Central American Securities Exchanges Join Forces

The Central American securities exchanges of Panama, Costa Rica and El Salvador have signed an agreement to develop a joint electronic exchange. The new exchange, which has yet to be named, is due to open in about 12 months and will quote shares and corporate debt securities. The three exchanges, which together accounted for $677 million share turnover and $42.8 billion of debt securities transactions last year, are considered the most developed in the region outside Mexico. The aim of the exchanges is to join forces and form a regional market along the lines of the NOREX, Scandinavian market.