Andean brokers embrace new Mila exchange

Author: Danielle Myles | Published: 2 Sep 2011

The Integrated Latin American Market’s (Mila) structure has had a promising first three months thanks to collaboration between brokers in Colombia, Peru and Chile.

But cross-border harmonisation of listing, corporate, tax and forex rules is needed before the countries’ stock exchanges can achieve full integration.

Since its launch on May 30, the cross-trading platform has operated under phase one of its integration plan. This essentially allows brokers in the three countries to enter into agreements pursuant to which they will take and place orders on their home exchanges on behalf of clients of brokers in the other two countries.

It’s estimated around 30 routing agreements now exist. “We anticipated it would take a bit longer to reach that number,” said Carlos Fradique-Mendez, a partner with Colombian...