New Mexican Exchange BIVA Selects Nasdaq for Trading, Surveillance Tech

BIVA, which is currently seeking final approval from Mexico’s Ministry of Finance, is looking to become Mexico’s second stock exchange, joining mainstay Bolsa Mexicana de Valores (BMV).

Santiago Urquiza, chairman of Cencor, tells WatersTechnology that Cencor initially considered having the firm’s in-house IT division, CapitalStar Systems, build the trading platform. However, after consideration, Urquiza says the decision was made to portion out various components of the BIVA platform with CapitalStar Systems managing the process.

The request-for-proposal stage took about a year. According to Urquiza, what stood out about Nasdaq was its depth of knowledge and experience in maintaining and operating global exchanges. 

“With an eye towards the need to address the key issue of continuity and reliability in our markets, Nasdaq’s ability to provide first-hand experience in exchange operations was critical,” Urquiza says. “Nasdaq’s highly integrated product offerings provide flexibility and scalability as our group continues to develop infrastructure for the Mexican and Latin American financial markets.”

Nasdaq’s presence in over 100 markets globally is also a benefit, Urquiza says, along with the firm’s corporate solutions offerings.

Urquiza says Nasdaq’s trade risk management, post-trade and data and index solutions are all being considered for future development. 

“The deep experience Nasdaq’s executive and development staff possess offer an invaluable asset in navigating the many complex decisions necessary for such a sophisticated project,” Urquiza says. “This level of expertise is not available from any other exchange technology vendor."