2014 Annual Report SANTIAGO STOCK EXCHANGE

Transcription

1 2014 Annual Report SANTIAGO STOCK EXCHANGE

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3 2014 Annual Report SANTIAGO STOCK EXCHANGE

4 TABLE OF CONTENTS PAGE 4 PAGE 8 PAGE 16 PAGE 24 Letter from the Chairman INTRODUCTION CORPORATE GOVERNANCE OUR COMPANY Vision, Mission and Pillars Profile History Board of Directors Management Committees Organizational Structure Achievements 2014 A Global Exchange Committees Central Counterparty (CCLV)

5 2014 Annual Report SANTIAGO STOCK EXCHANGE 05 PAGE 42 PAGE 52 PAGE 62 PAGE 70 PAGE 90 PRODUCTS AND SERVICES OUR BROKERS COMMUNITY RELATIONS OUR ECONOMY AND STOCK MARKET IN 2014 MARKET SNAPSHOT From Routing to Back Office Our Products and Services Technical Data on Brokers Investors Education Our Associates The Economy in Figures 2014 Stock Market Summary Market Statistics Issuers

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7 2014 Annual Report SANTIAGO STOCK EXCHANGE 07 LETTER FROM THE CHAIRMAN Santiago Stock Exchange experienced major changes in As chairman, I have worked closely with the board of directors and management team to address each of the challenges set for our organization from a foundation built on two pillars: trust and transparency. Both of these concepts will enable us to properly lead our securities market into the future. The changes currently taking place in our society place growing demands on us. Our mandate is to openly address these demands and adapt to an increasingly dynamic market that requires us to constantly review our processes to incorporate cutting-edge technologies, integrate with other financial markets, adopt international standards and generate clear rules of self-regulation and continuous improvement. As an exchange, we have focused earnestly on evaluating market operations and areas for improvement. We view transparency and trust as fundamental values that must prevail in our market and place them at the core of everything we do. This focus led to a joint effort to advocate for changes in the operating rules for the equity market, enhance conflict resolution mechanisms and contribute to modernization and increased competition. In this spirit, new regulations were submitted to the Securities and Insurance Supervisor (SVS) for approval in July as part of an effort to increase competition and liquidity in equity transactions within Santiago Stock Exchange and enhance the price formation process. These measures were drafted based on suggestions made by an ad hoc committee.

8 A ruling was also proposed to amend the Broker Rights and Obligations Manual, which was published for public consultation in late 2014 and submitted for SVS approval in January The amendments comprehensively address aspects related to the prevention and handling of conflicts of interest involving brokers. The proposed initiatives and changes represent important progress in modernizing the operating regulations of our equity market. They also represent a major milestone in the process of adopting international standards and continuously adapting to the stock market s demanding conditions. In a year in which traded volumes on the domestic equity market hit their lowest point since 2006, one of the major challenges has been to strengthen the positioning of Santiago Stock Exchange as an open market and a gateway to the region for foreign investors, so that, together with the active involvement of domestic investors, we can contribute to the growth of the Chilean capital market and the strengthening of our economy. The decision to attract new investors led to an agreement with a subsidiary of Toronto Stock Exchange, TSX Venture Exchange, to create a venture market in Chile. This new market facilitates the listing of mining companies, particularly those in the exploration phase, and start-ups in diverse industries (energy, pharmaceuticals, electronics and IT, among others), thus supporting innovation and the development of new enterprise in our country. Another major milestone was the Mexican Stock Market s entry into the Latin American Integrated Market (MILA). Its incorporation alongside the exchanges of Colombia, Peru and Chile generates a point of attraction for a larger number of foreign investors to join this integrated platform, which already boasts three years in operation. On par with the development of our institution and the securities market, we have set the goal of staying at the forefront of technology, incorporating innovations, systems and equipment similar to those used by the world s leading exchanges. As a result, today our clients can manage their operations efficiently using our fully automated, world-class online platform. In other matters, Santiago Stock Exchange joined the Sustainable Stock Exchanges (SSE) initiative, which was created in 2009 by the United Nations. It currently includes 16 exchanges, including New York, London, Frankfurt, Johannesburg, and Mexico City, Colombia, Brazil and Lima within Latin America. The organization is a peer-to-peer learning platform for exploring how exchanges, in collaboration with investors, regulators, and companies, can enhance corporate transparency and encourage responsible investment from an environmental, social and corporate governance perspective. Similarly, in order to cultivate an environment of socially responsible investment that is sustainable over the long term based on the increasingly demanding requirements of investors and society in general, Santiago Stock Exchange successfully concluded a private bidding process to construct, implement and market a new Sustainability Index.

