LatinFinance - January/February 2016 - 24
CAPITAL
MARKETS
CENTRAL
AMERICA
After more than a decade of discussion and planning, Panama and El Salvador
are preparing to integrate their stock exchanges as the rest of Central America
looks on. By Lucy Conger
Strength in
numbers
n November, five brokerage houses
from Nicaragua traveled to El Salvador to
learn more about how the host country
was aiming to realize a longstanding Central American ambition, when it launches
integrated trading with Panama in June.
While Panama and El Salvador's common currency have made them particularly well-suited to integrate, Nicaragua
is among several countries in the region
that are already looking on with interest.
The exchange in the Dominican Republic
has made clear its strong interest in integrating with Central American peers, sources on the
El Salvadoran exchange say. Costa Rica has been involved in discussions on stock exchange
integration with Panama and El Salvador for several years, and is studying its financial market
regulations with a view to making it happen. The country is a very likely candidate for joining
the operation, Dulcidio De La Guardia, minister of finance and economy in Panama, and the
former chairman of the Panamanian exchange tells LatinFinance.
"Anything that has to do with the integration of the capital markets, Panama will support
that, and the integration will benefit the region as a whole," says De La Guardia. "When you
have small, fragmented markets it's very difficult to have liquidity."
Unifying Central America's stock exchanges has been under development for more than a
decade, but countries have struggled to reconcile regulatory differences. "We have been talking about the integration since before 2006," De La Guardia says, adding that aligning regulatory expectations and approach in each country has been one of the largest obstacles to the
project. "The big challenge we have to integrate Central American capital markets is to make
24 L ATINFINA NCE.COM - January/February 2016
Source: Istockphoto
I
COMING THROUGH: Brokers in El Salvador and Panama will be able to see trades
on both exchanges from June
sure that the regulators in each country realize that it's better to have one big market
than five fragmented small markets."
The breakthrough came last year when
El Salvador's financial regulator recognized the Panamanian bourse, meaning
that the authority accepts the other's legal
framework as adequately meeting its own
standards. That allows securities on the
Panabolsa to be registered in El Salvador.
http://www.LATINFINANCE.COM
Table of Contents for the Digital Edition of LatinFinance - January/February 2016
Contents
LatinFinance - January/February 2016 - Cover1
LatinFinance - January/February 2016 - Cover2
LatinFinance - January/February 2016 - Contents
LatinFinance - January/February 2016 - 2
LatinFinance - January/February 2016 - 3
LatinFinance - January/February 2016 - 4
LatinFinance - January/February 2016 - 5
LatinFinance - January/February 2016 - 6
LatinFinance - January/February 2016 - 7
LatinFinance - January/February 2016 - 8
LatinFinance - January/February 2016 - 9
LatinFinance - January/February 2016 - 10
LatinFinance - January/February 2016 - 11
LatinFinance - January/February 2016 - 12
LatinFinance - January/February 2016 - 13
LatinFinance - January/February 2016 - 14
LatinFinance - January/February 2016 - 15
LatinFinance - January/February 2016 - 16
LatinFinance - January/February 2016 - 17
LatinFinance - January/February 2016 - 18
LatinFinance - January/February 2016 - 19
LatinFinance - January/February 2016 - 20
LatinFinance - January/February 2016 - 21
LatinFinance - January/February 2016 - 22
LatinFinance - January/February 2016 - 23
LatinFinance - January/February 2016 - 24
LatinFinance - January/February 2016 - 25
LatinFinance - January/February 2016 - 26
LatinFinance - January/February 2016 - 27
LatinFinance - January/February 2016 - 28
LatinFinance - January/February 2016 - 29
LatinFinance - January/February 2016 - 30
LatinFinance - January/February 2016 - 31
LatinFinance - January/February 2016 - 32
LatinFinance - January/February 2016 - 33
LatinFinance - January/February 2016 - 34
LatinFinance - January/February 2016 - 35
LatinFinance - January/February 2016 - 36
LatinFinance - January/February 2016 - 37
LatinFinance - January/February 2016 - 38
LatinFinance - January/February 2016 - 39
LatinFinance - January/February 2016 - 40
LatinFinance - January/February 2016 - 41
LatinFinance - January/February 2016 - 42
LatinFinance - January/February 2016 - 43
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LatinFinance - January/February 2016 - 56
LatinFinance - January/February 2016 - Cover3
LatinFinance - January/February 2016 - Cover4
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