PLANTILLA PPT CORPORATIVA BOLSA KIT IMAGEN

Santiago Stock Exchange (SSE)
Chilean Stock Market
2015
Agenda
1.
2.
3.
4.
5.
Chile: a place to invest
Chilean Stock Market
MILA
Santiago Stock Exchange
Projects
CHILE: A PLACE TO INVEST
Population:
GDP:
GDP per capita (PPP):
GDP growth:
Unemployment:
Inflation:
Sovereign Rating:
Trade Balance:
Exports:
Imports:
*Data as of December 2013
Source: Central Bank, INE, World Bank
17.77 MM*
USD 277,199 MM*
USD 21,911
1.9%
6.2%
4.6%
AA-; A+
USD 8,560 MM
USD 76,648 MM
USD 68,089 MM
CHILE: A PLACE TO INVEST
CHILE: GDP BY SECTORS
Electricity, gas and water
3%
Communications
2%
Restorants and hotels
2%
Fishing
1%
Agriculture and forestry
3%
Corporate Services
16%
Transport
4%
Public Administration
5%
Financial Services
5%
Mining
12%
Housing Services
6%
Personal Services
12%
Construction
8%
Source: Central Bank
Commerce
9%
Manufacturing
12%
CHILE: A PLACE TO INVEST
Chilean GDP shows a steady growth since 2003, except on 2009 for macroeconomic
reasons. It maintains above regional and global averages.
GDP VARIATION
450%
400%
350%
300%
250%
200%
150%
100%
50%
0%
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Chile
Source: World Bank, GDP (actual US$ prices)
SudAmerica + Mexico
MILA
OCDE
CHILE: A PLACE TO INVEST
OCDE - GDP per capita variation
During the last 20 years, our country
has shown a superior GPD per
capita than regional and worldwide
averages.
350%
305%
300%
250%
200%
150%
120%
100%
50%
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
0%
Chile
South America + Mexico - GDP per capita variation
350%
MILA – GDP per capita variation
350%
305%
300%
250%
305%
300%
250%
200%
Chile
SudAmerica + Mexico
Chile
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
-50%
2002
0%
2001
0%
2000
50%
1999
50%
1998
100%
1997
100%
197%
1996
150%
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
150%
1995
197%
1994
200%
-50%
OCDE
MILA
Source: Central Bank
CHILE: A PLACE TO INVEST
INFLATION
30
25
% Inflation
20
15
10
5
0
1995
1996
1997
1998
1999
2000
-5
2002
2003
2004
2005
2006
2007
2008
2009
Year
Chile
Source: World Bank, DatosMacro.com
2001
SudAmerica + Mexico
MILA
OCDE
2010
2011
2012
2013
CHILE: A PLACE TO INVEST
Unemployment was stable between bands of 6 and 10%. It shows to be in line with
other developed countries. The current percentage is 6.15%.
UNEMPLOYMENT
12
% Unemployment
10
8
6
4
2
0
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Year
Chile
Source: World Bank, INE.
Southamerica
MILA
OCDE
Agenda
1.
2.
3.
4.
5.
