Securities Review 2015 07-25-2016

Transcription

ANNUALREPORT
SANTIAGO EXCHANGE
2 0 1 5
PRESENTED TO SHAREHOLDERS BY THE
BOARD OF DIRECTORS ON APRIL 25, 2016.
As set forth in our bylaws, the board of directors is pleased to
present Santiago Exchange's Annual Report for the year ended
December 31, 2015.
LETTER FROM THE CHAIRMAN
Dear Shareholders,
In 2015, Santiago Exchange focused on promoting best
practices and responsible investment based on the key
pillars of trust and transparency. We are certain that both
values play a crucial role in our society and are the basis
for the future growth of companies, our own exchange
and the securities market as a whole.
Given the responsibility that comes with being the country's leading stock exchange, this year we took an important step forward by evaluating and proposing to
shareholders that the exchange be demutualizedy.
We believe that the new structure will help eliminate potential conflicts of interest, introduce more competition
in the stock market, strengthen Chilean capital markets
and generate increased efficiency and transparency to
benefit our shareholders as well as the issuers, investors
and intermediaries that take part in the securities market.
In keeping with the progressively stricter demands of
society and investors, Santiago Exchange partnered
with S&P Dow Jones Indices to launch the first Chilean
Sustainability Index in October 2015. The purpose of the
index is to provide investors with additional information
on issues related to corporate sustainability, while promoting responsible investment and encouraging sustainable processes at companies listed on the Chilean stock
market. It is also designed to help create sustainable
value within these companies and give greater visibility
to corporations that comply with international standards
in these areas.
The introduction of this new indicator, which initially included 12 issuers, is part of a long-term project launched
last year. In December 2014, Santiago Exchange joined
the Sustainable Stock Exchanges Initiative (SSE). This initiative, which was created by the United Nations, enables
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Today, topics such as environmental impact, community
relations and corporate ethics are integral components
of any company's management. On a daily basis, we see
major global investors place increasing value on these
elements and, as a result, they insist on more and better
information that allows them to understand the practices
being used by companies in addition to their financial
results.
A N N U A L
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partner exchanges to share progress on sustainability matters and
promotes responsible investment approaches to environmental,
social and corporate governance issues.
Promoting international best practices has gone hand in hand with
an interest in advancing transparency, an essential component to
cultivating an investment environment with the full trust of all market players. As part of these efforts, in late 2014 Santiago Exchange
and the Chilean Council for Transparency signed a collaboration
agreement—the first of its kind between the council and a private
institution. In the agreement, we committed to collaborate on the
implementation of activities designed to strengthen transparency
practices and access to information on the securities market.
In this same spirit, in 2015 we developed a series of recommendations for strengthening stock market transparency and enhancing
information flows from issuers to investors. These recommendations are designed to enhance and strengthen relations with market
players, increase transparency and adopt international corporate
governance standards.
Similarly, the launch of the Derivatives Market gave the domestic capital market an institutional regulatory framework and
financial and technological infrastructure for trading, clearing
and settling derivative instruments through the stock market.
Developed collectively by Santiago Exchange and CCLV Contraparte Central S.A. in strategic partnership with BM&FBovespa,
this market currently trades IPSA futures, US dollar futures and
fixed-income futures.
In efforts to expand our products and services, Santiago Exchange,
together with CCLV and the Central Securities Deposit (DCV), initiated trading and settlement of foreign instruments in Chilean
pesos. It also began trading of fixed-income and money market
instruments in the HT platform, giving operators access to simple,
efficient, quick and reliable trading.
In security matters, Santiago Exchange was certified under ISO
22,301 (version 2012) and ISO 27,001 (version 2013), from the
British Standards Institution (BSI). This achievement places us on
the cutting edge of process certification, which is a challenge faced
by all companies looking to ensure exceptional, quality service for
their clients.
Together with these important developments, Santiago Exchange
set for itself the goal of strengthening relations with foreign investors. To accomplish this, the Commercial Division led efforts to
participate in several international events and carried out roadshows in the United States, the United Kingdom and Germany. The
events and roadshows were designed to promote our stock market
in these financial centers and provided us with an opportunity to
learn more about the needs of their investors.
In an effort to help consolidate regional integration, promote mutual understanding and develop a cross-border investment culture,
in the framework of the XLII Assembly and Annual Meeting of the
Ibero-American Federation of Exchanges (FIAB), Santiago Exchange
took on the role of president for 2015-2017. Likewise, as part of an
interest in integrating with other markets, we signed a Memorandum
of Understanding (MOU) with Korea Exchange Inc. (KRX), one of the
main options markets in the world, in order to exchange general and
market information and evaluate collaborative projects.
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When markets aim for transparency among listed companies, their efforts ultimately translate into greater and better access to information
for the market as a whole and sustainable decision making over time.
We also made great strides in market depth and instrument diversification in 2015. The Santiago Venture Exchange, developed
in partnership with the Toronto Stock Exchange, TSX Venture
Exchange, provides important opportunities by facilitating the
listing of junior mining companies in the exploration phase, thus
enabling investors to broaden their investment alternatives and
diversify their portfolios. Given this venture capital market's
great potential as a source of financing for numerous companies and projects in early development stages, it is expected to
attract increasing interest.
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These endeavors come in addition to the leading role that Santiago
Exchange has played in developing the Latin American Integrated
Market (MILA), the world's first transnational market integration
initiative that does not involve mergers or corporate integration.
This market, which originally included Chile, Peru and Colombia, with
Mexico joining in late 2014, is the top ranked Latin American market
based on number of listed companies—currently over 746—and
market capitalization, which was in excess of US$ 770 billion as of
year-end 2015.
I would like to extend a special thanks to our entire team for their
commitment to the company's long-term development. The great
strides we made in 2015 would not have been possible without their
hard work. I would also like to thank our customers for choosing our
organization and for the trust they place in us, and our shareholders
for their constant backing.
With everyone's support, we hope to continue to build a better
capital market and thereby contribute to the growth of our country.
Today, MILA's greatest challenges include broadening its securities
offering, making progress in the areas of clearing and settlement,
resolving tax and access matters for institutional investors and
strengthening its advertising and distribution among foreign investors.
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Juan Andrés Camus
Chairman of Santiago Exchange
A N N U A L
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CONTENTS
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CAP.01
CAP.03
CAP.02
7
THE EXCHANGE
AT A GLANCE
26
CORPORATE
GOVERNANCE
8
Vision and Mission
27
9
Our Pillars
10
2015 IN REVIEW:
40
INTERNATIONALIZATION
Organizational Chart
41
Internationalization of the Exchange
28
Our Board of Directors
61
Calendar of Events 2015
Our History
32
Our Management
14
Corporate Profile
34
Our Committees
15
Comprehensive Offering
16
The Exchange in Numbers
19
Products and Services
CAP.04
CAP.05
64
A SUSTAINABLE
EXCHANGE
81
BEYOND
THE NUMBERS
65
How We Define Sustainability
82
Economic Figures
66
Introduction
94
2015 Stock Market Summary
67
Corporate Governance
111
Our Brokers
69
Community Relations
120
Market Snapshot
73
Our Associates
189
Issuers
78
Our Market
80
Environmental Commitment
CHP.06
CHP.07
211
LEGAL
INFORMATION
228
FINANCIAL
REPORTS
212
Information on the Company
229
Financial Statements
213
Major Shareholders
285
Financial Statement Analysis
214
Understanding Our Business
290
Summarized Financial Statements of Subsidiary and Associate
308
Statement of Responsibility
A N N U A L
R E P O R T
06
01
THE EXCHANGE
AT A GLANCE
CHAPTER
Throughout our 122 years of
history, we have contributed to the
development of the securities market.
OUR VISION
To be leaders in the securities market,
providing exceptional, comprehensive
service to all customers.
OUR MISSION
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To provide the best opportunities offered
by the securities market, thus contributing
to Chile's development.
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OUR PILLARS
Trust
Acting in conformity with strict
ethical principles and meeting
commitments, establishing solid,
long-term relationships based on
transparency.
Excellent Service
Promoting a customer-focused
organizational culture and always
providing the best service.
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Innovation
Anticipating new challenges, creating
and developing the best business
opportunities.
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R E P O R T
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OUR HISTORY
TIMELINE
1917
Towards the end of the 19th century, the Chilean economy
showed signs of a formal business market with more than
160 corporations, but it lacked vitality and dynamism. In
response, on November 27, 1893, Santiago Exchange was
founded in order to contribute to the economy, making
more funding available for emerging companies that
were looking to do business in Chile.
Santiago Exchange has operated continuously since that
date, driving the growth of the Chilean securities market
and contributing to the country's development by helping companies access financing, generating value for
shareholders and giving intermediaries and customers
the chance to trade financial instruments in a trusted
and transparent environment.
On December 25, the building
currently housing Santiago
Exchange is inaugurated by
the president of Chile at that
time, Juan Luis Sanfuentes.
The building was designed
by Franco-Chilean architect
Emilio Jécquier.
1893
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On November 27, under the
chairmanship of Jorge Montt,
Santiago Exchange is founded
with initial capital of Ch$ 50,000,
distributed into 50 shares valued
at Ch$ 1,000 each, and nearly 50
listed companies, mainly banks,
mining, insurance, sodium nitrate
mines and livestock companies.
1944
While World War II is still
underway, gold coins and
dollars begin to be traded.
1930
The global economic crisis, which
began with the so-called "black
Thursday" in 1929, reaches Chile.
Santiago Exchange is immersed in
a depression that will impact the
domestic economy until 1932.
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1984
The process of privatizing Chilean
state-owned enterprises begins.
1986
1977
The Selective Stock Price Index
(IPSA) is created. This portfolio
consists of the 40 stocks with
the greatest market presence.
AFPs are authorized to invest in
stocks and the IPSA posts annual
growth of 139.4%—a record in
the history of the exchange.
1988
The Telepregon system is
created, the first computerized
stock trading system.
1973
1958
Santiago Exchange is incorporated
as a founding member of the
Ibero-American Federation
of Exchanges (FIAB).
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The General Stock Price Index
(IGPA) is created to reflect
variations in all stocks listed
on Santiago Exchange.
1981
The Corporations Law is enacted.
Pension Fund Administrators (AFP) are created,
becoming the stock market's main institutional investors.
The first network of trading stations with
real-time data is implemented.
The manual auction system for fixed-income and
money market instruments is created, through
which the AFPs conduct their operations.
1989
The electronic auction system
for fixed-income and money
market instruments is created,
allowing direct participation by
institutional investors: AFPs,
insurance companies, mutual
funds, banks and brokers.
Santiago Exchange's headquarters, a French
Renaissance-style building featuring Gothic structural
elements, is declared a national historic monument.
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11
1993
Amidst festivities to celebrate
the institution's 100th birthday,
Santiago Exchange inaugurates
an electronic trading board
with online data to replace its
century-old chalk boards.
2002
The IPSA changes to a single
base of 1,000 points.
2007
Transactions begin in the
emerging companies market.
1999
Sector indexes
are officially launched and
market cap indexes are created:
Large, Medium and Small.
The Take-Over Law
is enacted.
2006
1991
2000
Santiago Exchange joins the World
Federation of Exchanges (WFE).
The foreign securities market
and the Central Securities
Deposit (DCV), an associate of
Santiago Exchange, are created.
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The investment fund
market is created.
2005
The Self-Regulation
Committee is created.
The online system of fixedincome and money market
settlements is implemented.
2003
Santiago Exchange, Chilean
Electronic Exchange and Valparaíso
Stock Exchange sign agreements
for online data exchange and
intermarket transactions.
SERBA is implemented as
the computerized system for
Santiago Exchange's operations.
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2015
Santiago Exchange and S&P Dow Jones Indices (“S&P
DJI”) launch the first sustainability index in Chile
under the name Dow Jones Sustainability™ Chile
Index (DJSI Chile Index). It is the first of its kind using
the Dow Jones Sustainability Indices calculation
methodology and the first to use the IPSA as a base.
2009
2012
Exchange Traded Funds (ETFs)
begin to be traded in the
foreign securities market.
Local Exchange Traded Funds
(ETFs) are launched in Chile.
2010
Trading begins on the Derivatives Market with
IPSA, dollar and fixed-income futures.
Transactions officially begin
in the new variable-income trading
system Telepregón HT, which can process
up to 3,000 orders per second.
Santiago Exchange and CCLV are certified under
ISO 22,301, which ensures that both entities are
prepared to continue operations even under
difficult or unexpected circumstances.
CCLV Contraparte Central S.A.,
Santiago Exchange's subsidiary in
charge of clearing and settling market
transactions, begins operating.
A memorandum of understanding is signed with the
Korea Stock Exchange with a strong focus on developing
new investment instruments for the local market.
2011
2014
The new Law on Corporate
Governance comes into force.
The Integrated Latin American
Market (MILA) begins
operations, bringing together
the Santiago, Lima and
Colombian stock exchanges.
Santiago Exchange joins the Sustainable Stock
Exchanges Initiative (SSE) created in 2009 by the
United Nations.
2013
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Santiago Exchange
celebrates 120 years
investing in the future.
Santiago Exchange and TSX Venture sign an agreement
that leads to the creation of the Venture Market
(venture capital).
Trading and custody of foreign securities in local
currency (ETF) begin.
The Mexican Stock Exchange joins MILA. With this new
partnership, MILA brings together 746 issuers and a
total of 1,029 instruments available for trade on the
four member markets.
Santiago Exchange and CCLV are certified under ISO
27,001, which guarantees the security of all services
offered to the public.
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13
CORPORATE PROFILE
OUR OBJECTIVE
OUR CHALLENGES
Santiago Exchange provides value-added infrastructure, products and services for trading a
variety of securities. It is part of the financial
industry, specifically the stock market sub sector,
and boasts a market share of 99.01%. It operates
particularly in the secondary securities market
with support from its subsidiary CCLV and its associate DCV.
To contribute to the country's development
through capital markets by helping issuers access different sources of funding, generating
value for investors and enabling intermediaries
and customers to trade financial instruments in
a trusted and transparent environment.
To develop and strengthen the securities market
by integrating with international financial markets, incorporating new technologies and encouraging participation from investors, issuers and
intermediaries.
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WHAT WE DO
A N N U A L
R E P O R T
14
COMPREHENSIVE OFFERING
In order to assist customers throughout the
entire market transaction, Santiago Exchange
offers a wide variety of services that cover
the entire value chain, including order routing, trading, data services, back office and
clearing and settlement.
ORDER
ROUTING
TRANSACTIONS
DATA
BACK OFFICE
CLEARING
AND SETTLEMENT
EQUITIES MARKET / DEBT MARKET / DERIVATIVES MARKET
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This year marked a milestone as all of these
services are now available for each of the
instruments traded on the market: Equities,
fixed income, money market and, after obtaining regulatory authorization of its governance framework, derivatives.
A N N U A L
R E P O R T
15
THE EXCHANGE IN NUMBERS
5,666,795
MCH$ 571,849,179
MCH$ 195,551,991
Total Number
of Trades
Trading Value
in 2015
Total Value
Settled by CCLV
Number of
Institutional Customers
Banks, pension funds (AFPs), asset
management companies (AGFs),
insurance companies, etc.
70
Number of
Non-Institutional Customers
Investment companies, family offices,
vendors, routing networks, etc.
MORE THAN
200
CUSTOMERS
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Participants in "Know the Exchange" financial literacy programs in 2015
72
VISITS IN 2015
With a total of:
4,424
PARTICIPANTS
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13%
3%
Profit for the Year
Other
25%
CCLV
Front, Middle and
Back Office Systems
THCH$ 6,989,593
13%
Exchange Access
Rights
Earnings per Share
THCH$ 145,617
REVENUE BY
BUSINESS LINE
6%
Listing
4%
Interim Dividends
DMA Connectivity
Services
18%
18%
Data Systems
and Services
THCH$ 2,256,000
Trading
Stations
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Total Revenue
THCH$ 21,243,231
Return on Capital
21.5%
*Data as of December 2015.
A N N U A L
R E P O R T
17
NUMBER OF ASSOCIATES
BY GENDER*
AVERAGE
YEARS OF SERVICE*
17.5%
13 years or more
35.1%
3.8%
Less than 3 years
9 to 12 years
78
WOMEN
TOTAL
291
6.9%
213
7 to 8 years
MEN
36.8%
3 to 6 years
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*Includes associates of Santiago
Exchange and its subsidiary CCLV.
A N N U A L
R E P O R T
18
PRODUCTS AND SERVICES
COMPREHENSIVE SOLUTIONS
DMA CONNECTIVITY SERVICES
Services that allow universal
connectivity for orders to directly
access the exchange.
TRADING
STATION
Electronic quoting and
trading platform.
LISTING
Quoting and trading of and information
on issuers' securities.
EXCHANGE ACCESS
RIGHTS
Exchange trading rights for
brokers.
BUSINESS
LINES
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CCLV
Clearing and
settlement services for
market transactions.
In its role as a developer of technological solutions
for the securities and financial industries, Santiago Exchange has focused on providing world-class
products and services.
Through seven business lines, the company develops and offers solutions that assist all customers
with their day-to-day processes. This platform
also positions Santiago Exchange and the Chilean
market as a springboard for foreign investment
in the region.
DATA SYSTEMS
AND SERVICES
Products and services related to the
distribution of market data.
FRONT, MIDDLE
AND BACK OFFICE SYSTEMS
Technological solutions to support
an entity’s operational, financial and
commercial management.
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TRADING STATIONS
Specially designed for broker and professional
investor trading desks, this electronic platform
facilitates the quoting and trading of various
types of securities, and provides the possibility
to access all local market data in one place.
99.990%
system up time.
Number of stations
in the market:
897
Number of stations
sold in 2015:
100
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STEPS FORWARD
In order to continue to offer our customers the
highest quality electronic access, in 2015 debt
trading systems were migrated to the SEBRA HT
platform. This change will allow customers to trade
all instruments from the same platform and offers
added benefits such as greater speed, interfacing
systems and improved order processing, etc.
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R E P O R T
20
DMA CONNECTIVITY SERVICES
DMA (Direct Market Access) connectivity services,
which are targeted at investors and intermediaries, include several alternatives for connecting
with Santiago Exchange's trading platforms. This
enables buy and sell orders to be routed automatically to these systems in real-time.
STEPS FORWARD
This high-quality service was extended to all markets in 2015 when fixed-income and derivative
trading was incorporated.
Four connection models are adapted to fit different needs:
MODEL 1
BROKER CUSTOMER
Fix 4.4
BROKER
LIMIT
DMA BROKER
Connection for brokers.
Fix 4.4
BROKER
LIMIT
DMA NETWORK
Connection for routing networks to
connect local and foreign customers.
BROKER
MODEL 2
NETWORK CUSTOMER
BROKER
SANTIAGO EXCHANGE
NETWORK
Fix 4.4
FIX GATEWAY
TRADE ENGINE
SANTIAGO EXCHANGE
MODEL 3
Fix 4.4
BROKER
LIMIT
INVESTOR
BROKER
DMA DIRECT
Connection for investors.
