15 October 2009

Chile’s Fit Research Buys Santiago Exchange Seat

By Nathan Gill
Oct. 15 (Bloomberg) -- Chilean brokerage Fit Research Corredores de Bolsa SA bought a seat in the Santiago securities exchange in an auction today.

Fit, the only bidder, offered the minimum price of 2 billion pesos ($3.7 million) for a share in the exchange, the auctioneer announced. This gives the company the right to trade in Chile’s Bolsa de Comercio de Santiago.

The share auction was Chile’s second this year, an official, who can’t be named because of stock exchange policy, said today by telephone. The Angelini Group, which controls Empresas Copec SA, the country’s largest publicly traded company by market value, bought a share for 1.6 billion pesos in May, the official said. There are 31 brokerages trading on the Santiago exchange, according to the official.

Chile’s Ipsa stock index is trading at near-record levels after rallying about 65 percent from last October’s low. It fell today 0.8 percent to 3,437.02.