9 2014 Annual Report SANTIAGO STOCK EXCHANGE 09 Through this index, Santiago Stock Exchange aims to maintain its leadership in promoting the incorporation of sustainable processes and practices within companies listed on the Chilean stock market, creating value for the concept of sustainability, giving greater visibility to companies that comply with applicable international standards and providing additional information to investors. We are confident that the work we began in 2014 will enhance the reputation and transparency of the Chilean capital market in the future and will increase the appeal of our exchange, contributing to its internationalization and growth and to the dynamism of the stock market. With this, we will help recognize the sustainability efforts of Chilean companies and foster the commitment of locally listed companies with environmental, governance, social and corporate matters. Sustainability, defined as a balance of economic, social and environmental elements, cannot be separated from success in business and will be a driving force for its value in the future. We believe it is important for stock exchanges to make it a priority to increase the transparency of listed companies and their commitment to matters of environmental, social and corporate governance while promoting awareness of these issues. In this way, investors will have better information on companies sustainability efforts and will be able to make investment decisions that are compatible with these concepts. As such, Santiago Stock Exchange seeks to make a decided contribution to market development and the country s prosperity. We are conscious of our role as a public market and our responsibility to optimize price formation in our stock market, helping issuers obtain financing, providing opportunities for investors and enabling buyers and sellers to freely trade financial instruments in a trusted and transparent environment. Juan Andrés Camus Camus Chairman

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11 2014 Annual Report SANTIAGO STOCK EXCHANGE 11 OUR VISION To be leaders in the securities market, providing exceptional, comprehensive service to all customers. OUR MISSION To provide the best opportunities offered by the securities market, thus contributing to Chile's development.

12 OUR PILLARS TRUST Acting in conformity with strict ethical principles and meeting commitments, establishing solid, long-term relationships based on transparency. EXCELLENCE SERVICE Promoting a customer-focused organizational culture and always providing the best service. INNOVATION Anticipating new challenges, creating and developing the best business opportunities.

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14 PROFILE Founded in November 1893, Santiago Stock Exchange is a corporation that provides infrastructure and value-added services for securities market transactions and develops regulations, systems and products to ensure an equitable, competitive, orderly and transparent market. Considered the most important domestic exchange, its corporate objective is to contribute to the country's development through capital markets with exceptional, comprehensive service, helping issuers access different sources of funding, generating value for investors and enabling intermediaries and clients to trade financial instruments in a trusted and transparent environment. Its main challenges center primarily on developing and strengthening the securities market, integrating with international financial markets, incorporating new technologies and encouraging investor participation. In addition to providing exceptional, comprehensive service to all customers, Santiago Stock Exchange promotes the country's development and economic growth through the securities market.

15 2014 Annual Report SANTIAGO STOCK EXCHANGE 15 EXCELLENCE SERVICE Transactions 5,120,083 Total trades conducted within the exchange and over-the-counter. Uptime rate for services, the highest in the exchange's history 99.99% Brokers and institutional customers; including banks, pension fund administrators (AFP,s) insurance companies, among others. External customers, including holding companies, family offices, international vendors, routing networks, among others. Percentage of transactions settled by the CCLV with 100% effective compliance and 99.86% position compliance. Total amount settled MCh$ 56,386, % Best Practice Committee Number of cases filed with Santiago Stock Exchange Best Practice Committee by brokerage customers in 2014 Number of inquiries, incidents and requests received by the customer service department in % were resolved satisfactorily within 10 minutes 3 14,650 Auditing and Control Audits and other Internal audits and other reviews to brokers reviews to Santiago stock 110 Exchange and CCLV 37

