Clearing the Way

Clearing the Way

Bonds Corporate & Sovereign Strategy

By Janice Fioravante Cross-border clearing and settlement in Latin America took a giant step forward in spring when Chile, Colombia and Peru technologically integrated their stock exchanges to create, the Integrated Latin American Market (MILA). Lauded for resulting in more liquidity, slightly higher valuations and reductions in the costs of cross-border trading, it may be the start of a pan-Latin America market for trading, clearing and settling securities. But today, it’s only a part of the story. When a bank like BNP Paribas (Brazil) wants to move capital for its clients, it must contend with various currencies. “By contrast, in the United States, dollars are universally accepted, and

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