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NameBolsas y Mercados Argentinos (BYMA) and Bolsa de Comercio de Buenos Aires (BCBA)
CountryArgentina
Number of listed companies80
Domestic market capitalization1,212 million US$
SSE Partner ExchangeYes
Has annual sustainability reportYes
    • BYMA launched its first sustainability report in 2019 with GRI standards

Previous sustainability reports:

ESG reporting required as a listing ruleYes
  • BYMA has included in its Listing Rules, following the National Securities Commission approval, sections that require issuers of shares and/or marketable securities to issue a Sustainability Report, to submit it together with the issuers annual accounting documentation. See BYMA Sustainability Report 2018 p.29, and Rules to List on BYMA (pg. 31)
Has written guidance on ESG reportingNo
Offers ESG related trainingYes
  • Alongside the  2019 Ring the Bell for Gender Equality event in March, BYMA held a seminar on board equality revealing data on Argentinian board composition.
  • December 2018: Seminar on green and sustainable investment products at the occasion of the launch of the Sustainability Index
  • 11/06/2018: Sustainability Index seminar at BYMA
  • 18/17/2018: Advancing Sustainable Finance event at BCBA

Market covered by sustainability-related indexYes

Has sustainability bond listing segmentYes

Has SME listing platformNo
Women on boards mandatory minimum ruleYes Civil entities and commercial companies must respect the same number of women and men in the composition of their administrative and supervisory bodies, according to the General Resolution 34/2020. If the total number of directors is an odd number, women shall hold at least one-third of the positions.
Additional information
  • In 2008, Buenos Aires City Council passes Law 2594 requiring all local and international companies in the city with over 300 employees to generate annual sustainability reports. At minimum, companies are required to produce their reports in accordance with the Ethos Reporting Initiatives G3 indicators and the Accountability 1000 standard.
  • BCBA information on sustainable development and the Carbon Market
  • The regulator requires listed companies to include in their Annual Reports, a Corporate Governance Code with the explanation of the level of compliance with set principles. Also, they should report their environmental or sustainability policy, including the main indicators of the issuers performance in the matter, or, if they do not have such policies or indicators, provide an explanation of why they consider that they are not relevant to their business. Companies, cooperatives, and associations that qualify as Small and Medium-sized companies are excluded.

Organizational model of stock exchange
  • BYMA: Listed company for profit; demutualized in 2012 by means of Law 26,831.
  • BCBA: Association not for profit; demutualized in 2012.

Regulatory bodies

Regulatory model
  • BYMA (Bolsas y Mercados Argentinos) is a private company registered under CNV as a Stock Exchange and a Clearing House. It is also a listed company and its shares are listed on BYMA. As it is under the jurisdiction of the CNV, all activities are subject to CNV direct oversight. BYMA acts as a Central Counterparty (CCP) in guaranteed transactions. BYMA is responsible for monitoring and overseeing market participants acting as members registered in BYMA. BYMA also is responsible and in charge of listing procedures that private companies must fulfil after having CNV public offering authorization. BYMA provides CNV daily information of market operations and all other issues and documents required. BYMA collaborates with the regulator for the local capital market development.
  • As controlling shareholder of BYMA, Bolsas de Comercios de Buenos Aires (BCBA) acts as designated entity fulfilling proficient duties regarding certain activities pursuant to Act 26,831, under CNV regulation. The BCBA authorizes, suspends and cancels listing and securities trading by proxy pursuant to its rules and regulations, and issues the daily and weekly trading bulletins. Its functions include the creation of a Court of Arbitration, which the BCBA has originated in 1963.

About the stock exchangeLocation: Buenos Aires, Argentina.
  • BYMA is the main exchange in Argentina, and is a spinoff of the exchange activities formerly conducted by Mercado de Valores de Buenos Aires S.A. (MERVAL). Major changes have been introduced to its core business, incorporating 99.96% of the capital stake of Caja de Valores S.A. (CVSA) the only Central Depositary in Argentina. Listed companies in BYMA are the same ones as the ones listed at MERVAL only that new companies have been incorporated as they have seen the opportunity of benefiting with the enhanced exchange that BYMA represents.
  • BCBA is a controlling shareholder of Argentina's main stock exchange BYMA, and was founded in 1854. Its by-laws set forth among its main purposes to provide its associates with the environment for the realization of all kinds of lawful business and mercantile operations; and to promote the passing of adequate legislation related to commerce, production, finance and the economy at large.
  • Owned 100% by Bolsa de Comercio de Buenos Aires