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

Bolsa Latinoamericana de Valores (Latinex)

Name Bolsa Latinoamericana de Valores (Latinex)
Country Panama
Number of listed companies 214
Domestic market capitalization 18013.00 million US$
SSE Partner Exchange Yes
Has annual sustainability report Yes

Bolsa Latinoamericana de Valores (Latinex) sustainability report and strategy available in Spanish and English contains information regarding the group’s environmental, social and corporate governance (ESG) management and performance. All sustainability-related reports and strategies can be accessed here.

ESG reporting required as a listing rule No

Has written guidance on ESG reporting Yes

Offers ESG related training Yes

In 2022, Latinex provided training on Climate-related Financial Disclosures (TCFD recommendations) in collaboration with the SSE, CDP and IFC. (source)

Market covered by sustainability-related index No

Has sustainability bond listing segment Yes

Has SME listing platform No

Women on boards mandatory minimum rule No

Additional information
Organizational model of stock exchange
  • The holding company (Latinex Holdings), which owns 100% of the stock exchange, as well as the CSD, is a listed company for profit. On October 22, 2009, both BVP and Latin Clear’s shareholders approved the corporate reorganization and creation of Latinex Holdings, which would own both companies. On February 2011, the SMV authorized the registry of Latinex Holdings’ common stock and the new shares begun trading publicly.

Regulatory bodies

Regulatory model
  • Bolsa de Valores de Panamá (BVP) is a private company registered under SMV as a Stock Exchange, which along with the local CSD Latin Clear (Central Latinoamericana de Valores) are under the same holding company. The holding company, Latinex Holdings, is also a listed company and its shares are listed in BVP. BVP is under SMV’s jurisdiction, and so, all activities are subject to SMV direct oversight. BVP is responsible for monitoring and overseeing market participants acting as members registered in BVP. BVP is also responsible and in charge of listing procedures that private companies must fulfill after having SMV public offering authorization. BVP provides SMV daily information of market operations and all other issues and documents required. BVP collaborates with the regulator for the local capital market development.

About the stock exchange
Location: Panama City, Panama.

  • BVP is the only stock exchange in Panama. Founded on June 26, 1990 and ended the first year with traded volumes of USD 3.3 MM. Latin Clear was created in 1997 as a stand-alone company. Since May, 2017, it has a direct integration project with El Salvador’s Stock Exchange via the remote operator figure, which allows authorized brokerage houses to trade directly in the foreign exchange with the same benefits and obligations. In 2018, the BVP participated in the SSE’s “Ring the Bell for Gender Equality”.

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.