Fix 4.4
MODEL 4
Fix 4.4
ROUTING NETWORK,
BROKER
OR INVESTOR
BROKER
LIMIT
BROKER
CO-LOCATION
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Fix 4.4
Co-Location
This service complements a DNA connection. It
consists of leasing space in Santiago Exchange's
data processing center, adjacent to its trading
engine, to host servers or customer communication
equipment. This privileged location enhances
the speed of order processing and delivers
high standards of trust and security.
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R E P O R T
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No. of customers
connected:
Average monthly value
traded through a DMA
connection over last
five years.
No. of routing
networks connected:
7
1,500,000
1,000,000
500,000
0
Amount in MCh$
2011
2012
2013
463,217
589,077
823,651
2014
2015
950,000 1,268,000
Note: Figures include buy and sell orders in all enabled
DMA channels.
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* Santiago Exchange has signed agreements with the
most important global routing networks: ATG (Americas
Trading Group), Bloomberg, Fidessa, Marco Polo, Fix
Flyer, Raptor and Sungard.
Amount in MCh$
60
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R E P O R T
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FRONT, MIDDLE
AND BACK OFFICE SOLUTIONS
This service, targeted towards brokers, securities
agents and asset management companies (AGFs),
delivers technological solutions to support the
integrated and efficient operation of financial,
operational and commercial management of a
variety of entities.
These solutions also come with full technological
support and contain tools specifically designed
for the Chilean market that are adapted to its
constant growth and regulatory changes.
SEBRA AGF: Platform that allows intermediaries
and asset management companies to efficiently
manage their investment funds.
Openworkplace: This leading European software
developed by Infobolsa enables users to manage
wealth management and portfolio management
businesses by delivering a comprehensive vision
for their commercial advisory services.
No. of customers with
SEBRA CAPITAL service:
22
CUSTOMERS
SEBRA Capital: This service provides full support
to intermediaries, delivering front, middle and
back office tools.
These changes are intended to improve and expand the tools offered by the product and to
streamline management and operations through
an easy-to-use platform tailored to the brokerage
business. They will also enable the service to be
expanded to the MILA region (more information in
2015 in Review: Strategic Partnership with SAP).
78%
of brokers registered with
Santiago Exchange use the
system.
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STEPS FORWARD
SEBRA Capital Service:
In 2015, Santiago Exchange signed a strategic
partnership agreement with the German multinational SAP to fully redesign the SEBRA Capital
product.
A N N U A L
R E P O R T
23
DATA SYSTEMS
AND SERVICES
Santiago Exchange provides investors with several data services, including online data on prices, transactions, rates, volumes and a complete
historical file for each of the markets.
The services allow data regarding the Chilean
securities market to be distributed both locally
and internationally. The main products are:
different levels allow subscribers to access depth
of market data, distribute to third parties in real
time and publish data on their website.
Market Consultation Station: Enables subscribers
to see trading systems online, make consultations
with processed information and use analysis tools.
Number of consultation
stations in the market:
No. of customers connected
to Market Data:
41
No. of customers with
DropCopy service:
14
Market Data: Direct connection and access to full
flow of market data from Santiago Exchange. Its
STEPS FORWARD
In order to further develop these services, in 2015
Santiago Exchange migrated the fixed-income
market to the FIX 4.4 technology and incorporated
all data from the debt and derivatives markets.
During the year, it also worked on developing the
SEBRA application for mobile devices to complement the Consultation Station service.
8.2%
Revenue growth in this
business line during 2015.
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In parallel, it reinforced its partner strategy with
new international vendors, which helped expand
the number of end users.
789
A N N U A L
R E P O R T
24
32
CCLV, CONTRAPARTE
CENTRAL S.A.
CCLV, a subsidiary of Santiago Exchange, offers a
complete clearing and settlement service. It delivers the highest levels of financial stewardship
to participants in the securities market within a
secure, transparent and reliable environment.
STEPS FORWARD
In order to link quality with service availability,
CCLV has worked to ensure business continuity
through internal initiatives that forecast potential
scenarios that could affect operations.
In this context, the British Standards Institution (BSI)
conducted maintenance audits for ISO 22,301 and
ISO 27,001 certifications. (more information in
2015 in Review: International Standards).
CCLV settles the transactions of the entire
Chilean capital market, acting as the central
counterparty for equities and derivatives markets, and as a clearing house for debt and repo
agreement markets.
Along the same lines, the subsidiary worked this year
on maintaining the AT-801 report, which addresses
the design, implementation and measurement of the
operating effectiveness of management controls at
CCLV. Results are expected in early 2016.
It also upgraded its financial risk system, giving it
new, more efficient methodologies for managing
financial risk.
settlement
agents
3
indirect
settlement
agents
6,729,574
clearing orders in 2015.
100%
99.96%
99.70%
of transactions were settled on the
correct day.
of cash settlements were completed by the set
deadline.
of position settlements were completed
by the set deadline.
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Total net balance settled by CCLV
MCh$ 56,985,779
1.06% higher than the previous year.
A N N U A L
R E P O R T
25
02
CORPORATE
GOVERNANCE
CHAPTER
We strive to balance the interests of
individuals, companies and society.
ORGANIZATIONAL CHART
BOARD OF
DIRECTORS
REGULATIONS AND AUDIT
COMMITTEE
BUSINESS AND
TECHNOLOGY
COMMITTEE
ETHICS AND DISCIPLINE
COMMITTEE
RISK
COMMITTEE
LEGAL COUNSEL
BEST PRACTICE
COMMITTEE
CHIEF
AUDIT AND CONTROL
OFFICER
CHIEF
EXECUTIVE OFFICER
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CHIEF
FINANCIAL
OFFICER
CHIEF
COMMERCIAL
OFFICER
CHIEF
INFORMATION
OFFICER
CHIEF
OPERATING
OFFICER
CHIEF
PLANNING
AND DEVELOPMENT
OFFICER
RISK
DIVISION
A N N U A L
R E P O R T
27
1
3
5
2
OUR
BOARD OF
DIRECTORS
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6. Juan Andrés Camus Camus
Chairman
Degree in business administration from
Universidad Católica de Chile. Founding
partner of Celfin Capital in 1988, Chairman
of BTG Pactual, which merged with Celfin
Capital in 2012, and member of Executive
Council of CEP. Director of Santiago
Exchange since April 2010 and Chairman
since April 2014.
4
1. Juan Eduardo Correa García
Director
6
2. Fernando Larraín Cruzat
Director
Degree in industrial engineering from
Universidad Católica de Chile. ViceChairman of Banco Bice, Chairman of Bice
Vida Compañía de Seguros S.A., director
of Colbún S.A, CEO of BICECORP S.A.
Director of Santiago Exchange since April
2012.
7. Hernán Somerville Senn
Director
Degree in law from Universidad de Chile.
Director of Enersis, partner and director
of Fintec Ltda. Director of Santiago
Exchange since April 2012.
7
Universidad Católica de Chile and an MBA
from Harvard Business School. Executive
President of LarrainVial S.A., member
of the boards of Watt’s, Activa SPA and
Fundación Las Rosas. Director of Santiago
8
8. Pedro Salah Ahués
Director
Degree in chemical engineering and
accounting from Universidad Católica de
Chile. Founder of Caja de Compensación La
Araucana. Director of Santiago Exchange
since April 2014.
9
8
3. Nicholas Davis Lecaros
Director
Chairman of the boards of EuroAmerica
S.A., EuroAmerica Seguros de Vida S.A.,
EuroAmerica Administradora General
de Fondos S.A. and EuroAmerica Servicios
Financieros S.A, Vice-Chairman of
Fundación Generación Empresarial.
Director of Santiago Exchange since
April 2012.
9. Oscar Von Chrismar Carvajal
Director
Degree in civil engineering from Universidad
de Santiago. Vice-Chairman of Banco
Santander. Director of Banco Santander
in Argentina and Peru. Director of Santiago
10
4. Álvaro Donoso Barros
Director
Universidad Católica de Chile and a
Master of Economics from the University
of Chicago. Director of CorpResearch.
Director of Santiago Exchange since
April 2014.
10. Rodrigo Manubens Moltedo
Director
Universidad Federico Santa María and
Universidad Adolfo Ibáñez. Master of
Science from the London School of
Economics. Director of Banco de Chile,
Chairman of Banchile Seguros de Vida,
Director and Chairman of Directors'
Committee of Aguas Andinas. Director
of Santiago Exchange since May 2013.
11
5. Eduardo Muñoz Vivaldi
Vice-Chairman
Degree in industrial engineering from
Universidad de Chile. Chairman and
founding partner of Negocios y Valores
S.A., Corredores de Bolsa. Director of
Santiago Exchange since April 2010.
11. Jaime Larraín Vial
Director
Broker on Santiago Exchange since
November 11, 1974. Partner at brokerage
house Jaime Larraín y Cía., Corredores de
Bolsa Ltda. Director of Santiago Exchange
since April 2000.
A N N U A L
R E P O R T
28
BOARD
MEMBERS
AGE
GENDER
Under
30
30 40
years 0 Individuals
41 50
years 2 Individuals
to
to
51 60
61 70
years 4 Individuals
to
11 Chilean
0 Foreign
Men
Women
YEARS ON THE BOARD
TOTAL
11 INDIVIDUALS
years 2 Individuals
to
11
0
years 0 Individuals
NATIONALITY
Less than 3 years
13 years or more
1
4
TOTAL
11
6 3 to 6 years
0 7 to 8 years
70
years 3 Individuals
0 9 to 12 years
C H P
0 2
Over
* Composition as of December 31, 2015.
A N N U A L
R E P O R T
29
BOARD
COMPENSATION
C H P
0 2
The company has paid the board the following
allowances and other compensation:
* The company's board of directors has not received any
other type of compensation or stipend from its subsidiary
CCLV, Contraparte Central S.A.
2015
2014
ALLOWANCE
THCH$
DIRECTOR ON CALL
ALLOWANCE THCH$
OTHER
THCH$
TOTAL
THCH$
Juan Andrés Camus Camus
90,176
-
-
90,176
61,651
Juan Eduardo Correa García
8,779
7,492
2,495
18,766
Nicholas Davis Lecaros
13,808
-
1,252
Álvaro Donoso Barros
12,580
-
Fernando Larraín Cruzat
13,808
Jaime Larraín Vial
OTHER
THCH$
TOTAL
THCH$
-
1,180
62,831
9,588
5,461
4,200
19,249
15,060
12,024
-
2,391
14,415
3,113
15,693
9,650
-
2,417
12,067
-
-
13,808
8,454
-
-
8,454
10,024
7,517
3,753
21,294
7,232
10,759
-
17,991
Rodrigo Manubens Moltedo
8,813
7,492
3,152
19,458
10,810
3,629
2,992
17,431
Eduardo Muñoz Vivaldi
13,808
-
3,119
16,927
12,057
1,758
2,409
16,224
Pedro Salah Ahués
13,808
-
3,753
17,561
9,676
-
1,816
11,492
Hernán Somerville Senn
8,795
-
3,753
12,548
12,026
-
5,409
17,435
Oscar Von Chrismar Carvajal
12,554
-
5,626
18,180
13,229
-
3,602
16,831
Pablo Yrarrázaval Valdés
-
-
-
-
28,277
-
-
28,277
Leonidas Vial Echeverría
-
-
-
-
1,172
-
-
1,172
Juan Andrés Fontaine Talavera
-
-
-
-
2,353
-
1,770
4,123
206,953
22,501
30,016
259,470
198,199
21,607
28,186
247,992
Total
ALLOWANCE DIRECTOR ON CALL
THCH$
ALLOWANCE THCH$
A N N U A L
R E P O R T
30
HONORARY CHAIRMAN AND
HONORARY MEMBERS
The distinction of Honorary Member is a long-standing tradition
at Santiago Exchange reserved for a select group of people. It is
bestowed on individuals with a long track record at the institution
who are deserving of recognition and appreciation from shareholders and brokers for their exemplary and selfless service in benefit
of the institution and the brokerage profession.
HONORARY CHAIRMAN
Eugenio Blanco Ruiz
HONORARY MEMBERS
Daniel Covarrubias Ortúzar
Gustavo de la Cerda Acuña
Tomás Hatton Aguirre
Alberto Le Blanc Donaldson
The distinction of Honorary Chairman was created in January 1989
and given for the first time in the institution's history to one of our
most esteemed members, a man who served—with success and dedication—as the Chairman of Santiago Exchange for over 21 years.
Luis Lira Montt
Manuel José Ureta Mackenna
C H P
0 2
Pablo Yrarrázaval de Tezanos Pinto
A N N U A L
R E P O R T
31
1
OUR
MANAGEMENT
C H P
0 2
1. Juan Ponce Hidalgo
Chief Operating Officer
2
2. Nicolás Almazán Barros
Chief Planning and Development Officer
3
4
5
4. Patricio Rojas Sharovsky
Chief Financial Officer
6
7
6. Carlos Niedbalski Chacón
Chief Audit and Control Officer
Taxpayer ID: 10.790.663-0
Degree in business administration from Universidad de Chile
and a Master in Financial Management from Universidad Adolfo
Ibáñez. He joined Santiago Exchange in June 2004. Chief Planning
and Development Officer since November 2013.
Degree in industrial engineering and MBA from
Universidad Católica de Chile. He joined Santiago
Exchange in September 1997. Chief Financial Officer since August
2009.
Role: To efficiently develop markets, products and services, to
expand stock market activity and to satisfy customer needs in
order to add value and strengthen the company's relationship
with the market.
Role: To prepare, analyze and control revenue projections and
expense and investment budgets, to prepare financial statements
and to manage human resources and the supply of internal services
with a focus on efficiency and profitability.
Degree in business administration from Universidad
de Santiago, degree in accounting from Universidad
de Chile and MBA from Universidad Católica de
Chile. He joined Santiago Exchange in February 1990.
Chief Audit and Control Officer since January 2012.
3. Lucy Pamboukdjian Costa
Chief Commercial Officer
5. José Antonio Martínez Zugarramurdi
Chief Executive Officer
Role: To contribute to market transparency and trust, to ensure
that member brokers comply with current regulations and to
support management in safeguarding the organization's assets
and strengthening internal controls over business processes.
7. Andrés Araya Falcone
Chief Information Officer
Degree in financial engineering from Universidad Diego Portales.
He joined Santiago Exchange in July 1976. Chief Operating Officer
since July 1995.
Degree in business administration with certificate in financial
economics from Universidad Mackenzie de Sao Paulo,
Brazil, and a Master of Economics (MSc) from Pontificia
Universidad Católica de Sao Paulo. She joined Santiago
Exchange in May 2015.
Degree in industrial engineering from Universidad de Chile and
Master in Business Law from Universidad Adolfo Ibáñez. He
joined Santiago Exchange in May 1984. Chief Executive Officer
since September 1998.
Degree in IT engineering from Universidad Diego Portales and MBA
from Universidad Católica de Chile. He joined Santiago Exchange
in January 1988. Chief Information Officer since April 1998.
Role: To manage market operations in line with current regulations
and to ensure that market data is properly reported to regulators,
serving as the liaison to align regulations and market operations.
Role: To serve customers in order to promote the institution's
added value among shareholders and market agents, to market
and expand its product and service offering and to strengthen
relations with local and foreign investors, issuers, brokers and
intermediaries.
Role: As the company's representative and the person responsible
for its management, the CEO's role includes leading staff
development efforts; defining management priorities with
a focus on exceptional, comprehensive service; supporting
the development of stock and financial markets and generating
added value for shareholders, all within the framework defined
by the company's board of directors.
Role: To implement high-quality, effective IT solutions that allow
market participants to strengthen their business and ensure
continuity and risk control.
A N N U A L
R E P O R T
32
MANAGEMENT
TEAM
AGE
Under
30
30 40
to
41 50
to
years 2 Individuals
years 1 Individual
1
TOTAL
7
years 0 Individuals
Less than 3 years
0 3 to 6 years
7 to 8 years
0 9 to 12 years
5 13 years or more
MANAGEMENT COMPENSATION
Total compensation received by
company executives during 2015:
THCH$ 1,035,335 (THCH$ 992,741 IN 2014)
C H P
70
6 Chilean
1 Foreign
TOTAL
7 INDIVIDUALS
61 70
Over
6 Men
1 Women
YEARS OF SERVICE
years 1 Individual
years 3 Individuals
to
NATIONALITY
1
51 60
to
0 2
years 0 Individuals
GENDER
* Composition as of December 31, 2015.
A N N U A L
R E P O R T
33
OUR
COMMITTEES
These committees are the cornerstone of corporate governance at Santiago Exchange. They
help ensure faithful compliance with current regulations and promote the values that govern the
institution's operations.
BUSINESS AND TECHNOLOGY
COMMITTEE
Standing Members
Alternates
Standing Members
Alternates
Henry Comber Sigall
Jaime Larraín Vial
Jaime Larraín Concha
Claudio Larraín Kaplan
Pedro Salah Ahués
Gonzalo Jiménez Parada
Matías Repetto Vergara
0 2
RISK
COMMITTEE
C H P
COMMITTEE
BEST PRACTICE
COMMITTEE
Pablo Valenzuela Mardones
COMMITTEE
Standing Members
Standing Members
Standing Members
Lisandro Serrano Spoerer
Patricio Parodi Gil
Jorge Jaramillo Selman
Gonzalo van Wersch Calderón
Jorge Tarzijan Martabit
Alternates
Alternates
José Luis de la Rosa Muñoz
Gonzalo Delaveau Swett
Ramón Eluchans Olivares
Fernando Lefort Gorchs
René Peralta Moreno
* Current members as of December 31, 2015.
A N N U A L
R E P O R T
34
COMMITTEE
This committee is responsible for evaluating and proposing
measures regarding Santiago Exchange's operations, business
development and use of technology.
Implementation of Derivatives Market
As part of ongoing efforts to diversify the product offering available to the financial market in
general (intermediaries, banks, institutional and
individual investors, both local and foreign), the
Derivatives Market began operating in 2015. In
order to support this market's growth, the committee approved its start-up plan and an incentive-based commercial strategy to foster liquidity
and generate high transaction volumes.
Improvements to Short Sale and
Repo Markets
During the year, the committee focused on
strengthening the short sale, loan and repo markets by improving the market's current definitions
and increasing flexibility in trading and back office operations. To accomplish this, after evaluating the risks involved, the committee approved
management's proposal to expand the types of
instruments that can be sold short, to modify position limits to take into account position risk with
respect to the broker's net equity and to generate
new reports for intermediary customers, among
other activities.
Investment Projects for 2016
In outlining the company's investment plans for
2016, the committee approved 22 of the 73 ideas
presented by management teams from Santiago
Exchange and CCLV. The 22 initiatives were chosen based on their alignment with the company's
strategic focal points. Of the projects approved,
48.35% involve customers and service quality;
33.70% business expansion and 17.95% risk management.
