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The integration of stock exchanges: The case of the Latin American Integrated Market (MILA) and its impact on ownership and internationalization status in Colombian brokerage firms


  • Yepes-Rios, Beatriz

    () (Universidad EAFIT, Colombia)

  • Gonzalez-Tapia, Kelly
  • Gonzalez-Perez, Maria Alejandra


This paper describes the changes in ownership and internationalization of the brokerage firms in Colombia as a result of the regional integration process of its stock exchange market through the Latin American Integrated Market (MILA). It proposes that the integration of stock exchanges generated transformations within the brokerage sector, and affected companies in response pursue different strategies to remain competitive in the current state of affairs. In the case of Colombia, stock exchange integration through MILA has resulted into mergers between local brokerage firms, acquisitions from both national and international companies and changes in ownership.

Suggested Citation

  • Yepes-Rios, Beatriz & Gonzalez-Tapia, Kelly & Gonzalez-Perez, Maria Alejandra, 2015. "The integration of stock exchanges: The case of the Latin American Integrated Market (MILA) and its impact on ownership and internationalization status in Colombian brokerage firms," Journal of Economics, Finance and Administrative Science, Universidad ESAN, vol. 20(39), pages 84-93.
  • Handle: RePEc:ris:joefas:0087

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    Cited by:

    1. López Gaviria, José Ignacio, 2019. "Predictibilidad del mercado accionario colombiano," Revista Lecturas de Economía, Universidad de Antioquia - CIE, issue 91, pages 117-150, July.
    2. José Ignacio López-Gaviria, 2019. "Colombia’s stock market predictability," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 91, pages 117-150, Julio - D.

    More about this item


    Integración; Bolsas de valores; Compañías de corretaje; Mercados de capital; Mercado Integrado Latinoamericano;

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration


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