Stock exchange project MILA kicks off, minister says Mexico wants to join

Monday, May 30, 2011

The project to integrate the main stock exchanges in Peru, Chile and Colombia - known as MILA - was launched in the three countries on Monday.

Peruvian stock exchange BVL, Colombia's BVC and Chile's BCS, as well as the countries' main clearing houses, agreed to unify the market late last year and have been through several test phases since then.

At the launch in Peru, finance minister Ismael Benavides said he expects Mexico to join MILA in the future, noting that Mexican President Felipe Calderón has expressed interest in the project.

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Representatives of private pension fund managers in Chile, Colombia and Peru have said they expect MILA to bring advantages as far as liquidity and diversification, while observers in general have said the project should make it easier and cheaper for companies from the three countries to fund their business operations.

MILA is the biggest stock exchange in Latin America in terms of the number of issuers and the second largest when measured in market capitalization.