Bolsa Institucional de Valores

Bolsa Institucional de Valores, commonly known as BIVA, is a Mexican stock exchange headquartered in Mexico City. It is the country's second stock exchange and was created to introduce a new trading venue alongside the long-established Bolsa Mexicana de Valores. BIVA is part of the Cencor group, whose president, Santiago Urquiza Luna Parra, received the concession associated with the exchange's creation in 2017. The Mexican government formally granted the concession for BIVA on 29 August 2017. The concession was presented by President Enrique Peña Nieto to Santiago Urquiza Luna Parra, and its publication in the Diario Oficial de la Federación established the regulatory basis for the new exchange. The authorization was significant because Mexico's listed-securities market had previously been served by a single national exchange for several decades. BIVA began operations on 25 July 2018. Its launch ended what had been a 43-year period in which the Mexican stock-exchange market operated under a single-exchange structure. The opening ceremony took place in Mexico City, where the first trading bell was rung at the Altar de la Patria. From its creation, BIVA was designed to trade broadly comparable instruments to those available through the Bolsa Mexicana de Valores rather than functioning as a narrowly specialized market. The exchange's product scope includes equities, debt securities and warrants. It also supports Mexican market instruments such as certificados de capital de desarrollo, commonly known as CKDs, and fideicomisos de inversión en bienes raíces, commonly known as FIBRAs. These instruments give investors exposure to areas such as private-capital projects and real-estate investment structures within Mexico's regulated capital-markets framework. BIVA's principal strategic role is therefore competitive and infrastructural. It provides an additional venue for listing and trading securities, expands the institutional architecture of Mexico's capital markets and gives issuers and market participants an alternative to the incumbent exchange. Its activities are focused on organized securities trading rather than consumer financial products. Public reference material identifies Mexico as its operating market and Mexico City as its base. Details such as current executives, ownership percentages, financial performance and market-share figures are not established by the supplied reference material.

Bolsa Institucional de Valores, known as BIVA, was established to create a second organized stock exchange in Mexico. Before BIVA, the Mexican stock-exchange market had operated for 43 years under a single-exchange structure. The project was associated with Cencor, a Mexican financial-market infrastructure group, and represented an effort to broaden the country's exchange architecture by adding another venue for the listing and trading of securities. The decisive regulatory event occurred on 29 August 2017. On that date, President Enrique Peña Nieto presented Santiago Urquiza Luna Parra, identified as the president of Cencor, with the concession to open and operate Bolsa Institucional de Valores. The concession was published the same day in the Diario Oficial de la Federación, Mexico's official government gazette. This publication supplied the formal public record for the authorization of the new exchange. BIVA subsequently began trading on 25 July 2018. Its launch brought an end to Mexico's 43-year period without a second stock exchange. The first opening bell was rung during a ceremony at the Altar de la Patria in Mexico City. The event marked the transition from an approved project to an operating market institution. BIVA was not established as an exchange limited to one asset class. Its stated trading scope includes equities, debt instruments and warrants, along with Mexican-specific securities and investment vehicles such as CKDs and FIBRAs. CKDs are development-capital certificates used in Mexico's capital markets, while FIBRAs are real-estate investment trusts or comparable trust-based real-estate vehicles. By supporting these categories, BIVA participates across several segments of Mexico's securities market. The exchange's historical importance lies principally in its role as a new market venue. Its presence gives issuers, investors and intermediaries an alternative to the Bolsa Mexicana de Valores and changes the institutional structure of Mexican exchange trading. The available reference material does not provide a detailed account of BIVA's subsequent trading volumes, listings, technology platform, ownership structure, financial results or later management changes. Accordingly, those areas remain unspecified in this dossier.

• 2018

  Operations begin

  [1]Bolsa Institucional de Valoresen.wikipedia.org

  BIVA commenced operations on 25 July, becoming Mexico's second stock exchange and ending the country's 43-year single-exchange period.

• 2017

  Concession granted

  [1]Bolsa Institucional de Valoresen.wikipedia.org

  The Mexican government granted the concession to establish and operate Bolsa Institucional de Valores. The concession was presented to Santiago Urquiza Luna Parra of Cencor and published in the Diario Oficial de la Federación.

A regulated Mexican securities exchange positioned as an alternative trading and listing venue to the Bolsa Mexicana de Valores.

• Listed securities · 2018

  Equities

  BIVA trades equity securities within Mexico's regulated exchange-market framework. Equity trading is part of the exchange's general-purpose scope and places BIVA alongside the Bolsa Mexicana de Valores as a venue for transactions in listed shares.

• Fixed-income securities · 2018

  Debt securities

  Debt instruments are among the core securities traded through BIVA. The category covers the exchange's role in organized Mexican capital-market trading for debt products, although the supplied references do not specify individual instruments, issuers or trading volumes.

• Derivative-linked securities · 2018

  Warrants

  Warrants are included in BIVA's stated trading universe. They provide a securities-market product distinct from ordinary shares and debt, but the available material does not identify particular warrant programs or product specifications.

• Mexican alternative-investment securities · 2018

  CKDs

  CKDs, or certificados de capital de desarrollo, are Mexican development-capital certificates. BIVA includes these country-specific instruments within its exchange scope, supporting the trading of securities connected with development and private-capital investment structures.

• Real-estate investment vehicles · 2018

  FIBRAs

  FIBRAs, or fideicomisos de inversión en bienes raíces, are Mexican real-estate investment trusts or trust-based investment vehicles. Their inclusion gives BIVA a role in the organized trading of securities linked to Mexican real-estate assets and income-producing property structures.

• 2018

  Launch of BIVA trading operationsProduct launch

  Background

  Following the 2017 concession, the new exchange needed to move from authorization to live market operations.

  Action taken

  BIVA commenced operations on 25 July 2018 and opened trading as Mexico's second stock exchange.

  Aftermath

  The launch ended Mexico's 43-year period with only one stock exchange and established BIVA as an alternative venue for equities, debt, warrants, CKDs and FIBRAs.

  Source

• 2017

  Pursuit and receipt of a new-exchange concessionStrategy

  Background

  Mexico's stock-exchange market had operated under a single-exchange structure for 43 years. Cencor pursued authorization to establish an additional national securities exchange.

  Action taken

  The Mexican government granted the concession to open and operate Bolsa Institucional de Valores and published it in the Diario Oficial de la Federación.

  Aftermath

  The concession enabled BIVA to proceed toward an operational launch and created the regulatory basis for a second Mexican stock exchange.

  Source

• 2018

  BIVA commences operations as Mexico's second stock exchange[1]Bolsa Institucional de Valoresen.wikipedia.org

  Product launch · Other

  Bolsa Institucional de Valores began operations on 25 July 2018, ending a 43-year period in which Mexico's stock-exchange market had operated under a single-exchange structure.

• 2017

  Mexico grants concession for Bolsa Institucional de Valores[1]Bolsa Institucional de Valoresen.wikipedia.org

  Regulation · Other

  The Mexican government granted the concession to open and operate BIVA and presented it to Santiago Urquiza Luna Parra, president of parent group Cencor. The concession was published in the Diario Oficial de la Federación.

1. 1Bolsa Institucional de Valoresen.wikipedia.org
2. 2Bolsa Institucional de Valores official websitebiva.mx