Chile: a place to invest
Chilean Stock Market
MILA
Santiago Stock Exchange
Projects
CHILEAN STOCK MARKET
MARKET PARTICIPANTS
1. ISSUERS
•
•
•
•
Chilean Central Bank
General Treasury of the Republic
Banks and Financial Institutions
Corporate Bodies
CHILEAN STOCK MARKET
MARKET PARTICIPANTS
1. ISSUERS
Domestic Equities:
Foreign Equities:
Foreign Equities MILA:
Foreign ETF:
Foreign Open Funds:
Fixed Income:
Money Market:
Local Investment Funds:
Local Mutual Funds:
Data as of December 31, 2014
Source: Santiago Stock Exchange
230
79
463
102
203
147
57
125
9
Most traded stocks 2014
CHILEAN STOCK MARKET
MARKET PARTICIPANTS
2. BROKERS:
Requirements:
• To own a Santiago Stock Exchange share
• Have a minimum estate and established guarantees
• Be accepted by the Board of Directors of Santiago
Stock Exchange
• Be regulated by the exchange and the Chilean
Securities and Insurance Supervisor (SVS)
Functions:
• Issuing new securities on the market
• Brokerage of securities between buyers and sellers
• Managing customers´ portfolios
• Advising investors and issuers
• Proprietary trading
CHILEAN STOCK MARKET
MARKET PARTICIPANTS
2. BROKERS MARKET SHARE
SECURITY
3.8%
SCOTIA
2.7%
OTHERS
18.8%
EUROAMER
3.8%
MBI
4.4%
BANCHILE
15.1%
MERRILL
4.5%
EQUITY
BCI
6.2%
LARRA
12.2%
IM TRUST
7.1%
SANTANDER
9.8%
Source: Santiago Stock Exchange
BTG
11.5%
CHILEAN STOCK MARKET
MARKET PARTICIPANTS
2. BROKERS MARKET SHARE
PENTA
2.6%
LARRA
2.3%
ITAU CHILE
3.2%
BANESTADO
19.9%
IM TRUST
3.6%
CORPCAP
3.8%
FIXED
INCOME
BCI
6.0%
BBVA
15.9%
BANCHILE
9.4%
OTHERS
10.0%
Source: Santiago Stock Exchange
SANTANDER
11.2%
BICE
12.0%
CHILEAN STOCK MARKET
MARKET PARTICIPANTS
2. BROKERS MARKET SHARE
LARRA
2.5%
EUROAMER
1.7%
SCOTIA
2.8%
CORPCAP
3.1%
BANESTADO
29.2%
ITAU CHILE
3.9%
OTHERS
4.7%
MONEY
MARKET
SANTANDER
5.3%
BBVA
17.7%
BICE
6.7%
BCI
10.1%
Source: Santiago Stock Exchange
BANCHILE
12.2%
CHILEAN STOCK MARKET
MARKET PARTICIPANTS
3. INVESTORS
Institutional Investors:
• Pension Funds (AFP)
• Mutual Funds
• Investment Funds
• Insurance Companies
• Banks
Non-Institutional Investors: natural and
legal persons, local and foreigners.
CHILEAN STOCK MARKET
MARKET PARTICIPANTS
3. INVESTORS: INVESTMENT STOCK
Source: Chilean Pension Funds, Mutual Funds, Insurance Companies, Investment Funds.
Pension Funds: Data as of October 2014.
Mutual Funds and Insurance Companies: Data as of Decemeber 2013.
Investment Funds: Data as of September 2013.
CHILEAN STOCK MARKET
MARKET PARTICIPANTS
4. REGULATORS
Superintendence's
• Chilean Securities and Insurance Supervisor (SVS)
www.svs.cl
• Superintendence of Pensions
www.safp.cl
• Superintendence of Banks and Financial Institutions
www.sbif.cl
CHILEAN STOCK MARKET
MARKET PARTICIPANTS
5. MARKET INFRASTRUCTURE COMPANIES
Santiago Stock Exchange
• Santiago Stock Exchange (SSE) www.bolsadesantiago.com
Depositaries
• Central Securities Depository (DCV) www.dcv.cl
Clearing and Settlement
• CCLV, Central Counterparty S.A. www.cclv.cl
CHILEAN STOCK MARKET
MARKETS: CHILE IN THE REGION
Country
Argentina
Brazil
Chile
Colombia
Mexico
Peru
Source: WFE
Data as of December 2014
1 billion = 1.000 millions
Market Cap
(US$)
Listed
Companies
Equity Traded
Amounts 2014
(US$)
6°
($60 billion)
1°
($844 billion)
3°
($233 billion)
4°
($147 billion)
2°
($480 billion)
5°
($79 billion)
5°
(101 listed)
1°
(363 listed)
2°
(307 listed)
6°
(74 listed)
4°
(147 listed)
3°
(263 listed)
5°
($5 billion)
1°
($728 billion)
3°
($29 billion)
4°
($24 billion)
2°
($157 billion)
6°
($4 billion)
Fixed Income
Traded
Amounts 2014
(US$)
3°
($60 billion)
6°
($0.12 billion)
2°
($217 billion)
1°
($675 billion)
5°
($0.26 billion)
4°
($0.84 billion)
Equity New
Issues 2014
(US$)
Market
Cap./GPD
6°
($0.02 billion)
1°
($15 billion)
2°
($1.84 billion)
3°
($1.82 billion)
4°
($0.9 billion)
5°
($0.8 billion)
6°
9.8%
5°
37.6%
1°
84.1%
3°
38.8%
4°
38.1%
2°
39.0%
CHILEAN STOCK MARKET
CHILEAN MARKET:
TOTAL TRADED VOLUME AND NUMBER OF TRADES 2014
Source: Santiago Stock Exchange
*Considers on and off floor trades.
