Costa Rica: Stock Brokers Monopoly Eliminated

Institutional investors can participate directly in bond auctions for the debt offered by the Ministry of Finance and the Central Bank without using a broker as an intermediary.

Friday, May 23, 2014

Any supervised financial institution such as banks, insurance companies, pension operators and investment fund managers can access the primary market to acquire debt securities issued by the Treasury or the Central Bank without going through a broker, who are so far the only entities authorized to carry out transactions on behalf of others in that market.

From a notice of a significant event issued by the National Stock Exchange:

By means of official notice TN-743-2014 / GER-082-2014 of May 15, both the Central Bank and the Ministry of Finance formally announced that permission has been given to certain entities to take part in stock exchange transactions in the auction sessions carried out through LICI transactions on the SIOPEL platform.

More on this topic

Nicaragua: Stock Exchange Transactions Up 30% in 2016

January 2017

Trading volume last year reached $1.526 billion, 30% more than what was traded in 2015.

The repo market accounted for most of the volume traded in the stock market in 2016, with an increase over 2015 of 33%. The volume traded in these instruments was 382 million, while in 2015  $289 million was traded.

Costa Rica: Backwards Step in Opening of Stock Market

April 2014

The proposal to create a market for direct trading of securities has been rejected by the authorities, yielding to pressure from industry participants themselves.

Although the World Bank itself proposed analyzing the creation of a market where investors could directly buy and sell securities, the government bowed to pressure from the National Stock Exchange and stock brokers, and chose not to include the proposal in the initiative for modernization of the Law Regulating the Securities Market.

Costa Rica: Proposal to Opening Up Stock Market

April 2014

A bill aims to facilitate access by companies to the capital market allowing operations in more than one stock market.

The bill to be submitted to the Legislature for review includes, among other changes, the creation of a market for trading of fixed income titles and improving business access to the market as a financing alternative.

Nicaragua: Stock Market Not Taking Off  

February 2014

As the economy grows significantly, reduced government involvement in 2013 led to a meager 1% growth in transactions on the Stock Exchange.

During 2013, transactions in the securities market of Nicaragua grew by just 1%, going from $888.5 million in 2012 to $893.2 million in 2013. The almost zero growth is due to low participation of the government and lack of promotion of its emissions, among other factors.

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