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FIXED-INCOME MARKETS & TRANSPARENCY Juan Pablo Córdoba President. Index. Colombian Fixed-Income Markets BVC Strategies Colombian Experience: What have we learned?. Fixed-Income Evolution Outstanding distribution based on security type. June 2010 Bonds (13,63%). December 1997

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FIXED-INCOME MARKETS & TRANSPARENCY

Juan Pablo Córdoba

President


Index
Index

  • Colombian Fixed-Income Markets

  • BVC Strategies

  • Colombian Experience: What have we learned?


Fixed-Income Evolution

Outstanding distribution based on security type

June 2010

Bonds (13,63%)

December 1997

Bonds (22,66%)

June 2010

CDs (27,44%)

December 1997 CDs (48,91%)

June 2010

Total USD 166,5 billion

December 1997

Total USD 26,1 billion

June 2010 TES(58,93%)

December 1997 TES(28,43%)

Source: BVC


Fixed-Income Market Distribution - Evolution

Participation by trading venue

Evolution

Regulation Change

Source: BVC


Fixed-Income Markets Distribution - Evolution

Volumes

The AGR of the Fixed Income Market from 2003 to 2009 was 36%. The total volume traded in 2009 (USD$1.92 Trillion) increased 89% when compared with 2008.

Estimates for 2010 indicate an 11% growth in volumes.

89%

*YTD June 2010

Source: BVC


Primary Market BVC

Fixed Income – Private Debt

Total issuance for 2009 (USD$ 6,7 billion) exceeded that of 2008 by 141%. The total issuances YTD 2010 has been USD$3,5 billion.

Low interest rates have promoted new supply. High liquidity and market appetite have supported demand.

141%

*YTD June 2010

Source: BVC


Index1
Index

  • Colombian Fixed-Income Markets

  • BVC Strategies

  • Colombian Experience: What have we learned?


BVC has implemented new strategy to support electronic trading and to participate in alternative trading systems


Index2
Index trading and to participate in alternative trading systems

  • Colombian Fixed-Income Markets

  • BVC Strategies

  • Colombian Experience: What have we learned?


Colombian Experience: trading and to participate in alternative trading systems

What have we learned?

Electronic Centralized, OTC or Brokerage Trading Systems?


Suitability of trading alternative depends on: trading and to participate in alternative trading systems


Colombian Experience: trading and to participate in alternative trading systems

What have we learned?


THANK YOU trading and to participate in alternative trading systems


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