Agreement with Diligent
The board of directors approved an agreement with
Diligent Corporation, a provider of digital communication solutions, to promote its professional tool
for corporate boards among local issuers.
C H P
0 2
ACTIVITIES IN 2015:
Upgrading the SEBRA Capital System
The committee monitored implementation of the
process to upgrade the front, middle and back
office platform used by the SEBRA Capital system. These changes aim to provide customers
with world-class services. The initiative includes
building a solution for brokers on a SAP Business
One platform. Development began in July 2015
and is expected to be completed in 18 months.
A N N U A L
R E P O R T
35
COMMITTEE
This committee is responsible for analyzing and proposing
improvements to the institution's internal regulations,
overseeing its financial position and budgets and supervising
external and internal audits. Until October 2015, it was
also in charge of evaluating and monitoring established risk
policies. At that time, a separate Risk Committee was formed
to manage these matters. In 2015, the committee analyzed a
total of 150 audits.
ACTIVITIES IN 2015:
Audits
Broker Audits:
The committee approved the 2015 Broker Auditing Plan with brokers segmented by oversight
level. This classification, based on reporting and
oversight requirements, allows for improved monitoring of broker activities.
At the beginning of the year, the committee
requested a faster response time and additional resources for market tracking audits.
As a result, a total of 101 broker audits were
conducted in 2015.
Activities in 2015
Internal Audits:
The committee also approved the 2015 Internal
Auditing Plan, which began to operate using the
new risk management model towards the end of
the year. As a result, a total of 49 internal audits
were conducted in 2015.
Activities in 2015
Other audits
9
10
Comprehensive audits
Ongoing monitoring
27
TOTAL
101
C H P
0 2
Market tracking
audits
Regarding the new risk management model, the
board approved a policy establishing that no operational or computer process should fall in the
high-risk segment and requested a proposal from
the Risk Division for reducing intermediate risks
to low. This proposal is scheduled to be applied
next year.
14
13
Operational audits
TOTAL
49
30 Specific audits
ISO audits
15
7 Computer audits
25
Immediate audits
A N N U A L
R E P O R T
36
New Regulations
A consultation process was held for brokers to
provide feedback on internal regulations to incorporate the provisions of General Character
Standard 380 from the Securities and Insurance
Supervisor (SVS) dated March 9. These regulations
include a proposed customer agreement, rules on
conflicts of interest from the Best Practice Committee and measures proposed by the Chairman
of Santiago Exchange.
Improvements to Short Sale and Repo Markets
The committee approved proposed improvements
to the short sale and repo markets designed to
strengthen both markets by improving current
definitions and increasing flexibility in trading
and back office operations.
Comprehensive Risk Management System
With oversight from the Regulations, Risk and
Audit Committee, implementation of the comprehensive risk management system began in 2014.
This system is based on qualitative and quantitative modeling of the institution's structure of
internal processes. The plan originally presented
to the committee was divided into 10 stages. It
was initiated in 2014 and completed during the
first half of 2015. Given the importance of this
process, the board decided to create a separate
new risk committee.
C H P
0 2
Compliance
The committee continuously monitored compliance with regulations under Law 20,393 on Criminal Liability of Legal Entities and Law 19,913 on
the Financial Analysis Unit (UAF), with an emphasis on the company's prevention, detection and
response activities. The quality of these efforts
was confirmed during the preventative audit conducted by the UAF at Santiago Exchange in 2015.
After six months of reviewing processes related
to asset laundering, terrorism financing and bribery, the regulator filed no observations against
Santiago Exchange in its report.
A N N U A L
R E P O R T
37
RISK
COMMITTEE
This committee is charged with issuing guidelines for
comprehensively managing the institution's main risks in
accordance with current laws, bylaws, regulations, internal
codes and handbooks and board policies. In this context,
it must familiarize itself with the institution's exposure
and risk levels, supervise market transactions and make
recommendations regarding market tracking audits to the
Chief Audit and Control Officer.
Market Tracking Methodology
The committee also reviewed and validated the
objectives, methodologies and tools used by the
market tracking area, which is responsible for
supporting Santiago Exchange's mission and ensuring a fair, competitive, orderly and transparent
market.
C H P
0 2
ACTIVITIES IN 2015:
Comprehensive Risk Management System
In its first meeting as a separate committee, which
was held in November 2015, the Risk Committee familiarized itself with the different areas of
risk management and evaluation methodologies
employed. It then approved the institution's risk
management model. This will be monitored using
around 30 financial and operational indicators
for stock markets.
A N N U A L
R E P O R T
38
BEST PRACTICE
COMMITTEE
COMMITTEE
This committee is responsible for hearing and resolving any
complaints arising among brokers or between brokers and
their customers for violations of the regulations or laws
governing Santiago Exchange.
This committee is also responsible for hearing and
resolving any controversies that may arise among brokers
over market transactions based on Santiago Exchange's
Code of Ethics.
ACTIVITIES IN 2015:
Committee Rulings on Audits Conducted by
Santiago Exchange
During 2015, the Best Practice Committee analyzed 103 cases involving specific, comprehensive, immediate, market tracking and other audits
conducted by Santiago Exchange.
* This committee does not hold regular meetings.
It only meets when convened for special reasons.
The committee did not meet in 2015.
After analyzing the cases, the committee issued
three penalties against brokers for violating market regulations.
C H P
0 2
Committee Rulings on Broker-Customer
Complaints
In 2015, the Best Practice Committee analyzed
10 complaints filed by customers and did not find
any violations of market regulations by brokers.
Updating Best Practice Committee Regulations
In order to improve its operations, the committee
decided to update the Best Practice Committee
Regulations. The changes included adjusting the
general conditions for brokers set forth in the
transitory provision in SVS General Character
Standard 380. The updated regulations were sent
to the SVS for approval.
A N N U A L
R E P O R T
39
03
2015 IN REVIEW:
CHAPTER
Promoting the Chilean market
and strengthening ties with
foreign investors.
OF THE EXCHANGE
C H P
0 3
Santiago Exchange has made strides on two important fronts: providing a bigger
and better product and service offering for both local and foreign customers;
and bringing its markets, which boast a world-class offering for global investors,
on par with international standards. In this context, Santiago Exchange took a
more active approach to international markets in 2015, offering instruments
that allow Chilean market agents to diversify their investments.
Several accomplishments translated into improvements for our customers and
helped us open new markets: The launch of venture capital instruments as part of
a partnership—unprecedented for the mining sector—with the Toronto Venture
Exchange (TSXV) involving Chilean and Canadian securities regulators; the startup of Chile's regulated Derivatives Market in alliance with the Sao Paulo Stock
Exchange and the Brazilian Mercantile and Futures Exchange (BM&FBovespa);
an expanded offering of foreign securities, and alliances with leading global
companies to offer services with state-of-the-art technology.
This year also marked the start of efforts to promote Chilean capital markets
abroad. The objective of these efforts was to attract international investors
and continue implementing best practices to align Santiago Exchange with
the trading dynamic of other regulated global markets. The first step in this
standardization process consisted of creating a new Commercial Division and
outlining an active plan for generating greater liquidity and competitiveness at
Santiago Exchange as well as in the Chilean market in general. In the context of
the exchange's possible demutualization, the plan aspires to increase trading
volume and revenue for the exchange and its customers, thus aligning it with
the globalized market and furthering regional integration via MILA.
As a result, Santiago Exchange focused considerable attention abroad in 2015,
promoting the Chilean market at international events, strengthening relations with
foreign investors and working to understand the obstacles that dissuade them
from investing in Chile. All of these endeavors were designed to make the market
more attractive on a global level, strengthen the product and service offering and
promote the exchange's added value among shareholders and market agents.
A N N U A L
R E P O R T
41
STRATEGIC DEVELOPMENT
COMMITTEE EVALUATES
DEMUTUALIZATION
Santiago Exchange's board of directors created a Strategic Development Committee to analyze, evaluate and advise the board on
important institutional issues.
Members include chairman Juan Andrés Camus and directors Juan
Eduardo Correa and Nicholas Davis. The new committee's first task
was to evaluate the advantages of demutualizing Santiago Exchange
by vertically and/or horizontally integrating market activity with
either national depository institutions or foreign operators.
After analyzing the experience of exchanges in Brazil, Spain, Colombia, Mexico and Canada, including the importance and benefits of
integrating securities exchanges and depositories in those markets,
the committee presented several proposals in July to begin the
demutualization process.
Santiago Exchange's chairman led a series of meetings with the
institution's shareholders late in the year in order to present the
board's proposal and gather feedback. At these meetings, shareholders decided to vote in March 2016 on proposed amendments
to the bylaws that would make demutualization possible.
IN MARCH 2016
C H P
0 3
the shareholders of Santiago Exchange will
vote on proposed amendments to the bylaws
that would make demutualization possible.
A N N U A L
R E P O R T
42
SANTIAGO EXCHANGE:
VENTURE CAPITAL
In 2015 Santiago Exchange formalized a partnership with TSX Venture. This new segment is designed to open and develop the capital
market for mining and other early-stage companies venture capital
and to offer financing opportunities to projects seeking start-up
capital through the exchange.
The first phase of the initiative calls for listing Canadian companies
on the local exchange, while the second phase involves adding local
and regional companies, especially those listed on the Latin American Integrated Market (MILA) and those that can be listed using the
Canadian market's regulatory framework. This allows simultaneous
access by any company from the MILA region (Chile, Colombia, Mexico and Peru) through Santiago Exchange and the Canadian market,
thus strengthening ties between the mining industry and the local
capital market.
As of year-end 2015, 12 junior exploration companies and a family
of 12 Canadian ETFs are already dually-listed on Santiago Exchange,
thus expanding their presence in Chile. Santiago Exchange will incorporate other sectors, such as the energy, petrochemical and gas
industries, in the dual-listing agreement.
In 2015 Santiago Exchange formalized a partnership with
C H P
0 3
TSX VENTURE EXCHANGE.
A N N U A L
R E P O R T
43
DIVERSIFICATION AND EXPOSURE TO
INTERNATIONAL ASSETS FOR CHILEAN INVESTORS
Chilean investors, particularly institutional investors, are looking for
more diversified instruments and geographic exposure. This need
motivated Santiago Exchange to go beyond the call of duty to offer
the market infrastructure and platforms necessary for developing
foreign securities and to boost product offerings and investment
alternatives.
In 2015, BlackRock and BCI Corredores de Bolsa, with support from
Santiago Exchange and the Central Securities Depository (DCV),
began trading and settling a new offering of ETF iShares, in both
Chilean pesos and the currency of origin, on Santiago Exchange.
Of foreign securities transactions:
This new offering boosts investment opportunities on the local
market by simplifying trading and settlement of foreign instruments
in Chilean pesos, which directly benefits users. Users may invest in
the international market through ETF iShares without the need for
currency transactions or foreign current accounts.
88.1%
11.9%
Evolution of Total Annual Trading Value
of Foreign Securities
250,000,000
150,000,000
100,000,000
Growth in trading value
of foreign securities during 2015.
C H P
0 3
50,000,000
0
ANNUAL TRADING
VALUE (US$)
2013
2014
2015
138,237,934
189,051,705
228,875,898
ARE FOREIGN STOCKS.
Foreign securities listed
to date:
21.1%
200,000,000
ARE ETFS AND
256
522
89
3
125
FOREIGN FUNDS,
MILA FOREIGN STOCKS,
STOCKS FROM OTHER MARKETS,
CHILEAN ADRS AND
FOREIGN ETFS
Source: Santiago Exchange
A N N U A L
R E P O R T
44
DERIVATIVES MARKET
In development since 2012, Santiago Exchange's Derivatives Market
was approved by the SVS in April 2015 and began operating in August. The first phase involves trading IPSA and dollar futures, while
the second phase will introduce fixed-income futures.
C H P
0 3
This process is part of Santiago Exchange's internationalization
plan since it offers foreign investors the possibility of trading new
instruments on the Chilean capital market and demonstrates that
the market's institutions are aligned with global trends.
U.S. investors have been authorized to trade dollar and interest
rate derivatives. To accomplish this, representatives from Santiago
Exchange presented these instruments to U.S. market agents at international gatherings and events, particularly the FIA International
Derivatives Expo held in Chicago in November 2015.
The Chilean Derivatives Market is a joint initiative from Santiago
Exchange and CCLV Contraparte Central S.A., in strategic partnership
with BM&FBovespa. The objective of the initiative is to provide the
domestic capital market with an institutional regulatory framework
and financial and technological infrastructure for trading, clearing
and settling derivative instruments on the stock market.
As of year end,
the Derivatives Market
had
12
SETTLEMENT
AGENTS
A N N U A L
R E P O R T
45
RECOMMENDATIONS FOR BROADENING
RELATIONS WITH THE MARKET AND ISSUERS
C H P
0 3
In order to incorporate best practices for issuer-market relations, Santiago
Exchange performed a detailed analysis of corporate governance and transparency matters from the perspective of exchanges, regulators and local and
international issuers.
Based on this research, it developed a series of recommendations for strengthening transparency in the Chilean stock market and enhancing information flows
prepared by listed companies for investors. These recommendations were compiled in a handbook entitled "Recommendations for Strengthening Stock Market
Transparency and Enhancing Information Flows from Issuers to Investors."
Distributed in early June to all issuers listed on Chile's leading stock market,
the document contains a list of suggestions grouped into three information
categories: market operations, financial reporting and investor relations.
Adoption of these recommendations by issuers is expected to help enhance
the securities market and further facilitate good relations between companies,
investors and the community.
The issuer recommendations can be found here.
A N N U A L
R E P O R T
46
FIRST SUSTAINABILITY
INDEX IN CHILE
By routinely identifying and implementing the highest transparency, corporate governance
and environmental standards, Santiago Exchange works continuously to satisfy the legitimate expectations and interests of its stakeholders in order to support the sustainable
and transparent development of financial and capital markets.
C H P
0 3
In this spirit, several alliances formed in 2014 began to bear fruit in 2015. In October, Santiago Exchange joined forces with S&P Dow Jones Indices to launch Chile's first sustainability
index, which meets world-class sustainability standards. This milestone provides a financial incentive for companies listed on the Chilean stock market to incorporate sustainable
processes in their corporate practices and, consequently, demonstrates the exchange's
leadership in promoting responsible investment.
The inaugural portfolio of the Dow Jones Sustainability Chile Index, which will be valid for
one year, consists of 12 Chilean companies that meet sustainability criteria established in
the international methodology developed by S&P Dow Jones Indices.
After applying best-in-class criteria in corporate governance, environmental and community
relations matters, the following companies were selected from the IPSA: AES Gener S.A.,
Aguas Andinas S.A., Banco de Crédito e Inversiones, Banco Santander Chile, Cencosud S.A.,
CorpBanca S.A., Empresas CMPC S.A., Inversiones Aguas Metropolitanas S.A., LATAM Airlines
Group S.A., Grupo Falabella, Sigdo Koppers S.A. and Viña Concha y Toro S.A.
The focus on sustainability has permeated all of the exchange's actions this year. In addition to launching this new index, Santiago Exchange engaged in regulatory, educational and
internal activities that confirm the board's comprehensive approach to promoting best
practices and responsible investment in the capital market on the basis of two key pillars:
trust and transparency.
12
stocks are part of the first edition
of the Dow Jones Sustainability Chile Index
A N N U A L
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INTERNATIONAL STANDARDS:
ISO 27,001 AND ISO 22,301 CERTIFICATION
After a process lasting more than a year, Santiago Exchange
and its subsidiary CCLV Contraparte Central S.A. were certified under ISO 27,001, which guarantees the information
security of all services offered to the public, and ISO 22,301,
which guarantees that the entity is prepared to continue
operating even under unexpected circumstances.
Both certifications—the first obtained in late 2014 and the
second in early 2015—are granted by the British Standards
Institution (BSI), a global leader in business standards.
To date, close to 20 companies in Chile have been certified under these standards. Santiago Exchange is the
first company to be certified for its software development processes. These accomplishments make the
exchange a model for other companies, placing it on the
cutting edge of process certification. They also move
it forward in its plan to consistently implement worldclass standards that strengthen its role as a springboard
for foreign investment in the region and, therefore,
support the development of Chilean companies and
intermediaries.
COMPANY CERTIFIED FOR ITS
SOFTWARE DEVELOPMENT PROCESSES.
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Santiago Exchange is the first
A N N U A L
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SEBRA HT: NEW PLATFORM
FOR THE DEBT MARKET
This year the fixed-income and money market trading system began
officially operating in the SEBRA HT platform. This concludes efforts
to integrate the exchange's trading platforms in order to offer a single, robust system capable of executing strategies and transactions
involving the exchange's diverse instruments and markets.
Developed with state-of-the-art technology, the new system is a
milestone for the securities market in terms of technological innovation. This groundbreaking technology adds new functionalities and
gives users access to more efficient trades and faster processing
than the old system.
Its main benefits include increased speed, expanded processing
capacity and access with FIX protocol, which enables this market to
be accessed directly through DMA (Direct Market Access) channels.
The new platform paves the way for globalized debt markets, giving
foreign investors direct access to the market by connecting through
international order routing networks and, at the same time, allowing
MILA debt markets to be incorporated in the future.
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The main benefits of
SEBRA HT include
INCREASED SPEED,
EXPANDED PROCESSING CAPACITY
AND ACCESS WITH FIX PROTOCOL.
A N N U A L
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NEW WEBSITE IN
ENGLISH AND SPANISH
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As part of the institution's new digital strategy, Santiago Exchange
redesigned its website (www.bolsadesantiago.com), and added an
English version this year, giving foreign investors and intermediaries
access to all site content.
Based on a study of usability and customer/user needs, the site
was redesigned collaboratively by an internal team and an external expert in web solutions. The redesign process resulted in a
user-friendly site that makes the content accessible to users with
less knowledge of Santiago Exchange and the stock market, while
providing a complete, efficient service to experienced customers.
The new site was complemented with social networks like Twitter,
Facebook and LinkedIn, designed to promote Santiago Exchange
and encourage stock market investment through financial literacy.
116,158
1,882,858
Average monthly
visitors to site
Average monthly
site visits
in 2015.
A N N U A L
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NEW COMMERCIAL DIVISION
STRENGTHENS INTERNATIONAL
RELATIONS
After an international search process, Santiago Exchange's board
named Lucy Pamboukdjian Costa to the recently created position of
Chief Commercial Officer. Ms. Pamboukdjian has a degree in business
administration and a Master of Economics from Pontificia Universidad Católica de Sao Paulo in Brazil.
objective is to promote the exchange's added value among market
agents and its main responsibilities include: developing an international relations area and attracting foreign investors to Chile,
enhancing the exchange's world-class product and service offering
and strengthening relations with local and foreign issuers, investors
and brokers in order to serve their growing needs.
