Argentina takes what it wants. Whether it’s defaulting on sovereign debt or expropriating an oil company, the Argentine government eats when it’s hungry and doesn’t care what’s in the way, be it the World Bank or Repsol or, for that matter, collective denunciation by, well, everybody. Yesterday, the Argentine Congress passed a bill that will put majority control of YPF (YPFD.B), Argentina’s biggest oil company, back into the coffers of the country’s federal government. The problem with this is that Spain’s flagship energy company, Repsol (REP.MC), owns 51% of YPF, and that Argentina’s action essentially amounts to the legalized theft … Continue Reading →

Exchange consolidation is a worldwide trend with strong momentum. Across Europe, North America, and Asia, major exchanges are looking to reap the benefits of diversification and extended geographic reach by coordinating activities and working toward key mergers. Latin America is no exception. Last year, the national stock exchanges of Chile, Colombia, and Peru announced their intention to merge into a single, integrated Pan-Andean exchange, dubbed MILA (Integrated Latin American Market). After a few hiccups (namely, a temporary suspension of participation by Peru due to domestic taxation issues), the project is back on track and scheduled to start trading on May 30, with full … Continue Reading →