March 3, 2014 (TORONTO, ON) - The Santiago Stock Exchange and TSX Venture Exchange (TSXV), a subsidiary of TMX Group Limited, today announced they have entered into an agreement that will lead to the creation of a new venture exchange division of the Santiago Stock Exchange, called the Santiago Stock Exchange, Venture.
The agreement will leverage the experience of TSXV, which specializes in facilitating capital formation for early-stage growth companies. It will also provide the opportunity for TSXV issuers to dual-list on the new market.
Santiago Stock Exchange, Venture will initially focus on capital formation for small and medium enterprises (SMEs) in the mining sector. This will strengthen and create a strong connection between the mining industry and the Chilean capital market. At a later stage, the initiative may expand to other industry sectors.
To celebrate the signing of the agreement, José Antonio Martínez, General Manager of the Santiago Stock Exchange and Roberto Ibarra García, Ambassador of Chile in Canada, joined Tom Kloet, CEO of TMX Group, Kevan Cowan, President, TSX Equity Markets and Group Head of Equities, TMX Group, and John McCoach, President of TSX Venture Exchange to close the market at TSX Venture Exchange and Toronto Stock Exchange today.
"The Santiago Stock Exchange is taking a huge step forward in terms of innovation and leadership," said Mr. Martínez. "We are generating a new segment, developing and opening the capital market to growing businesses and offering funding opportunities to projects looking for initial capital at the Exchange."
Mr. Martínez continued, "This agreement will provide us with TSXV's expertise in implementing and regulating this type of market. We hope that the Venture Market in Chile generates the same recognition as TSXV."
"TSX Venture Exchange is a leading global platform for financing and trading SMEs," said Mr. Kloet. "The agreement will help foster the growth of the junior market in Chile and will allow TSXV-listed companies to dual-list in Santiago and access capital from Latin American markets."
The Santiago Stock Exchange will seek regulatory approval for the Santiago Stock Exchange, Venture with a view to commencing operations in the first half of 2015. The project has also received strong support from the Chilean Ministry of Mining for the promotion of the market so that companies from throughout the region may be listed both in Chile and in Canada.
About the Santiago Stock Exchange
The SSE positively contributes to the development of the capital markets and the wealth of Chile, providing companies (issuers) with access to different sources of funding, cooperating in the generation of value for investors, and enabling intermediaries and customers to trade financial instruments in a trusted and transparent environment.
We are leaders in the Chilean capital market, offering issuers, intermediaries and investors a market infrastructure with a high level of efficiency, technology and quality, giving access to a wide array of investment products.
About TMX Group (TSX:X)
TMX Group's key subsidiaries operate cash and derivative markets and clearinghouses for multiple asset classes including equities, fixed income and energy. Toronto Stock Exchange, TSX Venture Exchange, TMX Select, Alpha Group, The Canadian Depository for Securities, Montreal Exchange, Canadian Derivatives Clearing Corporation, Natural Gas Exchange, BOX Options Exchange, Shorcan, Shorcan Energy Brokers, Equicom and other TMX Group companies provide listing markets, trading markets, clearing facilities, depository services, data products and other services to the global financial community. TMX Group is headquartered in Toronto and operates offices across Canada (Montreal, Calgary and Vancouver), in key U.S. markets (New York, Houston, Boston and Chicago) as well as in London, Beijing and Sydney. For more information about TMX Group, visit our website at www.tmx.com. Follow TMX Group on Twitter at http://twitter.com/tmxgroup.