Bolsas y Mercados Argentinos (BYMA) and Bolsa de Comercio de Buenos Aires (BCBA)

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Bolsas y Mercados Argentinos (BYMA) and Bolsa de Comercio de Buenos Aires (BCBA)

Name Bolsas y Mercados Argentinos (BYMA) and Bolsa de Comercio de Buenos Aires (BCBA)
Country Argentina
Number of listed companies 80
Domestic market capitalization 1212 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

    • BYMA launched its first sustainability report in 2019 with GRI standards

Previous sustainability reports:
ESG reporting required as a listing rule Yes

  • 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 issuer´s annual accounting documentation. See BYMA Sustainability Report 2018 p.29, and Rules to List on BYMA (pg. 31)
Has written guidance on ESG reporting No
Offers ESG related training Yes

  • 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 index Yes
Has sustainability bond listing segment Yes
Has SME listing platform No
Women on boards mandatory minimum rule Yes

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 Initiative’s 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 issuer’s 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 exchange
Location: 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

Criteria for Stock Exchange Database

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.

Field

Criteria Considered
Country Country of primary residence or registration
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include:

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.