ISLA Americas announced the publication of an updated Latin America user guide, developed in partnership with Equilend. While diverse and complex, the LatAm region is on a clear growth trajectory, driven by regulatory clarity, technological advancements and increasing global interest.
The guide, which covers Brazil, Chile, Colombia, Mexico, Nuam and Peru, contains the latest insights needed to stay ahead of local market developments. Each country chapter provides insights into market structure, trading venues, regulation and securities lending practices, offering market participants a practical resource to navigate the region’s evolving landscape.
“Latin America is increasingly significant for global securities finance, with Mexico and Brazil in particular expected to open further in the coming years,” said Fran Garritt, CEO and president at ISLA Americas, in a statement. “This guide provides critical transparency and knowledge for both domestic and international stakeholders, and we are proud to deliver it in partnership with EquiLend.”
The 2025 edition updates the original 2020 guide to reflect regulatory changes, infrastructure developments and economic trends through 2025. Designed as a tool for banks, broker-dealers, asset managers and regulators, the publication supports industry growth by promoting consistency, efficiency and best practices across regional markets.
“EquiLend is committed to advancing transparency and operational excellence in securities finance globally, with an exciting future in the Latin American market,” said Rich Grossi, CEO at EquiLend, in a statement. “By collaborating with ISLA Americas, we are equipping the market with actionable insights at a pivotal time for the region.”
Country snapshots
Brazil remains the most developed and liquid market in the region, with B3 continuing to serve as the sole venue for trading, clearing, and post-trade services. Significant growth has been observed in both equities and fixed income, with regulatory authorities maintaining a mandatory CCP structure for securities lending. While this model enhances stability and risk management, it also presents challenges for foreign participation. Recent collaboration between B3, regulators, and ISLA aims to enable non-resident participation and foster deeper liquidity.
Mexico has seen increased market activity across its dual stock exchanges (BMV and BIVA) and in the fixed income repo market. Securities lending primarily occurs on regulated platforms ValPre and MEI PresVal, with Banxico actively supporting fixed-income lending through its market-maker program. Regulatory reforms are expected to expand participation by mutual funds, pension funds, and insurance companies, while demand for both equity and fixed-income lending continues to grow.
Chile continues to benefit from a stable fiscal environment and strong institutional investor base, particularly pension funds (AFPs). Equity lending volumes remain steady, with OTC platforms facilitated by the Santiago Exchange providing market access. Collateral management remains an area of development, with future improvements expected as part of Chile’s role in the nuam market integration initiative with Colombia and Peru.
Colombia has recorded strong growth in securities lending transactions, driven in part by pension fund activity and recent regulatory reforms supporting short-selling. The market operates through both exchange and OTC models, with the Cámara de Riesgo Central de Contraparte (CRCC) serving as the CCP for exchange-based trades. Continued modernization of repo and lending practices is helping Colombia maintain its standing within global indices and attract international investors.
Peru has a smaller but strategically important market, with equities trading concentrated in a limited number of liquid stocks and fixed-income activity largely driven by government bonds. Securities lending volumes remain modest, though regulatory and infrastructure reforms are underway to establish a CCP and expand opportunities for international participation.
Nuam, the regional integration project across Chile, Colombia, and Peru, represents one of the most ambitious capital markets initiatives in Latin America. The development of a single trading, clearing, and settlement framework is expected to create a harmonized securities lending model based on international best practices, significantly increasing cross-border opportunities for both local and international investors.