Her newly formed division is in charge of issuer and customer relations, marketing, communications and sales. The division's overall
• Bring customers closer
• Outline commercial plans
• Generate commercial agreements
• Launch instruments
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CHALLENGES IN THE LOCAL
MARKET:
A N N U A L
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MILA CONSOLIDATED UNDER THE
WING OF THE PACIFIC ALLIANCE
After the Mexican Stock Exchange joined in 2014, the
Latin American Integrated Market (MILA) consolidated
its position as a regional leader.
C H P
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The entity was founded by the exchanges and securities
depositories in Chile, Colombia and Peru and is currently
the region's largest market based on market capitalization.
It continues to work to harmonize market, clearing and settlement regulations, as well as tax and foreign exchange
issues under the protection of the Pacific Alliance.
In 2015, important progress was made on these matters. At the 10th Summit of the Pacific Alliance, held in
Paracas, Peru, and attended by the presidents of Chile,
Colombia, Mexico and Peru, MILA participated in working
groups and presented proposals to authorities that were
subsequently included in the declaration signed by the
member countries. Worth highlighting is the commitment
to “identify and coordinate initiatives to strengthen and
consolidate the Latin American Integrated Market (MILA),
as well as capital markets in general.” To accomplish this,
the Paracas agreement calls for, among other matters,
implementing measures to recognize issuers in primary
offers in the four countries, expanding instruments that
can be traded in the different markets and aligning the
tax treatment of income obtained from capital markets
in member countries' double-taxation agreements.
MILA also participated in the first summit on financial
integration, entitled “Pacific Alliance Gathering on Financial Integration: Challenges and Opportunities,” held
in Santiago. This was in addition to roadshows in Europe
and the United States (see section Building Global Connections) to promote the Chilean market at international
forums and position MILA as the main springboard for
investing in Latin America.
To date, 13 mutual funds and five indexes track
and monitor MILA. The main index is the S&P
MILA Pacific Alliance Select.
A N N U A L
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52
MILA INDEXES
110
105
100
95
90
85
80
75
70
65
60
Jan
Feb
IPC (Mexico)
Mar
Apr
IPSA (Chile)
May
Jun
Jul
COLCAP (Colombia)
Aug
Sep
SP/BVL Peru Gen (Peru)
Oct
Nov
Dec
SPMILA Pacific Alliance Select
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Return with base of 100 as of January 1, 2015.
A N N U A L
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53
MOST TRADED STOCKS IN MILA MARKETS 2015 (MUS$)
CHILE
COLOMBIA
2,500
2,500
2,000
2,000
1,500
1,500
1,000
1,000
500
500
S.A.C.I FALABELLA
ENERSIS S.A.
CENCOSUD S.A.
0
ECOPETROL S.A.
PF BANCOLOMBIA S.A.
GRUPO DE INVERSIONES
SURAMERICANA S.A
Source: MILA News.
C H P
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0
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MEXICO
PERU
30,000
195
25,000
190
20,000
185
15,000
180
10,000
175
5,000
170
0
WAL-MART DE MÉXICO,
S.A.B. DE C.V.
165
INTERCORP FINANCIAL
SERVICES INC
COMPAÑÍA MINERA
MILPO S.A.A.
ALICORP S.A.A.
Source: MILA News.
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NAFTRAC
AMERICA MÓVIL S.A.B.
DE C.V.
A N N U A L
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TOTAL TRADING VALUE
OF MILA MARKETS
MILA STATISTICS
CHILE
COLOMBIA
MEXICO
PERU
MILA
GDP (2014) (MUS$)
258,061.52
377,739.62
1,294,689.73
202,596.31
2,133,087.19
GDP Growth (2014)
1.9%
4.6%
2.2%
2.4%
2.6%
17,762,647
47,791,393
125,385,833
30,973,148
221,913,021
21,350
14,868
127,412
1,887
165,518
Market Capitalization
(MUS$)
186,942
88,420
425,767
58,138
759,268
No. of Equity Issuers
224
73
173
276
746
New Stock Issuances
(MUS$)
945
-
2,525
981
4,450
72.44%
23.41%
32.89%
28.70%
35.59%
Peru
1,887
Chile
21,350
Colombia
14,868
Population (2014)
Share Trading
Value (MUS$)
Mexico
127,412
Market Capitalization / GDP
Note: Figures expressed in MUS$
Source: World Federation of Exchanges, World Bank.
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52
Active agreements
in MILA
Source: World Federation of
Exchanges, World Bank.
A N N U A L
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STRATEGIC PARTNERSHIP WITH SAP
In April, Santiago Exchange signed a strategic partnership agreement
with the German multinational SAP to develop a new technology
solution for financial and commercial management targeted toward
capital market institutions in Chile and Latin America. The partnership will lead to the creation of a new comprehensive management
solution for investment and securities management entities. The
new tool will allow diverse operators to efficiently manage several
aspects of their business: sales, customer relations, finance and
operations. This product will replace the current SEBRA Capital.
In addition to enhancing productivity, daily management and operations
through a more customized, efficient and innovative platform using the
SAP Hana database, this partnership will enable Santiago Exchange
to become a SAP Business One platform implementer and to develop
an add-on that provides broker functionalities on the platform. These
enhancements will expand the scope of the exchange's management
services to include the entire MILA region.
SAP is the global leader in the design of enterprise application software with more than 45,000 customers and 800,000 users around
the world. Santiago Exchange is the market leader in Chile in broker
management IT systems thanks to the SEBRA Capital platform. This
system is used by 78% of brokers at Santiago Exchange, and processes 79% of the exchange's total trading value. It boasts a monthly
average of 2,174 active users.
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This partnership will enable Santiago
Exchange to become a SAP Business
One platform implementer and to
develop an add-on.
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SANTIAGO EXCHANGE'S CEO ELECTED
PRESIDENT OF IBERO-AMERICAN
FEDERATION OF EXCHANGES
Santiago Exchange's CEO, José Antonio Martínez, was elected the
new president of the Ibero-American Federation of Exchanges (FIAB)
for the 2015-2017 term at the XLII Assembly and Annual Meeting.
The plan includes developing an Ibero-American Market Model for
trading, clearing and settling variable and fixed-income securities
traded on exchanges. Through this model, the federation hopes to
facilitate knowledge and understanding in each of the countries,
promoting progressive integration, foreign investors, intraregional
flows and cross-border issuances.
Santiago Exchange's CEO, José Antonio
Martínez, was elected the new president of
the Ibero-American Federation of Exchanges
(FIAB) for the 2015-2017 term.
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The work plan for the new board led by Santiago Exchange aims
to support the adoption of international standards on regulatory,
corporate governance, technological and operational matters; move
forward on developing and consolidating stock market integration;
and enhance standards and procedures that foster market competition, transparency, trust and soundness.
FIAB is a non-profit organization that brings together 23 securities
exchanges in 17 countries to create new, permanent spaces for sharing
experiences and knowledge among members of the Ibero-American
securities industry. In this new role, José Antonio Martínez is replacing
the CEO of the Colombian Stock Exchange, Juan Pablo Córdoba. The
Director General of Corporate Services and Institutional Relations
for the Mexican Stock Exchange, Pedro Zorrilla, assumes the office
of Vice President.
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MOU WITH KOREA EXCHANGE
EXPANDS NETWORK OF
INTERNATIONAL ALLIANCES
It also creates a new opportunity for Santiago Exchange to further
broaden its product offering on local and international markets. KRX
is one of the world's main options market. Introducing this type of
instrument is Santiago Exchange's next step in its plan to diversify
its markets.
The signing of this MOU marks yet another international alliance
for the exchange, which already boasts agreements with MILA, the
Toronto Venture Market (TSXV) and the Brazilian stock exchange
(BMF&Bovespa).
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The agreement between Santiago
Exchange and KRX will be in effect
for two years and can be renewed
for another two-year period.
As part of Santiago Exchange's interest in expanding its international
reach and integrating with other markets, CEO José Antonio Martínez
signed a Memorandum of Understanding (MOU) with the chairman
of Korea Exchange Inc. (KRX), Kyung-Soo Choi. The objective of this
alliance is to exchange general and market information, evaluate
joint projects and collaborate on research, development projects
and any other matter that benefits both institutions.
A N N U A L
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BUILDING GLOBAL
CONNECTIONS
With a long-term perspective, Santiago Exchange increased its
presence at international events this year in order to strengthen
bonds with diverse players in international markets and continue
to promote Chile as an attractive investment destination.
In this context, Santiago Exchange's Chairman, Juan Andrés Camus,
participated in Chile Day festivities organized in London and at a
panel at the London Stock Exchange to discuss how the country
would deal with new market regulations.
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Santiago Exchange's CEO, José Antonio Martínez, participated as a
panelist at the financial integration gathering at the Pacific Alliance's
Business Council Forum, which addressed MILA's future challenges.
several markets. In addition to the chairman's participation in Chile
Day, Santiago Exchange's CEO, José Antonio Martínez, attended the
first MILA Day at the Frankfurt and London stock exchanges in October. These events were also attended by delegations from Chilean,
Colombian, Mexican and Peruvian exchanges and their respective
depositories. The goal of these events was to discuss investment
opportunities arising from market integration and to promote MILA
to foreign investors.
Santiago Exchange also traveled to New York and Chicago to take
part in other activities with investors. In addition, Santiago Exchange
participated in the XXXI FIA International Derivatives Expo 2015
to talk about the opportunities available in Chile and attract more
international investors in order to boost local market liquidity.
* MILA Day at Frankfurt
Stock Exchange.
The internationalization strategy seeks
to strengthen bonds with diverse
players in international markets
and promote Chile as an attractive
investment destination.
During the second half of 2015, as part of efforts to promote Santiago Exchange and strengthen its involvement in international
markets, it implemented a positioning strategy that entailed touring
M E
AM
N O
N R
U IA AL
AR N
E U
P A
O L
R T
660
0
CALENDAR OF EVENTS 2015
JANUARY
MARCH
Santiago Exchange's board of directors creates Strategic Development Committee to evaluate the advantages of moving forward
with the demutualization process.
Santiago Exchange and its subsidiary CCLV obtain ISO 22,301 and
ISO 27,001certifications.
New customer lounge and market information centerare unveiled.
Participation in Pacific Alliance Forum to address MILA's future
challenges.
In a transaction valued at Ch$2 billion, BM&FBovespa purchases one
share of Santiago Exchange auctioned by the broker FIT Research
on the trading floor.
The Securities and Insurance Supervisor (SVS) published General
Character Standard 380, which regulates the conduct of stock brokers, securities agents and commodities brokers with their customers.
Puma Exploration and Chilean Metals Inc. are the first Canadian
junior mining companies listed on the Venture Exchange.
The annual general meeting of Santiago Exchange's shareholders
was held April 27.
FEBRUARY
Partnership with German multinational SAP to develop a new
technology solution for financial and commercial management.
C H P
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APRIL
A N N U A L
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AUGUST
JUNE
Negotiations begin on the Chilean Derivatives Market, a joint initiative from Santiago Exchange and CCLV Contraparte Central S.A.,
in strategic partnership with BM&FBovespa.
After an international search process, Lucy Pamboukdjian Costa was named to
the recently created position of Chief Commercial Officer.
For the fifth straight year, the 2015 Issuers Handbook is published in collaboration with Revista Qué Pasa.
A space entitled “Transparent Exchange” is added to the institution's website.
Santiago Exchange provides a series of recommendations to local issuers to
strengthen transparency in the Chilean stock market and enhance information
flows prepared by listed companies for investors.
The Chilean Venture Exchange is officially launched at a seminar entitled “Venture Exchange Opportunities for the Mining and Financial Sector.”
BlackRock and BCI Corredores de Bolsa began trading and settling a new
offering of ETF iShares, in both Chilean pesos and their currency of origin.
Santiago Exchange participates as an exhibitor at the 9th International Conference of
Information Commissioners (ICIC) with a corporate stand.
Collaboration agreement signed with Chilean Copper Commission (Cochilco)
to generate additional information on mining capital markets in Chile and
promote and facilitate access to more financing sources for junior mining
companies.
Santiago Exchange's building is one of the capital city's most visited national monuments
on National Heritage Day.
Launch of new website in Spanish and English.
In its meeting on July 27, Santiago Exchange's board of directors heard a
presentation from the Strategic Development Committee containing proposals to initiate a demutualization process.
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Over 500 financial market executives attend the wine tasting event 13th “Glowine” Wine Tasting.
BM&FBovespa purchases three shares of Santiago Exchange, giving the Brazilian exchange a total of four shares and an 8% ownership interest.
JULY
MAY
A N N U A L
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SEPTEMBER
NOVEMBER
The financial literacy area visited the cities of Arica, Iquique, Valdivia and Coyhaique to present
the program “Know the Exchange”.
Santiago Exchange participates in the XXI FIA International Derivatives Expo in Chicago.
Santiago Exchange's Chairman, Juan Andrés Camus, participated in Chile Day festivities organized in London.
Santiago Exchange's Chairman, Juan Andrés Camus, attends the
Trader Forum Latam Conference, a private meeting held in Mexico
City for professionals from the financial world.
Events included meetings with fund managers in London and New York to introduce Santiago
Exchange and talk about investment opportunities in listed products and possible improvements
to Chilean capital markets to promote active involvement from global investors.
A new version of the Investment Portfolio Contest comes to an end
with 19,500 participants.
At the XLII Assembly and Annual Meeting of the Ibero-American Federation of Exchanges (FIAB),
Santiago Exchange's CEO, José Antonio Martínez, is elected president for the 2015-2017 term.
The event “Santiago Exchange Derivatives Market Seminar” is held.
Santiago Exchange's board of directors sends the following regulatory projects to the SVS for its review
and approval: Regulatory rulings that incorporate the provisions of GCS 380 in the Brokers' Rights and
Obligations Manual and modifications to regulations on short sale, securities lending, forward and repo
transactions for the Equities Transaction Manual.
Santiago Exchange and S&P Dow Jones Indices (“S&P DJI”) launch the first sustainability index in Chile,
the DJSI Chile Index.
Santiago Exchange joins forces with Diligent Corporation
to present a seminar on “Corporate Governance”, targeted
towards issuers.
Santiago Exchange is recognized as an “outstanding supplier” by Banco Santander.
The first MILA Day events are held on the Frankfurt and London stock exchanges.
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A Memorandum of Understanding (MOU) is signed with Korea Exchange.
DECEMBER
Santiago Exchange participates in the 55th General Assembly of the World Federation of Exchanges (WFE)
in Doha, Qatar.
OCTOBER
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04
A SUSTAINABLE
EXCHANGE
CHAPTER
At Santiago Exchange, we want to contribute
responsibly to our country's economic, social
and environmental development.
HOW WE DEFINE
SUSTAINABILITY
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By routinely analyzing and implementing the highest transparency,
corporate governance and environmental standards, Santiago Exchange
aims to ensure the ongoing development of both the organization and
the capital market in general. Its objective is to satisfy the legitimate
expectations and interests of its stakeholders by incorporating financial,
social and environmental variables into its operations in order to contribute
to the company's sustainability and the country's comprehensive
development.
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INTRODUCTION
Institutional investors demand progressively more information to get to know companies beyond their financial
results. With companies clearly evolving in this direction,
Santiago Exchange has placed special emphasis on promoting best practices and responsible investment in the
capital market on the basis of two key pillars: trust and
transparency.
Santiago Exchange continued to make progress in 2015
to strengthen its corporate governance, with the understanding that strong corporate governance must strike
the best possible balance between the interests of individuals, companies and society; a reasonable equilibrium
between controls and corporate development and growth.
THE MARKET
THE ENVIRONMENT
C H P
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COMPREHENSIVE
DEVELOPMENT
CORPORATE
GOVERNANCE
COMMUNITY
RELATIONS
AA N N U A L
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66
CORPORATE
GOVERNANCE
Santiago Exchange understands that proper corporate governance
improves a company's performance while correctly distributing
rights and responsibilities and establishing rules for decision-making processes. Similarly, it serves as a guarantee that helps a company attract and retain financial and human capital, operate efficiently and, as a result, create economic value for the company and
its shareholders.
BOARD COMPOSITION
TRAINING
The Board of Directors of Santiago Exchange has 11 members,
among which the chairman is elected. Board members are elected
at the annual general shareholders' meeting for a three-year term
and can be reelected.
The organization is strongly committed to training its leadership
teams (directors and managers. As part of this commitment, each
newly elected board member is given an induction handbook and
senior executives take part in ongoing training programs as part
of the organization's strategic human resource development plan.
In accordance with the exchange's bylaws, amended most recently
and approved by shareholders on January 5, 2012, the board holds
ordinary meetings each month to analyze and make decisions regarding routine business. It may also hold extraordinary meetings
as needed. It held one extraordinary meeting in 2015.
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The chief executive officer reports directly to the board.
(For more information, see Community Relations)
Five Specialized Committees:
INDEPENDENT
Best Practice Committee
Ethics and Discipline Committee
INVOLVING DIRECTORS
Business and Technology Committee
Regulations and Audit Committee
Risk Committee
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ACTIVITIES IN 2015
Business Strategy
In an effort to be accountable to shareholders, the management team outlined a fouryear strategic plan designed to guarantee optimal operations and the institution's
permanence over time. In addition, in January the board created a Strategic Development Committee, consisting of chairman Juan Andrés Camus and two directors, Juan
Eduardo Correa and Nicholas Davis. The committee's goal was to study the demutualization experiences of several foreign securities markets such as Brazil, Spain,
Colombia, Mexico and Canada. It was also charged with analyzing the importance
and benefits of integrating securities exchanges and depositories in those markets.
After examining the committee's report, the board carefully analyzed its proposals
and in January 2016 agreed to call an extraordinary shareholders' meeting to vote on
a proposal to amend the bylaws that would make it possible to demutualize Chile's
largest exchange.
New Risk Committee
In October, the board divided the former Regulations, Risk and Audit Committee
to create a separate Risk Committee. This new committee is charged with issuing
guidelines for comprehensively managing the institution's main risks and ensuring
compliance with established risk policies.
Adoption of GCS 385
Although Santiago Exchange is classified as a special corporation, it decided to voluntary comply with SVS General Character Standard 385 as a sign of transparency.
This new regulation requires publicly-traded corporations to answer around one
hundred questions, divided into four sections, about measures taken to implement
corporate governance best practices.
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(More information in Our Committees).
AA N N U A L
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COMMUNITY RELATIONS
FINANCIAL LITERACY
Santiago Exchange understands that financial literacy is key to
building public trust in the financial sector and, more specifically,
in the stock market. It believes that this responsibility falls not only
on customers and regulators but also on the industry.
In this context, the exchange organizes strategic activities to reach
different audiences in order to regularly generate more opportunities for Chileans to learn about and actively participate in the
securities market.
72
With nearly ten years in existence, the program gives the exchange
contact with the community and responds to the growing need for
information from those interested in knowing more about markets,
regardless of age or educational background.