CHILEAN STOCK MARKET
MARKET DAILY TRADED AMOUNTS 2014
Stocks
7%
Investment Fund
Quotas
0% Currency
0%
Fixed Income
31%
Stocks:
Investment Fund Quotas:
Currency:
Money Market:
Fix Income:
US$ 110.19
US$ 7.32
US$ 0.02
US$ 980.15
US$ 494.15
Note: Figures expressed in MM US$
Money Market
62%
Source: Santiago Stock Exchange
Traded amounts at Santiago Stock Exchange
CHILEAN STOCK MARKET
EQUITY TAXES
Capital Gains:
• High Liquidity Stocks or Stocks with Market Maker:
0% for domestic and foreign investors
•
Low Liquidity Stocks:
Domestic Investors: Income Tax (0-35%)** and/or first category tax (25% or 27%)*
Foreign Investors: 35%
Dividends
• Domestic Investors: Income Tax (0-35%)**
• Foreign Investors: 35%
Equities
N° of stocks
Traded Amounts as of
December 2014
High Liquidity
64
98.02%
Low Liquidity
204
1.98%
Source: Santiago Stock Exchange
*Tax depends on the system to which the company is admitted (rates correspond to the maximum value, in force as of 2018).
**Value corresponds to the current value as of 2017.
CHILEAN STOCK MARKET
DEBT INVESTMENT TAXES
Modifications to Article 104 of the Chilean Income Tax Act introduced by the Single Funds Act (Ley Única de
Fondos)
•
Expands eligible forms of acquisition and disposition of instruments
•
Eliminates operation load for issuers
•
Eliminates tax punishment for the issuer when issuing above or below par value
•
Increases eligible long-term instruments of Treasury and Central Bank
Capital Gains
•
Long-term debt instruments issued in Chile, under the Article 104 of the Chilean Income Tax Act:
0% taxes for domestic and foreign taxes
•
Long-term debt instruments issued in Chile, not admitted in the Article 104 of the Chilean Income Tax Act:
Domestic Investors: First category tax (25 or 27%)* and/or income tax (0-35%)**
Foreign Investors: Additional tax (35%)
Interests (coupons):
• Long-term debt instruments both admitted and not admitted in the Article 104 of the Chilean Income Tax Act:
Domestic Investors: First category tax (25% or 27%)* and/or income tax (0-35%)**
Foreign Investors: Additional tax (4%) for instruments admitted in Article 104. Tax of 35% for other instruments.
*Tax depends on the system to which the company is admitted (rates correspond to the maximum value, in force as of 2018).
**Corresponds to the current value as of 2017.
CHILEAN STOCK MARKET
EQUITY MARKET GROWTH 2005 – 2014
Source: Santiago Stock Exchange
CHILEAN STOCK MARKET
EQUITY MARKET GROWTH 2002 - 2014
2002
2014
Variation
5.76
76.30
1224.11%
82.16
383.61
366.93%
70.00%
84.10%
20.14%
7.04%
19.89%
182.53%
Price / Earnings
20.6
19.5
-5.34%
Book Value
1.09
1.49
36.70%
62.00%
48.70%
-21.45%
43.00%
45.10%
4.88%
Traded Amounts (MM US$)
Market Cap. (MM US$)
Market Cap. / GDP
Traded Amounts / Market Cap.
Market Concentration: 10 Top most traded
stocks
Market Concentration: 10 Top in Market Cap.
