Mercado de capitales colombiano estará más abierto a inversionistas internacionales

TL;DR

The Superintendencia Financiera is proposing a decree to strengthen capital market infrastructure, increase liquidity, and facilitate foreign participation.
The decree aims to modernize the regulatory framework, expand market access, and align with international standards.
New rules will foster liquidity through more flexible repo and simultaneous operations on stocks and fixed income securities.
Investment fund managers will be permitted to manage foreign-domiciled funds if they meet jurisdictional requirements.
The negotiation of non-standardized derivatives will be facilitated in securities trading systems.
Interoperability agreements between Central Counterparties (CCPs) will enable cross-border transaction clearing and settlement under international standards.
A clearer system for ex-dividend, record, and payment dates will be adopted, benefiting foreign investors.
Expanded collateral options including foreign currencies and securities will increase leverage capacity.
The opening to foreign intermediaries is expected to democratize market access and increase competition for local firms.
Local firms may need to specialize or form alliances to compete with larger global players.
Risk management will be reinforced through increased guarantee requirements, interoperability, and CCP contingency plans.
CCPs will manage a dynamic margin account mechanism for eligible collateral, allowing for rapid adjustments based on market liquidity.

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