| | |  Business News | December 2008 
Mexico Exchange Sees ‘Austere’ Cuts as Trading Slumps
 William Freebairn & Aura Campa - Bloomberg
go to original
| | Trading on Latin America’s second-largest exchange after Brazil’s Bovespa has slumped as the global credit crunch eroded demand for emerging-market assets. | |
Mexico’s Stock Exchange is implementing “austere” cost cuts to offset a slump in trading that may last until the second quarter of 2009, exchange Chairman Guillermo Prieto said.
Trading volumes fell to the lowest this year in November, prompting the exchange to take “austerity measures” to lower expenses, Prieto said in an interview with Bloomberg Television yesterday. He didn’t elaborate on the cuts.
“We’re expecting a first quarter of low activity, with trading recuperating in the second quarter or perhaps the second half,” he said.
Trading on Latin America’s second-largest exchange after Brazil’s Bovespa has slumped as the global credit crunch eroded demand for emerging-market assets. The Bolsa Index has declined 38 percent from a record reached April 22. Prieto said trading volumes have climbed this week from November’s levels.
Debt market trading may remain at $15 billion in 2009, said Prieto, who is also chief executive officer of the exchange.
Mexican stock trading resumed today after being halted yesterday at 3:35 p.m. New York time because of a technical glitch. The Bolsa gained 0.5 percent to 20,244.69 at 10:41 a.m.
To contact the reporters on this story: William Freebairn in Mexico City at wfreebairn(at)bloomberg.net; Aura Campa in Mexico City at acampa2(at)bloomberg.net. |
|
| |
Vallarta Weddings
Tell a Friend
Site Map
Print this Page
Email Us