4,424 10
PARTICIPANTS
FOREIGN UNIVERSITIES VISITED
THE EXCHANGE IN 2015:
University of San Francisco
University of Minnesota
Cetys Universidad - Mexico
St. Edwards University - Texas
University of Colorado Boulder
Hiram College
Georgia Regents University
Boston University
ICESI - Colombia
Syracuse University
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TALKS
Know the Exchange Program
This program teaches high school and university students from local and foreign schools how the stock market works using a simple,
dynamic and engaging format.
A N N U A L
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Regional Tours
Given the growing interest in areas outside Santiago to learn more
about Santiago Exchange and the stock market, in 2015 the exchange organized the second edition of the Know the Exchange Tour.
The program visited the cities of Antofagasta and Temuco in 2014,
followed by 23 schools and institutions of higher learning in Arica,
Iquique, Valdivia and Coyhaique in 2015.
Altogether, 1,676 people attended these high-impact regional talks in
2015. They received significant coverage from regional print, digital
and broadcast media, which highlighted the exchange's initiative to
include outlying regions in financial literacy activities. In fact, three of
the institutions included in the tour later visited Santiago Exchange
to expand on what they learned at the talks. Likewise, the exchange
reported an increase in the number of regional participants in its
annual Investment Portfolio Contest.
Record Number of Participants in Investment Portfolio Contest
(CCI in Spanish)
With a 25 year track record, the Investment Portfolio Contest is the
most important investment simulation game in Chile and provides
a very practical way to teach people about the stock market. It puts
participants' talent to the test, buying and selling stocks online using
fictitious resources but operating with real market rules.
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The 2015 edition boasted a record 19,500 participants, up 9% from
the prior year. Of these, 42% were from regions outside Santiago,
with a large number from the cities visited on the Know the Exchange
Tour (Arica, Iquique, Valdivia and Coyhaique).
66%
OF THE
2015 WINNERS
were from areas outside
Santiago.
Coyhaique 160
471 Arica
Tour around Chile:
1,676
TOTAL PARTICIPANTS
Valdivia 595
450 Iquique
As part of the exchange's concern to continually expand the participants' knowledge, in addition to fantasy trading of the 40 IPSA stocks,
this year the IPSA ETF was also included in the list of instruments
that could be traded.
Contest Categories:
Open, for individuals over the age of 18
University, for undergraduate students
High School, for high school students
231,661
CCI PARTICIPANTS OVER
LAST 10 YEARS
A N N U A L
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Courses and Programs for Investors: Alliance with UAI.
Santiago Exchange has formed an alliance with Universidad Adolfo
Ibáñez to offer the market high-level academic training that provides
more and better tools to educate investors and market professionals. In 2015, as part of this agreement, 10 introductory courses and
a degree certificate program were offered.
Introductory Talk on the Equity Market (CIMA in Spanish)
This two-hour talk provides an introduction to how the market
works and is given at no cost. The audience is made up of individuals that are interested in learning more about the institution, including students from a variety of disciplines—not only
finance or business—and in recent years has come to include
both undergraduate students and senior citizens. This talk was
given five times in 2015.
COURSE
PARTICIPANTS
IN 2015:
Certificate in Equities Management (DGA in Spanish)
This program gives participants extensive knowledge and practical skills for operating in the equity market based on current
capital market conditions.
522
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The Certificate in Market Risk Management (DGRB in Spanish) was
added in 2015. This program provides a practical approach to major
financial risk management topics. It is targeted toward top-level
professionals specialized in market risk management.
Introduction to Technical Analysis (CIAT in Spanish)
and Introduction to Analysis of Market Fundamentals
(CIAF in Spanish)
These courses are designed to introduce students to theories
used to analyze charts and market trends, or market fundamentals,
respectively. Both courses are designed as a first approach to
topics such as how to make investment decisions. Each session is
open to 50 participants. The two programs combined were given
a total of five times in 2015.
AA N N U A L
R E P O R T
71
Financial Literacy Month
In 2015, Santiago Exchange took part for the first time in Financial
Literacy Month. Sponsored by the Superintendency of Banks and Financial Institutions (SBIF in Spanish), this initiative includes activities
for a variety of audiences in different locations throughout Chile.
The launch event was held on the trading floor at Santiago Exchange
and was attended by the superintendents of Pensions, Tamara Agnic; Securities and Insurance, Carlos Pavez and Banks, Eric Parrado.
Santiago Exchange also participated in the financial literacy fair
held on October 14th and 15th with a stand to field questions from
participants.
Partners for a Day: Supporting the Education of Future Professionals
Partners for a Day is an activity organized by Fundación Educación
Empresa through which diverse institutions open their doors to high
school seniors to teach them about their future professions in sessions
where executives and professionals share their work experiences.
Santiago Exchange's Investment Desk
Santiago Exchange has alliances to install investment desks at
schools throughout the country for students to begin to learn at an
early age how to operate information stations and, therefore, how
the stock market works.
Trading stations have already been installed at Instituto Profesional Los Leones and the schools of economics at Universidad Diego
Portales and Universidad de los Andes.
Redesigned Website: A New Gateway to Education
Santiago Exchange launched a new website in 2015 designed as a
tool to support financial literacy. The new site is much more user
friendly and features tooltips to explain basic concepts. It includes
details on all products and services that the exchange periodically
makes available to users.
C H P
0 4
More than 2,000 young people participated in the event. Santiago
Exchange received male and female students from Colegio Cumbres.
Participants had a chance to hear from three professionals about
their careers and their day-to-day activities at Santiago Exchange.
AA N N U A L
R E P O R T
72
OUR ASSOCIATES
The Team at Santiago Exchange
23
246
22
At Santiago Exchange, human capital is the foundation for the organization's three pillars
of innovation, trust and excellent service. Accordingly, the institution places special importance on team development.
In order to promote an internal culture aligned with these strategic pillars, Santiago Exchange
is concerned with creating the best experience for its associates, giving them tools for
their professional development and promoting activities that foster a sense of belonging
and help them recognize their contribution to the exchange.
Managers and
Senior Executives
TOTAL
291 ASSOCIATES
Professionals
and Technicians
Other staff
* Includes subsidiary CCLV. *Data as of December 2015.
Our Associates
Headcount (includes Santiago Exchange and subsidiary CCLV)
AGE
YEARS OF SERVICE
Under
30
30 40
to
41 50
to
years 137 Individuals
TOTAL
291 ASSOCIATES
61 70
years 5 Individuals
0 4
to
Over
70
51
years 0 Individuals
213
78
102
Less than 3 years
13 years or more
GENDER
51 60
to
C H P
Men
Women
11
9 to 12 years
20
7 to 8 years
TOTAL
291 ASSOCIATES
NATIONALITY
285
6
Chilean
Foreign
107
3 to 6 years
A N N U A L
R E P O R T
73
Salary Gap
The ratio between the average gross income of women
and men at Santiago Exchange leans in favor of female
associates at all levels within the company.
RATIO OF WOMEN/MEN
AT SANTIAGO EXCHANGE*
POSITION
RATIO*
Managers, Deputy Managers
and Department Heads
1.07
Project Managers/
Area Managers
1.09
Professionals /
Technicians
1.01
C H P
0 4
* Income of positions held by females/Income of positions held by males
F/M Factor > 1 = female income greater
F/M Factor = 0 (no comparison available because this
position is not occupied by both men and women)
F/M Factor < 1 = male income greater
In order to ensure job quality
for not only internal staff but also
subcontracted individuals, Santiago
Exchange incorporates a contract
addendum that requires subcontractors
to comply with all labor laws.
Training Policy
In 2015, Santiago Exchange allocated 2% of prior year
profits to training with an emphasis on developing both
specific knowledge and soft skills.
The exchange has a four-year training plan for all associates within the organization designed to give them
the proper tools to perform their duties in a continually
evolving industry.
In its third year, the current plan is expected to reach
100% compliance by year-end 2016.
As part of this plan, all leaders in charge of two or more
associates must participate in programs specific to their
performance areas and then pass on this knowledge to
their teams.
In 2015, associates participated in an average of eight
knowledge and skill training activities, for a total of
18,379 hours.
2% of 2014 profits
were allocated to training.
88 associates participated in English courses.
64 associates participated in the Santiago Exchange
Leadership Program through workshops in areas such as
TEAMWORK
PERFORMANCE FEEDBACK
INNOVATION
COMMUNICATIONS PLAN
AA N N U A L
R E P O R T
74
Hiring and Evaluation Policies
Prioritizing internal mobility is part of Santiago Exchange's human
resource strategy. Thanks to this strategy, 41 associates took on
new responsibilities within the organization (48 in 2014).
Associates are evaluated each year using a metric of targets and
competencies and a system of bi-annual reviews, alignment exercises
and a final evaluation with feedback and an action plan. In 2015 the
organization began to implement a 360-degree feedback process.
This process provides a global perspective of an associate's performance with evaluations from not just one person, but from an entire
group of supervisors, subordinates, peers and internal customers.
Benefits Policy
In 2015, as a creative way to remind associates of the organization's
benefits policy, the exchange organized an event known as the Farmer's Market. During the event, each day in the company cafeteria a
"produce merchant" announced the different benefits available to
associates of Santiago Exchange and its subsidiary CCLV.
5.8
41
Overall score from
2015 climate survey,
unchanged from 2014.
associates took on new
responsibilities in 2015.
C H P
0 4
Currently, two divisions are already applying this system using a
Spanish management tool. The goal is for the entire organization
to migrate to the system in 2016.
A N N U A L
R E P O R T
75
Scholarships
Scholarships for Associates: These scholarships are directed toward
high-performing associates to help finance technical, university
or graduate degrees and certificate programs. Scholarships are
granted exclusively to associates with open-ended contracts at
Santiago Exchange and CCLV.
Community Scholarships: Surplus training tax credits are allocated
to finance scholarships for associates' families and loved ones in
order to provide tools to foster entrepreneurship and increase
household income.
TRAINING IN 2015
KNOWLEDGE PROGRAM
OTHER TRAINING (NON-SENCE)
8,153 hours
7,152 hours
976 hours
2,098 hours
C H P
0 4
SKILL PROGRAM
GOVERNMENT-SUBSIDIZED TRAINING
(SENCE)
A N N U A L
R E P O R T
76
CREATING AWARENESS
CULTURAL CONTRIBUTIONS
Promoting Volunteerism
Every year associates join forces with the human resources department to select and organize an activity to help a charity as part of
the institution's anniversary celebrations. In addition to the evident
social role it plays, this activity helps generate a sense of belonging
and teamwork. In 2015 associates came together to paint the facade of the Jan Van Dijk Special Needs School run by the CORPALIV
foundation, which serves children with a variety of disabilities. Associates also organized several internal activities to raise funds for
this initiative.
National Heritage Day and Restoration of Mural
Santiago Exchange's historic headquarters, located at the heart of
Santiago's civic district, was among the 10 most visited monuments
on National Heritage Day held Sunday, May 31, 2015.
Foundations supported by Santiago Exchange:
Hermanitas de los Pobres Foundation
Hogar de Cristo
Paz y Familia Foundation
Designed by architect Emilio Jécquier and built by Roberto Torreti,
the building was inaugurated on December 25, 1917. It was declared
a national historic monument on June 30, 1981. As part of the exchange's concern with preserving this heritage, in late 2014 it restored the mural “Alegoría al Trabajo” (Allegory of Work) located on
the iconic trading floor. The masterpiece by Fray Pedro Subercaseaux
(1880-1956) is considered one of the most important pictorial works
from the 19th century.
In 2015, Santiago Exchange raised Ch$2,112,192 in donations for Casa de la Sagrada
Familia. This foundation helps childhood cancer victims by providing a home for children
from outside Santiago during their cancer treatments at Luis Calvo Mackenna Hospital.
C H P
0 4
Alliance with Aguas Late
Santiago Exchange decided to indirectly support the community
by purchasing Aguas Late bottled water for its associates to drink
at work. This company donates 100% of its profits from the sale of
its products to highly reputable foundations to finance projects to
support the country's neediest individuals.
A N N U A L
R E P O R T
77
OUR MARKET
Santiago Exchange places special emphasis on promoting best
practices and responsible investment in the Chilean capital market
on the basis of two key pillars: trust and transparency.
In 2015, the exchange focused efforts on enacting strict operating rules.
To accomplish this, it implemented several modernization initiatives
based on the conviction that sustainability is essential to the success
of businesses and the dynamism of the capital market as a whole.
Recommendation Handbook:
Concerned with spreading best practices, Santiago Exchange issued
a series of recommendations for strengthening stock market transparency and enhancing information flows from issuers to investors.
These recommendations are designed to enhance and strengthen
relations with market players, increase transparency and adopt
international corporate governance standards.
New Pro-Transparency Market Regulations:
In order to enhance competition and liquidity in equity transactions,
comprehensively address the prevention and resolution of conflicts
between intermediaries and customers and incorporate international
standards, Santiago Exchange promoted two regulatory changes
that were presented for public consultation.
Regulatory Ruling Project: aims to boost competition and liquidity
in equity transactions within the exchange, as well as improve price
formation.
Proposed ruling to amend the Brokers' Rights and Obligations
Manual: addresses the prevention and handling of conflicts of
interest involving brokers.
C H P
0 4
(More information in Recomendations for broadening relations with
the market and issuers).
AA N N U A L
R E P O R T
78
A Sustainable Outlook for the Markets:
Since December 2014, as part of Santiago Exchange's strategy to
promote integration with global markets, the exchange joined the
Sustainable Stock Exchanges Initiative. Created in 2009 by the United
Nations, the initiative brings together 16 global exchanges, including
New York, London, Frankfurt, Mexico, Colombia, Brazil and Lima, to
share experiences in sustainability matters with other exchanges.
Complaint Processing:
Santiago Exchange currently has several channels for receiving and
processing complaints from employees, executives, customers and
the general public, all accessible through its web page.
First Chilean Sustainability Index:
By promoting responsible investment and encouraging sustainable
processes in companies, Santiago Exchange helps create value at
these companies. Designed to provide investors with information
that reflects all aspects of companies' operations and, therefore,
enables them to make proper decisions that are sustainable over
time, the first Chilean sustainability index was launched in October.
This indicator, known as the Dow Jones Sustainability Chile Index, was
created in a collaborative effort by Santiago Exchange and S&P Dow
Jones Indices.
Customer complaints about brokers or settlement agents: complaints related to brokers registered with Santiago Exchange and
agents that settle through CCLV.
(More information in First Chilean Sustainability Index).
C H P
0 4
Corporate Governance Breakfasts:
As part of the collaboration agreement that Santiago Exchange
signed with the Chilean Council for Transparency in late 2014, it
organized a corporate governance seminar for issuers in December
in association with the multinational corporation Diligent.
General complaints: these include all types of complaints of incidents that could potentially violate laws and good conduct.
Asset laundering, terrorism financing and bribery claims (Law
20,393, Criminal Liability of Legal Entities): claims related to the
crimes of asset laundering, terrorism financing and bribery.
In 2015, efforts were focused on
strengthening the exchange's
growth, diversification and
internationalization processes.
This activity was in addition to the new, easy-to-use, informational
section "Transparent Exchange" added to the exchange's website.
A N N U A L
R E P O R T
79
ENVIRONMENTAL COMMITMENT
With each passing day, society becomes increasingly aware that
environmental responsibility falls not only on companies that use
extensive natural resources in their production processes, but also
on the entire community. In this spirit, companies in the financial
sector have also assumed their own environmental responsibility.
Beyond the role it plays in the securities market, Santiago Exchange's
internal operations approach this topic from two main perspectives:
ensuring responsible waste management and sensitizing its internal
audience to environmental matters.
RESPONSIBLE OPERATIONS
C H P
0 4
The building housing Santiago Exchange, constructed in 1917, presents several challenges. While the historic structure must be conserved, its spaces and operations also need to be adapted to the
needs and requirements of the 21st century. In this spirit, Santiago
Exchange has concerned itself with raising its environmental standard even though it does not operate with toxic products.
Energy Efficiency
The exchange's two operating boilers—one for heating and another
for hot water—were converted from diesel to natural gas. Both have
been certified by the Superintendency of Electricity and Fuels (SEC
in Spanish), which allows them to be operated even during government-declared environmental emergencies.
As part of the first phase of the exchange's lighting plan, incandescent light bulbs were replaced with fluorescent bulbs in the buildings
where the exchange operates. Since 2015, its replacement policy
calls for replacing inoperable elements with LED products—the most
efficient technology available today. The shift from incandescent to
fluorescent lighting has already saved close to 40% in energy costs
for lighting. The goal is to reach 80% once all fixtures have been
changed to LED. To date, around 15% of the organization's lighting
fixtures use LED bulbs.
In 2015, paper use was reduced significantly. With the implementation of a new system for securely transmitting confidential and
restricted information to the board, paper reports were no longer
given to the board of directors. Many reports for operators are also
exclusively digital today, such as the Daily Market Bulletin, which is
sent by email. Similarly, for the first time ever Santiago Exchange
will replace its traditional printed annual report with a digital version this year.
TEAMWORK
FOR THE ENVIRONMENT
Several business units at Santiago Exchange have developed voluntary recycling micro-projects to separate and classify waste,
especially paper, which is then collected by the municipality.
In response to its associates' growing demand to bike to work, several bicycle racks were installed at the exchange's headquarters
in 2014 and continued to be used throughout 2015. In addition to
the 22 official bike parking spots, two rooms in the basement were
adapted for bike storage to meet increased demand.
Waste Management
In waste matters, key suppliers have contractually bound Santiago
Exchange to take responsibility for properly disposing of their products once they have been used. Some examples include toner and
empty plastic bottles from Aguas Late. The cafeteria food service
provider, Sodexo, has a similar commitment regarding food waste.
40%
WAS SAVED
IN ENERGY COSTS
by replacing incandescent
with fluorescent bulbs.
A N N U A L
R E P O R T
80
05
BEYOND
THE NUMBERS
C H A P T E R
Promoting transparent information
in capital markets.
ECONOMIC FIGURES
ABOUT CHILE
POPULATION (1)
UNEMPLOYMENT
17.76
5.80
MILLION
GDP
INFLATION
MUS$
240,104
GDP PER CAPITA (PPP) (1)
US$
22,346
GDP GROWTH
2.07
%
MUS$
62,232
IMPORTS
4.40
%
MUS$
58,738
RATING
AA- A+
;
TRADE BALANCE
MUS$
3,494
Source: National Statistics Institute (INE) - Chilean
Central Bank - WorldBank - Ministry of Finace - Santiago
Exchange
(1)
World Bank figures as of December 2014
C H P
0 5
%
EXPORTS
A N N U A L
R E P O R T
82
140,000,000
7.00%
120,000,000
6.00%
5.00%
100,000,000
4.00%
80,000,000
3.00%
60,000,000
2.00%
1.00%
40,000,000
0.00%
20,000,000
-1.00%
0
GDP
Change %
-2.00%
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
86,397,688
90,856,522
93,847,932
92,875,262
98,219,034
103,954,673
109,627,615
113,987,063
116,125,911
118,525,235
5.69%
5.16%
3.29%
-1.04%
5.75%
5.84%
5.46%
3.98%
1.88%
2.07%
C H P
0 5
Source: Chilean Central Bank
A N N U A L
R E P O R T
83
CHANGE (%)
MCH$ AS OF 2008
GROSS DOMESTIC PRODUCT (2006 - 2015)
GDP PER INDUSTRY
Corporate services, personal services and manufacturing together
accounted for more than 40% of GDP.