Source: Santiago Stock Exchange
CHILEAN STOCK MARKET
INSTITUTIONAL MARKET SHARE: EQUITY MARKET
Source: Santiago Stock Exchange
*Considers buy + sell amounts
CHILEAN STOCK MARKET
INVESTMENT FUND QUOTAS (IFQ) MARKET GROWTH 2005 – 2014
Source: Santiago Stock Exchange
*Traded volume expressed in millions of dollars using the “Observed Dollar” exchange recorded at the last day of 2014
CHILEAN STOCK MARKET
FIXED INCOME INSTRUMENTS (IRF) MARKET GROWTH 2004 – 2014
Source: Santiago Stock Exchange
*Traded volume expressed in millions of dollars using the “Observed Dollar” exchange recorded at the last day of 2014
CHILEAN STOCK MARKET
INSTITUTIONAL MARKET SHARE: FIXED INCOME
Source: Santiago Stock Exchange
*Considers buy + sell amounts
CHILEAN STOCK MARKET
CAPITAL RAISED IN FIXED INCOME IPOs 2005 - 2014
Source: Santiago Stock Exchange
CHILEAN STOCK MARKET
TRADING VALUE BY TYPE OF BONDS (FIXED INCOME) 2014
LH: Letra Hipotecaria/Mortgage notes
BE: Bonos Bancarios y Empresas/Bank and Corporate Bonds
BT: Bonos del Banco Central y Tesorería en Pesos/ Central Bank and Treasury Bonds
Source: Santiago Stock Exchange
CHILEAN STOCK MARKET
MONEY MARKET INSTRUMENTS (IIF) MARKET GROWTH 2005 – 2014
Source: Santiago Stock Exchange
*Traded volume expressed in millions of dollars using the “Observed Dollar” exchange recorded at the last day of 2014
CHILEAN STOCK MARKET
INSTITUTIONAL MARKET SHARE: MONEY MARKET
Source: Santiago Stock Exchange
*Considers buy + sell amounts
CHILEAN STOCK MARKET
FOREIGN SECURITIES GROWTH 2006 – 2014
Source: Santiago Stock Exchange
*Traded volume expressed in millions of dollars using the “Observed Dollar” exchange recorded at the last day of 2014
CHILEAN STOCK MARKET
INDICES
IPSA: Blue chip index (top 40 most traded stocks)
IPSA: Selective Stock Price Index: The IPSA is an index of the 40 highest trading value stocks on SSE, calculated
quarterly, and whose market capitalization is over US $200,000,000 and a free-float percentage of not less than 5%
at 2014 market close.
Source: Santiago Stock Exchange
*Traded volume expressed in millions of dollars using the “Observed Dollar” exchange recorded at the last day of 2014
CHILEAN STOCK MARKET
SANTIAGO STOCK EXCHANGE STOCK MARKET INDICES 2014
Source: Santiago Stock Exchange
Agenda
1.
2.
3.
4.
5.
Chile: a place to invest
Chilean Stock Market
MILA
Santiago Stock Exchange
Projects
MILA
INTEGRATED LATIN AMERICAN MARKET – MILA
The Pacific Alliance´s Stock Market
Chile, Colombia, Mexico and Peru
 Most promising economies in Latin America
 Rank of investment
 Integrated market
In MILA you can find:
•
•
•
•
Investment opportunities on over 700 companies from four countries.
More than 60 interconnected intermediaries, trading securities under approved standards.
Custody of securities are kept within origin markets with full interconnection between Depositories.
For local issuers, investors can access all four countries with just one registration.
With the support of:
MILA
MILA AND THE PACIFIC ALLIANCE
With Mexico´s incorporation to MILA last December 2014:
 Market capitalization increased to more than USD 1,075 billion
 The number of issuers increased over 40%
MILA is integrated by all four countries from the Pacific Alliance, becoming the initiative´s
financial arm. These four economies generate 35% Latin America´s GDP and concentrate
50% of LATAM´s exports, equivalent to USD 1,100 million.
If all four countries were one nation, it would be the 8th largest economy in the world.
MILA IN NUMBERS
MARKET CAP AND TRADED VOLUMEN 2014
Colombia
10%
Peru
8%
Colombia
16%
Peru
1%
Chile
14%
Market
Cap.
Mexico
51%
Traded
Volume
Chile
25%
Mexico
75%
Source: Mila News, WFE, Santiago Stock Exchange: Information as of december 2014,.
MILA
MILA INDICES COMPARATIVE 2014
Source: Santiago Stock Exchange, MILA News
MILA
INVESTMENT STOCK PENSION FUNDS OF MILA
Source: Financial Superintendence of Colombia, Superintendence of Banking, Insurance and
Pension Funds of Peru, Ministry of Finance and Public Credit of Mexico, Chilean Pension Fund
Superintendence
Data: Colombia/December 2014; Peru/October 2014; Mexico/August 2014; Chile/October 2014.
