The Bolsa de Valparaíso stock exchange will appeal the revocation of its operating license to the Chilean financial markets commission CMF for failing to comply with minimum level of operators required, Diario Financiero reported.

In the next five days, the exchange's board will present to the CMF an an alternative plan to convert the bourse into a SMEs-oriented exchange over the next two years.

On Oct. 8, the CMF revoked the license of the country's oldest stock exchange after two brokerage firms left, leaving only two brokers in operation, far short of the minimum level of 10 required by CMF.

The regulator rejected a request from the bourse, which has operated for 128 years, for more time to solve the crisis, and ordered the liquidation of the company.

According to a study reportedly carried out by the CMF, the exchange, which is based in Valparaíso, Chile's second-largest city, has a current market share of 0.005%.