5.30%
13.18%
Public administration
3.22%
Agriculture and livestock
Personal services
0.67%
Fishing
5.90%
9.87%
Housing services
Mining
11.94%
15.10%
Manufacturing
Corporate services
2.78%
5.35%
Utilities (electricity,
gas and water)
Financial services
1.61%
8.28%
Communications
Construction
C H P
0 5
5.32%
Transportation
2.02%
Restaurants and hotels
9.46%
Retail and wholesale trade
A N N U A L
R E P O R T
84
CHANGE IN MONTHLY ECONOMIC ACTIVITY INDICATOR (IMACEC) 2015
January posted the strongest growth (3.4%) followed by September and June.
4.00%
3.50%
3.00%
%
2.50%
2.00%
1.50%
1.00%
0.50%
0.00%
Change (%)
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
3.40%
2.30%
1.70%
2.10%
1.10%
2.60%
2.50%
1.40%
2.70%
1.50%
1.80%
1.50%
C H P
0 5
A N N U A L
R E P O R T
85
CHANGE IN ANNUAL CPI (2006-2015)
4.38% Annual change in CPI for 2015. This figure is above the
target set by the Chilean Central Bank.
10.00%
8.00%
%
6.00%
4.00%
2.00%
0.00%
-2.00%
CPI
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2.57%
7.82%
7.09%
-1.38%
2.97%
4.44%
1.49%
3.01%
4.64%
4.38%
C H P
0 5
Source: National Statistics Institute (INE)
A N N U A L
R E P O R T
86
CHANGE IN MONTHLY CPI 2015
0.7% The largest monthly change in CPI, posted in August.
0.8%
0.7%
0.6%
0.5%
%
4.0%
0.3%
0.2%
0.1%
0.0%
-0.1%
Change (%)
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
0.1%
0.4%
0.6%
0.6%
0.2%
0.5%
0.4%
0.7%
0.5%
0.4%
0.0%
0.0%
C H P
0 5
A N N U A L
R E P O R T
87
UNEMPLOYMENT RATE 2015
5.8% Unemployment rate during October-December rolling quarter,
posting a sharp decline below market forecasts.
6.80%
6.60%
6.40%
%
6.20%
6.00%
5.80%
5.60%
5.40%
Unemployment Rate
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
6.20%
6.10%
6.10%
6.10%
6.60%
6.50%
6.60%
6.50%
6.40%
6.30%
6.10%
5.80%
C H P
0 5
A N N U A L
R E P O R T
88
BALANCE OF TRADE (2006-2015)
MUS$ 63,362 Exports in 2015. This is the lowest figure
recorded since 2010.
90,000
80,000
70,000
MUS$
60,000
50,000
40,000
30,000
20,000
10,000
0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Balance of Trade (MUS$)
22,947
24,131
6,074
15,360
15,942
11,040
2,333
1,820
7,767
4,142
Exports (MUS$)
59,380
68,561
64,510
55,463
71,109
81,438
77,791
76,477
75,675
63,362
Imports (MUS$)
36,433
44,430
58,436
40,103
55,167
70,398
75,458
74,657
67,908
59,220
C H P
0 5
A N N U A L
R E P O R T
89
BALANCE OF PAYMENTS (2006-2015)
MUS$ 211 The positive balance of payments for 2015 is less than
the last two years.
16,000
14,000
12,000
10,000
8,000
MUS$
6,000
4,000
2,000
0
-2,000
-4,000
-6,000
Balance
of Payments
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
1,997
-3,214
6,444
1,648
3,024
14,190
-367
311
1,057
211
C H P
0 5
A N N U A L
R E P O R T
90
CENTRAL BANK INTERNATIONAL RESERVES (2006-2015)
MUS$ 38,643 International reserves in 2015. This figure is
the lowest recorded since 2011.
45,000
40,000
35,000
MUS$
30,000
25,000
20,000
15,000
10,000
5,000
0
International Reserves
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
19,429
16,910
23,162
25,373
27,864
41,979
41,650
41,094
40,453
38,643
C H P
0 5
A N N U A L
R E P O R T
91
EVOLUTION OF AVERAGE DOLLAR (2006-2015)
CHILEAN PESOS PER DOLLAR
Ch$ 654.66 Average dollar for 2015. This figure is the highest seen in recent years.
680.00
630.00
580.00
530.00
480.00
430.00
0
Year
Dollar value
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
530.34
522.55
522.35
559.15
510.22
483.57
486.59
495.18
570.34
654.66
AVERAGE MONTHLY DOLLAR 2015
13.19% US dollar appreciation with respect to the Chilean peso. Monthly increases were posted almost every month,
CHILEAN PESOS PER DOLLAR
except April, May and October.
730,00
680,00
630,00
580,00
530,00
480,00
430,00
C H P
0 5
0
Month
Dollar value
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
622.11
622.95
628.86
614.00
607.88
631.06
651.60
689.27
691.89
684.91
705.00
704.19
A N N U A L
R E P O R T
92
AVERAGE REAL ANNUAL INTEREST RATE (2006-2015)
1.40% Average interest rate in 2015. Rates for 2014 and 2015 are the
lowest figures seen since 2011.
4.00
REAL ANNUAL INTEREST RATE
3.50
3.00
2.50
2.00
1.50
1.00
0.50
0.00
Average real annual
interest rate
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2.83
2.20
2.23
3.13
1.31
2.44
3.50
2.89
1.38
1.40
C H P
0 5
A N N U A L
R E P O R T
93
2015 STOCK MARKET
SUMMARY
SHARE TRADING VALUE AND NUMBER OF TRADES IN EQUITY SHARES 2015
10.7% Rise in number of trades from 2014 to 2015,
60,000,000
600,000
50,000,000
500,000
40,000,000
400,000
30,000,000
300,000
20,000,000
200,000
10,000,000
100,000
0
SHARE TRADING VALUE
(THCH$)
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
45,874,341,562
42,662,669,578
54,065,702,550
49,697,346,465
45,451,210,100
48,062,384,700
50,684,841,480
52,087,172,121
47,407,104,893
48,011,395,000
46,920,914,238
40,924,097,000
433,123
423,175
543,945
475,585
468,506
527,128
479,385
484,738
468,950
485,027
457,035
420,198
0
Note: Trading value expressed in thousands of Chilean pesos as of December 2015.
C H P
0 5
TOTAL NUMBER OF TRADES
Jan
SHARE TRADING VALUE (THCH$)
marking a historical annual record.
A N N U A L
R E P O R T
94
PARTICIPATION BY MARKET 2015
PARTICIPATION BY MARKET (2006 - 2015)
0.01%
2.56%
Foreign Securities
Equities
Foreign Securities 0.03%
5.25%
0.22% Investment Funds
Equities
0.16% Investment Funds
21.55%
Currency
48.33%
Money Market
26.07%
Currency
Fixed Income
Money
Market
22.99%
Fixed Income
C H P
0 5
22.80%
50.04%
A N N U A L
R E P O R T
95
SELECTIVE STOCK PRICE INDEX (IPSA) 2015
4.4% Annual contraction of IPSA in 2015. This decrease canceled out the
prior year rise of 4.1%.
4,600
5
4
4,100
3
INDEX
1
0
3,100
-1
2,600
CHANGE (%)
2
3,600
-2
-3
2,100
-4
-5
1600
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
INDEX (POINTS)
3,836.73
3,983.72
3,916.92
4,043.45
4,045.62
3,897.10
3,870.35
3,840.21
3,685.18
3,827.99
3,655.30
3,680.21
CHANGE (%)
-0.36%
3.83%
-1.67%
3.23%
0.05%
-3.67%
-0.68%
-0.77%
-4.03%
3.87%
-4.51%
0.68%
C H P
0 5
Jan
A N N U A L
R E P O R T
96
IPSA INDEX GROWTH (2006 - 2015)
36.6% Increase in IPSA between 2006 and 2015, rising from 2,693.22 points to
3,680.21 points as of December of each year.
5,000
0.6
4,500
0.5
4,000
0.4
3,500
0.3
3,000
0.2
0.1
2,000
0
1,500
1,000
-0.1
500
-0.2
0
INDEX (POINTS)
2007
2008
2009
2010
2011
2012
2013
2014
2015
2,693.22
3,051.83
2,376.42
3,581.42
4,927.53
4,177.53
4,301.38
3,699.19
3,850.96
3,680.21
37.09%
13.31%
-22.13%
50.70%
37.58%
-15.22%
29.60%
-14.00%
4.10%
-4.43%
-0.3
C H P
0 5
CHANGE (%)
2006
CHANGE (%)
INDEX
2,500
A N N U A L
R E P O R T
97
STOCK MARKET INDICES OF SANTIAGO EXCHANGE - CHANGE IN 2015
19.1% Increase posted by Food & Beverage Index in 2015 with respect
to prior year. This index outperformed all other market indexes.
IPSA
-4.43%
IGPA
-3.81%
IGPA LARGE
-7.51%
IGPA MID
7.76%
INDEX
IGPA SMALL
-9.88%
INTER-10
-8.57%
BANKING
1.46%
COMMODITIES
-7.36%
CONST. & REAL ESTATE
-13.27%
FOOD & BEVERAGE
INDUSTRIAL
19.11%
-39.33%
RETAIL
1.77%
UTILITIES
-50%
-2.98%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
C H P
0 5
CHANGE (%)
A N N U A L
R E P O R T
98
STOCK MARKET INDICES OF SANTIAGO EXCHANGE - CHANGE 2006 - 2015
36.65%
IPSA
46.69%
IGPA
15.69%
IGPA LARGE
29.66%
IGPA MID
70.22%
INDEX
IGPA SMALL
56.75%
INTER-10
145%
BANKING
COMMODITIES
8.49%
CONST. & REAL ESTATE
36.63%
86.51%
FOOD & BEVERAGE
INDUSTRIAL
-41.99%
RETAIL
43.94%
70.24%
UTILITIES
-50%
0%
50%
100%
150%
200%
CHANGE (%)
C H P
0 5
-100%
A N N U A L
R E P O R T
99
INTERNATIONAL INDICES 2015
40%
30%
ANNUAL CHANGE (%)
20%
10%
0%
-10%
-20%
-30%
-40%
DOW JONES
NY
NASDAQ
NY
FTSE 100
London
NIKKEI
Tokyo
HANG SENG
Hong Kong
IBEX
Madrid
XETRA-DAX
Frankfurt
BOVESPA
Brazil
IGBVL
Peru
MERVAL
Argentina
IGBC
Colombia
IPC
Mexico
-4.43%
-1.95%
6.23%
-4.17%
9.07%
-6.89%
-6.20%
9.56%
-13.45%
-33.31%
35.41%
-26.70%
1.01%
C H P
0 5
ANNUAL
CHANGE (%)
IPSA
Chile
A N N U A L
R E P O R T
100
EQUITY MARKET GROWTH 2006 - 2015
311% Rise in number of trades in equities over the last decade.
3,000,000
35,000,000
2,500,000
30,000,000
2,000,000
25,000,000
20,000,000
1,500,000
15,000,000
1,000,000
10,000,000
500,000
5,000,000
0
SHARE TRADING VALUE
(MCH$)
0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
21,627,613
33,676,426
23,956,556
25,790,424
33,665,158
31,816,026
25,242,644
25,330,641
20,493,319
14,664,628
656,391
996,010
869,387
1,047,832
1,882,672
2,234,004
1,968,889
2,137,447
2,205,044
2,695,141
C H P
0 5
Note: Trading value expressed in millions of Chilean pesos as of December 2015.
A N N U A L
R E P O R T
101
SHARE TRADING VALUE (MCH$)
40,000,000
INVESTMENT FUND MARKET GROWTH 2006 - 2015
MARKET RECORDS: The market posted record figures for both number of
1,400,000
12,000
1,200,000
10,000
1,000,000
8,000
800,000
6,000
600,000
4,000
400,000
2,000
200,000
0
SHARE TRADING VALUE
(MCH$)
trades and trading value for the investment fund market.
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
496,563
1,151,064
797,183
482,837
691,523
579,540
636,635
578,975
1,155,870
1,238,954
657
971
999
1,734
2,461
2,895
3,717
5,693
7,926
9,817
0
C H P
0 5
A N N U A L
R E P O R T
102
FIXED-INCOME MARKET GROWTH 2006 - 2015
56.2% Growth in trading value in fixed-income market
140,000,000
700,000
120,000,000
600,000
100,000,000
500,000
80,000,000
400,000
60,000,000
300,000
40,000,000
200,000
20,000,000
100,000
0
SHARE TRADING VALUE
(MCH$)
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
83,403,585
98,515,764
108,351,996
127,304,503
109,136,906
130,893,888
93,740,223
108,144,044
132,375,396
130,265,536
596,636
591,438
510,857
504,885
368,218
351,911
303,095
318,543
370,304
334,009
0
C H P
0 5
A N N U A L
R E P O R T
103
between 2006 and 2015.
MONEY MARKET GROWTH 2006 - 2015
80% Growth in trading value of money market instruments between 2006 and 2015.
Number of trades increased 74.7% during the same period.
350,000,000
900,000
700,000
250,000,000
600,000
200,000,000
500,000
150,000,000
400,000
300,000
100,000,000
200,000
50,000,000
0
SHARE TRADING VALUE
(MCH$)
100,000
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
153,650,478
182,966,509
202,779,191
216,882,485
241,295,166
259,754,980
277,864,637
305,204,665
294,291,571
276,560,410
462,357
577,780
665,661
758,911
686,097
736,328
797,946
823,052
796,823
807,711
0
C H P
0 5
A N N U A L
R E P O R T
104
800,000
300,000,000
CURRENCY MARKET GROWTH 2006 - 2015
252% Rise in currency instrument trades
180,000,000
2,000,000
160,000,000
1,800,000
140,000,000
1,600,000
1,400,000
120,000,000
1,200,000
100,000,000
1,000,000
80,000,000
800,000
60,000,000
600,000
40,000,000
400,000
20,000,000
0
SHARE TRADING VALUE
(MCH$)
over last decade, mostly in US dollars.
200,000
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
44,095,782
67,380,661
59,939,864
68,775,064
90,823,926
111,955,501
126,823,705
154,877,562
152,496,122
149,119,241
517,185
644,555
729,578
811,696
1,041,325
1,197,196
1,431,015
1,585,094
1,739,935
1,820,110
0
C H P
0 5
A N N U A L
R E P O R T
105
FOREIGN SECURITY MARKET GROWTH 2006 - 2015
EMERGING BUSINESS: Since operations began in 2006, the trading value of foreign securities
has increased nine-fold while the number of trades has increased eleven-fold.
SHARE TRADING VALUE (MUS$)
6000
200
5000
150
4000
3000
100
2000
50
1000
0
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
SHARE TRADING VALUE
(MUS$)
24.1
10.6
0.1
1.6
75.3
53.7
68.6
138.2
189.1
228.9
484
89
2
101
677
1,275
1,663
5,163
6,006
5,538
7000
250
0
C H P
0 5
Note: Trading value expressed in millions of US dollars.
A N N U A L
R E P O R T
106
TRADING VALUE AND NUMBER OF TRADES ALL MARKETS 2006 - 2015
88.6% Growth in trading value over last 10 years. Number of trades
increased 153.7% during the same period.
6000000
700,010,000
5000000
500,010,000
4000000
400,010,000
3000000
300,010,000
2000000
200,010,000
1000000
100,010,000
10,000
SHARE TRADING VALUE
(MCH$)
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
303.274.306
383.690.424
395.824.790
439.235.313
475.612.679
534.999.935
524.307.845
594.135.887
600.812.277
571.849.179
2.233.227
2.810.754
2.776.482
3.125.058
3.980.773
4.522.334
4.504.662
4.869.829
5.120.032
5.666.795
0
C H P
0 5
A N N U A L
R E P O R T
107
600,010,000
MARKET CAPITALIZATION AND NUMBER OF LISTED COMPANIES 2006 - 2015
223 The number of equity issuers listed on Santiago Exchange.
300
275
200,000,000
250
225
150,000,000
200
100,000,000
175
NUMBER OF COMPANIES
MARKET CAPITALIZATION (MCH$)
250,000,000
150
50,000,000
125
0
MARKET
CAPITALIZATION (MCH$)
2007
2008
2009
2010
2011
2012
2013
2014
2015
129,860,317
137,464,382
102,176,315
143,689,365
190,701,179
160,283,448
168,688,062
152,144,180
147,772,991
134,836,983
245
244
238
235
232
227
229
225
227
230
100
Note: Market capitalization expressed in millions of Chilean pesos as of December 2015.
C H P
0 5
NUMBER OF LISTED COMPANIES
2006
A N N U A L
R E P O R T
108
THE TEN MOST TRADED STOCKS IN 2015
6.08%
Cencosud
6.26%
Endesa
4.70%
4.40%
Lan
Copec
4.28%
7.75%
Chile
Enersis
4.12%
9.07%
BSantander
Falabella
3.95%
SQM-B
3.61%
CMPC
Other
C H P
0 5
45.77%
A N N U A L
R E P O R T
109
TOTAL TRADING VALUE BY BOND FAMILY 2015
5,000,000,000
4,500,000,000
4,000,000,000
THCH$
3,500,000,000
3,000,000,000
2,500,000,000
2,000,000,000
1,500,000,000
1,000,000,000
500,000,000
0
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
LH (ThCh$)
10,984,661
3,708,816
21,896,212
5,009,932
12,131,643
2,110,772
2,405,793
2,231,856
6,378,305
5,784,927
25,094,101
10,948,401
BE (ThCh$)
2,149,467,935
2,342,381,118
2,747,225,878
2,335,144,954
2,646,691,088
3,249,159,162
2,777,971,549
3,196,302,115
2,341,178,641
2,429,988,630
2,995,249,392
1,956,951,570
BC (ThCh$)
3,269,738,672
4,140,262,814
3,683,128,641
2,760,938,080
1,904,879,001
3,065,800,042
3,678,168,827
4,379,270,529
3,630,282,982
3,020,565,482
3,163,245,275
1,939,021,369
C H P
0 5
Note: Figures expressed in thousands of Chilean pesos as of each month.
A N N U A L
R E P O R T
110
OUR BROKERS
Brokers play a vital role in the development of capital markets. In addition
to promoting launches of new securities, brokers act as depositaries for
their clients' securities and advise investors, issuers and the general public.
As of year-end 2015, 25 brokers operated on Santiago Exchange.
BANCHILE Corredores de Bolsa S.A.
