Colombia, Peru and Chile will begin operating an integrated stock market from May 30, reported Peruvian news site Andina.
The group, known as the Integrated Latin American Market (MILA) announced the decision on Tuesday after two successful rounds of testing proved the market was ready for trading.
MILA is expected to become the biggest exchange in Latin America in terms of listed companies, with 563. Officials have said MILA is projected to have an initial trading volume of about $300 million a day.
In market-capitalization terms, it will become the second biggest in Latin America with an estimated value of $614 billion, compared with Brazil’s market cap of $1.5 trillion and Mexico’s of $388 billion.
The committee ensured that MILA will operate a system with the highest levels of security, reliability and availability, not only in the trading platforms but also in the clearing and settlement of transactions.
Tuesday’s announcement will come as welcome news after the integration process has faced several delays, most recently with the Lima Stock Exchange refusing to integrate until its congress lowered the rate of capital-gains tax.
A four week phase of recruitment will now begin on April 25, involving participation from all three countries.