Corporate Governance
One of BYMA's main pillars is the incorporation of sound corporate governance practices and adherence to international regulations and standards.
Board
BYMA is managed by a Board of Directors composed of eleven full members and their corresponding alternates in equal numbers. They will last three years in office and may be re-elected indefinitely.
Three of eleven full members are independent in accordance with Art.11, Cap. III, Title II of the CNV Regulations 2013. In addition, under the Board of Directors Regulations, no director is in a dependent relationship with BYMA.
Claudio Zuchovicki
Chairman
Term Expiry Date
31/12/2027
quality
No Ejecutivo
Deputy Director
Juan Martín de la Serna
Chairman
Claudio Zuchovicki holds a degree in Business Administration from Universidad Argentina de la Empresa (UADE). He took a postgraduate program in Capital Markets under the UBA/IAMC agreement and pursued specialized studies in Futures and Options at the Chicago Board of Trade, Agricultural Futures at the Chicago Mercantile Exchange, and Alternative Energies in San Diego, California, USA. He currently serves as Secretary General of the Ibero-American Federation of Stock Exchanges (FIAB), a position he has held since 2016. Since 2005, he has also served as Development Manager at Bolsa de Comercio de Buenos Aires. In the academic field, he is the Academic Director of the Finance Laboratory at UADE and teaches in the postgraduate program under the UBA/IAMC agreement, the Master’s in Finance at Universidad del CEMA, and at Fundación Bolsa de Comercio de Buenos Aires. Since 2025, he has served as Chairman of the Instituto Argentino de Mercado de Capitales (IAMC). Mr. Zuchovicki is a founding partner of Silver Cloud Advisors S.A., a Global Investment Advisory Agent (CNV Registration No. 474). In addition, he is a regular contributor to La Nación and frequently appears as a commentator on television and radio programs focused on current affairs.
Ernesto Allaria
Vice Chairman
Term Expiry Date
31/12/2025
quality
No Ejecutivo
Deputy Director
Mateo Brito
Vice Chairman
He studied Business Administration at Universidad Católica Argentina and has specialized training in Financial Trusts, Financial Mathematics, Futures Markets, and is certified as an Expert in Capital Markets. Since 1999, he has served as Chairman of Allaria S.A. He is also a Director of Allaria Fondos Administrados and its Investment Fund Management Company, Alternate Director at Argenpymes SGR, Chairman of Allaria Latam Inversiones S.A., Chairman of Caja de Valores S.A., and Chairman of Tecnología de Valores S.A. Previously, he was Chairman of BYMA and the Instituto Argentino de Mercado de Capitales (IAMC) from 2017 to 2024. He has also held various leadership positions, including Director, Treasurer, and Vice Chairman of Mercado de Valores de Buenos Aires, as well as Director and Vice Chairman of Bolsa de Comercio de Buenos Aires, and Director of Argenclear S.A.
Marcelo Menéndez
Regular Director
Term Expiry Date
12/31/2025
quality
No Ejecutivo
Deputy Director
Gonzalo de la Serna
Regular Director
He holds a degree in Public Accounting and a Postgraduate Degree in Capital Markets from the Universidad Católica Argentina. He has served as Chairman of the Board of Directors of Grupo SBS since 1999. In recent years, he has also served as Chairman of SBS Trading S.A. and SBS Asset Management, an investment fund management company. Additionally, he is a Board Member of Caja de Valores S.A. and a founding member of Quicktrade.com. Previously, he held roles as Director of Mercado de Valores de Buenos Aires and Banco de Valores S.A. and served as Director and First Vice Chairman of Bolsa de Comercio de Buenos Aires.
Alexander Zawadzki
Regular Director
Term Expiry Date
31/12/2026
quality
No Ejecutivo
Deputy Director
Sebastián Arena
Regular Director
He holds a Bachelor's degree in Business Administration from Universidad de San Andrés. Since 2008, he has served as Director of Schweber Securities S.A., and as Chairman of the company since 2023. He is also Vice Chairman of Tecnología de Valores S.A., Alternate Director of Caja de Valores S.A., and Alternate Director of Instituto Argentino de Mercado de Capitales S.A., roles he has held since 2017. In addition to his corporate responsibilities, he teaches Capital Markets at Universidad Austral. Previously, he served as Director and Treasurer of Mercado de Valores de Buenos Aires S.A. from 2015 to 2017, and as Director of Mercado Argentino de Valores S.A. from 2017 to 2019.
