The integration of stock exchanges: The case of the Latin American Integrated Market (MILA) and its impact on ownership and internationalization status in Colombian brokerage firms
Keywords:
Integration, Stock exchanges, Brokerage firms, Capital markets, Latin American Integrated MarketAbstract
Este trabajo describe los cambios en la propiedad e internacionalización de las casas de bolsa en Colombia como resultado del proceso de integración regional de su mercado bursátil a través del Mercado Integrado Latinoamericano (MILA). Propone que la integración de las bolsas de valores generó transformaciones dentro del sector de la intermediación, y las empresas afectadas en respuesta a perseguir diferentes estrategias para mantenerse competitivas en el estado actual de la situación. En el caso de Colombia, la integración bursátil a través del MILA se ha traducido en fusiones entre casas de bolsa locales, adquisiciones de empresas nacionales e internacionales y cambios de propiedad.
Downloads
References
Allen, F., & Gale, D. (2000). Financial Contagion. Journal of Political Economy, 108(1), 1–33.
Balassa, B.A. (1974). Types of economic integration (No. 185). International Bank for Reconstruction and Development. Retrieved from: http://213. 154.74.164/invenio/record/16421/files/bela.pdf.[Accessed on 31/10/2013].
Banco CorpBanca Colombia S.A. (2012) Notas a los estados financieros consolidados. Por los anos ˜ terminados el 31 de diciembre de 2012 y 2011. Retrieved from: https://www.bancocorpbanca.com.co/portal/formas/1384/NOTAS%20ESTADOS
%20FINANCIEROS%20CONSOLIDADOS%20DIC%202012.pdf.[Accessed on 12/02/2014].
BBVA (2011).;1; Estados financieros consolidados. Retrieved from: https://www.bbva.com.co/pdf/informeconsolidaddo2011.pdf.[Accessed on 12/02/2014].
Baldwin, R. E., & Venables, A. J. (1995). Regional economic integration. Handbook of international economics, 3, 1597–1644.
Birdsall, N., & Lawrence, R.Z. (1999). Deep integration and trade agreements. Inge Kaul/Isabelle Grunberg/Marc A. Stern (Hg.): Global Public Goods. International Cooperation in the 21st Century. Oxford/New York, 128-151.
Bodolus, C. T. (1974). The internationalization of the securities markets. The Business Lawyer, 107–111.
Bolsa y Renta (2012) Notas a los estados financieros al 31 de diciembre del 2012 y 2011. Retrieved from: http://www.btgpactual.com.co/images/ userfiles/files/formas/quienesSomos/Estados/Notas%20a%20los%20estados/
pdf.[Accessed on 12/02/2014].
Brouwer, G. (2005). Monetary and financial integration in Asia: Empirical evidence and issues. Asia Economic Cooperation and Integration, Asia Development Bank, Manila, the Philippines, 269-293.
Buzan, B., & Little, R. (2002). Ten international systems in world history: Remaking the study of international relations. Historical Sociology of International Relations,200.
Casa de Bolsa SA Sociedad Comisionista de Bolsa (antes Valores de Occidente Sociedad Comisionista de Bolsa SA. (2009). Notas a los estados financieros 31 de diciembre de 2009 y 2008 Retrieved from: http://www.casadebolsa.com.co/pls/portal/docs/PAGE/VALORES DE OCCIDENTE/ CONTENIDO VALORES/ARCHIVOS VALORES/PDF/Notas EE FFCdB09.pdf.[Accessed on 12/02/2014].
Carretta, A., & Nicolini, G. (2006). Integration of the European securities markets and links among stock exchanges: A cross-listing, cross-membership and crosstrading analysis. Paper presentato al convegno “Coordination and cooperation
across organisational boundaries”, organizzato dall’Università Cattolica S. Cuoredi Milano, 20–21.
Chinn, M. D., & Dooley, M. P. (1997). Asia Pacific capital markets: Integration and implications for economic activity. In Regionalism versus multilateral trade arrangements, NBER-EASE Volume 6. University of Chicago Press.
Citivalores SA. (2014). Código de buen gobierno. Retrieved from: https:// www.citibank.com.co/resources/pdf/cod buen gob citivalores29092010.pdf. [Accessed on 12/02/2014].
Claessens, S. & Forbes, K. (2004). International financial contagion: The theory, evidence and policy implications. Presented at “the IMF’s role in emerging markets economies” conference organized by RBWC, DNB and WEF. Amsterdam, the Netherlands. Retrieved from http://web.mit.edu/∼kjforbes/www/ Shorter%20Articles/InternationalFinancialContagion-Theory%26Evidence.pdf. [Accessed on 20/02/2014].
