BYMA was authorized by the Comisión Nacional de Valores (CNV) to begin trading in Argentina's derivatives market using B3's PUMA Trading System platform.
The authorization consolidates the services agreement signed with B3 in April this year, a groundbreaking milestone for the Latin American markets for its potential of joint development based on cooperation. The Brazilian Securities and Exchange Commission (CVM) also authorized the deal.
Starting tomorrow, BYMA will enter the derivatives market and enable trading of Merval Index futures contracts with maturity in September, under the terms and conditions approved by the both countries’ regulators. Therefore, BYMA, the leading spot market stock exchange in Argentina, is set to offer its products in the local derivatives market by providing investors with an already established trading system ensuring a high level of safety and operational efficiency.
"By providing BYMA with a hosting solution for its new derivatives segment in the PUMA Trading System offering the Merval Index futures contracts, B3 reaffirms its ability to deliver innovative, creative and world-class solutions. The materialization of the services agreement between B3 and BYMA demonstrates the full cooperation potential between financial market infrastructures as a powerful tool for growth and the creation of opportunities and value for companies, their shareholders, participants and customers. Today, a new phase begins for the Latin American capital markets," says Roberto Belchior, Market Development director for Latin America at B3 and BYMA director.
To BYMA CEO Ernesto Allaria, "the local derivatives market has great potential. By working together with B3, we seek to increase the market’s volume and depth in a transparent manner. We hope to create a financial hub and foster regional development. The opportunity for the local market is closely related to the support we receive from B3 since it is well experienced in trading futures contracts," says Allaria.