Gabriel Martino (*)
Regular Director
Term Expiry Date
31/12/2025
quality
Independiente electo en esa condición
Deputy Director
Mariano Fiorito (*)
Regular Director
He holds a degree in Public Accounting from Universidad Católica Argentina and an MBA from the Instituto para el Desarrollo Empresarial de la Argentina (IDEA). Since May 2020, he has been the Founder and Chairman of BFLinvest, a family office with diverse venture capital investments across Latin America, the United States, and Europe. He is also a founding shareholder of Clave and Al Este, two real estate ventures with a regional footprint. In addition, he serves as Treasurer of the Fundación del Hospital de Clínicas, Director at Fundación Enseñá por Argentina, and is a founding member of Argencon. He began his professional career in 1989 as a trainee at Grupo Roberts in Argentina. From 1990 to 1995, he worked at the trading desk, becoming Head of Trading in 1992. In 1996, he was transferred to the United States to represent Grupo Roberts and manage its local broker-dealer operations. In 2001, he was appointed Deputy Head of Global Markets at HSBC Argentina, and in 2003 he was promoted to Head of Global Markets, joining the bank’s Executive Committee. In 2010, he assumed the same role at HSBC Mexico and became a member of its Executive Committee. In 2012, he was named Chairman of HSBC Argentina. In October 2019, he relocated to London as Group Managing Director and advisor to the Group CEO.
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Luis E. Álvarez
Regular Director
Term Expiry Date
31/12/2025
quality
No Ejecutivo
Deputy Director
Tomás Vassolo
Regular Director
He currently serves as Vice Chairman of Álvarez y Cía. Actividades Bursátiles S.A. He has also been Vice Chairman of Caja de Valores S.A. since April 2017, Vice Chairman of the Instituto Argentino de Mercado de Capitales S.A., and Alternate Director of Tecnología de Valores S.A. Previously, he held roles as Secretary Director of Mercado de Valores de Buenos Aires, Director of Bolsa de Comercio de Buenos Aires, Secretary of the Chamber of Cámara de Agentes, and Alternate Board Member of the same entity.
Roberto D'Avola
Regular Director
Term Expiry Date
31/12/2027
quality
No Ejecutivo
Deputy Director
Gustavo D. Lazzari
Regular Director
He holds a degree in Business Administration from Universidad Argentina de la Empresa (UADE) and an MBA with a specialization in Finance and International Business from the Leonard N. Stern School of Business at New York University (NYU). He currently serves as Group Head of Corporate Finance at Latin Securities S.A., Uruguay. In recent years, he was Managing Director at J.P. Morgan Chase Bank, Buenos Aires branch, where he led the Corporate Banking division for Argentina, Uruguay, Paraguay, and Bolivia until January 2019. He also served as Managing Partner at FR Advisors. From 2007 to 2015, he was Managing Director and Head of Latin America Debt Capital Markets at J.P. Morgan Securities, New York. Prior to that, he held various senior roles, including Managing Director and Head of Equity Markets and Capital Structure Arbitrage Strategies at Dillon Read Capital Management (2004–2007), Managing Director and Head of Fixed Income and Equity Derivatives Marketing for Latin America at HSBC Securities (2002–2004), Managing Director and Head of Global Equity Linked Products Marketing for Latin America at Merrill Lynch & Co. (2000–2002), and Executive Director and Head of Latin America Equity Derivatives Marketing at UBS Securities (1994–2000).
Andrés Edelstein (*)
Regular Director
Term Expiry Date
31/12/2026
quality
Independiente electo en esa condición
Deputy Director
Paula Bujía (*)
Regular Director
He is a Certified Public Accountant, graduated from Universidad Argentina de la Empresa (UADE), and holds a specialization in Finance and an MBA from the Kellogg School of Management at Northwestern University, USA. He is a founding partner of the consulting firm EMT & Asociados. Previously, he served as Secretary of Public Revenues for the Nation and as a Partner at PwC Argentina for over fifteen years, where he led the International Tax practice. He is a co-author of several books on tax matters and a regular contributor to specialized magazines and newspapers, both nationally and internationally, with more than 300 published articles. He is also an Alternate Director at Caja de Valores. He has held several key roles in the tax and public sector fields, including Chairman of the International Tax and Transfer Pricing Commission of the Professional Council of Economic Sciences of Buenos Aires, Vice Chairman of the Tax Studies Commission, and Director at the Argentine Association of Fiscal Studies (AAEF). He was Deputy Secretary of Public Revenues of the Nation from February 13, 2017, to March 1, 2018, and Secretary of Public Revenues from March 2, 2018, to December 31, 2018. He served as Executive Director of BYMA for the 2019 and 2020 terms and has been serving since 2024. He was Chairman of the Supervisory Commission for the 2021, 2022, and 2023 terms.
