Bolsas y Mercados Argentinos (BYMA) and Bolsa de Comercio de Buenos Aires (BCBA)

Country
Argentina
Number of listed companies
97
Domestic market capitalization
47,727 million US$
SSE Partner Exchange

Yes

Has annual sustainability report

No

  • Aiming to launch first sustainability report in September 2019
Requires ESG reporting as a listing rule

No

  • BYMA has included in the Corporate Governance Panel that companies must include sustainability information on their web sites and annual reports.
Has written guidance on ESG reporting

No

Offers ESG related training

Yes

  • 11/06/2018: Sustainability Index seminar at BYMA
  • 18/17/2018: Advancing Sustainable Finance event at BCBA
Has sustainability-related indices

Yes

Has sustainability bond listing segment

No

  • BYMA is working on a panel for green, social and sustainability bonds. The regulator has launched guidelines related to this kind of debt.
Has SME listing platform

Yes

  • Pyme Board, since 2005
Additional information
  • In 2008, Buenos Aires City Council passes Law 2594 requiring all local and international companies in the city with over 300 employees to generate annual sustainability reports. At minimum, companies are required to produce their reports in accordance with the Ethos Reporting Initiative’s G3 indicators and the Accountability 1000 standard. (Details in English via GRI.) 
  • BCBA information on sustainable development and the Carbon Market
  • The regulator requires listed companies to include in their Annual Reports, a Corporate Governance Code with the explanation of the level of compliance with set principles. Also, they should report their environmental or sustainability policy, including the main indicators of the issuer's performance in the matter, or, if they do not have such policies or indicators, provide an explanation of why they consider that they are not relevant to their business. Companies, cooperatives, and associations that qualify as Small and Medium-sized companies are excluded.
Organizational model of stock exchange
  • BYMA: Listed company for profit; demutualized in 2012 by means of Law 26,831.
  • BCBA: Association not for profit; demutualized in 2012
Regulatory model
  • BYMA (Bolsas y Mercados Argentinos) is a private company registered under CNV as a Stock Exchange and a Clearing House. It is also a listed company and its shares are listed on BYMA. As it is under the jurisdiction of the CNV, all activities are subject to CNV direct oversight. BYMA acts as a Central Counterparty (CCP) in guaranteed transactions. BYMA is responsible for monitoring and overseeing market participants acting as members registered in BYMA. BYMA also is responsible and in charge of listing procedures that private companies must fulfil after having CNV public offering authorization. BYMA provides CNV daily information of market operations and all other issues and documents required. BYMA collaborates with the regulator for the local capital market development.
  • As controlling shareholder of BYMA, Bolsas de Comercios de Buenos Aires (BCBA) acts as designated entity fulfilling proficient duties regarding certain activities pursuant to Act 26,831, under CNV regulation. The BCBA authorizes, suspends and cancels listing and securities trading by proxy pursuant to its rules and regulations, and issues the daily and weekly trading bulletins. Its functions include the creation of a Court of Arbitration, which the BCBA has originated in 1963.
About the stock exchange
Location: Buenos Aires, Argentina.
  • BYMA is the main exchange in Argentina, and is a spinoff of the exchange activities formerly conducted by Mercado de Valores de Buenos Aires S.A. (MERVAL). Major changes have been introduced to its core business, incorporating 99.96% of the capital stake of Caja de Valores S.A. (CVSA) the only Central Depositary in Argentina. Listed companies in BYMA are the same ones as the ones listed at MERVAL only that new companies have been incorporated as they have seen the opportunity of benefiting with the enhanced exchange that BYMA represents.
  • BCBA is a controlling shareholder of Argentina's main stock exchange BYMA, and was founded in 1854. Its by-laws set forth among its main purposes to provide its associates with the environment for the realization of all kinds of lawful business and mercantile operations; and to promote the passing of adequate legislation related to commerce, production, finance and the economy at large.
Ownership of Exchange (Shares >4% only) Share
Bolsa de Comercio de Buenos Aires 100%
%