16 OUR HISTORY Towards the end of the 19th century, the Chilean economy showed signs of a formal business market with more than 160 corporations, but it lacked vitality and dynamism. In response, on November 27, 1893, Santiago Stock Exchange was founded in order to contribute to the economy, making more funding available for emerging companies that were looking to do business in Chile. Under the chairmanship of Jorge Montt, a decree was signed that established the entity s by-laws with initial capital of Ch$ 50,000. Equity trading began with around 50 companies listed, mainly banks, mining, insurance, sodium nitrate mines and livestock companies. With this, the exchange's spirit of resilience emerged to contend with the complex scenario affecting the domestic economy. In early 1929, the securities market enjoyed a period of prosperity thanks to an economic boom in Chile. These favorable conditions were repeated in a large part of economies throughout the world. However, this scenario changed for everyone in October The so-called "black Thursday" dealt a strong blow to the world's main stock markets, a precursor to an economic crisis that would shake the entire world. By 1930, the fall in securities was global and Santiago Stock Exchange was immersed in the depression that would impact the domestic economy until The period from 1930 to 1960 was unpromising for stock trading. Lower expectations, accompanied by greater government intervention, implied greater obstacles for free enterprise. Thus, market activity became a reflection of the smaller role of private initiative. However, the ability to see opportunities among these changes was always present. In 1944, while World War II was still underway, gold coins and dollars began to be traded, establishing a fledgling business that would extend financial tools for customers. Shares in listed companies continued to be the most traded instruments. For this reason, the General Stock Price Index (IGPA) was created in 1958 to reflect variations in all shares listed on Santiago Stock Exchange. Almost 20 years later, in 1977, a new index was needed: the Selective Stock Price Index (IPSA). This portfolio consists of the 40 shares with the greatest market presence.

17 2014 Annual Report SANTIAGO STOCK EXCHANGE 17 In the 1980s, the local economy underwent profound changes that paved the way for a new positive economic cycle. Accompanying this new thrust, the use of cutting-edge technologies and the automation of processes by the exchange contributed to the stock market's strong development. Thus, explosive progress was seen, reflected in the substantial growth of market transactions and securities issuances, more diversified instruments and new market openings. In the 1990s, Chilean companies initiated the process of accessing international markets by issuing ADRs, allowing them to incorporate foreign shareholders and obtain capital for expanding operations, located primarily in Latin America. This was a sign of the market's maturity, coming full circle from those first steps taken a century earlier with the trust of close to 50 companies. Subsequent decades were marked by dramatic technological innovation. These changes drove Santiago Stock Exchange to increase the depth of the securities market, adhering to the highest management standards in an increasingly globalized world that forces it to operate hightech platforms and provide its customers with exceptional service. With more than 120 years in business, Santiago Stock Exchange continues to work to contribute to the country's development, helping companies access financing, generating value for shareholders and giving intermediaries and customers the chance to trade financial instruments in a trusted and transparent environment. SANTIAGO STOCK EXCHANGE BUILDING After four years of construction, the building currently housing Santiago Stock Exchange was inaugurated on December 25, 1917, by Juan Luis Sanfuentes, the president of Chile at that time. Designed by the Franco- Chilean architect Emilio Jécquier, the French renaissance-style building featuring gothic structural elements was declared a national historic monument in 1981.

18 SERVING THE MARKET WITH TRUST AND TRANSPARENCY CHAPTER ONE CORPORATE GOVERNANCE

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20 Corporate Governance BOARD OF DIRECTORS 1 / 2 / 3 / 4 / 5 / 1 / Jaime Larraín Vial 2 / Rodrigo Manubens Moltedo 3 / Óscar Von Chrismar Carvajal 4 / Hernán Somerville Senn 5 / Pedro Salah Ahués Director Director Director Director Director Broker on Santiago Stock Exchange since November 11, Partner of brokerage house Jaime Larraín y Cía., Corredores de Bolsa Ltda. Director of Santiago Stock Exchange since April Degree in business administration from Universidad Federico Santa María and Universidad Adolfo Ibáñez, Master of Science from the London School of Economics. Member of the board of directors of Banco de Chile. Chairman of Banchile Seguros de Vida. Director and chairman of Directors Committee of Aguas Andinas. Director of Santiago Stock Exchange since May Degree in civil engineering from Universidad de Santiago. Vice chairman of Banco Santander. Member of the boards of Banco Santander in Argentina and Peru. Director of Santiago Stock Exchange since April Degree in law from Universidad de Chile. Member of the board of Enersis. Former member of the board of Inacap and former chairman of Administrador Financiero Transantiago. Director and partner of Fintec Ltda. Director of Santiago Stock Exchange since April Degrees in chemical engineering and accounting from Pontificia Universidad Católica. Founder of Caja de Compensación La Araucana. Former faculty at Pontificia Universidad Católica de Chile. Director of Santiago Stock Exchange since April 2014.