Compass Group (2011). Notas a los estados financieros 31 de diciembre de 2011 y 2010. Retrieved from: http://www.cgcompass.com/Colombia/pdf/ Notas%20a%20los%20Estados%20Financieros.pdf.[Accessed on 12/02/2014].
Compass Group (2014). Compass Group/Our Company. Retrieved from: http://www.cgcompass.com/web/International/OurCompany.html.[Accessed on 12/02/2014].
Cornelius, P. K. (1994). The internationalization of emerging stock markets. Intereconomics, 29(3), 131–138.
Cybo-Ottone, A., & Murgia, M. (2000). Mergers and shareholder wealth in European banking. Journal of Banking and Finance, 24, 831–859.
Darrat, A. F., Elkhal, K., & Hakim, S. R. (2000). On the integration of emerging stock markets in the Middle East. Journal of Economic Development, 25(2), 119–130.
DATAiFX (2013). Correval oficializa cambio de nombre a Credicorp Capital Colombia. Retrieved from: http://ec2-75-101-161-210.compute-1. amazonaws.com/noticias/correval-oficializa-cambio-de-nombre-credicorpcapital-colombia.[Accessed on 12/02/2014].
De Smidt, M., & van Rietbergen, T. (2002). Stock markets for sale: European Integration and the consolidation of stock exchanges. Tijdschrift Voor Economische En Sociale Geografie (Journal of Economic & Social Geography), 93(2), 208.
De Young, R., Evanoff, D. D., & Molyneux, P. (2009). Mergers and acquisitions of financial institutions: A review of the post-2000 lLiterature. Journal of Financial Services Research., 36(2–3), 87–110.
Di Noia, C. (1998). Competition and integration among stock exchanges in Europe: Network effects, implicit mergers and remote access. Working Paper 98-03.
Díaz, C.(2013). Comisionistas: antecedentes y perspectivas. Revista Dinero.Retrieved from: http://www.dinero.com/opinion/columnistas/articulo/comisionistasantecedentes-perspectivas/183029.[Accessed on 09/02/2014].
Dollar, D., & Kraay, A. (2001). Trade, growth, and poverty. World Bank, Development Research Group, Macroeconomics and Growth.
Domowitz, I. (1995). Electronic derivatives exchanges: Implicit mergers, network externalities, and standardization. Quarterly Review of Economics and Finance, 35(1), 163–175.
Domowitz, I., & Steil, B. (1999). Automation, trading costs, and the structure of the securities trading industry. Brooking-Wharton Papers on Financial Services, 99, 33–92.
Dorodnykh, E. (2013). What drives stock exchange integration? International Journal of Economic Sciences and Applied Research, (2), 47–79.
Dorodnykh, E. (2014). Stock market integration: An international perspective. Palgrave MacMillan. http://dx.doi.org/10.1057/9781137381705
Edwards, S., & Steiner, R. (2000). On the crisis hypothesis of economic reform: Colombia 1989-91. Cuadernos de economía, 37(112), 445–493.
Eisenhardt, K. M. (1989). Building theories from case study research. Academy of Management Review, 532–550.
El Colombiano (2013). Correval se fortalece con la marca Credicorp Capital. Retrieved from: http://www.elcolombiano.com/BancoConocimiento/ C/correval se fortalece con la marca credicorp capital/correval se fortalece con la marca credicorp capital.asp.[Accessed on 12/02/2014].
El Espectador (2012). Bolsa de Valores de Colombia notificó la modificación de la antigua marca RBS. Securities cambia a Scotia Securities. Retrieved from: http://www.elespectador.com/impreso/negocios/articulo360041-rbs-securities-cambia-scotia-securities.[Accessed on 12/02/2014].
El Espectador (2013). Global Securities se fortalece. Retrieved from: http://www.elespectador.com/noticias/economia/articulo-418707-global-securities-sefortalece 12/02/2014].
El Espectador (2013). Tras largas negociaciones Davivienda se hizo a Corredores Asociados. Retrieved from: http://www.elespectador.com/noticias/ economia/articulo-407500-tras-largas-negociaciones-davivienda-se-hizocorredores-asociado.[Accessed on 09/02/2014].
El Tiempo (2006). Arranca ola de movidas entre firmas comisionistas de bolsa. Retrieved from: http://www.eltiempo.com/archivo/documento/MAM1901483.[Accessed on 12/02/2014].
Floreani, J., & Polato, M. (2010). Consolidation and business strategies in the securities industry: How securities exchanges create value? Research in World Economy, 1(1), 28.
