Colombian stock exchange Bolsa de Valores de Colombia SA, or BVC, has launched its options market, with two transactions carried out for three contracts equivalent to $150,000.

Bancolombia SA and Credicorp Capital were the first operators to release options on the representative exchange rate, or TRM, in the BVC's derivatives market, the bourse said in a filing.

The options market is arriving at an ideal time for the market, the BVC said, as "the volatility of the exchange rate is high and it becomes a new tool for effective coverage of portfolios in foreign currency."

Call options expiring in March were operated, both with a strike of 2,880 Colombian pesos. Option premiums were negotiated at 36.40 pesos and 31.50 pesos, implying volatilities between 14.50% and 11.20%, in the exchange rate, BVC said.

As of Feb. 21, US$1 was equivalent to 2,878.60 Colombian pesos.