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11th June, 2018

B3 SA, the sole exchange operator in Brazil, plans to buy a share of Argentina’s national bourse, its chief executive officer said, in the company’s latest push across Latin America after taking minority ownership in exchanges from Mexico to Chile in recent years.

The Brazilian bourse is interested in a “small stake” in Bolsas y Mercados Argentinos SA, said Gilson Finkelsztain, B3’s CEO, said in an interview in Shanghai last Thursday. B3 is the world’s seventh largest exchange by market value. The company was formed last year with the merger of exchange operator BM&FBovespa SA and Cetip SA, which provided register and settlement services for over-the-counter markets.

Equity offerings in Brazil this year are down about 5 percent compared with the same period last year as political and economic turmoil slows markets. The biggest Brazilian company to IPO in 2018, financial technology firm PagSeguro Digital Ltd., went public in New York.

Finkelsztain said that with about 10 to 15 new offerings in the pipeline, Brazil is unlikely to repeat last year’s 27 IPO’s, which was the best total since 2010. October’s presidential election and fear of spillover from the U.S. Federal Reserve’s reduction of its balance sheet have created uncertainties, he said.

Source: Bloomberg

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