ribeiro de Carvalho
Argentina Bolsa de Valores de Río de Janeiro
VI 21-22/01/1980 Quito Bolsa de Valores de Quito Sebastián Perez Tornquist
Ecuador Bolsa de Comercio de Buenos Aires
VII 10-11-12/10/1980 Santiago Bolsa de Comercio de Santiago Sebastián Perez Tornquist
Chile Bolsa de Comercio de Buenos Aires
VIII 22-23-24/09/1981 Madrid Bolsa de Valores de Madrid Eugenio Blanco Ruiz
España Bolsa de Comercio de Santiago
IX 4-5/11/1982 San Pablo Bolsa de Valores de San Pablo Eugenio Blanco Ruiz
Brasil Bolsa de Comercio de Santiago
X 19-20-21-22-23/09/1983 Cartagena de India Bolsa de Valores de Bogotá Eduardo Goez Gutierrez
Colombia Bolsa de Valores de Bogotá
XI 8-9-10/10/1984 Rosario Bolsa de Comercio de Rosario Eduardo Goez Gutierrez
Argentina Bolsa de Valores de Bogotá
XII 11-12-13-14-15-16-17-18/09/1985 Valencia Bolsa de Valores de Valencia Modesto Correa San Andrés
España Bolsa de Valores de Guayaquil
XIII 11-12-13/08/1986 San José Bolsa Nacional de Valores de Costa Rica Modesto Correa San Andrés
Costa Rica Bolsa de Valores de Guayaquil
XIV 2-3-4/11/1987 Caracas Bolsa de Valores de Caracas Manuel de la Concha y López-Isla
Venezuela Bolsa de Valores de Madrid
XV 25-26-27/10/1988 Montevideo Bolsa de Valores de Montevideo Manuel de la Concha y López-Isla
Uruguay Bolsa de Valores de Madrid
XVI 2-3-4/10/1989 Buenos Aires Bolsa de Comercio de Buenos Aires Fernando Vidal Ramírez
Argentina Bolsa de Valores de Lima
XVII 10-11-12/09/1990 Bilbao Bolsa de Valores de Bilbao Fernando Vidal Ramírez
España Bolsa de Valores de Lima
AGE 18/03/1991 Buenos Aires Bolsa de Comercio de Buenos Aires José Luis Roisecco
Argentina Bolsa de Valores de Montevideo
XVIII 2-3-4/09/1991 Ixtapa Bolsa Mexicana de Valores José Luis Roisecco
México Bolsa de Valores de Montevideo
XIX 21-22-23/09/1992 Barcelona Bolsa de Valores de Barcelona José Luis Roisecco
España Bolsa de Valores de Montevideo
AGE 1-2/04/1993 Buenos Aires Bolsa de Comercio de Buenos Aires Juan Domingo Cordero Marcano
Argentina Bolsa de Valores de Caracas
XX 18-19-20/10/1993 Santiago Bolsa de Comercio de Santiago Juan Domingo Cordero Marcano
Chile Bolsa de Valores de Caracas
XXI 26-27/09/1994 Lisboa Bolsa de Valores de Lisboa Manuel Robleda G. de Castilla
Portugal Bolsa Mexicana de Valores
XXII 26-27/09/1995 Cartagena de Indias Bolsa de Valores de Bogotá Manuel Robleda G. de Castilla
Colombia Bolsa Mexicana de Valores
XXIII 3-4/09/1996 Cusco Bolsa de Valores de Lima Manuel Pizzarro Moreno
Perú Bolsa de Valores de Madrid
XXIV 9-10/09/1997 Guayaquil Bolsa de Valores de Guayaquil Manuel Pizzarro Moreno
Ecuador Bolsa de Valores de Madrid
