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Investor Relations

Open Market 05-20-2019 14:46 PM GMT -04:00

 Santiago Exchange implements Closing Auction


On January 14, Santiago Exchange implemented the Closing Auction for liquid shares and quotas funds, where in the last 15 minutes of the day, the offers that are currently in the stock trading system at the start of the Closing Auction timeline, will be automatically include in this negotiation mechanism.

Once the Closing Auction has begun, the parties may add, delate and modify the orders. During this period, the entered purchase and sale offers, will not be automatically matched if there is price compatibility, but it will be matched at the end of the Closing Auction period time and at the closing price. This price, will be calculated by an algorithm that maximizes the number of the shares transactions, between the compatible purchase and sale offers, that were in force at the matching time. The assigned price will be a single award price for all operations.

The algorithm in the Closing Auction is just the same methodology currently used in the existing equity trading operations in Santiago Exchange (opening and volatile auction).

In the implementation of this operational functionality, Santiago Exchange also created new types closing orders, which are used only to enter at the Closing Auction.

This implementation concludes the list of 13 initiatives to update the rules of the stock Exchange trading. Initiatives presented in 2014 by the AdHoc Committee of the Board of Directors and widely discussed with the market and validated by the Chilean Commission for the Financial Market.



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Frequently Asked Questions

  • What is the composition of the exchange’s Board of Directors?

    Santiago Exchange’s Board of Directors is currently composed of eleven members, which together elect a Chairman. The law specifically states that the board must be made up of at least five members, who may or may not be shareholders, and must hold elections annually, where members may be reelected. 

  • What information should I submit to apply for dual listing on Santiago Exchange, Venture?

    Companies listed on TSXV must send an application letter requesting the dual listing (see attached documents) and send it to the Santiago Exchange for registration. 

  • According to the law, what are the objectives of the exchange?

    According to article 38 of the Securities Market Law, stock exchanges are organizations that aim to provide their members with the necessary infrastructure to effectively carry out securities transactions through continuous public auction and to perform other intermediation services in accordance with the law. 

  • Which companies can access the Venture Market?

    Any issuer from TSXV can access the dual listing with Santiago Exchange, Venture. 

  • What is Santiago Exchange?

    Santiago Exchange is an exchange whose primary role is to provide buyers and sellers of securities a physical meeting place for them to trade through services provided by brokers. Santiago Exchange is a public company composed of 48 shares, and its operation is overseen by the Chilean Securities and Insurance Supervisor. 

  • What benefits does the Venture Market of Santiago Exchange offer venture capital companies?

    Santiago Exchange, Venture enables companies at an exploration stage to access a greater number of investors through its regional presence given by the participation of Santiago Exchange in MILA. In addition, Santiago Exchange, Venture has the support of the leading platform for financing mining companies at an exploration stage (TSXV), being a relevant factor for both companies and investors, to have the validation of such exchange. 

  • Where does Santiago Exchange operate?

    The exchange operates in a historical building in downtown Santiago, at the intersection of Bandera Street, the Union Club and Nueva York and La Bolsa streets. Its address is La Bolsa 64, Santiago. 

  • What are the benefits of listing the instruments in Chilean pesos?

    The values that are listed and traded in Chilean pesos on the Foreign Securities Market of Santiago Exchange will be cleared and settled in CCLV Central Counterparty, reducing counterparty risk of such operations. 

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