Ricardo Torres (**)
Regular Director
Term Expiry Date
31/12/2026
quality
No Ejecutivo
Deputy Director
Alejandra Naughton
Regular Director
He holds a degree in Public Accounting from Universidad de Buenos Aires and an MBA from the Business School of Universidad Austral. He is one of the founding partners of Pampa Energía, the largest integrated and independent energy company in Argentina, and has been a member of its Board of Directors since its establishment in November 2005. Since 2017, he has held the position of Executive Vice Chairman of the company. He currently serves as Chairman of Fiplasto S.A. and Citelec S.A., the controlling company of Transener S.A. He is also actively involved in educational initiatives through the Pampa Foundation and the Diciembre Foundation, both non-profit organizations. Additionally, he serves as Chairman of the Fundación Observatorio Argentinos por la Educación and Fundación María de Guadalupe and is a member of the Alianza Francesa. Between March 2012 and June 2021, he was Chairman of the Board and CEO of Edenor. Previously, he served as co-CEO of Pampa until December 2016, Managing Partner at Darwin Inversiones, and as a Board Member and CFO of IRSA between 1993 and 2001. He also served as a professor of Taxation and Finance at the Faculty of Economic Sciences of Universidad de Buenos Aires.
Silvia Abeledo
Regular Director
Term Expiry Date
31/12/2027
quality
No Ejecutivo
Deputy Director
Ileana C. Aiello
Regular Director
She is a Certified Public Accountant, graduated from Universidad Nacional de Lomas de Zamora (UNLZ). She completed a Education Program in Money Laundering and Terrorist Financing at Universidad de Buenos Aires (UBA), Faculty of Law, and obtained the Next Board certification granted by UCEMA, KPMG, and Bolsa de Comercio de Buenos Aires. Since 2022, she has served as Secretary of the Professional Council of Economic Sciences of the Ciudad de Buenos Aires, where she acts as Coordinating Counselor of the Finance and Capital Markets Commission and Vice Chairman of the Legislative Projects Commission. She has also been a Director of Bolsa de Comercio de Buenos Aires since 2021 and was a member of its Executive Committee during the 2023/2024 term. She is a member of the Asociación Argentina de Estudios Fiscales (AAFF) and has held various roles, including Technical Counselor at Administración Federal de Ingresos Públicos (AFIP) until July 2024 and Cabinet Advisor on Privatizations and Regulatory Agencies at Auditoría General de la Nación (AGN).
Alberto Ubertone
Regular Director
Term Expiry Date
31/12/2026
quality
No Ejecutivo
Deputy Director
Guillermo Gamble
Regular Director
He serves as Chairman of Ubertone y Cía. S.A. and as Director of Bolsa de Comercio de Buenos Aires until 2025. Previously, he held the position of Treasurer Director at Caja de Valores S.A. and served as Director and Chairman of ARFEX S.A. He also served as Deputy Treasurer and Treasurer of BCBA from 2019 to 2021.
Audit Committee
The supervision of the company is the responsibility of a Supervisory Committee made up of three members and three alternates who will replace their respective holders, appointed by the Assembly for the term of one fiscal year, and who may be re-elected indefinitely.
Chairman
Fernando Díaz (Chairman)
Deputy
Eduardo Di Costanzo
Primary Statutory Auditor
Matías Olivero Vila
Deputy
María José Van Morlegan
Primary Statutory Auditor
Fernando Díaz (Chairman)
Deputy
Eduardo Di Costanzo
Committees
(*) Independent Directors elected in that capacity
(**) Independent Directors per se
Executive Committee
Claudio Zuchovicki - Chairman
Ernesto Allaria
Marcelo Menéndez
Gabriel Martino (*)
Audit and Ethics Committee
Andrés Edelstein (*) - Chairman
Ricardo Torres (**)
Roberto D'Avola (*)
Nominating and Compensation Committee
Gabriel Martino (*) - Chairman
Luis Álvarez
Ernesto Allaria
Corporate Governance and Sustainability Committee
Luis Álvarez - Chairman
Silvia Abeledo
Marcelo Menéndez
Organizational chart
Ownership Structure
Quantity and Class of Shares
BYMA provides services from the listing of a company's marketable securities via the primary placement system (SICOLP), secondary trading of the same, entry into the settlement process, and the effective delivery and/or payment of the securities traded.
Shareholding Structure
As of December 31, 2023, BYMA had a market capitalization of ARS 643,169 million. By local regulation, no participant can directly or indirectly own more than 20% of a market, so BCBA should be expected to divest at least 10% of its shareholding.