Chairman Letter

To our Stakeholders,

In BYMA, we are absolutely aware that the current context of the Capital Markets is a key cornerstone of the Argentine Economy; it is the natural environment that provides for financing and investing both on production and services projects, either public or private.

We have therefore undertaken to develop operative plans which generate added value to the economy and society as a whole, and for this reason we are in constant evolution, suggesting the introduction of new instruments that meet both offer and demand needs.

Consequently, each project aims to provide added value to BYMA, generate substantive outcomes results for shareholders and contribute with society.

In this sense, in 2018 we have completed many strategic projects which led us to expand and diversify products and services, always focusing in being a broad vision, comprehensive and efficient company.

Some worth mentioning tangible examples of said objectives are the Corporate Governance Panel and new trading operations such as short selling and the upgrading of securities lending.

The agreements signed with both local and international players were milestones of particular significance. Some examples are:

  • B3, Brazil Stock Exchange. Strategic Partnership that reflects the interest of both Exchanges, allowing them to go beyond their respective markets. In the case of BYMA, it rapidly provided for the Company entering the derivatives market thorough the trading platform “PUMA Trading System”, where we launched the trading of MERVAL Index Futures and the currency pair Argentine Peso/Real.
  • S&P Down Jones Indices. By means of this Agreement we have granted rights related to the distribution and management of the indices that reflect the performance of argentine stocks, therefore raising international visibility of our market.
  • Sustainability Index -non commercial. BYMA, together with BID and local and international partners support international best practices that promote sustainable management in companies.
  • With the aim of contributing to the local capital market integration, the two markets with the most significant Clearing House in the country, have signed a settlement agreement for transactions made by Agents who are Members thereto.

BYMA is receiving investors from around the world. The international context recognizes us as the representatives of the Argentine Capital Market and we consider a must to develop and provide cutting-edge technology tools (DMA, OMS and routings from international suppliers of trade execution), as well as to meet the multiple requirements of the Principles for Market Infrastructures.

I want to thank all the people who are part of BYMA, their subsidiaries and related companies, all the employees and professional counselors for their flexibility to adapt to all the new challenges this Exchange is facing, all of which is reflected in the goals achieved and in the progress made in the last year.

We also thank our suppliers and customers for their support in any changes we might have made in pursuit of the service excellence we always want to reach.

My gratitude to our Board members, whose conduct ratified our Corporate Governance principles and who were able to achieve, together with BYMA senior executives and through a functional and comprehensive managerial style, always within the frame of best business practices, results for shareholders as well as society well-being.

Finally, I thank my family for receiving the support I need to overcome daily labor intensity and I thank BYMA shareholders for their trust in the Board and in me.

Ernesto Allaria