Santiago Stock Exchange (SSE) Chilean Stock Market

Transcription

1 Santiago Stock Exchange (SSE) Chilean Stock Market 2015

2 Agenda 1. Chile: a place to invest 2. Chilean Stock Market 3. MILA 4. Santiago Stock Exchange 5. Projects

3 CHILE: A PLACE TO INVEST Population: MM* GDP: USD 277,199 MM* GDP per capita (PPP): USD 21,911 GDP growth: 1.9% Unemployment: 6.2% Inflation: 4.6% Sovereign Rating: AA-; A+ Trade Balance: USD 8,560 MM Exports: USD 76,648 MM Imports: USD 68,089 MM *Data as of December 2013 Source: Central Bank, INE, World Bank

4 CHILE: A PLACE TO INVEST CHILE: GDP BY SECTORS Electricity, gas and water 3% Agriculture and forestry 3% Transport 4% Communications 2% Restorants and hotels 2% Fishing 1% Corporate Services 16% Public Administration 5% Financial Services 5% Mining 12% Housing Services 6% Construction 8% Personal Services 12% Source: Central Bank Commerce 9% Manufacturing 12%

5 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. 450% GDP VARIATION 400% 350% 300% 250% 200% 150% 100% 50% 0% Source: World Bank, GDP (actual US$ prices) Chile SudAmerica + Mexico MILA OCDE

6 CHILE: A PLACE TO INVEST During the last 20 years, our country has shown a superior GPD per capita than regional and worldwide averages. 350% 300% 250% 200% 150% 100% OCDE - GDP per capita variation 305% 120% 50% 0% Chile OCDE South America + Mexico - GDP per capita variation MILA GDP per capita variation 350% 350% 300% 305% 300% 305% 250% 250% 200% 197% 200% 197% 150% 150% 100% 100% 50% 50% 0% 0% -50% -50% Chile SudAmerica + Mexico Chile MILA Source: Central Bank

7 % Inflation CHILE: A PLACE TO INVEST 30 INFLATION Year Chile SudAmerica + Mexico MILA OCDE Source: World Bank, DatosMacro.com

8 % Unemployment 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 Year Chile Southamerica MILA OCDE Source: World Bank, INE.

9 Agenda 1. Chile: a place to invest 2. Chilean Stock Market 3. MILA 4. Santiago Stock Exchange 5. Projects

10 CHILEAN STOCK MARKET MARKET PARTICIPANTS 1. ISSUERS Chilean Central Bank General Treasury of the Republic Banks and Financial Institutions Corporate Bodies

11 CHILEAN STOCK MARKET MARKET PARTICIPANTS 1. ISSUERS Domestic Equities: 230 Foreign Equities: 79 Foreign Equities MILA: 463 Foreign ETF: 102 Foreign Open Funds: 203 Fixed Income: 147 Money Market: 57 Local Investment Funds: 125 Local Mutual Funds: 9 Data as of December 31, 2014 Most traded stocks 2014 Source: Santiago Stock Exchange

12 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

13 CHILEAN STOCK MARKET MARKET PARTICIPANTS 2. BROKERS MARKET SHARE SECURITY 3.8% SCOTIA 2.7% OTHERS 18.8% EUROAMER 3.8% MBI 4.4% MERRILL 4.5% EQUITY BANCHILE 15.1% BCI 6.2% IM TRUST 7.1% LARRA 12.2% SANTANDER 9.8% Source: Santiago Stock Exchange BTG 11.5%

14 CHILEAN STOCK MARKET MARKET PARTICIPANTS 2. BROKERS MARKET SHARE PENTA 2.6% LARRA 2.3% IM TRUST 3.6% ITAU CHILE 3.2% BANESTADO 19.9% CORPCAP 3.8% BCI 6.0% FIXED INCOME BBVA 15.9% BANCHILE 9.4% Source: Santiago Stock Exchange OTHERS 10.0% SANTANDER 11.2% BICE 12.0%

15 CHILEAN STOCK MARKET MARKET PARTICIPANTS 2. BROKERS MARKET SHARE SCOTIA 2.8% LARRA 2.5% EUROAMER 1.7% CORPCAP 3.1% BANESTADO 29.2% ITAU CHILE 3.9% OTHERS 4.7% SANTANDER 5.3% MONEY MARKET BICE 6.7% BBVA 17.7% Source: Santiago Stock Exchange BCI 10.1% BANCHILE 12.2%

16 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.

