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Costa Rica Government Seeks to Expand Securities Market Trading

April 23 (Bloomberg) -- Costa Rica’s government will pursue legislation to boost stock and bond trading for local and foreign investors, central bank President Rodrigo Bolanos and Vice-President Luis Liberman said.

The legislative proposal would allow foreign investors to buy Costa Rican securities as well as open the market for other types of financial instruments, Bolanos told reporters today in San Jose. The law would also let Costa Rican brokerages offer foreign securities to local investors and allow cooperatives, insurers, pension fund operators and mutual funds to buy and sell their own funds and treasuries. The country’s securities market trades about $130 million per day.

“Current legislation limits diversification of portfolio, the new law would allow firms to offer foreign securities and diversify,” Bolanos said.

The proposal will probably be taken up after President-elect Luis Guillermo Solis and a new legislature take office on May 8.

To contact the reporter on this story: Isabella Cota in San Jose, Costa Rica at icota@bloomberg.net

To contact the editors responsible for this story: Bill Faries at wfaries@bloomberg.net; Andre Soliani at asoliani@bloomberg.net Philip Sanders

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