Mercado Integrado Latinoamericano (MILA)
|Mercado Integrado Lationoamericano (Integrated Latin American Market)|
|Products||Integration of equity markets in Chile, Colombia and Peru|
Mercado Integrado Latinoamericano (MILA), or the Integrated Latin American Market, is the end result of a market integration project taken on by Peru, Colombia, and Chile. In an attempt to make their markets more competitive among international equities, and specifically the emerging market space, the three countries merged their stock markets in May 2011.
An earlier deadline was expected, but progress came to a halt while Peru’s Congress dragged its feet on passing a law that would standardize capital gains tax. On Dec. 29, 2010, Peru lowered its capital gains tax to 5 percent. The rate had previously ranged from 5 to 30 percent depending on an investor’s income bracket.
MILA is the largest Latin American Market in terms of companies listed with more than 560 stocks available to investors. It is Latin America’s second-biggest stock market in terms of market cap, after Brazil’s BM&FBovespa.
Discussions concerning the proposed merger of the three markets began in June 2010. Representatives from Peru, Colombia and Chile met in August and September of that year, leading up to a launch event on November 9, 2010. Testing began later that month. Operations finally began on May 30, 2011.
- Juan Pablo Córdoba, President, Bolsa de Valores de Colombia
- Jorge Hernán Jaramillo, President, Deceval
- Francis Stenning, General Manager, Bolsa de Valores de Lima
- Roberto Hoyle, President of the Board, Bolsa de Valores de Lima
- Pablo Yrarrázaval, President of the Board, Bolsa de Comercio de Santiago
- José Antonio Martínez, General Manager, Bolsa de Comercio de Santiago