17 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 Mutual Funds and Insurance Companies: Data as of Decemeber Investment Funds: Data as of September 2013.

18 CHILEAN STOCK MARKET MARKET PARTICIPANTS 4. REGULATORS Superintendence's Chilean Securities and Insurance Supervisor (SVS) Superintendence of Pensions Superintendence of Banks and Financial Institutions

19 CHILEAN STOCK MARKET MARKET PARTICIPANTS 5. MARKET INFRASTRUCTURE COMPANIES Santiago Stock Exchange Santiago Stock Exchange (SSE) Depositaries Central Securities Depository (DCV) Clearing and Settlement CCLV, Central Counterparty S.A.

20 CHILEAN STOCK MARKET MARKETS: CHILE IN THE REGION Country Argentina Brazil Chile Colombia Mexico Peru Market Cap (US$) Listed Companies Equity Traded Amounts 2014 (US$) Fixed Income Traded Amounts 2014 (US$) Equity New Issues 2014 (US$) Market Cap./GPD ($60 billion) (101 listed) ($5 billion) ($60 billion) ($0.02 billion) 9.8% ($844 billion) (363 listed) ($728 billion) ($0.12 billion) ($15 billion) 37.6% ($233 billion) (307 listed) ($29 billion) ($217 billion) ($1.84 billion) 84.1% ($147 billion) (74 listed) ($24 billion) ($675 billion) ($1.82 billion) 38.8% ($480 billion) (147 listed) ($157 billion) ($0.26 billion) ($0.9 billion) 38.1% ($79 billion) (263 listed) ($4 billion) ($0.84 billion) ($0.8 billion) 39.0% Source: WFE Data as of December billion = millions

21 CHILEAN STOCK MARKET CHILEAN MARKET: TOTAL TRADED VOLUME AND NUMBER OF TRADES 2014 Source: Santiago Stock Exchange *Considers on and off floor trades.

22 CHILEAN STOCK MARKET MARKET DAILY TRADED AMOUNTS 2014 Stocks 7% Investment Fund Quotas 0% Currency 0% ixed Income 31% Stocks: US$ Investment Fund Quotas: US$ 7.32 Currency: US$ 0.02 Money Market: US$ Fix Income: US$ Note: Figures expressed in MM US$ Money Market 62% Source: Santiago Stock Exchange Traded amounts at Santiago Stock Exchange

23 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 % Low Liquidity % 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.

24 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.

25 CHILEAN STOCK MARKET EQUITY MARKET GROWTH Source: Santiago Stock Exchange

26 CHILEAN STOCK MARKET EQUITY MARKET GROWTH Variation Traded Amounts (MM US$) % Market Cap. (MM US$) % Market Cap. / GDP 70.00% 84.10% 20.14% Traded Amounts / Market Cap. 7.04% 19.89% % Price / Earnings % Book Value % Market Concentration: 10 Top most traded stocks 62.00% 48.70% % Market Concentration: 10 Top in Market Cap % 45.10% 4.88% Source: Santiago Stock Exchange

27 CHILEAN STOCK MARKET INSTITUTIONAL MARKET SHARE: EQUITY MARKET Source: Santiago Stock Exchange *Considers buy + sell amounts

28 CHILEAN STOCK MARKET INVESTMENT FUND QUOTAS (IFQ) MARKET GROWTH Source: Santiago Stock Exchange *Traded volume expressed in millions of dollars using the Observed Dollar exchange recorded at the last day of 2014

29 CHILEAN STOCK MARKET FIXED INCOME INSTRUMENTS (IRF) MARKET GROWTH Source: Santiago Stock Exchange *Traded volume expressed in millions of dollars using the Observed Dollar exchange recorded at the last day of 2014

