Regional Intergration: Mila: Thinking big

Regional Intergration: Mila: Thinking big

Ask market participants about the much-vaunted integrated stock exchange between Chile, Colombia and Peru — the Mercado Integrado Latinoamericano, or Mila — and it’s hard not to elicit a strong reaction “It’s failed to have an impact,” says a London-based equity manager. “Without better trading automation, it’s little use,” adds a banker in Santiago.There is no escaping the numbers: the market cap of the three exchanges might rival Brazil’s Bovespa, Latin America’s largest exchange, but trading between them is pitiful. “The truth is that Mila hasn’t traded much,” says Jorge Errázuriz, managing partner at BTG Pactual

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