Delays in the launch of Mexico's second exchange, the Bolsa Institucional de Valores, or the BIVA, have taken a toll on the operations of the Bolsa Mexicana de Valores SAB de CV, El Economista reported, citing the bourse's CEO, José Oriol Bosch Par.
The new bourse was expected to start operating early this year, after the Finance Ministry granted the BIVA its operating license in August 2017.
Speaking at a news conference, Bosch said the BMV has invested a significant amount of time and resources to help jumpstart the BIVA's operations to the point of even deferring some projects focused on market development.
Meanwhile, the executive is hopeful the BIVA will fulfill its potential of increasing market volume by 50% in the next two to three years, with the number of firms listed on the exchange reaching up to 200 within that period.
Moody's earlier said the creation of the BIVA will benefit local securities firms, but will initially be credit negative for the BMV.