BMV raised MXN4.6 billion from its IPO, which included the listing of shares on the local exchange and a private offering in the U.S.

According to Prieto, the 24 brokerage houses that were the exchange's original shareholders now own about 60% of the company, with the remaining 40% sold through domestic and international offerings that attracted more than 100 institutional investors from Europe, the Americas and Asia.

BMV used part of the IPO proceeds to consolidate control over its diverse subsidiaries, a move that will boost the company's sales. BMV reported revenue of MXN1.01 billion and net profit of MXN153.6 million in 2007.

The IPO gives investors an opportunity to buy a stake in Mexico's only securities exchange, which is also one of the few vertically integrated exchanges in the world, controlling local derivatives market MexDer, central securities depository S.D. Indeval, and central counterparty operator Contraparte Central de Valores de Mexico SA.

BMV's debut as a publicly traded company comes at a time of growing consolidation and cooperation between the world's exchanges.

Earlier this year, Nasdaq acquired Nordic and Baltic exchange operator OMX AB to create Nasdaq OMX Group Inc. (NASDAQ-NMS:NDAQ) (NDAQ), while Brazil's commodities and futures exchange BM&F SA merged with Brazilian stock exchange operator Bovespa Holding SA.

Spanish stock exchange operator Bolsas y Mercados Espanoles SA (SpanishCats:BME) (BME.MC), or BME, took advantage of the Mexican exchange's IPO to buy nearly 1% of its shares for MXN103.1 million. Last year, the BME's board of directors authorized the purchase of up to 5% of the BMV.

Under the BMV's charter, a potential buyer will have to get broad shareholder support to pull off a successful takeover of the exchange.

According to Prieto, any shareholder seeking more than a 5% stake would have to get the approval of the board and at least 75% of shareholders, while a stake of more than 10% would require government approval, and over 30% would require a public tender offer for 100% of the exchange's shares.

Asked about what role the BMV would play in the consolidation of the global exchange industry, the executive said the company will look at different alternatives with respect to exchanges in Latin America, North America and Europe.

BMV is already working on a project that would allow brokers in Mexico, Brazil, Colombia and Peru to trade shares listed on each other's exchanges.

"As a public company we are now on the playing field. We have the ball. Now we have to see where we kick it," he said.

By Ken Parks, Dow Jones Newswires, 52-55-5001-5723, ken.parks@dowjones.com

    (END) Dow Jones Newswires   06-13-08 1812   Copyright (c) 2008 Dow Jones & Company, Inc.