XXV 21-22/09/1998 San Pablo Bolsa de Valores de San Pablo José Carlos Luque Otero
Brasil Bolsa de Valores de Lima
XXVI 4-5/10/1999 Buenos Aires Bolsa de Comercio de Buenos Aires José Carlos Luque Otero
Argentina Bolsa de Valores de Lima
XXVII 4-5/09/2000 Río de Janeiro Bolsa de Valores de Río de Janeiro Pablo Yrarrázaval Valdés
Brasil Bolsa de Comercio de Santiago
XXVIII 10-11/09/2001 San José Bolsa Nacional de Valores de Costa Rica Pablo Yrarrázaval Valdés
Costa Rica Bolsa de Comercio de Santiago
XXIX 8-9-10/09/2002 Oaxaca Bolsa Mexicana de Valores Augusto Acosta Torres
México Bolsa de Valores de Colombia
XXX 8-10/09/2003 Quito Bolsa de Valores de Quito Augusto Acosta Torres
Ecuador Bolsa de Valores de Colombia
XXXI 13-14/07/2004 Buenos Aires Bolsa de Comercio de Buenos Aires Guillermo Pietro Treviño
Argentina Bolsa Mexicana de Valores
XXXII 5-6/09/2005 Costa do Sauipe Bolsa de Valores de San Pablo Guillermo Pietro Treviño
Brasil Bolsa Mexicana de Valores
XXXIII 11-12/09/2006 Panamá Bolsa de Valores de Panamá Raymundo Magliano Filho
Panamá Bolsa de Valores de San Pablo
XXXIV 17-18/09/2007 Caracas Bolsa de Valores de Caracas Raymundo Magliano Filho
Venezuela Bolsa de Valores de San Pablo
XXXV 15/09/2008 Montevideo Bolsa de Valores de Montevideo Patricio Peña Romero
Uruguay Bolsa de Valores de Quito
XXXVI 07/09/2009 Lima Bolsa de Valores de Lima Patricio Peña Romero
Perú Bolsa de Valores de Quito
XXXVII 06/09/2010 San Salvador Bolsa de Valores de El Salvador Adelmo J. J. Gabbi
El Salvador Bolsa de Comercio de Buenos Aires
XXXVIII 19/09/2011 Punta Cana Bolsa de Valores de República Dominicana Adelmo J. J. Gabbi
República Dominicana Bolsa de Comercio de Buenos Aires
XXXIX 20/09/2012 Cartagena de Indias Bolsa de Valores de Colombia Joan Hortalá i Arau
Colombia Bolsa de Valores de Barcelona
XL 01/09/2013 Santiago Bolsa de Comercio de Santiago Joan Hortalá i Arau
Chile Bolsa de Valores de Barcelona
XLI 08/09/2014 Buenos Aires Bolsas y Mercados Argentinos Juan Pablo Córdoba
Argentina Bolsa de Comercio de Buenos Aires Bolsa de Valores de Colombia
Mercado de Valores de Buenos Aires
XLII 21/09/2015 Ciudad de Bolsa de Valores de Panamá Juan Pablo Córdoba
Panamá Bolsa de Valores de Colombia
XLIII  05/09/2016 San José Bolsa Nacional de Valores de Costa Rica José Antonio Martínez
Costa Rica Bolsa de Comercio de Santiago
XLIV 14/09/2017 Santa Cruz de la Sierra Bolsa Boliviana de Valores José Antonio Martínez
Bolivia Bolsa de Comercio de Santiago
XLV 20/09/2018 Asunción Bolsa de Valores y Productos de Asunción Pedro Zorrilla
Paraguay Bolsa Mexicana de Valores

