Luis Tellez Kuenzler, president of the Mexican Stock Exchange (BMV), expects the Mexican economy to grow by 3% in 2013 and a larger number of medium-sized companies to enter the stock markets.
In an interview with Notimex, the executive explained that although there has been a weak first quarter and in the second quarter some sectors showed less dynamism, “there were industries, such as the automotive industry which performed well in the United States”, therefore he expects the Mexican economy to reach growth levels of around 3% this year.
Tellez also said that the federal government’s initiative for financial reform will help the placement of medium sized companies on the BMV. “Everything that has been raised so far in terms of structural reforms, those which are already approved and those which are still to be approved, once they enter into force and start applying will have a positive effect on the productivity of the country,” Tellez emphasized that of the 11 new placements recorded in the first half, six belonged to this type of company: Cultiba, Vesta, Hoteles City Express and three FIBRA issues.
The executive also highlighted that financial reform defines many positive functions of the National Banking and Securities, and creates the conditions for the BMV to establish routing agreements with other markets, allowing Mexico to enter the Latin American Integrated Market (Mila) by amending the legislation which to date does not allow the BMV and brokerage firms to send customer orders to other markets.