Bolsa Nacional de Valores

Country
Costa Rica
Number of listed companies
62
Domestic market capitalization
2,381
SSE Partner Exchange

Yes

Has annual sustainability report

Yes

Requires ESG reporting as a listing rule

No

  • There is mandatory corporate governance regulation for the securities market, issued by The Securities Regulator (SUGEVAL). Regulation in Spanish here.
Has written guidance on ESG reporting
Offers ESG related training

Yes

 

Has sustainability-related indices

No

Has sustainability bond listing segment

No

  • There is a specific section on the website that shows: general information, on-line training, benefits for issuers, the standard for the emission and so on. Green bonds section here.
  • The National Stock Exchange of Costa Rica defined a standard for the green bonds emission, based on the Green Bond Principles (GBP-ICMA) in order to provide transparency and confidence to the investors. Through this new instrument, the Exchange promotes the financing of green projects in Costa Rica through the stock market. Find standards for emission here, video about green bonds here, green bond section here.
  • The exchange plans to launch a green bond listing segment in 2019.
Has SME listing platform

No

Additional information
  • The BNV promotes projects that generate economic, social and environmental value, such as:
    • Providing textbooks, school supplies and computer labs to schools, as well as facilitating improvements in classroom infrastructure.
    • Supporting new entrepreneurs as a jury and sponsor of the Seedstars Costa Rica edition, an event that awards innovative small entrepreneurs with potential projects.
  • BNV Aprenda is a form of self-taught training online which allows users to learn about the Costa Rican stock market.
  • MAPA, the Mercado Alternativo para Acciones, is an initiative that promotes raising capital for small- and medium-sized enterprises (SMEs). Through MAPA, BNV helps SMEs in adopting governance best practice and becoming more professional.
Organizational model of stock exchange
  • Private company owned by the brokerage companies (mutualized), and it is not a listed company.
Regulatory model
  • Government (Statutory)
  • In Costa Rica exists the Consejo Nacional de Supervisión del Sistema Financiero (CONASSIF) which is the superior regulator entity in Costa Rica, its purpose is to provide uniformity and integration to the activities of regulation and supervision of the Costa Rican Financial System. CONASSIF executes its work on the Superintendencia General de Entidades Financieras (SUGEF), the Superintendencia General de Seguros (SUGESE), the Superintendencia de Pensiones (SUPEN) and the Superintendencia General de Valores (SUGEVAL)
  • Meanwhile, the SUGEVAL is the entity in charge of supervising the whole securities market, the National Stock Exchange is supervised by it. Moreover, in Costa Rica exist a regulation (Securities Market Regulatory Law N°7732) that has as a main purpose the regulation of: the securities markets, the individuals and legal entities that directly or indirectly participate in this market. Furthermore, the National Stock Exchange must regulate the operation of the market and autorized the Brokers and Brokerages.
About the stock exchange
Location: San José, Costa Rica
  • Founded: 29 September 1976
  • The National Stock Exchange of Costa Rica is a private organization owned by brokerages in accordance with the Securities Market Regulatory Law. The main purpose of the exchange is to facilitate transactions with securities, as well as the authorization, inspection and regulation of brokers. In addition, the exchange provides the technological platform that facilitates the trade of securities, and provides a meeting point between investors and issuers that requires financing of public and private projects.
  • The exchange is the only platform for the secondary market, based on national regulation.
  • The BNV contributes to the formation of prices of traded securities and provides a strong regulated structure that gives transparency and confidence to the various market participants.
  • The BNV is the biggest and oldest exchange in the Central America region.
Ownership of Exchange (Shares >4% only) Share
Lafise Puesto Bolsa S.A. 4.12%
Inversiones Sama S.A. 4.18%
Scotia Valores Puesto de Bolsa S.A. 4.45%
Banco Crédito Agrícola De Cartago 4.54%
Improsa Valores Puesto de Bolsa S.A. 4.55%
Popular Valores 4.64%
Mutual Valores, S.A. 4.66%
Acobo Puesto de Bolsa, S.A. 5.68%
Aldesa División Valores S.A. 5.68%
Bac San Jose Valores Puesto Bolsa S.A 5.68%
BCR Valores S.A. 5.68%
BN Valores Puesto de Bolsa S.A. 5.68%
INS Valores Puesto de Bolsa 5.68%
Davivienda Puesto de Bolsa (Costa Rica) S.A 5.68%
Citi valores Accival 11.37%