21 2014 Annual Report SANTIAGO STOCK EXCHANGE 21 6 / 7 / 8 / 9 / 10 / 11 / 6 / Eduardo Muñoz Vivaldi 7 / Juan Andrés Camus Camus 8 / Nicholas Davis Lecaros 9 / Álvaro Donoso Barros 10 / Juan Eduardo Correa García 11 / Fernando Larraín Cruzat Vice Chairman Chairman Director Director Director Director Degree in industrial engineering from Universidad de Chile. Since 1990, founding partner and chairman of brokerage house Negocios y Valores S.A., Corredores de Bolsa. Before that, he was CEO of Financiera Tasco S.A. (subsidiary of Soc. El Tattersall S.A.), manager of Inversiones Especializadas S.A. INVESSA), CFO of Banco de Constitución, Finance and International Division Manager and Planning Manager at Banco de A. Edwards and partner of brokerage house Raimundo Serrano McAuliffe y Cía. Ltda., Corredores de Bolsa, until Director of Santiago Stock Exchange since April Degree in business administration from Pontificia Universidad Católica de Chile. Founding partner and CEO of Celfin Capital from 1988 to Chairman of Celfin Capital until November Currently, he is the chairman of BTG Pactual Chile, which merged with Celfin Capital in He has 35 years' experience in commercial and investment banking. He is currently the chairman of Santiago Stock Exchange and a member of the executive board of CEP. Chairman of EuroAmerica S.A., EuroAmerica Seguros de Vida S.A., EuroAmerica Administradora General de Fondos S.A. and EuroAmerica Servicios Financieros S.A. Director of Santiago Stock Exchange since April Degree in business administration from Pontificia Universidad Católica and a Master in Economics from the University of Chicago. He is a member of the board of CorpResearch. Before that, he was the director of the International Monetary Fund and the Chilean National Planning Office (Odeplan). He was a board member at the Institute of Economics at Universidad Católica de Chile. He has been a professor and director of several companies from the financial and pension industries. Director of Santiago Stock Exchange since April Degree in industrial engineering from Pontificia Universidad Católica de Chile. Vice chairman of Banco Bice, chairman of Bice Vida Compañía de Seguros S.A., chairman of Bice Hipotecaria S.A., CEO of Bicecorp S.A. and director of Colbún S.A. Director of Santiago Stock Exchange since Degree in business administration from Universidad Católica de Chile and an MBA from Harvard Business School. Executive chairman of LarrainVial S.A., parent company of the Larraín Víal group companies, and chairman of LarrainVial Sociedad Administradora de Fondos de Inversión (SAFI) Perú. Member of the boards of Watt s, Activa SPA and Fundación Las Rosas. Director of Santiago Stock Exchange since April 2014.

22 CORPORATE GOVERNANCE MANAGEMENT 1 / 2 / 3 / 1 / Patricio Rojas Sharovsky Chief Financial Officer The exchange's ability to lead and develop the stock market has been possible thanks to the quality of its human capital and efficient resource management. We have focused on building the skills of our multidisciplinary teams and sharpening expense control and investments in order to improve financial results and ratios and add value for our shareholders. Degree in industrial engineering and MBA from Pontificia Universidad Católica de Chile. He joined Santiago Stock Exchange in September Chief Financial Officer since August / Nicolás Almazán Barros Chief Planning and Development Officer In line with our ongoing concern to offer new and better investment alternatives, MILA consolidated its position as a regional model by incorporating the Mexican stock market. We also became an official member of the Sustainable Stock Exchanges Initiative, created by the UN. This select group of 16 exchanges reflects our interest in adopting international best practices on these matters. Degree in business administration from Universidad de Chile and Master in Financial Management from Universidad Adolfo Ibáñez. He joined Santiago Stock Exchange in June Chief Planning and Development Officer since November / Andrés Araya Falcone Chief Information Officer With a focus on the security and availability of our services, we recorded the highest uptime rate in the history of Santiago Stock Exchange with 99.99% system effectiveness. This effort was complemented by our certification under ISO 27,001 for information security management and ISO 22,301 for business continuity. Degree in IT engineering from Universidad Diego Portales and MBA from Pontificia Universidad Católica de Chile. He joined Santiago Stock Exchange in January Chief Information Officer since April 1998.