Frankel, J. A., & Romer, D. (1999). Does trade cause growth? American Economic
Review, 89, 379–399. Gutiérrez-Viana, Santiago; Gonzalez-Perez, María Alejandra; Rodriguez-Rios, Juan
David & Gutiérrez Gómez, Laura (2013). Evaluación de la justificación económica y política de la Alianza del Pacífico. Proexport: Bogotá. Available online at: www.tlc.gov.co/descargar.php?id=68684
Hasan, I., & Schmiedel, H.(2004). Networks and equity marketintegration: European evidence. International Review of Financial Analysis, 13(5), 601–619.
Higson-Smith, C., Parle, J., Lange L., & Tothill, A. (2000). Writing your research proposal: A workbook for first time and inexperienced researchers in the social sciences and humanities. http://www.nrf.ac.za/yenza/zip/proposal.zip.
Accessed on: April 2012.
Hitt, M.A., Ireland, R.D., & Hoskisson, R.E. (2012). Strategic management cases: Competitiveness and Globalization. CengageBrain. com.
Ho, N. W. (2009). Financial integration: Concepts and impacts. Macao Monetary Research Bulletin, 10, 69–84.
Global Insight. (2013). Country intelligence report: Colombia. Business Source Complete. 1-21. Retrieved from: ttp://ehis.ebscohost.com.ezproxy.eafit.edu.co/ehost/pdfviewer/pdfviewer?sid=9ee45eff-4478-4c58-b3c9-515d39f78ac7%40
sessionmgr13&vid=4&hid=105.[Accessed on: 29/05/2013].
Halac, M., Schmukler, S. L., Zoido-Lobatón, P., & Halac. (2006). Financial globalization, crises and contagion. In A. Morales-Zumaquero (Ed.), International
Macroeconomics: Recent developments. (pp. 207–225). New York: Nova Sciences Publishers.
Interamerican Development Bank (2002). Chapter 5: Financial integration. Retrieved from: http://www.iadb.org/res/publications/pubfiles/pubb-2002e 7384.pdf.[Accessed on 09/11/2013].
Keller, W., & Yeaple, S.R. (2003). Multinational enterprises, international trade, and productivity growth: firm-level evidence from the United States. National Bureau of Economic Research, No. w9504.
Kokkoris, I., & Olivares-Caminal. (2008). Lessons from the recent stock exchange merger activity. Journal of Competition Law & Economics, 3(4), 837–869.
Kumar, R. (1999). Research methodology: A step-by-step guide for beginners (2nd ed.). Singapore: Pearson Education.
La República (2012). Cambio de marcas de Helm, Hsbc, ING y Skandia moverá más de US$15 millones. Retrieved from: http://www.larepublica.co/finanzas/cambio-de-marcas-de-helm-hsbc-ing-y-skandia-mover%C3%A1-
m%C3%A1s-de-us15-millones 23014.[Acccessed on 12/02/2014].
La República (2013). Bice y Scotiabank se alistan a comprar firmas comisionistas locales. Retrieved from: http://www.larepublica.co/finanzas/bice-yscotiabank-se-alistan-comprar-firmas-comsionistas-locales 28877.[Accessed on 12/02/2014].
La República (2013). Corpbanca adquiere 51.6% del capital del Helm Bank. Retrieved from: http://www.larepublica.co/finanzas/corpbanca-adquiere-516- del-capital-del-helm-bank 47431.[Accessed on 12/02/2014].
Lagunoff, & Schreft, S. L. (2001). A model of financial fragility. Journal of Economic
Theory, 99(1–2), 220–264.
Larrain Vial (2014). Acerca de Larrain Vial. Retrieved from: https://www.larrainvial.com/colombia/sobrenosotros/introduccion.[Accessed on 09/02/2014].
Levy, P. I. (1997). A political-economic analysis of free-trade agreements. The American Economic Review, 506–519.
London Stock Exchange (2007). Press Release. Retrieved from http:// www.londonstockexchange.com/about-the-exchange/media-relations/pressreleases/2007/borsaitalianaandlondonstockexchangegrouptomerge.htm.
[Accessed on 09/02/2014].
McAndrews, J., & Stefanadis, C. (2002). The consolidation of European stock exchanges. Current Issues in Economics and
Finance, 8(6).
MILA Mercado Integrado Latinoamericano (2010). Integración del mercado de renta variable, Chile. Colombia, Perú. Retrieved from: http://jungleboxsolutions.com/mila/files/publicaciones/6presentacionmjr-asobancaria-congreso-derecho-financiero-28oct10.pdf.[Accessed on 09/02/2014]
MILA Mercado Integrado Latinoamericano. (2014). Retrieved from:http://www.mercadomila.com/.[Accessed on 01/06/2013].
