Colombia, Peru and Chile announced on Wednesday the integration of their foreign exchange markets in the framework of MILA to facilitate money exchange operations between the three associates which add to a daily average turnover of 2,798bn. So far the Latinamerican Integrated Market, MILA, is operating with a combined stock market for the three nations.
The participating organizations are the Electronic Bourse of Chile; the Colombia stock exchange; the stock exchange of Lima; Colombia’s Set ICAP EX and Datapec from Peru.
“The regional market of foreign exchange will operate as an ideal complement for MILA, because it helps the managers to better administer the foreign exchange risk and break cost barriers”, said Alejandro Rubio, head of Datatec, Peru.
However despite the integration of foreign exchange markets, at domestic level the money exchange markets in each country will continue to operate independently.
“With the integrated platform we will have real statistics on money exchanges among countries along the south Pacific, which will help advance with the development of MILA”, said Juan Pablo Cordoba, head of Colombia’s stock exchange.
According to information from the three money exchange markets, Chile, Peru and Colombia recorded an average of 4.238 daily operations involving 128 intermediates from the financial sector.
The three countries plus Mexico have also formed the Alliance of the Pacific with an aggressive policy to promote foreign investment, the private sector and free markets.