Stock exchanges
Number of listed companies
Domestic market capitalization
million US$

Bolsa Institucional de Valores (BIVA)

Name Bolsa Institucional de Valores (BIVA)
Country Mexico
Number of listed companies 64
Domestic market capitalization 17300 million US$
SSE Partner Exchange Yes
Has annual sustainability report No

ESG reporting required as a listing rule No

Has written guidance on ESG reporting No

  • Developing ESG reporting guide for SME issuers

Offers ESG related training Yes

  • BIVA institute provides training in Impact Investment, Sustainable Finance, Socially Responsible Investments, Gender Focus Investment. More here.
  • BIVA co-launched the Institute of Sustainable Finance (IFS), an initiative of the Advisory Council for Green Finance (CCFV), which is aimed at the training of professionals, responding to the market need for the incorporation of human capital ready to make decisions within a new investment paradigm. More here (Spanish).
  • In 2022, BIVA provided training on Climate-related Financial Disclosures (TCFD recommendations) in collaboration with the SSE, CDP and IFC. (source)

Market covered by sustainability-related index Yes

  • The FTSE4Good BIVA Index has been designed to measure the performance of liquid Mexican companies demonstrating strong Environmental, Social and Governance (ESG) practices.

Has sustainability bond listing segment No

  • Since its operations started in 2018, 19 labeled bonds have been issued through BIVA, in terms of social matters, gender, sustainability, agriculture, among others, an amount of around $47,000,000,000 has been placed.
  • BIVA offers support to all listing companies and guides them in the process to comply with the requirements to be considered a Sustainable Bond.

Has SME listing platform No

  • BIVA promotes SME listings through our 360° Model, a service given to companies before, during, and after being listed.

Women on boards mandatory minimum rule No

Awaiting market regulator’s authorization, BIVA proposed to include in its internal regulations applicable to issuers, the delivery of a questionnaire related to information on gender equality, in regards to requests for stock listing , long-term debt and annually for its maintenance. The information included in the questionnaire is set to be disclosed starting on 2026 with information from 2025.

Additional information
Organizational model of stock exchange

Not listed

Regulatory bodies
  • Mexican Banking and Securities Commission (Comisión Nacional Bancaria y de Valores)

Regulatory model

Regulatory model Multilateral Traiding Facility (MTF)

About the stock exchange

BIVA is part of Central de Corretajes S.A.P.I. of C.V. (CENCOR) (1988), is a Mexican company with more than 25 years of experience that manages a group of companies dedicated to the development of infrastructure of financial markets in Mexico, USA and Latin America. In February 2013, CENCOR submitted the project to create a new stock exchange to the Mexican financial authorities. In October 2015, CENCOR formally applied for a concession to organize and operate the Bolsa Institucional de Valores BIVA, which was granted in August 2017. After this delivery, BIVA began operations on July 25, 2018 under the Financial Reform, implemented to promote competition in the sector. We have technology supplied by Nasdaq, a global leader in trading and surveillance platforms. More details about BIVA here.    

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.


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.