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51 Asamblea General y Reunión Anual FIAB


The Ibero-American Federation of Stock Exchanges and Securities Markets was founded on September 27, 1973 in Rio de Janeiro, Brazil. Its objective was to facilitate the participation and channeling of popular savings to boost the productive processes of the public and private sectors, encourage the development of stock exchanges and securities markets for these purposes, as well as promote cooperation for economic and financial integration, and convergence towards norms, practices and unified customs. The Federation could act as a representative of its members before international organizations and national authorities, if required.

The headquarters of the Federation was established in Rio de Janeiro in 1975, at which time the organization was renamed as Ibero-American Federation of Stock Exchanges - FIABV. And in 1977 it was settled in offices of the Buenos Aires Stock Exchange. By 1980, the Federation would undergo major transformations: its reorganization would lead to the reunification of the Information and Training Centers, whose work would be entrusted to the General Secretariat.

Between September 1983 and April 1984, the Federation acquires legal status and moves to its own offices. This process of physical and institutional expansion would continue throughout the decade, with the formation of the Computing Committee, the Committee of Former Presidents and the creation of the Library.

In 1993 the Federation renews its Administration and updates its statutes, incorporating the Executive Committee and enabling the creation of Working Subcommittees that would absorb and extend the functions until then developed by the Working Commission and the Informatics Committee.

As of November 1998, the tasks of the technical work teams are reorganized into a single Working Subcommittee, which remains active to this day with the participation of specialists from most of the member exchanges.

The dynamics of the regional markets and the growing diversification of the products traded in them -with the incorporation of derivatives markets- led to the September Ordinary General Assembly meeting in Oaxaca, Mexico, providing access as members of the stock exchanges and financial instruments and the Associations of Stock Exchanges and financial instruments, updating accordingly the name of the organization, which from then on became known as the Ibero-American Federation of Exchanges - FIAB.

The objective of development and integration of the stock markets, has a relevant milestone in the Project of Strengthening and Development of the Regional Securities Market, which, within the framework of the Regional Public Goods Program of the Inter-American Development Bank - IDB, carried out the FIAB between 2005 and 2008. The work carried out within the framework of this initiative laid solid foundations for the member exchanges to advance already during the current decade in the cross-border integration of their markets in Latin America.

In line with the objective of cooperation with other agencies, the FIAB and the Ibero-American Institute of Securities Markets - IIMV, have signed an institutional cooperation agreement in April 2008 that supports an active agenda in which the IIMV-FIAB Joint Meetings stand out of Presidents of the member entities.

Finally, in this brief review, we must not miss a mention of the important and very valuable cooperation between the FIAB, other regional federations of stock exchanges and, in particular, the World Federation of Exchanges - WFE (its acronym in English) -; Development Bank of Latin America -CAF-; Americas' Central Securities Depositories Association -ACSDA-, Inter-American Development Bank -BID- and the Ibero-American Federation of Investment Funds -FIAFIN-.


Foster cooperation among its Members, in order to promote the development and advancement of their securities markets, in the best interests of all market participants;

Cooperate with national and international entities having legislative, regulatory, or other functions related with financial and securities markets with the aim of ensuring homogeneous standards and regulations as to securities issuance, circulation, distribution, and registration; trading; issuers; brokers; securities markets; securities depositories and custodians; as well as in connection with any fiscal and other issues deemed to be relevant to market development;

Promote integration of the Federation s securities markets, stimulating interactivity among market participants as well as the free circulation, within their respective jurisdictions, of securities issued in any of its Members home countries;

Encourage the establishment of rules and procedures ensuring solvency, competence, legitimacy, and fair information disclosure to all savers investing through Member Exchanges.


FIAB's Authorities

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Javier Hernani Burzaco



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Juan Pablo Córdoba


CEO of nuam exchange


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Claudio Zuchovicki

Secretary General
Dissemination of information and Capital Market Development Manager of Bolsa de Comercio de Buenos Aires

Executive Committee

José Manuel Allende

Chief Capital Formation, Information Services and Markets Officer of Bolsa Mexicana de Valores 

Olga Cantillo

Executive President of Bolsa Latinoamericana de Valores

Rodrigo Callizo

Board Member of Bolsa de Valores de Asunción

Adelmo Gabbi

President of Bolsa de Comercio de Buenos Aires

Elianne Vilchez Abreu

CEO of Bolsa de Valores de la República Dominicana

José Manoel Ometo

Business Development and Client Relations - Americas


José Antonio Martínez

General Manager of Bolsa de Comercio de Santiago

César Restrepo

General Director of Bolsa Nacional de Valores - CR

Francis Stenning

General Manager of BVL Group


Luis Alvarez

Account Reviewer FIAB

Vicepresident of Caja de Valores