Agenda
1.
2.
3.
4.
5.
Chile: a place to invest
Chilean Stock Market
MILA
Santiago Stock Exchange
Projects
SANTIAGO STOCK EXCHANGE
ABOUT SANTIAGO STOCK EXCHANGE
•
•
•
•
Created on November 27,1893
27 Brokerage Houses
Market Cap.: 233,042 MMUS$
Available Products:
 Equities
 ETF
 Fixed Income Instruments
 Money Market Instruments
 Investment Funds / Mutual Funds
 Futures
 Foreign Instruments
•
Subsidiary: CCLV, Central Counterparty S.A.
SANTIAGO STOCK EXCHANGE
BALANCE SHEET
Total Current Assets
Total Long-term Assets
Total Assets
MMUS$
42,49
39,32
81,81
Total Current Liabilities
Total Long-term Liabilities
Total Equity
Total Assets and Equity
MMUS$
7,00
22,37
52,44
81,81
Other
4%
Listing
6%
Data
Dissemination
7%
Clearing and
settlement
12%
Trading Fees
14%
Source: Santiago Stock Exchange
Trading services
32%
SSE's
INCOME
Back office
Services
25%
SSE´s income MMUS$ 34.0
SSE´s profits MM US$ 11.5
SANTIAGO STOCK EXCHANGE
SSE’s MARKET SHARE 2014
ESE
2%
SSE
92%
ESE
8%
EQUITY
VSE
0%
SSE
98%
MONEY
MARKET
VSE
0%
VSE
0%
FIXED
INCOME
SSE
100%
SSE: Santiago Stock Exchange
ESE: Electronic Stock Exchange
VSE: Valparaíso Stock Exchange
Source: Santiago Stock Exchange
ESE
0%
SANTIAGO STOCK EXCHANGE
BUSINESS LINES
TRADING
EQUITY / FIXED INCOME / MONEY MARKET / DERIVATIVES
SANTIAGO STOCK EXCHANGE
ALWAYS EVOLVING
2015
1917
1995
SANTIAGO STOCK EXCHANGE
CCLV: CENTRAL COUNTERPARTY
•
•
•
CCLV is a subsidiary company of Santiago Stock Exchange (97.27% owned by SSE).
Operations begun on September 1, 2010.
Manages two clearing and settlement systems:
 Central Counterparty: for Equity Market and Derivatives.
 Securities Settlement House: for long and short-term instruments, Repos.
•
CCLV clears and settles a daily trading
average of 365 MM USD.
100% of operations were cleared and
completed on time (2014).
Financial clearing is done through the Chilean
Central Bank and position clearing through
Depository (DCV).
40 Clearing Members.
•
•
•
Agenda
1.
2.
3.
4.
5.
Chile: a place to invest
Chilean Stock Market
MILA
Santiago Stock Exchange
Projects
PROJECTS 2015:
CHILEAN CAPITAL MARKET
•
Tax Reform
This project was approved on September 2014, and it includes four main objectives: increasing the tax
burden on three GDP points, higher tax equity to improve income distribution, new incentives for
investment and savings and less tax evasion.
Taxes
According to the Tax Reform, the corporate tax will increase progressively from 20% to 25% in 2017 if the
company is in an “integrated tax system” or up to 27% in 2018 if the company is in a “partially integrated
tax system”. The evolution of this tax is as follows: 21% (2014), 22.5% (2015), 24% (2016) 25% integrated
and 25.5% semi integrated (2017), 25% integrated and 27% semi-integrated (2018). This tax also applies
to income rates, and its maximum rate will be reduced from 40% to a 35% in 2017.
Tax Income
It is projected that it will evolve from 0.28% of GDP in 2014 to 3.02% in 2018.
2015´s measures
1. Incentive for savings.
2. The application of part of the anti-circumvention and anti-avoidance measures begins.
3. 14 ter Simplified accounting for SMEs.
4. Tax on automobile emissions.
PROJECTS 2015:
CHILEAN CAPITAL MARKET
•
Labor Reform
According to the data from the Labor Department, the unionization rate in the country reached 14.2% in
2013. In this context, in the Government´s program, the authority pledged to increase the bargaining power
of workers inside the company, empowering the unions and the collective negotiation. Thus, the Labor
Code is summarized in 10 points. Incumbent union, union´s benefits, the right to strike, minimum benefits,
union equity and equal opportunities are some of them.
