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New Argentine stock exchange, ByMA, gets approval for public share offering

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New Argentine stock exchange, ByMA, gets approval for public share offering

Argentina's securities regulator, the CNV, authorized the public offering of the shares of the new Bolsas y Mercados Argentinos, or ByMA, capital market, according to a report in El Cronista.

The creation of the ByMA as the new main Argentine stock exchange, which was initially agreed on in 2014, will merge the Bolsa de Comercio de Buenos Aires, or BCBA, with the Buenos Aires securities market Mercado de Valores de Buenos Aires SA, known as the MERVAL.

MERVAL held its last shareholders meeting as a market and clearing house operator on March 28, according to El Cronista, but will continue to exist as the holding company of Banco de Valores SA and other investments.

The CNV aims to promote interconnectivity and consolidation of the country's securities markets under a proposed reform of the capital markets law. The aim of the consolidation is to lower the high fixed costs of capital markets in Argentina, but the regulator will not force them to merge into a single market.