THE departure of José Oriol Bosch as general director of Mexican Stock Exchange Group (BMV)marking the end of an era characterized by significant changes and departures in the Mexican financial market.
Oriol Bosch, who took over in 2015, leaves behind a BMV transformed and weakened, having navigated political, economic and health turbulence, as well as emerging competition from the Institutional Stock Exchange (BIVA)directed by María Ariza.
Under his leadership, the BMV experienced a evolution remarkable. One of the most notable milestones was the expansion of the International Quotation System (SIC)which saw a growth of 130.79% in its period, with a significant increase in the number of foreign securities listed.
This strategy Not only did it diversify the offer of financial instruments in Mexico, but it also opened new opportunities for local and foreign investors.
However, there were more difficulties. The BMV, during its management, faced a decrease in the volume of transactions of local stations by 7.2%, a worrying trend that reflects the exit of several companies from the stock market.
Between 2022 and 2023, nine companies, including giants such as Grupo Sanborns and Grupo Lala, chose to delist, citing low valuations and the search for more liquid markets.
This “exodus” highlights the structural challenges that the BMV faces in retaining and attracting local stations.
Despite these setbacks, Bosch promoted the introduction of new financial instruments such as energy investment trusts (Fibra E) and trust stock certificates for investment projects (Cerpis), in addition to promoting the issuance of sustainable bonds.
Now, in his place comes Jorge Alegría, a veteran of the BMV with experience at the Chicago Mercantile Exchange (CME Group). He arrives at a critical moment.
Alegría inherits the task of revitalizing confidence in the Mexican stock market and capitalizing on recent reforms to the Securities Market Law, designed to facilitate new companies’ access to the stock market.
These reforms promise to reduce listing costs and times, a crucial measure to energize a market that has seen a drought of Initial Public Offerings (IPOs) in recent years.
SPEAKING OF DELISTING, Interceramic, led by Holding Lupo Corporation, began the Public Acquisition Offer of the shares that are in the hands of minority investors, which could lead it to be the next issuer to delist from the BMV. The Almeida and Lupo family seek to control 95% of the capital, offering a tempting price of 100 pesos per share. Although slightly higher than the last closing, this movement reflects a worrying trend: more and more companies are choosing to withdraw, moving away from the transparency of the public market. Interceramic’s departure highlights the scarcity of new placements and the flight of issuers that threaten to reduce the liquidity and diversity of the stock market.
THE STRIKE OF flight attendants breathes down the neck of Aeroméxico, which reveals, once again, the deep disconnection between corporate administration and the basic needs of its employees. The refusal of flight attendants to accept a salary increase of just 2.6% and the reduction of breaks on transoceanic flights highlights a critical issue: the health and well-being of workers cannot be a bargaining chip. In a context where an 11% salary increase is required, the current offer is not only insufficient, but also insensitive. The Andrés Conesa team must recognize that the sustainability of its operation depends on the fair and respectful treatment of its employees. Ignoring this reality on the eve of elections could have repercussions beyond work, even affecting the public perception of the company.
PPG INDUSTRIES ANNOUNCED a $300 million investment to expand its production capacity in North America. The fact raises serious questions about the company’s commitment to sustainability and energy efficiency. While the construction of a new plant in Tennessee and expanded facilities in Ohio and Mexico seek to meet the growing demand of the automotive industry, it is crucial that PPG also focuses its efforts on minimizing its environmental footprint.
RICARDO DÁVILA MONDRAGÓN was announced as general director of TeleVía, the electronic toll company. With more than three decades of experience in the payment media sector, his leadership could be key to keeping TeleVía at the forefront of the market. The company is betting that his experience at BBVA, Net Pay and Todito will strengthen his position and ensure sustained growth. This strategic move coincides with the transition of Rodrigo Bernal Chapa to Aleatica México.
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