MinCIT-Ministerio de Comercio, Indutria y Turismo de Colombia. (2014). Acuerdos vigentes. Retrieved from: http://www.tlc.gov.co/publicaciones. php?id=5398.[Accessed on 09/02/2014].
Ministerio de Hacienda y Crédito Público. República de Colombia. (2008). El mercado de valores colombiano. Retrieved from: http://www.irc.gov.co/irc/es/mercadovalorescolombiano.[Accessed on 20/03/2013].
Mirus, R., & Rylska, N. (2001). Economic integration: Free trade areas vs. customs unions. Western Centre for Economic Research.
Mobarek, A. (2013). Global stock market integration and the determinants of co-movements: Evidence from developed and emerging countries. Retrieved from: http://www.nasdaqomx.com/digitalAssets/76/76057 globalstockmarketintegrationandthedeterminantsofcomovementsevidence.pdf.[Accessed on 09/11/2013].
Mukhopadhyay, K., Thomassin, P. J., & Chakraborty, D. (2012). Economic impact of freer trade in Latin America and the Caribbean: A GTAP analysis. Latin American Journal of Economics, 49(2), 147–183.
Newfarmer, R. (2006). Trade, Doha, and development: A window into the issues. Washington, DC: World Bank.
Nielsson, U. (2009). Stock exchange merger and liquidity: The case of Euronext. Journal of Financial Markets, 12(2), 229–267.
OECD. (2014). Benefits of trade liberalization, Regional trade agreements. Retrieved from: http://www.oecd.org/tad/benefitlib/regionaltradeagreements. htm.[Accessed on: 16/02/2014].
Pagano, M., & Padilla, A. (2005). Gains from stock exchange integration: The Euronext evidence. Centre for Economic Policy Research.
Portafolio (2012).Marcadel banco Santander sedespide y llegaCorpBanca.Retrieved from: http://m.portafolio.co/negocios/marca-del-banco-santander-se-despidey-llega-corpbanca.[Accessed on 12/02/2014].
Portafolio (2013). Corredores Asociados ya es una empresa del Grupo Bolívar.
Retrieved from: http://www.portafolio.co/economia/corredores-asociados-yaes-una-empresa-del-grupo-bolivar.[Accessed on 12/02/2014].
Portafolio (2013). Comisionista Asvalores fue adquirida por Global Securities. Retrieved from: http://www.portafolio.co/economia/global-securitiescolombia-compra-asvalores.[Accessed on 09/02/2014].
Portafolio (2013). Comisionistas independientes, sin miedo a las bancarizadas. Retrieved from: http://www.portafolio.co/negocios/comisionistasindependientes-miedo-las-bancarizadas.[Accessed on 12/02/2014].
Portafolio (2014) Matriz del Grupo Skandia vendió negocios de países nórdicos. Retrieved from: http://m.portafolio.co/negocios/matriz-del-grupo-skandiavendio-negocios-paises-nordicos.[12/02/2012]
Raj, S. Dhal, S. (2008). Integration of India’s stock market with global and major regional markets. Bank for International Settlements (BIS) Paper 42. Retrieved from: https://www.bis.org/publ/bppdf/bispap42h.pdf.[Accessed on 09/11/2013].
Revista Dinero (2009). Para dónde va Compass. Retrieved from: http://www. dinero.com/Imprimir.aspx?idItem=72446.[Accessed on 12/02/2014].
Revista Dinero (2012). Grupo chileno compra operación del Banco Santander Colombia. Retrieved from: http://m.dinero.com/negocios/articulo/grupochileno-compra-operacion-del-banco-santander-colombia/141408.[Accessed on 11/02/2014].
Revista Semana (2013). Un buen ano˜ para la economía. Retrieved from: http://www.semana.com/economia/articulo/balance-de-la-economiacolombiana-en-2013/369104-3.[Accessed on 11/02/2014].
Robertson, R., & Estevadeordal, A. (2009). Gravity, bilateral agreements, and trade diversion in the Americas. Cuadernos de economía, 46(133), 3–31.
Robinson, J. (2006). Aspects of the Caribbean single market and economy: How integrated are regional stock markets? Journal of Eastern Caribbean Studies, 31(4), 30–54.
Santander Investment Valores Colombia SA Comisionista de Bolsa (2011). Estados financieros por los an˜os terminados el 31 de diciembre de 2011 y 2010 e Informe del revisor fiscal. Retrieved from: https://www.bancocorpbanca.com.co/portal/formas/1252/Santander%20Investment%20Valores%20Colombia %20S%20A%20%20(Notas%202011-2010)DEF.pdf.[Accessed on 12/02/2014].