•
Constitutional Reform
During 2015 the government will work to implement the Constitutional Reform, which will promote four
working areas in order to move forward in this matter: constitutional reforms, more capacities and
management skills, more resources for regions and more democracy and representation.
PROJECTS 2015:
SANTIAGO STOCK EXCHANGE
In addition to its overall objective of developing the Chilean capital market, during
2015, Santiago Stock Exchange will have its focus on the following topics:
1. Market Operational Rules.
2. Corporate Governance and Brokerage Houses Control Systems .
3. Issuers information and their relation with investors.
4. Fix income market development.
5. Santiago Stock Exchange demutualization evaluation.
6. Capital Market development.
PROJECTS 2015:
SANTIAGO STOCK EXCHANGE
1.- Market Operational Rules:
On issues concerning regulatory improvements on the stock market, the work
done by the Board of Directors raised several key objectives that promote
liquidity, improve the price formation process and increase market competition
between market participants.
The report, which contains amendments to regulation and market operations, was
sent to the regulator in August 2014 and is awaiting approval by the Chilean
Securities and Insurance Supervisor.
PROJECTS 2015:
SANTIAGO STOCK EXCHANGE
2.- Corporate Governance and Brokerage Houses Control Systems:
The Best Practices Committee issued a report which contains provisions on the
prevention and management of potential conflicts of interest between brokers. This
report aims to consolidate and progress in self regulation issues, providing higher
levels of trust and transparency to the market. The report was analyzed by the
Board of Directors, in order to generate a formal and mandatory document for
brokers that will also consider several other topics that tend to improve the stock
market. The final report was sent to the Chilean regulator for his approval, in
January 2015.
PROJECTS 2015:
SANTIAGO STOCK EXCHANGE
3.- Issuers information and their relation with investors
Santiago Stock Exchange, main participant in the Chilean stock market, is working on a series of recommendations for
issuers, to strengthen market transparency. These new initiatives complement the existing high standards, developed by
Chilean Securities and Insurance Supervisor (SVS).
1. Financial information and market operations
Appropriate and active delivery of information is key for issuers and investors. All recommendations being elaborated by
Santiago Stock Exchange aims to clarify the information that may have an impact on the securities´ price listed on the
exchange.
2. About the relation between companies with investors
To promote the best practices in corporate governance and sustainability is of great importance to Santiago Stock Exchange.
Transparency in financial reports must complement business objectives, strategies, services, community relations,
environmental impact and corporate governance, amongst others.
3.
Sustainability Index
Following a tender process, the Santiago´s Stock Exchange Board of Directors awarded S&P Dow Jones Indices the
construction, implementation and promotion of a new Sustainability Index, which will be made from the companies listed on
the exchange. This Sustainability Index will financially stimulate the incorporation of sustainable processes in the companies
practices of those who participate in the Chilean capital market, thus contributing to the creation of value, transparency and
the generation of important information for decision making.
PROJECTS 2015:
SANTIAGO STOCK EXCHANGE
4.- Fix income market development
In its ongoing challenge to develop the market, Santiago Stock Exchange is working on the migration of
the trading systems for Money Market and Fixed Income Instruments to JAVA FX Platform (Desktop HT).
Main functions:
• Trading platforms with High Frequency Trading
• Dissemination of information through Market Data (FIX)
• Trading networks
User´s benefits:
• Processing capacity and speed
• New trading functions for a fast and simple operation
• Direct connection with Back Office in order to register each trade automatically
• Larger dissemination of information through Market Data (vendors and other information
distributors can be included)
• Incorporation of DMA Services to the Fixed Income Chilean market
PROJECTS 2015:
SANTIAGO STOCK EXCHANGE
5. Santiago Stock Exchange demutualization evaluation
In January 2015, Santiago Stock Exchange Board members agreed to established a Committee of
Directors for analysis, supervision and monitoring of strategic character proposals.
In a first stage, its main objective will be to analyze and evaluate the advisability of moving towards a
process of demutualization of the Exchange activity from vertical and/or horizontal integration, regarding
national depository institutions or national or foreign operators.
