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Chilean, Colombian stock markets to double list shares

Nelson Bocanegra
·1 min read

By Nelson Bocanegra

BOGOTA, Oct 20 (Reuters) - The Chilean and Colombian stock exchanges have signed an agreement to allow the double listing of shares in both markets, in a bid to deepen connections between the markets and offer new alternatives to investors, the entities reported on Tuesday.

Institutional and individual investors will be able to acquire and sell shares listed on the markets of the two countries, through stockbrokers and under local rules, via the cross listing.

Issuers may list shares on both the Chilean and Colombian markets, injecting greater liquidity, the two stock exchanges said in a joint statement.

"This agreement with our peers in Colombia is in line with our intention to work for a securities market with greater liquidity, depth and competitiveness, which provides issuers and investors more business options with greater global exposure," Jose Antonio Martinez, the head of the Santiago Stock Exchange said.

Chile's market capitalization was $159 billion at the close of August, while Colombia's stock market had capitalization of $88 billion dollars, according to figures from the Latin American Integrated Market (MILA).

"This listing system represents a great window since they can access international securities without the need to open accounts abroad, it facilitates the diversification of investment portfolios," said Juan Pablo Cordoba, the president of the Colombian stock exchange.

In Chile foreign securities may be traded in Chilean pesos and in U.S. dollars. In Colombia, liquidations will be made in pesos. (Reporting by Nelson Bocanegra Writing by Julia Symmes Cobb Editing by Marguerita Choy)