Address: Agustinas 975, piso 2, Santiago
Phone: (56) 226612200
www.banchileinversiones.cl
Trading Value - Equities and Investment Funds (MCh$)
Trading Value - Fixed Income (MCh$)
11,048,904
Trading Value - Money Market (MCh$)
39,315,246
Trading Value - Currency (MCh$)
11,119,732
Trading Value - Foreign Securities (MCh$)
Total Trading Value (MCh$)
BANCOESTADO S.A. Corredores de Bolsa
Address: Av. Lib. B. O’Higgins 1111,
piso 6, Santiago
Phone: (56) 229707102
181,756
63,497,617
Profit (MCh$)
5,794
Equity (MCh$)
83,441
71,014
24,575,630
122,495,804
2,634,689
32,091
149,809,228
Profit (MCh$)
6,809
Equity (MCh$)
69,327
C H P
0 5
www.bancoestado.cl
1,831,979
A N N U A L
R E P O R T
111
BBVA Corredores de Bolsa Ltda.
Address: Av. Costanera Sur 2710, torre A,
piso 14, Las Condes , Santiago
Phone: (56) 226792750
www.bbva.cl
BCI Corredor de Bolsa S.A.
Address: Calle Magdalena 140, piso 14,
Las Condes, Santiago
Phone: (56) 226928900
www.bci.cl
BICE INVERSIONES Corredores de Bolsa S.A.
Address: Teatinos 280, piso 5, Santiago
Phone: (56) 226922800, (56) 226922801,
(56) 226922000
C H P
0 5
www.bice.cl
76,597
24,377,331
75,249,017
534,461
0
100,237,406
Profit (MCh$)
1,219
Equity (MCh$)
38,139
1,280,773
17,443,654
41,400,690
3,224,092
3,694
63,352,903
Profit (MCh$)
5,008
Equity (MCh$)
86,098
1,000,563
14,364,140
22,268,249
994,636
46,669
38,674,257
Profit (MCh$)
1,666
Equity (MCh$)
16,626
A N N U A L
R E P O R T
112
BTG PACTUAL CHILE S.A. Corredores de Bolsa
Address: Av. Costanera Sur 2730, piso 21,
Phone: (56) 225875100
www.btgpactual.cl
3,747,147
4,877,487
Address: Rosario Norte 660, piso 7,
Phone: (56) 226603600
www.corpbancainversiones.cl
13,995,346
Equity (MCh$)
48,570
CORPBANCA Corredores de Bolsa S.A.
4,168
2,132
Address: El Bosque Sur N°130, piso 13,
www.consorcio.cl
0
Profit (MCh$)
Phone: (56) 222304020
0 5
5,366,544
CONSORCIO Corredores de Bolsa S.A.
C H P
430,904
12,220,337
4,058,581
732,184
658
17,442,664
Profit (MCh$)
4,790
Equity (MCh$)
38,892
493,557
4,623,157
7,340,395
43,057,132
0
55,514,241
Profit (MCh$)
1,003
Equity (MCh$)
39,240
A N N U A L
R E P O R T
113
CREDICORP CAPITAL S.A. Corredores de Bolsa
Address: Av. Apoquindo 3721, piso 16
Phone: (56) 224501600
www.imtrust.cl
ETCHEGARAY S.A. Corredores de Bolsa
Address: La Bolsa 64, Of. 122, Santiago
Phone: (56) 226967385, (56) 226980390
www.etchegaray.cl
Address: Avda. Apoquindo 3885, piso 21,
C H P
0 5
Phone: (56) 225817000
www.euroamerica.cl
21,144,911
1,834,045
9,526,989
14,406
36,231,392
Profit (MCh$)
2,061
Equity (MCh$)
17,819
9,005
0
0
1
0
EUROAMERICA Corredores de Bolsa S.A.
3,711,041
9,006
Profit (MCh$)
-4
Equity (MCh$)
4,095
957,192
4,221,882
15,497,877
20,695,978
35
41,372,964
Profit (MCh$)
1,162
Equity (MCh$)
15,656
A N N U A L
R E P O R T
114
FINANZAS Y NEGOCIOS S.A. Corredores de Bolsa
Address: Av. Isidora Goyenechea 3477, piso 11,
Phone: (56) 224991500
www.fynsa.cl
GBM Corredores de Bolsa Ltda.
Address: Magdalena 181, Oficina 1201,
Phone: (56) 226169800
www.gbm.com.mx
ITAÚ BBA Corredor de Bolsa Ltda.
Address: Magdalena 140, oficina 601,
C H P
0 5
Phone: (56) 226857839, (56) 226857598
www.itau.cl
133,736
2,423,751
17,169
175,816
5
2,750,477
Profit (MCh$)
448
Equity (MCh$)
4,689
172,984
0
0
0
0
172,984
Profit (MCh$)
576
Equity (MCh$)
5,589
1,684,018
7,197,992
14,894,369
0
0
23,776,379
Profit (MCh$)
1,065
Equity (MCh$)
23,099
A N N U A L
R E P O R T
115
JAIME LARRAIN Y CIA. Corredores de Bolsa Ltda.
Address: Nueva York 48, of. 22, Santiago
Phone: (56) 226962563, (56) 226980302,
(56) 226727349
www.larrainycia.cl
J.P. MORGAN Corredores de Bolsa S.p.A.
Address: Mariano Sánchez Fontecilla 310, piso 8,
Phone: (56) 224255100
www.jpmorgan.com
LARRAINVIAL S.A. Corredora de Bolsa
Address: La Bolsa 88, Of. 33, Santiago
Phone: (56) 226721505, (56) 223398500
C H P
0 5
www.larrainvial.com
99,079
0
0
343
0
99,422
Profit (MCh$)
-129
Equity (MCh$)
5,235
604,450
0
0
0
0
604,450
Profit (MCh$)
406
Equity (MCh$)
13,070
4,831,443
11,495,685
12,382,311
9,373,539
224
38,083,202
Profit (MCh$)
4,348
Equity (MCh$)
69,260
A N N U A L
R E P O R T
116
MBI Corredores de Bolsa S.A.
Address: Avda. Presidente Riesco 5711,
Of. 602, Las Condes, Santiago
Phone: (56) 226553700
www.mbi.cl
MERRILL LYNCH Corredores de Bolsa S.p.A.
oficina 901, Las Condes, Santiago
Phone: (56) 224909500
www.merrill.cl
NEGOCIOS Y VALORES S.A. Corredores de Bolsa
Address: Rosario Norte 555, piso 15,
C H P
0 5
Phone: (56) 224119800
www.nevasa.cl
962,457
815,464
665,492
0
0
2,443,413
Profit (MCh$)
-2,204
Equity (MCh$)
43,701
1,405,507
135,095
0
10,012,295
0
11,552,897
Profit (MCh$)
218
Equity (MCh$)
20,433
643,024
9,707,528
6,521,003
640,440
2
17,511,997
Profit (MCh$)
278
Equity (MCh$)
5,601
A N N U A L
R E P O R T
117
SANTANDER S.A. Corredores de Bolsa
Address: Bandera 140, piso 12, Santiago
Phone: (56) 223363400
www.santander-investment.cl
19,423,357
31,935,818
0
0
SCOTIA Corredora de Bolsa Chile S.A.
Address: Agustinas 1225, piso 5, Santiago
Phone: (56) 226925703
www.scotiabank.cl
Address: Av. Apoquindo 4820, piso 16
C H P
0 5
Phone: (56) 229152010
www.sura.cl
53,979,331
Profit (MCh$)
1,427
Equity (MCh$)
44,045
998,042
1,967,416
10,360,265
298,167
Corredores de Bolsa SURA S.A.
2,620,156
0
13,623,890
Profit (MCh$)
-387
Equity (MCh$)
9,850
101,702
1,448
0
0
556
103,706
Profit (MCh$)
-415
Equity (MCh$)
12,120
A N N U A L
R E P O R T
118
TANNER Corredores de Bolsa S.A.
Address: Av. El Golf 40, Oficina 902,
Phone: (56) 227318900
www.tanner.cl
VALORES SECURITY S.A. Corredores de Bolsa
Phone: (56) 225844700
139,716
1,988,336
2,437,967
1,521,624
0
6,087,643
Profit (MCh$)
-806
Equity (MCh$)
7,362
1,320,479
3,826,468
1,757,224
31,907,362
10,553
38,822,086
Profit (MCh$)
2,114
Equity (MCh$)
35,787
C H P
0 5
www.security.cl
A N N U A L
R E P O R T
119
MARKET SNAPSHOT
MARKET CAPITALIZATION AND BOOK VALUE OF EQUITIES ISSUERS
Year
Number of
Companies
(MCh$) (1)
Book Value (MCh$) (2)
Market Cap/Book
Value Ratio
1996
290
54,922,677
35,781,506
1.53
2008
235
102,176,315
71,147,568
1.44
1997
294
58,477,394
38,027,869
1.54
2009
232
143,689,365
76,026,119
1.89
1998
287
43,407,031
41,130,859
1.06
2010
227
190,701,179
79,704,167
2.39
1999
283
62,479,671
43,052,380
1.45
2011
229
160,283,448
81,984,663
1.96
2000
260
57,304,851
45,560,212
1.26
2012
225
168,688,062
83,889,613
2.01
2001
249
58,893,678
46,143,636
1.28
2013
227
152,144,180
92,869,407
1.64
2002
245
52,729,520
48,524,121
1.09
2014
230
147,772,991
99,310,866
1.49
2003
239
78,047,067
50,261,121
1.55
2015
223
134,836,983
101,609,358
1.33
2004
239
96,686,127
52,763,344
1.83
2005
245
100,165,803
56,014,547
1.79
2006
244
129,860,317
60,025,772
2.16
2007
238
137,464,382
61,920,893
2.22
(2)Corresponds to the sum of the book values of each of
the companies listed on Santiago Exchange as of the last
trading day of each year, as reported in the most recent
financial statements available as of December 31 of each
year, adjusted to reflect variations in the inflation rate (CPI)
and capital variations (dividends, share issuances, stock
swaps, etc.).
C H P
0 5
Note: Figures expressed in millions of Chilean pesos as of
December 2015.
(1) Corresponds to the sum of the market capitalizations
(calculated by multiplying the number of outstanding
shares by the closing price) of each of the companies
listed on Santiago Exchange as of the last trading day
of each year.
A N N U A L
R E P O R T
120
Year
Equities
(%)
Investment
Funds
(%)
Money
Market
(%)
Fixed Income
(%)
Currency
(%)
Futures
(%)
Options
(%)
Total
1996
6,925,889
4.01
63,892
0.04
91,004,638
52.63
64,719,815
37.43
10,201,380
5.90
0
0.00
0
0.00
172,915,615
1997
5,824,824
2.87
60,087
0.03
110,956,465
54.72
69,450,526
34.25
16,475,214
8.13
0
0.00
0
0.00
202,767,117
1998
3,618,356
1.30
8,031
0.00
159,329,170
57.32
74,290,227
26.73
40,710,395
14.65
0
0.00
0
0.00
277,956,180
1999
5,930,252
2.83
953
0.00
116,150,587
55.50
42,511,160
20.31
44,690,614
21.35
0
0.00
0
0.00
209,283,567
2000
5,462,456
2.66
29,909
0.01
117,495,839
57.24
39,488,820
19.24
42,809,190
20.85
0
0.00
0
0.00
205,286,214
1,178,100
2001
4,289,829
1.72
56,613
0.02
125,384,861
50.17
63,878,098
25.56
56,307,602
22.53
0
0.00
0
0.00
249,917,003
1,038,010
2002
3,763,938
1.56
39,537
0.02
117,876,926
48.90
72,495,556
30.07
46,892,672
19.45
0
0.00
0
0.00
241,068,629
2003
6,844,706
3.22
113,166
0.05
87,731,236
41.31
78,430,913
36.93
39,264,425
18.49
0
0.00
0
0.00
212,384,446
2004
10,866,010
4.73
167,393
0.07
78,023,464
33.99
105,193,970
45.82
35,320,224
15.39
847
0.00
0
0.00
229,571,909
2005
15,241,856
5.43
135,091
0.05
120,639,136
43.02
104,580,967
37.29
39,848,825
14.21
2,591
0.00
0
0.00
280,448,466
2006
21,627,613
7.13
496,563
0.16
153,650,478
50.66
83,403,585
27.50
44,095,782
14.54
285
0.00
0
0.00
303,274,306
24,142,707
2007
33,676,426
8.78
1,151,064
0.30
182,966,509
47.69
98,515,764
25.68
67,380,661
17.56
0
0.00
0
0.00
383,690,424
10,643,811
2008
23,956,556
6.05
797,183
0.20
202,779,191
51.23
108,351,996
27.37
59,939,864
15.14
0
0.00
0
0.00
395,824,790
95,645
2009
25,790,424
5.87
482,837
0.11
216,882,485
49.38
127,304,503
28.98
68,775,064
15.66
0
0.00
0
0.00
439,235,313
1,574,701
2010
33,665,158
7.08
691,523
0.15
241,295,166
50.73
109,136,906
22.95
90,823,926
19.10
0
0.00
0
0.00
475,612,679
75,286,281
2011
31,816,026
5.95
579,540
0.11
259,754,980
48.55
130,893,888
24.47
111,955,501
20.93
0
0.00
0
0.00
534,999,935
53,697,295
0 5
2012
25,242,644
4.81
636,635
0.12
277,864,637
53.00
93,740,223
17.88
126,823,705
24.19
0
0.00
0
0.00
524,307,845
68,597,991
C H P
TRADING VALUE BY MARKET 1996 - 2015
2013
25,330,641
4.26
578,975
0.10
305,204,665
51.37
108,144,044
18.20
154,877,562
26.07
0
0.00
0
0.00
594,135,887
138,237,934
A N N U A L
Foreign Securities
(US$)
R E P O R T
121
Year
Equities
(%)
Investment
Funds
(%)
Money
Market
(%)
Fixed Income
(%)
Currency
(%)
Futures
(%)
Options
(%)
Total
Foreign Securities
(US$)
2014
20,493,319
3.41
1,155,870
0.19
294,291,571
48.98
132,375,396
22.03
152,496,122
25.38
0
0.00
0
0.00
600,812,277
189,051,705
2015
14,664,628
2.56
1,238,954
0.22
276,560,410
48.36
130,265,536
22.78
149,119,241
26.08
412
0.00
0
0.00
571,849,180
228,875,898
1996 - 2015 16,251,578
4.57
424,191
0.12
176,792,121
49.76
91,858,595
25.86
69,940,398
19.69
207
0.00
0
0.00
355,267,089
66,035,006
Annual Average
Note: Figures expressed in millions of Chilean pesos as of December 2015.