 

Presidents & Vicepresidents

Period Name of the President Period Name of the Vicepresident
1973 – 1976 Arturo Alonso Cassani 1973 – 1976 Fernando Souza Ribeiro de Carvalho
Bolsa Mexicana de Valores Bolsa de Valores de Río de Janeiro
1976 – 1978 Fernando Souza Ribeiro de Carvalho 1976 – 1978 Sebastián Perez Tornquist
Bolsa de Valores de Río de Janeiro Bolsa de Comercio de Buenos Aires
1978 – 1980 Sebastián Perez Tornquist 1978 – 1980 Eugenio Blanco Ruiz
Bolsa de Comercio de Buenos Aires Bolsa de Comercio de Santiago
1980 – 1982 Eugenio Blanco Ruiz 1980 – 1982 Eduardo Goez Gutierrez
Bolsa de Comercio de Santiago Bolsa de Valores de Bogotá
1982 – 1984 Eduardo Goez Gutierrez 1982 – 1983 Jaime Hierro Salvador
Bolsa de Valores de Bogotá Bolsa de Valores de Quito
 .  . 1983 – 1984 Modesto Correa San Andrés
Bolsa de Valores de Guayaquil
1984 – 1986 Modesto Correa San Andrés 1984 – 1986 Manuel de la Concha y López-Isla
Bolsa de Valores de Guayaquil Bolsa de Valores de Madrid
1986 – 1988 Manuel de la Concha y López-Isla 1986 – 1988 Fernando Vidal Ramírez
Bolsa de Valores de Madrid Bolsa de Valores de Lima
1988 – 1990 Fernando Vidal Ramírez 1988 – 1990 José Luis Roisecco
Bolsa de Valores de Lima Bolsa de Valores de Montevideo
1990 – 1992 José Luis Roisecco 1990 – 1992 Juan Domingo Cordero Marcano
Bolsa de Valores de Montevideo Bolsa de Valores de Caracas
1992 – 1993 Juan Domingo Cordero Marcano 1992 – 1993 Manuel Robleda G. de Castilla
Bolsa de Valores de Caracas Bolsa Mexicana de Valores
1993 – 1995 Manuel Robleda G. de Castilla 1993 – 1995 Manuel Pizzarro Moreno
Bolsa Mexicana de Valores Bolsa de Valores de Madrid
1995 – 1997 Manuel Pizzarro Moreno 1995 – 1997 José Carlos Luque Otero
Bolsa de Valores de Madrid Bolsa de Valores de Lima
1997 – 1999 José Carlos Luque Otero 1997 – 1999 Pablo Yrarrázaval Valdés
Bolsa de Valores de Lima Bolsa de Comercio de Santiago
1999 – 2001 Pablo Yrarrázaval Valdés 1999 – 2001 Alejandro Salcedo Thielen
Bolsa de Comercio de Santiago Bolsa de Valores de Caracas
2001 – 2003 Augusto Acosta Torres 2001 – 2003 Rodolfo Duarte Schlageter
Bolsa de Valores de Colombia Bolsa de Valores de El Salvador
2003 – 2005 Guillermo Pietro Treviño 2003 – 2005 Gilberto Mifano
Bolsa Mexicana de Valores Bolsa de Valores de San Pablo
2005 – 2007 Raymundo Magliano Filho 2005 – 2007 Patricio Peña Romero
Bolsa de Valores de San Pablo Bolsa de Valores de Quito
2007 – 2009 Patricio Peña Romero 2007 – 2009 Adelmo J. J. Gabbi
Bolsa de Valores de Quito Bolsa de Comercio de Buenos Aires
2009 – 2011 Adelmo J. J. Gabbi 2009 – 2011 Joan Hortalá i Arau
Bolsa de Comercio de Buenos Aires Bolsa de Valores de Barcelona
2011 – 2013 Joan Hortalá i Arau 2011 – 2013 Juan Pablo Córdoba
Bolsa de Valores de Barcelona Bolsa de Valores de Colombia
2013 – 2015 Juan Pablo Córdoba 2013 – 2015 José Antonio Martínez
Bolsa de Valores de Colombia Bolsa de Comercio de Santiago
2015 – 2017 José Antonio Martínez 2015 – 2017 Pedro Zorrilla
Bolsa de Comercio de Santiago Bolsa Mexicana de Valores
2017-2019 Pedro Zorrilla 2017-2019 Francis Stenning
Bolsa Mexicana de Valores Bolsa de Valores de Lima

 

Cooperation Agreements and other Arrangements

  • OECD – Latin American Corporate Governance Roundtable – An active member since the beginning of the Roundtable in 2000. The Latin American Corporate Governance Roundtable was established by the Organization for Economic Cooperation and Development and the World Bank in 2000. Ever since its inception, it has continuously been supported by the International Finance Corporation (IFC) and the Global Corporate Governance Forum (GCGF), and it has recently been granted financial support by the Government of Spain.
  • Inter-American Development Bank (IDB) – Institutional Cooperation Agreement, October 2005.
  • Instituto Iberoamericano de Mercados de Valores (IIMV) [Ibero-American Securities Market Institute], Institutional Cooperation Agreement, April 2008.
  • Banco de Desarrollo de América Latina – CAF, Institutional Cooperation Agreement, March 2013.
  • Federación Iberoamericana de Fondos de Inversión – FIAFIN, Institutional Cooperation Agreement, March 2016.

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.