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Bolsa de Valores de Caracas

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Bolsa de Valores de Caracas

Mission statement:

Facilitate the negotiation of financial instruments, disseminate and distribute the information required by the market place in a competitive way, guarantying transparency and efficiency in order to follow ethical and legal principles, based on the best human resource and solvency of the members of the exchange.

History:

The development of an organized capital market in Venezuela can be traced back to 1805 when Don Bruno Abasolo y Don Fernando Key Muсoz founded a trading house in the city of Santiago de Leуn de Caracas. Back in 1807 the Venezuelan Government issued the first legal framework for traders and a National Trading Organization was founded. This regulation authorized six traders in Caracas and certain sanctions and injunctions were created in order to fulfill their obligations.

After a number of attempts in creating a formal market place, “La Bolsa de Portillo” was established in 1840. At that time, two trading sessions per day took place at the exchange where shares of various companies changed hands. These trading sessions used to take place as well under the shade of a tree known as the “Ceiba de San Francisco” in Caracas midtown, which happends to be the present emblem of the Caracas Stock Exchange. In 1873, the government of President Antonio Guzmбn Blanco issued the Commercial Code which indeed included a section regarding commercial exchanges. In 1887, the first Exchange Bulletin began circulating in the market place offering shares prices of issuing companies. Finally, in 1917, the first Commercial Exchange Law was approved by the National Congress.

The first formal exchange was registered in Caracas on January 21, 1947 known as the “Bolsa de Comercio de Caracas”, composed by 22 seats. The first trading was celebrated on April 21, 1947 and included the inscription of 54 companies as well as part of the national debt. In 1958 a second exchange, the “Bolsa de Comercio del Estado Miranda” was founded to compete with the first exchange. However, in 1974 the two exchanges merged into one, thus marking the begining of the modern exchange.

The first Capital Market Law was launched in 1975 and the National Securities Commission (Comisiуn Nacional de Valores - CNV) was established to regulate the market. This institution reports directly to the Ministry of Finance and is responsible for the regulation of the Capital Market activity in Venezuela. Later on the Caracas Stock Exchange became the “Bolsa de Valores de Caracas, C.A.” consisting of 43 equal shareholders, which happends to be the only venezuelan exchange at the present time.

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