23 2014 Annual Report SANTIAGO STOCK EXCHANGE 23 4 / 5 / 6 / 4 / José Antonio Martínez Zugarramurdi Chief Executive Officer We are aware that the market's challenges are multiple and ongoing. During 2014, we have made progress on an important set of initiatives for investors, issuers and intermediaries, always striving to ensure a sound, reliable and transparent securities market. In each of our projects we aim to generate sustainable value for all shareholders and our stakeholders, with a long-term vision for the stock market's development. Degree in industrial engineering from Universidad de Chile and Master in Business Law from Universidad Adolfo Ibáñez. He joined Santiago Stock Exchange in May Chief Executive Officer since September / Juan Ponce Hidalgo Chief Operating Officer We have made strides to enhance the equity market's operating regulations by submitting a proposal to the regulator that incorporates new international practices to generate greater liquidity and competition, thus benefitting price formation. Degree in financial engineering from Universidad Diego Portales. He joined Santiago Stock Exchange in July Chief Operating Officer since July / Carlos Niedbalski Chacón Chief Audit and Control Officer We improved our external and internal control systems. We created the Financial Analysis and Intelligence Area to detect and anticipate risky situations involving brokers, customers and the market; implemented a new surprise inspection program for brokers; strengthened compliance procedures and incorporated new technology to safeguard information. Degree in business administration from Universidad de Santiago, degree in accounting from Universidad de Chile and Master of Business Administration from Pontificia Universidad Católica de Chile. He joined Santiago Stock Exchange in February Chief Audit and Control Officer since January 2012.

24 HONORARY CHAIRMAN AND HONORARY MEMBERS The distinction of Honorary Member is a long-standing tradition in Santiago Stock Exchange, reserved for a select number of individuals. It is granted to those who, after a long time with the institution, have attained sufficient merit to qualify for the recognition and gratitude of the stockholders and brokers as the result of the meritorious and selfless work, benefitting the institution and the brokers profession. The title of Honorary Chairman was instituted in January 1989 and, for the first time in the history of the institution, it was conferred to one of its most outstanding members, that is, a person who was a particularly successful and dedicated Chairman of Santiago Stock Exchange for more than twenty one years. Honorary Chairman Eugenio Blanco Ruiz Honory Members Daniel Covarrubias Ortúzar Gustavo de la Cerda Acuña Tomás Hatton Aguirre Alberto Le Blanc Donaldson Luis Lira Montt Manuel José Ureta Mackenna Pablo Yrarrázaval de Tezanos Pinto OUR COMMITTEES BUSINESS AND TECHNOLOGY COMMITTEE BEST PRACTICE COMMITTEE STANDING MEMBERS Juan Eduardo Correa García Nicholas Davis Lecaros Fernando Larraín Cruzat Hernán Somerville Senn Óscar von Chrismar Carvajal ALTERNATES Henry Comber Sigall Claudio Larraín Kaplan Matías Repetto Vergara Pablo Valenzuela Mardones STANDING MEMBERS Enrique Barros Bourie Lisandro Serrano Spoerer Jorge Tarzijan Martabit ALTERNATES Jorge Jaramillo Selman REGULATIONS, RISK AND AUDIT COMMITTEE STANDING MEMBERS ALTERNATES Álvaro Donoso Barros Jaime Larraín Vial Jaime Larraín Concha Rodrigo Manubens Moltedo Gonzalo Jiménez Parada Eduardo Muñoz Vivaldi Pedro Salah Ahués ETHICS AND DISCIPLINE COMMITTEE STANDING MEMBERS Patricio Parodi Gil Juan Pablo Ugarte Valdés ALTERNATES Marcos Comparini Fontecilla José Luis de la Rosa Muñoz Gonzalo van Wersch Calderón Members in effect as of December 31, 2014.

25 2014 Annual Report SANTIAGO STOCK EXCHANGE 25 ORGANIZATIONAL STRUCTURE Board of Directors BEST PRACTICE COMMITTEE ETHICS AND DISCIPLINE COMMITTEE BUSINESS AND TECHNOLOGY COMMITTEE REGULATIONS, RISK AND AUDIT COMMITTEE CHIEF AUDIT AND CONTROL OFFICER CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER CHIEF INFORMATION OFFICER CHIEF OPERATING OFFICER CHIEF PLANNING AND DEVELOPMENT OFFICER LEGAL COUNSEL

