Bolsa de Comercio de Buenos Aires (BCBA)

Buenos Aires Stock Exchange

Serious Information

TRIVIA

The Buenos Aires Stock Exchange, the BCBA in its Spanish accronym, was founded in 1854 as a forum for business and trading of products, stocks, and bonds. A self-regulated non-profit civil association. At its Council sit representatives of all different sectors of Argentina's economy.

The BCBA has statutory powers to admit, suspend, and cancel listing of securities, pursuant to its own regulations, when approved by a National Securities Commission agreement. An internal Securities Commission, which is made up by representatives of stock market institutions and other market players appointed by the Council, passes judgment upon listing rules and decisions. Listing companies must file annual and quarterly financial statements with the BCBA, as well as any corporate event to be disclosed. It is also up to BCBA to keep a record of trades, and disclose trading values, prices, and price-sensitive information. Besides, the BCBA is vested with surveillance powers and, among other measures, it may halt securities trading as deemed necessary to prevent unusual price changes.

Also, under a special agreement signed with the National Securities Commission (CNV), applications for public offering and listing of stocks and other securities are filed directly with the BCBA to be processed simultaneously.

The most important index of the Stock market is the MERVAL (From MERcado de VALores - "stock market"), which includes the most important papers. Other indicators are Burcap, Bolsa General and M.AR., and currency indicators Indol and Wholesale Indol.

Some acronyms for Stock exchange:

SINAC, Computer-Assisted Integrated System Trades are executed electronically. Bids and asks are entered via terminals attached to the mainframe. Bids and asks are sorted on the screen by price range (from highest to lowest), and at the same price by time sequence.

CEDEARs: are certificates of deposit of foreign companies? stocks or other securities, which are not authorized for public offering in Argentina. They are held in custody by Caja de Valores and may be traded like any other stock.00

The Burcap index accounts for the value of a stock portfolio, selected by volume and number of trades in the BCBA, considered decreasingly up to 80% of the total. The weighting of each stock in the index is proportional to its capitalization. The component firms and their weightings are re-composed quarterly, according to their market share throughout the last six months. Base value and date 30/12/1992 = $426,33.

Merval Index: The Merval Index is the market value of a stock portfolio identical to the one considered in the Burcap Index. The weighting is determined according to the number of trades and the value effectively traded at the Buenos Aires Stock Exchange. Base value and date 30/06/1986 = $0,01. .

Bolsa General Index: The stocks of companies established in Argentina are weighted for stockmarket capitalization. Foreign firms influence according to their share in the effective trading value. Stocks composing the index must have traded at least in 20% of the sessions for the period in question. At the beginning of every calendar quarter a reconfiguration of the indicator?s structure shall be done, taking the last six-month period as a reference.

M.AR. Index: The M.AR. Index reflects the performance of Argentine corporations within the stock market. The calculation methodology for this indicator has tried to keep the basic structure of the Merval Index, taking the evolution of Merval as a common basis up to December 30, 1999, i.e. prior to the inclusion of foreign firms in the local stock market, and to the growing share of Cedears within total trading volume.

The M.AR. is created starting from a sample of trades for a six-month period prior to every re-composition, which excludes foreign corporations and Cedears. The criterion used for the selection is the share, in decreasing order, in the concurrent market cash trading, excluding all corporations not having traded in a significant number of sessions.

Indol: The Indol is an exchange rate Arg. Peso- US Dollar index futures contract developed by the Mercado de Valores de Buenos Aires S.A. (Merval) aiming to provide investors with an effective instrument to hedge the future dollar value, vis-à-vis potential exchange risks. The index underlying asset is the exchange rate of reference calculated by the Central Bank of the Argentine Republic (BCRA). All trades are guaranteed for settlement by Merval.

Wholesale Indol: In November 2003, Merval authorized forward wholesale trading of the Arg. Peso US Dollar exchange rate index. Due to the nature of this trading, minimum initial margins of US$10,000 apply for every trading unit and for open interest at every expiration date. A guarantee trust is drawn up with the margins; where Merval is the guarantee's fiduciary, and brokers are mutual beneficiaries and fiduciary.

For over 150 years, the BCBA has accompanied the evolution of Argentine economic activity, creating the necessary instruments to foster a solid and transparent link among market players, aiming to channel individual and institutional savings to diverse types of borrowers.
http://www.bcba.sba.com.ar/ website
Address:

The Buenos Aires Stock Exchange
Sarmiento 299
(C1041AAE) Buenos Aires, Argentina
Ph.: (54.11) 4316 7000

Trivia

Buenos Aires (English: "Fair Winds"; originally Ciudad de la Santísima Trinidad y Puerto de Santa María de los Buenos Aires, "City of the Holy Trinity and Port of Saint Mary of the Fair Winds") is the capital of Argentina and largest city and port, and one of the largest cities in the world. It is on the southern shore of the Río de la Plata, on the southeastern coast of the South American continent, opposite Colonia del Sacramento, Uruguay.

The city was first founded as Santa María del Buen Ayre on February 2, 1536 by a Spanish gold-seeking expedition under Pedro de Mendoza.

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