Chile’s Electronic Exchange to Offer Nasdaq Stocks, CEO Says

Chile’s electronic securities exchange expects to start offering local investors the ability to trade Nasdaq-listed stocks after receiving regulatory approval later this year.

Bolsa Electronica de Chile will include 20 of the most-traded stocks including Apple Inc. (AAPL), Facebook Inc. (FB), Netflix Inc. and Tesla Motors Inc. (TSLA) when it starts the program this year, Juan Carlos Spencer, the exchange’s chief executive officer, said in an interview at his office in Santiago.

“We’re all set to go, but it has taken the regulator about two years to approve all of the final details,” Spencer said. “We hope it will make trading much faster.” While the regulator has yet to grant its approval, Spencer said he expects it to come this year.

Trading volume of stocks on the electronic exchange fell 8.1 percent in 2013 from a year earlier to about 2.7 trillion pesos ($4.8 billion) in its third straight annual decline as investors withdrew from emerging markets amid signs of economic recovery in the U.S. and Europe, according to its 2013 annual report. About $41 billion in shares changed hands last year on Bolsa de Comercio de Santiago, Chile’s main stock exchange, the report said. The IPSA index has gained 4.7 percent this year.

Bolsa Electronica is also working on other services for clients that use its foreign-exchange and fixed-income trading platforms such as Chilean peso forwards, which will probably begin openly trading within the next week, Spencer said.

The electronic exchange said in its annual report that it is the largest player in the local foreign-exchange trading market with its Datatec platform. In 2013, it operated about $421 billion in spot dollar trading.

To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net

To contact the editors responsible for this story: Brendan Walsh at bwalsh8@bloomberg.net Richard Richtmyer, Bradley Keoun

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