Sa-Silva, J. R., Almeida, C. D. D., & Guindani, J. F. (2009). Pesquisa documental: pistas teóricas e metodológicas. Revista Brasileira de História e Ciências Sociais. São Leopoldo, 1(1), 1–15.
Schiff, M.W., & Winters, L.A. (2003). Regional integration and development. World Bank-free PDF.
Schröder, M. (Ed.). (2001). The new capital markets in Central and Eastern Europe.. Springer.
Sebastian, E. (2001). Development centre studies. The economics and politics of transition to an open market economy: Colombia. OECD Publishing.
Servivalores (2011). Notas a los estados financieros. Retrieved from: http://www.google.com/url?sa=t&rct=j&q=servivalores%20gnb%20sudameris%20notas%20a%20los%20estados%20financieros&source=web&cd=2&cad=rja &ved=0CC0QFjAB&url=http%3A%2F%2Fwww.servivalores.gnbsudameris.com. co%2Fdownload.php%3Ffile%3DNotas Estados financieros.pdf&ei=jhf8UpKONI LWkQeK84DwBQ&usg=AFQjCNHFNFjy2YdJqGge2PKdPNIVhORWOQ&bvm=bv.
,d.eW0.[Accessed on 12/09/2014].
Skandia, Sala de prensa (2014). Cambian nuestras razones sociales. Retrieved from: http://www.skandia.com.co/site/Default.aspx?tabid=589&language=enUS.[Accessed on 12/02/2014]. Stoltenberg, C.,
George, B., Lacey, K. A., & Cuthbert, M. (2011). The past decade of regulatory change in the U. and EU aapital market regimes: An evolution fromnationalinterests toward internationalharmonization withemerging G-20 leadership. Berkeley Journal of International Law, 29(2), 577–648.
Superintendencia Financiera de Colombia (2012). Nuevos retos del sector financiero colombiano. Retrieved from: http://www.asobancaria. com/portal/page/portal/Eventos/eventos/congreso derecho financiero 2012/ Tab5/Gerardo%20Hernandez.pdf.[Accessed on 09/02/2014].
Superintendencia Financiera de Colombia, SIMEV (2014). Registro Nacional de Agentes del Mercado de Valores RNAMV. Retrieved from: https://www.superfinanciera.gov.co/jsp/loader.jsf?lServicio=Publicaciones&lTipo= publicaciones&lFuncion=loadContenidoPublicacion&id=80180.[Accessed on
/09/2014].
Tambi, M.K. (2005). Integration of financial markets (No. 0504014). EconWPA. Ultrabursátiles (2013). Notas a los estados financieros consolidados 2012 y 2011. Retrieved from: https://www.ultrabursatiles.co/sites/default/files/
informacion financiera/pdf/Estados%20Financieros%20 Consolidados%202012.pdf.[Accessed on 12/02/2014].
Valores Bancolombia (2011). Notas a los estados financieros 31 de diciembre 2011 y 2010. Retrieved from: http://www.valoresbancolombia.com/cs/ Satellite?blobcol=urldata&blobheadername1=content-type&
blobheadername2=Content-Disposition&blobheadername3=MDT-Type& blobheadervalue1=application%2Fpdf&blobheadervalue2=inline%3B+filename %3Dmyfile&blobheadervalue3=abinary%253B%2Bcharset%253DUTF8&blobkey=id&blobtable=MungoBlobs&blobwhere=1266523545902&ssbinary=true.[Accessed on 12/02/2014].
Varadi, V. K., & Boppana, N. (2009). Are stock exchanges integrated in the world? – A critical analysis. Journal of Applied Research in Finance (JARF), 2(2), 244–257.
Wakasugi, R., Todo, Y., Sato, H., Nishioka, S., Matsuura, T., Ito, B., & Tanaka, A. (2008). The internationalization of Japanese firms: New findings based on firm-level data. The Research Institute of Economy, Trade and Industry, RIETI Research Digest,(01).
Whalley, J. (1998). Why do countries seek regional trade agreements? In The regionalization of the world economy. University of Chicago Press.
WTO - World Trade Organization. (2014). Regional trade agreements information system (RTA-IS) RTA Database, List of all RTAs. Retrieved from: http://rtais.wto.org/UI/PublicAllRTAList.aspx.[Accessed on 16/02/2014].
Yin, Robert K. (1994). Case study research: Design and methods. Sage Publications.
Young, A. (1991). Learning by doing and the dynamic effects of international trade. The Quarterly Journal of Economics, 106(2), 369–405
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2021 Journal of Economics, Finance and Administrative Science
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