30 CHILEAN STOCK MARKET INSTITUTIONAL MARKET SHARE: FIXED INCOME Source: Santiago Stock Exchange *Considers buy + sell amounts

31 CHILEAN STOCK MARKET CAPITAL RAISED IN FIXED INCOME IPOs Source: Santiago Stock Exchange

32 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

33 CHILEAN STOCK MARKET MONEY MARKET INSTRUMENTS (IIF) MARKET GROWTH Source: Santiago Stock Exchange *Traded volume expressed in millions of dollars using the Observed Dollar exchange recorded at the last day of 2014

34 CHILEAN STOCK MARKET INSTITUTIONAL MARKET SHARE: MONEY MARKET Source: Santiago Stock Exchange *Considers buy + sell amounts

35 CHILEAN STOCK MARKET FOREIGN SECURITIES GROWTH Source: Santiago Stock Exchange *Traded volume expressed in millions of dollars using the Observed Dollar exchange recorded at the last day of 2014

36 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

37 CHILEAN STOCK MARKET SANTIAGO STOCK EXCHANGE STOCK MARKET INDICES 2014 Source: Santiago Stock Exchange

38 Agenda 1. Chile: a place to invest 2. Chilean Stock Market 3. MILA 4. Santiago Stock Exchange 5. Projects

39 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:

40 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 8 th largest economy in the world.

41 MILA IN NUMBERS MARKET CAP AND TRADED VOLUMEN 2014 Peru 8% Colombia 10% Peru 1% Colombia 16% Market Cap. Mexico 51% Chile 14% Traded Volume Chile 25% Mexico 75% Source: Mila News, WFE, Santiago Stock Exchange: Information as of december 2014,.

42 MILA MILA INDICES COMPARATIVE 2014 Source: Santiago Stock Exchange, MILA News

43 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.

44 Agenda 1. Chile: a place to invest 2. Chilean Stock Market 3. MILA 4. Santiago Stock Exchange 5. Projects

45 SANTIAGO STOCK EXCHANGE ABOUT SANTIAGO STOCK EXCHANGE Created on November 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.

46 SANTIAGO STOCK EXCHANGE BALANCE SHEET MMUS$ Total Current Assets 42,49 Total Long-term Assets 39,32 Total Assets 81,81 Data Dissemination 7% Listing 6% Other 4% Trading services 32% MMUS$ Total Current Liabilities 7,00 Total Long-term Liabilities 22,37 Total Equity 52,44 Total Assets and Equity 81,81 Clearing and settlement 12% SSE's INCOME Trading Fees 14% Back office Services 25% Source: Santiago Stock Exchange SSE s income MMUS$ 34.0 SSE s profits MM US$ 11.5

47 SANTIAGO STOCK EXCHANGE SSE s MARKET SHARE 2014 SSE 92% ESE 8% EQUITY VSE 0% SSE 98% MONEY MARKET ESE 2% VSE 0% VSE 0% FIXED INCOME ESE 0% SSE 100% SSE: Santiago Stock Exchange ESE: Electronic Stock Exchange VSE: Valparaíso Stock Exchange Source: Santiago Stock Exchange

48 SANTIAGO STOCK EXCHANGE BUSINESS LINES TRADING EQUITY / FIXED INCOME / MONEY MARKET / DERIVATIVES

49 SANTIAGO STOCK EXCHANGE ALWAYS EVOLVING

50 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, 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.

51 Agenda 1. Chile: a place to invest 2. Chilean Stock Market 3. MILA 4. Santiago Stock Exchange 5. Projects

52 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 Tax Income It is projected that it will evolve from 0.28% of GDP in 2014 to 3.02% in s measures 1. Incentive for savings. 2. The application of part of the anti-circumvention and anti-avoidance measures begins ter Simplified accounting for SMEs. 4. Tax on automobile emissions.

53 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 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.

54 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.

55 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.

56 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.

57 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.

58 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

59 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.

60 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.

61 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.

62 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)

63 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 Through a single tweet users will be able to receive IPSA s stocks price in real time.

64 Santiago Stock Exchange International Relations 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.