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Cbonds pages: Bolsa de Valores y Productos de Asuncion (BVPASA)

Organization name
Bolsa de Valores y Productos de Asuncion S.A. (BVPASA)
Country name
Paraguay
Country of registration
Paraguay
Industry
Financial Markets
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Profile

About the Bolsa de Valores de Asuncion


Bolsa de Valores de Asuncion (BVPASA), often referred to as the BVPASA, is Paraguay's exclusive stock exchange, with a unique role as a Depositary. For the past 27 years, it has played a pivotal role in facilitating the capital-raising activities of both investors and issuers in the country.


BVPASA stands out for its cutting-edge electronic platform that provides a wide range of services to the financial market. These services encompass exchange trading, securities listing, initial public offerings (IPOs), and valuable market data services. As a Depositary, BVPASA fulfills a crucial role by offering services such as registry keeping, clearing and settlement, and asset and registry servicing.


BVPASA's mission is clear and resolute. It is committed to providing services, information, and essential infrastructure in an efficient, transparent, and reliable manner. This mission is geared toward fostering the development of the financial market within Paraguay.


Looking forward, BVPASA aspires to be the epicenter of business activities, setting the standard for transparency and innovation. It aims to be the driving force behind the economic development of the country, with a strong integration into global markets. BVPASA's vision is ambitious and forward-thinking, seeking to position itself as a key player in Paraguay's economic growth and international connectivity.


BVPASA's multifaceted role as both stock exchange and depositary, coupled with its commitment to efficiency and innovation, highlights its crucial role in Paraguay's financial landscape.


How does the Bolsa de Valores de Asuncion work?


Listing and Trading


  • BVPASA lists a substantial number of Paraguayan issuers, with a total of 52 companies currently listed on the exchange.


  • The domestic market capitalization of BVPASA stands at $1,523 million USD, indicating the total value of the securities traded on the exchange.


  • BVPASA is part of the SSE Partner Exchange network, signifying its international engagement and cooperation in the realm of sustainable finance.


  • While BVPASA does not currently produce an annual sustainability report, it plays a central role in facilitating financial activities within Paraguay.


Financial Instruments


  • BVPASA is known for its versatility in trading various financial instruments, including stocks, corporate and government bonds, repurchase agreements, debt securities, and PYG/USD currency futures.


  • Over the past three years, the exchange has witnessed the listing of seventeen new issuers, demonstrating its vitality and appeal to a diverse range of businesses and organizations.


  • BVPASA's scope extends beyond traditional equities and corporate bonds. It also accommodates other financial instruments such as Subordinated Bonds issued by Banks, Investment Bonds issued by Credit Unions (Cooperativas), Commercial Paper, Negotiable Securities related to Trusts, and repos with haircuts.


  • Notably, the National Treasury has engaged with BVPASA since 2012, using the exchange as a platform for placing Treasury Bonds.


Clearing, Settlement and Depository


BVPASA employs two distinct clearing and settlement schemes based on the specific market being traded:


  • Equity Market. In the equity market, where trading is still conducted using physical securities, transactions are executed through traditional trading sessions or on the trading floor. Brokerage firms play a pivotal role in the settlement of trades. Within 48 hours of the transaction, these firms must submit the required documents and forms to the Exchange, accompanied by a sworn declaration confirming the final clearance and settlement of these transactions. In cases of cross-trading, funds are deposited in a clearing account opened by the Exchange with a bank, which is accessible to all brokerage firms, ensuring the final settlement.


  • Fixed Income Market. BVPASA has modernized the trading of fixed-income instruments, moving towards an electronic trading system. This transition has allowed for the dematerialization of securities, and the custody of these securities is now done through book-entry systems provided by the Exchange. Following the execution of transactions, brokerage houses receive funds from their investors and deposit them in a clearing account established by the Exchange with a licensed bank. This bank operates as a clearing bank or paying agent, executing instructions provided by the Exchange. Once these deposits are confirmed as freely available funds, the Exchange proceeds with the relevant transfers to the selling issuer, ensuring the settlement of fixed-income transactions.


Services Offered by the BVPASA


Bolsa de Valores de Asuncion (BVPASA) offers a comprehensive range of services catering to various financial markets and products. Here is an overview of the services provided by the company:


  • Equities. BVPASA facilitates the trading of both ordinary and preferred stocks, providing a platform for investors to buy and sell these equity instruments.


  • Fixed Income. BVPASA's offerings in the fixed-income market are diverse and include various financial instruments, such as short-term and long-term corporate bonds, treasury bonds, municipal bonds, negotiable securities issued under trust developments, subordinated bonds, and financial bonds. Investors can engage in the trading and investment of these fixed-income securities.


  • Others. The exchange also offers services related to repos, allowing market participants to engage in repurchase agreements, which involve the sale and repurchase of securities with a predetermined agreement for future repurchases.


BVPASA's services encompass the trading and settlement of equities, fixed-income instruments, and repos, with distinct approaches for clearing and settlement based on the type of financial market. This flexibility and efficiency in handling a diverse range of financial instruments make BVPASA a vital institution in Paraguay's financial landscape.


FAQ


Does Paraguay have a stock exchange?


Yes, Paraguay has a stock exchange. The Bolsa de Valores y Productos de Asuncion is Paraguay's primary stock exchange and lists more than 100 companies.


What kinds of securities are traded on the BVA?


A variety of securities are traded on the Bolsa de Valores de Asuncion (BVA). These securities include stocks, bonds (both corporate and government), repurchase agreements (repos), and debt securities. Investors have the opportunity to engage in the trading of these financial instruments on the exchange.


How can one trade on the BVA?


  • Traditionally, trading on the BVA was conducted through open outcry on the exchange floor. However, the modern trading system has shifted away from this method.


  • Instead, negotiations are now facilitated through an electronic trading system. This system allows market participants to input their bids on trading screens, which are accessible to brokerage house operators.


  • Brokerage house operators can connect to this electronic trading system from their offices or any location with internet connectivity.


  • Bids that match in terms of price will be automatically closed through the system. This means that buy and sell orders with corresponding prices are executed swiftly and efficiently.


  • The Electronic Trading System provides a platform for the market to access offers for buying and selling securities. It evaluates these offers and executes transactions through automatic matching, streamlining the trading process.


  • It's important to note that only brokerage house operators have access to this electronic trading system. They are responsible for facilitating trades on behalf of their clients, including investors.


  • Brokerage house operators can closely monitor the activities of their investor clients by observing market performance and trading activities on the trading screen directly from their offices.


 

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