South America has been a special part of my life for four decades. I have lived many years in Brasil and Peru. I am married to an incredible lady from Argentina. I want to share South America with you.
Shares in BYMA, a new stock-exchange operator, begin trading in Buenos Aires today. The company is a product of the merger of several exchanges in cities across Argentina. Unlike its forerunners, BYMA—Bolsas y Mercados Argentinos—is “demutualised”: its shares will be publicly traded rather than restricted to a number of brokers. The change is overdue. The demutualisation trend began in Stockholm in 1993; big exchanges including Deutsche Börse and the London Stock Exchange soon followed. Shares in BYMA are likely to prove popular with investors, many of whom hope President Mauricio Macri’s market-friendly reforms will encourage higher trade volumes. Interest in Argentina has jumped since its return to capital markets last April. Next month MSCI is expected to re-admit Argentina into its emerging-market index. But confidence remains fragile. Last week shares fell after new corruption allegations swirled around Michel Temer, Brazil’s president. Argentines hope their northern neighbours don’t spoil the party.
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May 23rd 2017
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