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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 100
Domestic market capitalization 63520 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

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

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

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 Yes

  • Pyme Board, since 2005

Women on boards mandatory minimum rule No

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. (Details in English via GRI.) 
  • 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

Criteria for Derivative Exchange Database

The SSE maintains a database of sustainability activities for derivatives exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. The information in this database is intended to inform investors and other stakeholders on the work derivatives 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 derivatives exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Derivatives Exchanges 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 contracts traded or volume of exchange traded derivatives. 

Field 

Criteria Considered 

Country  Country of primary residence or registration. 
Has signed the SSE derivatives commitment letter?  To be considered an SSE Partner Exchange, exchanges must sign an SSE commitment letter. 

Total number of contracts traded 

  

Updated either by the exchange directly or using WFE data. Please note the relevant year in the fact sheet. 
Contracts traded (options)  Contracts traded (options) (as Number of listed companies in the Stock Exchange Database)
Contracts traded (futures)  Contracts traded (futures)  (as Domestic market capitalization in the Stock Exchange Database)
Volume of exchange traded derivatives   
SSE Stock Exchange Database 

Please clarify if your exchange is part of a wider business group that includes other SSE members. 

  

Type of offered products  Updated by the exchange directly. Please delete the non relevant options from the list. 
Has an annual sustainability report  For a yes, exchanges must report, either in a stand-alone report, on their website or integrated into their financial report, on their environmental and social impact and corporate governance. Please provide the link to your latest report or the web page where all of your reports can be found. 
Sustainability reporting required  For a yes, some areas of sustainability (e.g. social or environmental factors) should be considered in the reports and be required of at least one but possibly more types of market participants. 
Has written guidance on ESG reporting  For a yes, the guidance should consider some areas of sustainability (e.g. social or environmental factors) and address requirements for at least one but possibly more types of market participants. 
Offers sustainability-aligned products? (If yes, please provide examples)  For a yes, the products must be related to some area of sustainability (e.g. social or environmental factors). At least one example must be provided (include an online source). 
Offers sustainability-related training  For a yes, training must have taken place in the previous 12 months. The topic of the training must be on some area of sustainability (e.g. social or environmental factors). 
Additional Information  Additional information captures exchanges’ sustainability section of websites, information on future sustainability commitments and other information on the exchange 
Organizational model of exchange  Whether the exchange is listed or not, and if demutualised, date of demutualisation 
Regulatory bodies  The regulatory authority responsible for the 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 exchange  The location of the headquarters of the exchange, and any additional details about the exchange.