26 CONNECTED WITH THE PRESENT TO BUILD THE FUTURE CHAPTER TWO OUR COMPANY

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28 2014 HIGHLIGHTS Santiago Stock Exchange set several priorities for 2014, including placing greater emphasis on the transparency with which the Chilean securities market operates, remaining at the forefront of changes in technology and developing new products and services for investors, issuers and intermediaries. Creating a Sustainability Index Early in 2014, Santiago Stock Exchange hired an external consultant to perform a feasibility study on the creation of a Sustainability Index. Then, the Board of Directors agreed in October to launch a bidding process for the construction, implementation and marketing of this new indicator. MSCI ESG Research, a specialist in calculating stock indexes with vast experience developing international methodologies, performed an indepth analysis and assessment of data on the local market and issuers. The firm concluded that Chile has critical mass and meets all necessary conditions for creating a Sustainability Index made up of companies listed on Santiago Stock Exchange. The new Sustainability Index and the related brand will be owned by Santiago Stock Exchange and will complement the exchange's family of indexes, which includes the IGPA, IPSA, INTER-10, cap-weighted indexes and sector indexes. This new indicator will help make the sustainability levels of Chilean companies, measured using international standards, more visible. This initiative aims to help establish an environment of socially responsible investment that is sustainable in the long term, in accordance with the increasingly demanding requirements of society and investors specialized in such matters. Through this index, Santiago Stock Exchange aspires to maintain its leadership in promoting responsible investment. It also aims to create financial incentives for incorporating sustainable processes into the practices of companies listed on the Chilean market, thus helping create value for companies.

29 2014 Annual Report SANTIAGO STOCK EXCHANGE 29 Agreement with Toronto Stock Exchange: Venture Market Santiago Stock Exchange signed an important agreement in March with TSX Venture Exchange (TSXV), a subsidiary of the Toronto Stock Exchange, to implement an operating model to create a new venture market in Chile, focused on capital financing for companies in early development phases. This agreement will leverage TSXV's experience on the matters and will also provide issuers listed on that exchange the possibility of double listings in the new market. Initially, the activities of Santiago Stock Exchange in this market will center around obtaining capital for small and medium-sized companies from the mining industry, which will help strengthen the bond between the industry and the Chilean capital market. This agreement marks an important milestone for Santiago Stock Exchange. By leading this process, the exchange will both boost the mining sector's visibility on the local market and demonstrate its own capacity to implement innovative strategies in partnership with international exchanges. A Derivatives Market for Chile The derivatives market is a joint initiative involving Santiago Stock Exchange and its clearing house subsidiary, CCLV Contraparte Central S.A., in strategic partnership with BM&FBovespa. The objective of this initiative is to provide the domestic capital market with an institutional regulatory framework and technology for trading, clearing and settling derivative instruments through the stock market. Thanks to the addition of the derivatives market, the financial market in general (intermediaries, banks, institutional and private investors, both local and foreign) can trade futures market instruments directly in the Telepregón HT system, the platform also used for trading equity instruments as well as securities on MILA, the integrated market. As of year-end 2014, Santiago Stock Exchange and CCLV were awaiting SVS approval of the General Regulations for Futures Markets in order to schedule and announce the launch of Santiago Derivatives Market.

30 A NEW CHAIRMAN FOR Santiago STOCK EXCHANGE In April, the directors of Santiago Stock Exchange elected Juan Andrés Camus chairman of the board. Mr. Camus holds a degree in business administration from Universidad Católica de Chile. He takes the place of Pablo Yrarrázaval, who decided not to run for reelection after leading the institution for 25 years. Eduardo Muñoz was elected vice chairman. In line with the challenges posed by the securities market in an increasingly interconnected world with exacting audiences, Mr. Camus's first eight months at the institution's helm have been dedicated to increasing financial system transparency, improving competition and continuing to adopt international best practices, both for operating processes and securities intermediaries. MEXICAN EXCHANGE JOINS MILA At a meeting of the Executive Committee of the Latin American Integrated Market (MILA), held June 4, 2014, the Mexican Stock Market and Indeval officially announced to the Chilean, Colombian and Peruvian exchanges their intention to join MILA. They were officially incorporated on December 1, As a result, the Mexican market comes together with Santiago, Colombian and Lima stock exchanges to form one of the most attractive markets in the region. MILA is an integration platform that aims to strengthen the financial business of its member exchanges, accompanying companies and local intermediaries in their regional expansion processes. The union of these four markets will help boost Latin America's international reputation and attract a larger number of foreign investors, among other benefits.