The analysis will focus on international experiences to outline a work schedule that includes the best
practices and experiences already known that benefited those markets and institutions as a result of their
demutualization and integration process. The Committee will also discuss the relevance and benefits of
those processes of integration between the respective exchanges and depositories present in these
markets.
The Committee defined a preliminary work program that includes making the Board Members a proposal
regarding this issue no later than six months after their agreement.
PROJECTS 2015:
SANTIAGO STOCK EXCHANGE
6. Capital Market Development
A) Derivatives
Santiago Stock Exchange will launch the first Derivatives Market in Chile. In this market, local and foreign investors will be
able to trade standardized Future Contracts based on Equity Indices, Currency and Fixed Income assets.
These contracts will be settled by CCLV, Central Counterparty S.A., subsidiary of Santiago Stock Exchange. The launch is
scheduled for the second quarter of 2015: starting with Stock Index (IPSA Future) and Currency (Dollar/Peso) Futures. The
next step will be the launching of Fixed Income Futures (long and short rates).
B) Santiago Stock Exchange, Venture
The Venture Market offers a new segment within Santiago Stock Exchange, intended to open up and develop the capital
market for companies that are in an early stage process of growth, providing them with the opportunity to finance their
projects.
After signing and agreement in 2012, the joint work of Santiago Stock Exchange in collaboration with Toronto Stock
Exchange (TSX), aims to exploit the favorable experience of TSX, in particular its TSX Venture Exchange market,
specialized in business which are exploring natural resources, in order to replicate its business model and homologate it to
the Chilean reality.
Initially the focus will be on raising capital for small and medium mining enterprises (SMEs), which will strengthen and create
a solid bond between mining and the Chilean capital market. Subsequently, the initiative will seek to extend to other
industrial sectors.
PROJECTS 2015:
SANTIAGO STOCK EXCHANGE
6. Capital Market Development
C) Integrated Latin American Market (MILA)
MILA´s 2015 challenges:
• Positioning MILA as a country issue.
• Build a complete market infrastructure, improving securities settlement.
• Standardize regulatory issues.
• Improve and expand the supply of securities and markets.
• Joint promotion and dissemination of MILA Markets.
• Clearing and Settlement: easy, safe, cost efficient operations with duplication of processes in each
country.
PROJECTS 2015:
SANTIAGO STOCK EXCHANGE
6. Capital Market Development
D) SEBRA Capital improvement
Santiago Stock Exchange is working on renewing SEBRA Capital, a administrator system for brokers and
mutual funds and private managers which automates the main business of their clients. SEBRA Capital is
used by 74% of Santiago´s Stock Exchange brokers and it processes 79% of the exchanges traded
amounts.
The main improvements are:
• Upgrading the technology platform
• Improve and expand existing functionalities
• Increase software development productivity
• Expand the range of products and services to brokers at a lower price
• New products and services for clients who are not brokers
• Alliances with other Latin American exchanges (MILA)
PROJECTS 2015:
SANTIAGO STOCK EXCHANGE
6. Capital Market Development
E) A digital Santiago Stock Exchange
Santiago Stock Exchange is currently working on three major projects that will improve the institutional
digital platforms. Current and potential investors will have market information in a faster and simple way, in
all media.
1.
SSE´s websites renewal: After a thorough investigation, Santiago Stock Exchange is designing a
new website, both Spanish and English version, that fits the needs of our users.
2.
SSE´s SEBRA App: Santiago´s Stock Exchange customers, both general public and brokers, will be
able to access online market information through this new application. It will contain two versions:
through the Basic platform users may access all markets, create portfolios and monitor the behavior of
their favorite instruments; through its Premium platform, SSE´s brokers who own a SEBRA Terminal
will be able to access their trading work station information through this App.
3.
Stock Price Twitter: This is an exclusive benefit for our followers on Twitter @bolsadesantiago.
Through a single tweet users will be able to receive IPSA´s stocks price in real time.
Santiago Stock Exchange
International Relations
Email: rrii@bolsadesantiago.com
Disclaimer
The content of this presentation is for general information purposes only and does not constitute advice. Santiago Stock Exchange
(SSE) tries to provide content that is true and accurate as of the date of writing; however, we give no assurance or warranty
regarding the accuracy, timeliness or applicability of any of the contents. This information is not intended to be a source for advice.
Investors should always seek the advice of an appropriate qualified professional.