Santiago Stock Exchange
|Santiago Stock Exchange (Bolsa de Comercio de Santiago)|
|Key People||President and Director Pablo Yrarrázaval Valdés|
|Products||IGPA Index, IPSA Index and INTER10 Index|
The century-old Santiago Stock Exchange (SSE) - also known by its Spanish-language acronym BCS - is Chile's principal listed equities exchange and also produces three tradable benchmark equity indices daily. The SSE also lists derivatives, currencies and commodities.
The Santiago Stock Exchange was founded as the Bolsa de Comercio de Santiago on November 27, 1893 and consisted of around 320 mostly mining corporations, most of which boomed in the following years but lost most their value following the stock market crash of 1929. The SSE recovered only slowly until the ealy 1970s when, following the overthrow of an elected government, the new regime introduced market-based economic reforms that subsequently benefited securities investment and trading. Since then trading on the SSE has increased rapidly and total volume in calendar 2008 was valued at US$329.4 trillion, up from US$320.6 trillion a year earlier.
The SSE's IGPA, IPSA and INTER10 indices are the Chilean stock market's three main benchmarks. The IGPA, formed in 1980 with a base level of 100, is a capitalization-weighted index of most of the SSE's listed stocks and on September 17, 2009 was valued at around 15,529. The IPSA is a total return index composed of the 40 most actively traded stocks on the SSE and is reset to a base of 1,00 at the end of each trading year - its current value (see above) is about 3,297. The INTER10 consists of the 10 leading Chilean stocks traded on foreign markets that also hold a strong SSE presence and was introduced at a 100 base level in 1996. The Inter10 index is currently valued at 4,194.76.
Santiago Stock Exchange Chairman Pablo Yrarrázaval Valdés has held that position since 1989 after joining the SSE board of directors in 1986. Valdés is also president of the Iberoamerican Stock Exchange Federation (FIABV) and vice-president of Chile's Securities Deposit & Custody Agency and its Capital Market Institute. In 2002 he became chairman of publicly traded electric utility Enersis, which also has operations in Chile, Argentina, Brazil, Colombia and Peru, and chairman of its directors' committee the following year.
The Santiago Stock Exchange announced in 2009 a technology-sharing agreement with the Colombia Stock Exchange and the Lima Stock Exchange and their local depositories that should offer traders full electronic access to all three marketplaces on completion. The SSE is also considering a plan to entice smaller Chilean mining companies to begin listing on the exchange by offering investors economic benefits and incentives such as capital gains tax breaks. Recommendations for such a system are expected to be submitted before the end of 2009.
- 2010 Annual Report & Statistics. World Federation of Exchanges.
- Members. World Federation of Exchanges.
- Historical Review. Santiago Stock Exchange.
- Publications - Summary and Statistics. Santiago Stock Exchange.
- IGPA. Bloomberg.
- IPSA. Bloomberg.
- INTER10. Bloomberg.
- Pablo Yrarrázaval Valdés. BusinessWeek.
- Pablo Yrarrazaval. Forbes.
- EXCHANGE NEWSWIRE, 10 September 2009. Exchange Newswire.
- Chile May Start Junior Explorer Stock Trading System Next Year. Bloomberg.