The Dominican Republic is the scene of the first edition of the “Dialogue on Regulatory and Operational Convergence of the Capital Markets of Central America and the Caribbean (Dicoma)”, with the aim of initiating a process of homologation of the norms to later lead to a future regional integration agreement.
“The event will focus on analyzing the possibilities of standardizing the regulatory framework of our market, the operational part and the structures of our markets in the near future. We know that this process will take place within the framework of a convulsive economic climate, but precisely that makes it more necessary to establish common rules for the region’s markets and thus begin the important process towards future regional integration,” said Gabriel Castro, superintendent of the Stock market.
He assures that regional integration would be highly beneficial for each of the countries because there would be a much broader, more liquid market, there would be much more competition and a greater attraction of foreign investment to the markets.
Apart from the Dominican Republic, countries such as Costa Rica, Panama, El Salvador, Guatemala, Honduras and Nicaragua.
“It would be a broader and deeper market because it would cover not only the availability of our market, but an instrument can be traded here, in Panama, El Salvador and vice versa, any of their instruments can be traded here, I think that is the advantage “Stock Market Superintendent
He added that, in addition, when the issuers leave, they can leave at much lower rates because there will be a universe of competition within the markets.
“I think this is a win, a win for all the participants in this future agreement,” Castro said.
On your side, Elianne Vilchezexecutive vice president of the Stock Exchange of the Dominican Republic, told Free Journal that the event is taking place in the country because it is a very attractive regional investment center.
“We have a very sophisticated regulation from the point of view of the securities market. In other words, it makes sense that Central America and the Caribbean take us as a reference for a dialogue trying to standardize the best standards in the region”said the executive.
To the “Dialogue on Regulatory and Operational Convergence of the Capital Markets of Central America and the Caribbean (Dicoma)” participated the Minister of the Presidency, Lisandro Macarrulla, who pointed out that during the first year of the government headed by Luis Abinader, some 12 regulatory and legislative reforms were developed and implemented, which today position ” our capital market on an accelerated path towards a new stage of maturity and diversification, which added to its remarkable depth, which today exceeds 35,000 million dollars, augurs a hopeful future for our economy”.
“Today’s event fills us with optimism, since we firmly believe that a robust and regionally integrated capital market will constitute an extraordinary platform to catapult our economy towards the levels of development that all the countries of our beloved Latin America deserve,” he said. Macarrulla.
Instead, Santiago Cuadra, secretary of the Ibero-American Institute of the Stock Marketconsidered that the region has fundamental challenges such as digital transformation.
“One of them has to do with sustainability and I believe that the region as a whole has a privileged position to be a leader in issuing sustainable green securities. I think that is very important. I also believe, on the subject of Fintech, the application of technology to financial products associated with technological and digital solutions is very important and I believe that the region needs to delve into this and you can achieve it”, explained Cuadra.
With the assistance of more than 300 professionals from the local and international financial sector, an agenda was developed focused on the promotion of best practices to promote stock markets regional, which through interventions made by prominent local and international figures and sessions in work tables between regulators and Market Infrastructure participants, allowed to establish a roadmap for the regulatory and operational homologation of the stock markets of our region.
The Superintendence of the Stock Market of the Dominican Republic explained that the “First regulatory and operational convergence dialogue of the Capital Markets of Central America and the Caribbean (Dicoma)” arises as a result of the signing of the multilateral memorandum of understanding between the countries of Central Americaheld in Panama in the year 2021, which was signed by the supervisory entities of the Stock Markets from the Dominican Republic, Costa Rica, Panama, El Salvador, Guatemala, Honduras and Nicaragua.
The signing of the memorandum of understanding recorded the commitment of the entities to establish the initial bases on which the coordination and cooperation between them will be based, in order to achieve an effective exchange of information to contribute to the formation of an efficient regional securities market. , transparent and organized.
