BUENOS AIRES, May 23 (Reuters) - Argentina’s new stock exchange known as BYMA will start trading on Tuesday in hopes of giving international investors more options in a reforming Argentina, its president, Ernesto Allaria, said.
U.S. and Brazilian funds have been buying stocks in Argentina in anticipation of BYMA, which combines stock exchange operators Mercado de Valores and the Bolsa de Comercio de Buenos Aires with other regional exchanges in Argentina, Allaria said.
Foreign investors have been seeking more opportunities to buy Argentine equities since market-friendly Argentinian President Mauricio Macri took office in December 2015, especially with Congress expected to approve a new capital markets law in the coming months.
“The idea is that all the Argentine markets integrate with BYMA, the only market where all the instruments are traded,” Allaria said in an interview.
He said Brazil’s BM&F Bovespa Exchange could buy a stake in BYMA of up to 20 percent, according to Argentine law.
“Bovespa said it would buy parts of the markets in Chile, Peru, Colombia, Mexico and Argentina. It already bought in four so Argentina is left,” he said in an interview.
BYMA will mark its first trades and set an opening price at 4 p.m. Buenos Aires time (7 p.m. GMT). (Additional reporting by Jorge Otaola; Writing by Caroline Stauffer; Editing by Jeffrey Benkoe)