Presentation by the Secretariat of FIAB 3d ACSDA ALF Forum Buenos Aires, Argentina November, 2011

FIAB stock markets in Latin America. Global scenario of alliances and stock market integration. Background: BID- FIAB project. Benefits received by the industry. Recent experiences in Latin America. Basic items involved in the processes. Final considerations.

Bolsa de Comercio de Buenos Aires Mercado de Valores de Buenos Aires Mercado a Termino de Buenos Aires – MaTba Bolsa de Comercio de Rosario Mercado de Valores de Rosario Mercado a Término de Rosario – ROFEX Bolsa Boliviana de Valores BM&FBOVESPA Bolsa de Comercio de Santiago Bolsa de Valores de Colombia Bolsa Nacional de Valores - Costa Rica Bolsa de Valores de Guayaquil Bolsa de Valores de Quito Bolsa de Valores de El Salvador Bolsa Mexicana de Valores Bolsa de Valores de Panamá Bolsa de Valores de Lima Bolsa de Valores de Montevideo Bolsa de Valores de República Dominicana Bolsa de Valores de Caracas Regional Stock Market Capitalization (USD million)**: $ ,06 Total number of listed companies ** : 1531 Amount of new equity issues (USD million)***: $ ,40 Amount of new fixed rent issues (USD million)***: $ ,30 *Latin American members only ** Only equities data on July,2011 *** Data for the January-July, 2011 period

“Strengthening and Development of the regional securities Markets” (FIAB, 2008) Regional Market Development Reciprocal acceptance of listed securities offers by the Stock exchanges in the region. Qualification of agents for the professional offer of securities in their respective markets Design of an application for the exchange of information on issues and corporate events

Investors Increased market coverage. Diversified portfolios and risk. Increased symmetry in the information. Possibility of innovative strategies for institutional investors. Issuers Reduced IT costs. Reduced costs in regulatory compliance. Improved market recognition. Increased access to savings for their financing. Economies of scale when issuing securities. Reduced costs in listing/registering on the stock exchange.

Agents Commercial Agreements for cross-border operations. Possibility of offering new alternatives for their customers. Increased regional networking. Strengthening of local agencies. Increased levels of professional development. Stock Exchanges and Securities Markets Increased depth and market liquidity. Improved risk diversification. Increased servicing offers for the users. Increased efficiency in determining security prices. Increased market presence in the regional and international scenarios.

REGISTRATION/ OPERATIONS STOCK EXCHANGES/MARKETS WITH STAKEHOLDIG WITHOUT STAKEHOLDING SINGLE LISTING/ REGISTER BME NYSE Euronext Bolsa de Colombia BOVESPA/BM&F MexDer-CME B M & F B OVESPA – CME Peru – Colombia (project) FIAB – BID project MILA BCS- BM&FBOVESPA Montevideo - Paraguay MULTIPLE LISTING/ REGISTER -- ADRs CEDEARs BDRs Latibex AMERCA BRICs (Indices)

Regulatory items Operational items Technology (IT) Clearing and settlement

Restructuring of the international stock market scenario, including alliances,. Very dynamic and permanent processes. In-depth processes and compliance with regulations. Thorough processes for investments (communications, infrastructure, technology - IT) for the markets, as well as for market participants.

They provide increased recognition, regionally and internationally, for the stock exchanges and market participants … Increased recognition for each stock exchange/market? Cost savings are reflected in the short term; benefits are perceived in the medium to long term. These processes require strategic decisions with joint boosting and commitment from all the organizations responsible for the development of the markets Estos procesos requieren decisiones estratégicas con impulso y compromiso del conjunto y de cada una de las entidades responsables del desarrollo del mercado.