Bolsa de Valores de Caracas
The Caracas Stock Exchange CA ( Exchange Caracas ) (BVC) is the only stock exchange of Venezuela , located in Caracas .
organization
BVC is a privately owned company owned by 63 shareholders. BVC is a member of the Latin American Federation of Stock Markets . Stocks , bonds and derivatives are traded .
trade
Trading on the BVC has been exclusively electronic since February 1992. The electronic trading system SIBE (Sistema Integrado Bursátil Electrónico) has been in use since July 2nd, 1999.
In April 2007 60 companies were listed on the BVC. However, not even half of them are regularly traded. The number of listed companies and sales have been falling since the mid-1990s. The reasons for this are the flight of capital , the listing as ADR on US stock exchanges, the economic crisis and the policy of nationalization by the government of Hugo Chávez . While in 1997 the daily turnover was 25 to 30 million dollars, the daily stock exchange turnover sank in 2000 to less than 1 million dollars.
What grew, however, was trading in Venezuelan government bonds . Thanks to the oil revenues, these had a high credit rating, despite the government's socialist policy - today, however, they have a poor credit rating .
The development of the Venezuelan stock index Indice Bursátil Caracas, comprising 16 stocks, also suffered from economic policy. Chavez's announcement alone that it would nationalize two of the largest companies on the BVC, telecom company CANTV and utility company Electricidad de Caracas , caused the share price to drop by a third in one day.
Exchange supervision
Exchange trading on the BVC is subject to the Venezuelan capital market law Ley de Mercado de Capitales de Venezuela of 1975 (amended in 1998), the commercial law Ley de Caja de Valores and the banking law Ley Orgánica de Crédito Público .
The stock exchange supervisory authority is the National Securities Commission Comisión Nacional de Valores (CNV), which reports to the Ministry of Finance. This is enacted by the Exchange Rules Reglamento Interno y el Reglamento de Transacciones de la Bolsa .
history
The history of the stock exchange in Venezuela goes back to the year 1805. Don Bruno Abasolo and Don Fernando Key Muñoz founded the "Casa de Bolsa y Recreación de los Comerciantes y Labradores" in Caracas.
BVC itself was founded on January 21, 1947. It started trading on April 21 of the same year. In 1974 it merged with its only competitor and is now Venezuela's only stock exchange. It has had its current name since May 6, 1976.
Web links
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- ↑ Garay U., El Mercado Bursatil Venezolano: Evolucion y Perpectivas , IESA 2001
- ↑ Additional services. Country ratings. In: Börsen-Zeitung. Retrieved August 28, 2017 .
- ↑ Handelsblatt of January 23, 2007