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History and Evolution

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Bolsa de Valores de PanamáIn 1989, when Panama was passing through the worst political and economic crisis in its republican history, a group of businessmen conceived one of the most needed projects in the local financial market: the founding a stock exchange. This private sector initiative sought a centralized trading mechanism whereby the forces of supply and demand for securities could operate transparently and freely. In line with this objective, the Panama Stock Exchange, Inc. [Bolsa de Valores de Panamá, S.A. o BVP] was created.

On the 26th of June of 1990, the BVP held its first trading session, marking a new stage in the development of the securities market in Panama. During the decade of the 90’s, the BVP consolidated its position in the local competitive financial brokerage market, as more participants joined the BVP as seatholders or as Issuers and Investors. New institutions evolved to support the growth of the securities market. This led to an increase in trading volume, year after year, growing from US$ 3.3 million in the year 1990 to US$ 2,256.3 million in the year2006. This growth was the result of a positive business environment, characterized by the return to political stability, together with far-reaching economic reforms, as well as the adoption of equal tax treatment for the different financial instruments, which eliminated the tax bias that existed until 1991 and which held back the development of the securities market.

Parallel with these developments, the BVP sought to modernize the local securities market by creating a securities liquidation and custody entity. This effort led to the creation of the Central Latinoamericana de Valores, S.A. o LatinClear, which started operations in 1997 to provide clearing and liquidation services for stock exchange operations through its electronic systems (instead of by manually means), thus making it possible to reduce operational risks and to efficiently liquidate and clear securities transactions.


Entidad Regulada y Supervisada por la Superintendencia del Mercado de Valores.
Licencia para operar como Organización Autorregulada mediante Resolución No. CNV-349-90 de 30 de marzo de 1990