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FIXED-INCOME MARKETS & TRANSPARENCY Juan Pablo Córdoba President

FIXED-INCOME MARKETS & TRANSPARENCY Juan Pablo Córdoba President. Index. Colombian Fixed-Income Markets BVC Strategies Colombian Experience: What have we learned?. Fixed-Income Evolution Outstanding distribution based on security type. June 2010 Bonds (13,63%). December 1997

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FIXED-INCOME MARKETS & TRANSPARENCY Juan Pablo Córdoba President

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  1. FIXED-INCOME MARKETS & TRANSPARENCY Juan Pablo Córdoba President

  2. Index • Colombian Fixed-Income Markets • BVC Strategies • Colombian Experience: What have we learned?

  3. Fixed-Income Evolution Outstanding distribution based on security type June 2010 Bonds (13,63%) December 1997 Bonds (22,66%) June 2010 CDs (27,44%) December 1997 CDs (48,91%) June 2010 Total USD 166,5 billion December 1997 Total USD 26,1 billion June 2010 TES(58,93%) December 1997 TES(28,43%) Source: BVC

  4. Fixed-Income Market Distribution - Evolution Participation by trading venue Evolution Regulation Change Source: BVC

  5. Fixed-Income Markets Distribution - Evolution Volumes The AGR of the Fixed Income Market from 2003 to 2009 was 36%. The total volume traded in 2009 (USD$1.92 Trillion) increased 89% when compared with 2008. Estimates for 2010 indicate an 11% growth in volumes. 89% *YTD June 2010 Source: BVC

  6. Primary Market BVC Fixed Income – Private Debt Total issuance for 2009 (USD$ 6,7 billion) exceeded that of 2008 by 141%. The total issuances YTD 2010 has been USD$3,5 billion. Low interest rates have promoted new supply. High liquidity and market appetite have supported demand. 141% *YTD June 2010 Source: BVC

  7. Index • Colombian Fixed-Income Markets • BVC Strategies • Colombian Experience: What have we learned?

  8. BVC has implemented new strategy to support electronic trading and to participate in alternative trading systems

  9. Index • Colombian Fixed-Income Markets • BVC Strategies • Colombian Experience: What have we learned?

  10. Colombian Experience: What have we learned? Electronic Centralized, OTC or Brokerage Trading Systems?

  11. Suitability of trading alternative depends on:

  12. Colombian Experience: What have we learned?

  13. THANK YOU

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