There's more to Latin America than Brazil. And the Andean
countries have been its untold story. Next month is the one
year anniversary of the Mercado Integrado
Latino-Americano (Mila), the region's first integrated
capital market which links the trading platforms of Peru,
Colombia and Chile's bolsas.
The business case is infallible. A larger and more liquid
capital market provides issuers, investors and intermediaries
with more opportunities, raises competition and forces greater
efficiencies, creates synergies for technology advancements,
and attracts foreign interest. The Andean countries have the
added advantage of strong economics. "Peru, Colombia and Chile
have been the best performers of all emerging markets in the
last two or three years," says Alka Banerjee, S&P Indices'
vice-president of strategy and global equity indices. Mexico is
conducting Mila viability studies and Panama is an observer to
the process. Offering a feasible alternative to Brazil's
BM&FBovespa is ambitious, but for the first...