Colombia Stock Exchange to Lower Fees, Seeks to Cut Costs by 10%Christine Jenkins
Colombia’s stock exchange will lower trading fees starting next year and is reducing staff as part of a plan to cut costs by 10 percent.
Bolsa de Valores de Colombia SA “expects to stimulate volumes and liquidity” with a cut in trading fees in 2014, according to an e-mailed statement. The exchange said it will announce the changes to its fees later this month, including e-trading fees and intraday operations.
BVC’s shares gained 2.8 percent to 22.20 pesos at 11:14 a.m. in Bogota. The stock has slumped 25 percent this year, while the Colcap index has declined 13 percent.
The exchange said it will cut costs by 10 percent next year as it seeks a return to 2012 levels of profit. The cuts will include “an adjustment in personnel size,” according to the statement.
“The decision to cut fees and the restructuring is a necessary step to providing more competitive services and strengthening the basis for a more dynamic market,” Juan Pablo Cordoba, the exchange’s president, said, in the statement.