Friday, 27 November 2020

Costa Rica Market Makers Revived


QCCOSTARICA – Public consultation is being undertaken for the reform the regulation of Market Makers, with which it is intended to attract more stock brokers to the program to provide more liquidity to the market and stabilize prices of securities.

This reform also seeks to establish a reference price, a guarantee of “… minimum level of liquidity for emissions with little market presence “and amend the rules that are in effect, with the aim of improving the conditions for brokerage firms. It is expected that this project will be executed before the end of the year.

- Advertisement - reports that “… One change is that two types of participants will be included: one in which the brokerage firms are linked to one or more issuers under contract (sponsored market maker) and the second case, where the brokerage firm is registered with the National Stock Exchange -BNV- (market maker’s own management). There will also be modifications to the way in which stakeholders are recorded. With the change, they would enroll directly, even if they are not linked to one or more issuers through a contract or, indeed, even without price quotes they buy and sell any of the securities in the National Registry of Securities Intermediaries. ”

“… The brokerage consider that the presence of this mechanism is beneficial to any market. As benefits, the proposal submitted by the BNV considered that market makers would have a differential rate for transactions carried out under this program, plus a particular method for calculating the rate of marketability. At the same time, market makers Sponsored receive commissions of the relevant issuer, which would be fixed between the parties by contract. ”


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