TOTAL TRADING VALUE BY MARKET AND TYPE OF INSTRUMENT - 2015
Instrument / Month
January
February
March
April
May
June
July
August
September
October
November
December
Total
10,573,715
9,267,631
16,016,398
14,907,216
12,958,460
13,976,867
12,210,903
13,590,435
10,882,037
13,017,101
11,750,411
9,966,872
149,118,046
59
70
52
90
60
92
119
94
201
94
164
100
1,195
10,573,774
9,267,700
16,016,450
14,907,307
12,958,520
13,976,959
12,211,022
13,590,529
10,882,238
13,017,195
11,750,575
9,966,972
149,119,241
Social security bonds
(BR)
43,017
36,259
62,368
56,967
65,820
75,989
85,283
76,685
100,550
121,407
125,663
133,804
983,813
Central Bank bonds
adjusted by inflation
1,433
6,331
37,743
5,404
256
5,433
10,067
23,305
3,919
2,315
73
484
96,761
US dollar
Gold and silver coins
C H P
0 5
Total currency
A N N U A L
R E P O R T
122
Instrument / Month
January
February
March
April
May
June
July
August
September
October
November
December
Total
1,122,190
650,449
631,441
835,701
377,361
912,891
838,302
1,197,635
661,100
752,064
604,419
565,591
9,149,142
644,615
1,663,892
1,439,311
972,981
577,540
810,112
1,229,802
1,189,117
1,328,619
991,818
895,621
656,175
12,399,602
Treasury bonds in
Chilean pesos
1,489,459
1,026,229
1,204,919
1,322,395
1,368,640
1,336,445
1,608,107
2,218,208
1,526,228
1,676,994
1,051,370
829,982
16,658,975
Treasury bonds
indexed to the
inflation rate
1,258,084
1,480,501
1,783,926
1,444,532
1,196,470
1,882,210
2,294,024
3,020,837
2,379,122
1,691,631
2,207,681
1,112,868
21,751,887
800
1,842
277
1,254
694
645
315
1,019
596
472
1,295
173
9,382
Central Bank zero
coupon bonds
11,226
19,980
5,940
9,917
6,042
6,748
8,629
14,430
16,275
5,423
6,412
6,362
117,383
Mortgage notes
40,458
20,113
41,782
36,222
34,317
26,689
28,951
20,364
24,105
30,718
60,133
71,815
435,667
Leasing bonds
26,725
32,226
19,365
176,378
103,868
59,734
43,361
143,004
62,792
66,591
104,920
64,586
903,549
Bank bonds
3,462,683
3,170,987
3,688,979
3,184,234
3,787,808
4,927,234
5,034,868
4,633,277
3,670,680
3,755,545
4,825,778
3,651,148
47,793,222
Corporate bonds
1,331,180
1,333,563
1,983,926
1,706,625
1,477,785
1,362,689
1,436,720
1,503,823
2,518,486
1,617,796
1,538,993
2,154,567
19,966,152
Total fixed income
instruments
9,431,870
9,442,372
10,899,976
9,752,610
8,996,602
11,406,819
12,618,427
14,041,701
12,292,471
10,712,774
11,422,358
9,247,555
130,265,536
Listed shares
1,194,651
1,267,004
1,597,000
1,439,170
1,474,641
1,317,436
985,478
1,028,715
1,080,877
1,018,759
1,353,947
906,087
14,663,766
0
0
6
584
270
0
0
0
0
0
0
2
862
1,194,651
1,267,004
1,597,007
1,439,754
1,474,910
1,317,436
985,478
1,028,715
1,080,877
1,018,759
1,353,947
906,089
14,664,628
Central Bank bonds in
Chilean pesos
Central Bank bonds
indexed to the
inflation rate
MINVU leasing bonds
Total equities
C H P
0 5
Unlisted shares
A N N U A L
R E P O R T
123
Instrument / Month
January
February
March
April
May
June
July
August
September
October
November
December
Total
Non-indexed notes
19,844,801
17,788,942
20,792,095
19,424,002
18,186,098
17,752,542
20,667,499
19,398,274
19,056,971
19,139,577
19,403,737
18,043,855
229,498,395
Indexed notes
4,767,793
4,845,273
4,682,501
4,098,266
3,727,492
3,455,180
4,081,897
3,930,836
4,035,166
4,025,533
2,907,132
2,504,946
47,062,015
24,612,594
22,634,215
25,474,596
23,522,268
21,913,591
21,207,722
24,749,396
23,329,110
23,092,138
23,165,110
22,310,869
20,548,801
276,560,410
61,453
51,379
77,673
75,407
107,586
153,449
120,518
96,706
59,382
97,557
83,165
254,680
1,238,954
Total futures
0
0
0
0
0
0
0
412
0
0
0
0
412
Overall total
45,874,342
42,662,670
54,065,703
49,697,346
45,451,210
48,062,385
50,684,841
52,087,172
47,407,105
48,011,395
46,920,914
40,924,097
571,849,180
Total money market
Total investment
funds
Total foreign securities and MILA (US$)
Foreign equities (US$)
2,754,453
2,788,699
1,530,027
2,827,095
2,214,414
2,534,587
2,717,374
2,686,416
696,134
2,160,501
2,208,405
2,086,433
27,204,537
ETFs (US$)
36,724,441
6,623,587
17,293,132
43,314,809
17,844,601
6,937,026
14,055,248
8,239,919
5,517,514
9,073,804
17,993,364
18,053,916
201,671,360
MILA (US$)
5,882
0
12,379
23
8,230
76,146
0
200
43,615
156
6,543
12
153,186
C H P
0 5
A N N U A L
R E P O R T
124
SUMMARY OF EQUITY MARKET TRANSACTIONS
Transactions 2015
Number of Shares
Traded
Share Trading Value
(Ch$)
Market Presence
(%)
Shares Issued as of
12/30/2015
Closing Price on
12/30/2014
High (Ch$)
Low (Ch$)
Closing Price on
12/30/2015
Return (%)
1,023,220,859
334,991,376,852
100.00
8,400,319
322.55
380.00
291.00
314.44
3.20
2,006,916
537,731,862
19.57
3,123,768
157.00
271.00
150.00
260.00
74.71
AGUAS-A
1,002,297,075
361,763,718,898
100.00
5,811,030
351.31
382.00
343.00
363.58
9.29
AGUNSA
1,786,271
254,916,109
12.66
855,097
180.00
170.00
140.00
143.00
-2.67
178,717,227
8,738,893,535
74.40
13,539,622
48.00
54.10
42.90
47.00
-0.93
7,910
13,994,040
1.63
22,000
1,550.00
1,800.00
1,750.00
1,800.00
23.46
ANDINA-A
42,264,048
69,596,608,901
77.20
473,289
1,472.00
2,200.00
1,300.00
1,955.00
37.00
ANDINA-B
106,624,549
218,954,110,616
100.00
473,289
1,717.00
2,800.00
1,550.20
2,107.80
26.23
ANTARCHILE
7,698,177
55,481,522,621
97.20
456,376
7,290.00
7,890.00
6,500.00
6,600.00
-6.35
AQUACHILE
45,477,252
16,040,591,957
87.20
1,157,000
395.00
496.00
175.00
180.00
-54.43
ASEMACRED
33,218,441
1,435,036,651
0.00
309,327
ASEMAGEN
35,463,390
12,358,991,415
0.00
330,522
AUSTRALIS
1,122,665,209
26,824,699,157
48.00
2,712,273
34.98
38.00
11.79
11.79
-66.30
AXXION
1,454,786
1,633,762
8.78
40,945,049
2.00
1.20
1.20
1.20
-40.00
AZUL AZUL
8,636,562
4,839,408,550
56.00
36,520
1,160.00
1,150.00
694.99
849.00
-26.81
BANMEDICA
44,397,638
52,837,316,389
94.80
804,682
1,080.00
1,338.00
980.00
1,021.00
-4.16
BANVIDA
12,644,742
2,242,206,605
51.60
1,430,000
200.06
195.40
164.58
169.04
-9.39
Stock
AESGENER
AFPCAPITAL
ALMENDRAL
0 5
ANASAC
C H P
Trading Prices 2015
A N N U A L
R E P O R T
125
Number of Shares
Traded
Share Trading Value
(Ch$)
Market Presence
(%)
Shares Issued as of
12/30/2015
Closing Price on
12/30/2014
High (Ch$)
Low (Ch$)
Closing Price on
12/30/2015
Return (%)
1,790
3,695,265
3.35
393,422
2,100.00
2,079.00
2,079.00
2,079.00
1.50
BCI
14,377,699
399,650,060,009
100.00
110,807
29,345.12
30,902.33
25,251.00
26,730.00
-5.57
BESALCO
55,650,420
15,791,146,741
98.40
576,173
350.00
370.00
200.00
233.53
-31.71
BETLAN DOS
1,003,834
1,014,836
5.29
40,946,091
2.80
2.80
0.00
42,168
408,111,700
9.52
85,087
9,500.00
683,930,834
44,933,003,888
1.33
1,784,580
15,961,361
2,099,617,349
34.94
1,408,096
18,276,605,384
592,942,576,729
100.00
143,906,320
77,356,322,823
CALICHERAA
4,468,362
CALICHERAB
Stock
BBVACL
BICECORP
10,001.00
9,600.00
9,600.00
4.31
66.64
60.00
66.64
11.07
172.43
172.90
89.99
95.50
-44.62
188,446,127
30.33
35.26
29.25
31.79
10.36
94.40
637,650
497.03
567.26
497.00
567.25
15.97
1,297,351,562
21.69
1,815,876
319.00
495.00
208.00
495.00
58.09
24,297
8,466,799
3.61
120,985
349.90
390.00
323.00
390.00
13.25
CAMANCHACA
350,075,881
8,526,825,499
83.20
4,150,672
32.90
34.00
13.70
14.50
-55.93
CAMPOS
660,737,431
12,390,317,466
57.60
934,796
21.76
60.00
19.42
60.00
192.31
CAP
119,966,295
273,357,396,850
100.00
149,448
2,682.20
3,749.90
1,500.00
1,713.70
-31.77
2,686,714
3,928,211,999
13.79
223,063
1,306.00
1,650.00
1,300.00
1,550.00
22.60
1,849
1,479,200
0.90
2,900
700.00
800.00
800.00
800.00
43.10
CCT
121,058
673,082,480
28.57
70,000
5,560.00
5,560.00
5,560.00
5,560.00
2.36
CCU
37,983,139
267,596,352,623
100.00
369,503
5,740.70
8,784.00
5,479.40
7,840.00
40.19
CEMENTOS
3,191,071
1,595,607,497
54.84
264,221
510.00
550.00
475.00
522.00
10.94
BINT
BLUMAR
BSANTANDER
BUPACL
CAROZZI
C H P
0 5
CASABLANCA
A N N U A L
R E P O R T
126
Number of Shares
Traded
Share Trading Value
(Ch$)
Market Presence
(%)
Shares Issued as of
12/30/2015
Closing Price on
12/30/2014
High (Ch$)
Low (Ch$)
Closing Price on
12/30/2015
Return (%)
CENCOSUD
593,646,225
874,825,831,756
100.00
2,889,023
1,514.20
1,690.10
1,245.00
1,415.00
-4.86
CFMITNIPSA
23,983,764
74,428,361,070
84.68
9,040
3,150.00
3,330.00
2,767.00
2,900.00
-5.16
CFR
9,215,349
1,892,433,134
50.44
8,484,132
170.00
207.00
147.00
207.00
21.76
CGE
3,294,649
14,325,025,055
45.75
416,710
4,670.00
4,671.00
3,000.00
3,500.00
-22.80
23,232
66,038,260
14.06
177,952
3,200.00
3,000.00
2,500.00
2,500.00
-18.05
8,766,427,731
616,387,851,153
100.00
96,785,352
68.91
74.60
66.50
72.18
10.12
CHILECTRA
341,655
629,374,328
29.72
1,150,742
1,470.00
2,100.00
1,470.00
1,985.00
39.03
CHOLGUAN
1,078,593
429,280,014
9.58
369,190
398.00
398.00
398.00
398.00
0.00
CIC
15,374,097
230,955,302
15.98
1,181,420
18.00
17.76
13.00
13.00
-27.78
CINTAC
5,714,830
489,755,678
20.00
439,817
100.00
100.00
85.00
90.00
-7.54
CLUBCAMPO
21,857
968,075,801
9.32
400
30,000.00
51,100.00
23,000.00
23,000.00
14.17
CLUBUNION
68
22,309,100
6.64
9
350,000.00
360,000.00
300,000.00
340,000.00
-2.86
308,736,657
520,098,487,471
100.00
2,500,000
1,518.60
1,915.00
1,410.00
1,528.90
1.13
2,008,456,663
360,608,266,571
100.00
17,536,168
161.57
193.99
157.21
169.20
5.91
COLO COLO
12,213,352
2,405,679,929
93.20
100,000
269.00
279.00
150.00
169.99
-36.81
COLOSO
1,319,411
326,750,292
45.12
195,357
355.00
360.00
140.00
145.00
-37.29
4
8,600,000,000
2.33
48
2,000,000,000.00
2,200,000,000.00
2,200,000,000.00
2,200,000,000.00
16.63
234,825,720
265,825,702,780
100.00
747,006
1,186.70
1,300.00
1,000.00
1,061.50
-8.73
15,281
2,961,409
1.90
68,098
196.00
196.00
195.99
195.99
0.59
Stock
CGEDISTRO
CHILE
CMPC
COLBUN
C H P
0 5
COMERCIO
CONCHATORO
CONSOGRAL
A N N U A L
R E P O R T
127
Number of Shares
Traded
Share Trading Value
(Ch$)
Market Presence
(%)
Shares Issued as of
12/30/2015
Closing Price on
12/30/2014
High (Ch$)
Low (Ch$)
Closing Price on
12/30/2015
Return (%)
100,420,446
676,701,221,255
100.00
1,299,854
6,848.90
7,415.00
5,820.20
6,083.20
-10.56
68,644
63,937,472
5.33
31,219
881.00
970.23
910.00
970.23
18.37
CORPBANCA
74,323,125,109
506,306,133,799
100.00
340,358,194
7.29
7.95
5.50
5.69
-10.06
COUNTRY-A
68
4,502,532
4.68
22
46,000.00
85,001.00
50,000.00
85,001.00
84.78
COVADONGA
89,953
30,290,255
1.64
23,100
335.00
338.00
335.00
338.00
9.07
CRISTALES
2,899,637
13,295,560,925
44.76
64,000
4,290.00
4,700.00
4,010.00
4,400.00
7.93
CRUZADOS
1,157,982
201,882,795
62.80
58,973
180.00
220.00
145.00
160.00
-11.11
346,934
1,053,260
5.02
CTC-A
1,931,282
605,695,399
44.58
873,995
401.00
401.20
250.00
320.00
-16.96
CTC-B
180,762
51,770,041
10.12
83,162
310.00
300.00
250.00
255.00
-14.18
56
16,800
0.43
58,287
87,489
18,466,181
17.14
296,633
290.00
238.00
190.00
238.00
-10.93
CUPRUM
7,462,132
309,702,842
40.00
12,837,423
51.94
33.65
35.00
-25.11
DETROIT
1,707,536
3,498,168,040
7.95
119,155
2,200.00
2,149.00
2,000.00
2,001.00
-7.05
119,695
87,089,511
15.10
100,000
510.00
800.00
560.00
740.00
58.23
187,828,794
178,915,484,542
99.60
1,053,310
885.00
1,042.70
832.01
970.79
12.00
66,406
280,480,958
6.44
13,081
4,130.00
4,250.00
4,100.00
4,250.00
9.46
EDELPA
2,575,751
357,645,901
12.60
113,590
170.00
172.42
124.99
124.99
-26.48
EISA
2,804,940
608,773,155
76.80
605,365
266.00
266.50
196.84
197.00
-25.43
Stock
COPEC
COPEVAL
CRUZAD-OSA
CTC-MUNDO
CTISA
DUNCANFOX
ECL
C H P
0 5
EDELMAG
A N N U A L
R E P O R T
128
Number of Shares
Traded
Share Trading Value
(Ch$)
Market Presence
(%)
Shares Issued as of
12/30/2015
Closing Price on
12/30/2014
High (Ch$)
Low (Ch$)
Closing Price on
12/30/2015
Return (%)
ELECDA
247,678
101,547,980
11.16
180,805
410.00
410.00
410.00
410.00
3.61
ELECMETAL
71,202
992,402,931
7.44
43,800
14,100.00
14,325.00
11,000.00
11,000.00
-19.15
ELIQSA
47,990
14,450,039
4.07
182,933
270.00
320.00
276.00
320.00
23.70
EMBONOR-A
3,768,925
3,143,839,964
12.55
244,421
900.00
1,050.00
770.00
1,020.00
18.66
EMBONOR-B
49,591,856
50,403,011,527
97.20
266,433
903.51
1,330.00
830.00
1,020.00
17.58
EMELARI
190,020
34,056,607
5.43
185,995
170.00
187.00
170.00
187.00
17.87
EMILIANA
13,687,825
559,919,609
12.05
636,429
43.50
42.00
35.00
35.00
-17.48
ENACAR
877,540
289,588
3.70
1,000,000,000
0.35
0.35
0.00
ENAEX
787,244
5,144,852,122
22.04
123,000
6,700.00
6,775.00
6,408.40
6,650.00
4.34
ENDESA
1,009,217,125
901,320,079,041
100.00
8,201,755
921.50
983.32
785.11
878.61
-2.56
ENERSIS
5,719,729,239
1,114,824,641,484
100.00
49,092,773
198.76
226.25
161.16
171.07
-11.38
97,437,249
4,532,582,811
88.00
2,357,460
60.00
61.00
35.10
36.01
-39.16
578,967
485,330,380
4.96
46,388
800.00
840.00
800.00
840.00
10.34
52,821,453
346,103,790,546
100.00
236,524
6,096.60
7,750.00
5,877.90
6,341.10
4.49
662,342
69,286,692
18.70
310,907
110.00
112.00
88.99
89.00
-19.09
ESPANOLA
7,493
17,983,200
4.00
30,775
2,400.00
2,400.00
2,400.00
2,400.00
6.39
ESSBIO-A
6
51
6.25
2,489
ESSBIO-C
332,500
3,062,297
4.35
26,443,155
9.20
9.20
9.20
9.20
13.82
11
57,100,000
2.27
1
4,700,000.00
5,200,000.00
5,100,000.00
5,100,000.00
17.42
Stock
ENJOY
ENLASA
ENTEL
C H P
0 5
EPERVA
ESTACIONAM
A N N U A L
R E P O R T
129
Number of Shares
Traded
Share Trading Value
(Ch$)
Market Presence
(%)
Shares Issued as of
12/30/2015
Closing Price on
12/30/2014
High (Ch$)
Low (Ch$)
Closing Price on
12/30/2015
Return (%)
ESVAL-A
175,750
820
5.28
3,553,437
ESVAL-C
2,442,064,244
67,185,920
34.55
14,958,536
0.03
0.04
0.02
0.02
-2.65
39,571,115
6,880,222,272
20.15
299,817
149.10
173.50
149.10
162.00
8.65
EXPROVIDA
642,894
1,718,494,745
72.62
331,317
3,300.00
3,600.00
2,110.00
2,350.00
-24.87
EXWMTCL
101,911
51,533,927
19.40
6,520,000
510.00
511.00
490.00
511.00
0.20
287,737,608
1,304,615,363,564
100.00
2,434,465
4,071.40
5,000.00
3,700.00
4,516.00
12.65
1,173,947
281,615,618
18.92
1,500,000
238.00
243.00
227.00
230.00
-3.36
FEPASA
284,197,724
1,616,214,984
1.32
4,713,485
5.50
5.80
5.80
5.80
12.52
FORUS
57,506,697
121,675,363,221
100.00
258,469
2,480.40
2,800.00
1,500.00
1,750.00
-27.80
FOSFOROS
3,961,095
4,353,256,070
54.00
61,500
1,150.00
1,500.00
850.00
1,030.00
33.58
FROWARD
232,042
27,453,291
11.34
113,238
140.00
130.00
115.00
115.00
-16.48
21,778,016
118,059,764,888
98.40
168,000
5,198.90
6,180.00
3,900.00
5,150.00
3.60
GOLF
33
705,195,000
7.46
3
22,000,000.00
21,800,000.00
20,500,000.00
20,500,000.00
-6.82
GRANADILLA
58
1,574,300
1.42
63
27,000.00
27,010.00
27,010.00
27,010.00
0.04
GRANGE-B
93
465,060
2.65
122
19,400.00
5,020.00
5,000.00
5,000.00
-74.23
HABITAT
56,421,994
48,566,512,001
99.60
1,000,000
910.36
950.00
750.00
814.00
-3.84
HF
22,919,746
14,455,197,583
33.47
435,520
620.00
670.00
580.00
650.00
6.53
HIPERMARC
26,204,069
68,667,431
28.92
1,261,850
1.91
5.20
1.60
3.40
78.01
6
63,881,000
2.59
1
10,200,000.00
11,000,000.00
10,250,000.00
11,000,000.00
10.47
Stock
EXCEM
FALABELLA
FASA
C H P
0 5
GASCO
HIPICO
A N N U A L
R E P O R T
130
Number of Shares
Traded
Share Trading Value
(Ch$)
Market Presence
(%)
Shares Issued as of
12/30/2015
Closing Price on
12/30/2014
Closing Price on
12/30/2015
Return (%)
33
6,600,000
0.65
69
200,000.00
200,000.00
1.76
33,378,812
8,439,077,147
87.20
377,125
210.99
254.00
28.85
102,710
153,763
2.08
1,010,386
1.50
1.50
0.00
1,558,697
155,867,480
1.07
290,730
100.00
100.00
100.00
100.00
0.70
113,989,382
111,405,654,570
99.60
1,000,000
940.12
1,040.00
938.10
999.34
12.86
5,310,708,051
87,309,948,871
88.00
3,983,887
18.20
27.50
15.00
20.00
15.27
ILC
11,569,540
86,639,381,520
100.00
100,000
7,356.40
8,035.00
6,800.00
7,263.80
4.69
INDISA
4,359,533
11,610,923,827
68.40
80,575
2,710.00
2,940.00
2,360.10
2,797.90
6.33
INDIVER
9,257,211
446,733,241
46.80
276,236
70.00
74.99
21.00
21.00
-49.94
INFODEMA
2,303,947
15,178,942
6.55
899,547
6.70
6.60
6.60
6.60
2.37
INGEVEC
32,895,275
602,016,476
31.33
890,000
17.10
24.00
16.00
19.03
11.29
INTEROCEAN
37,116,825
2,101,904,999
31.73
914,419
58.00
60.00
48.00
58.99
1.71
INVERCAP
2,759,410
1,847,630,648
63.71
149,448
786.00
1,350.00
474.04
521.00
-30.35
INVERMAR
485,586,508
11,468,014,214
57.43
288,805
27.00
65.00
26.00
38.00
40.74
INVERMASA
313,861,576
121,665,301,321
0.00
313,875
INVERNOVA
2,241,960
4,762,809
7.73
714,876
2.00
2.00
2.00
2.00
17.50
INVEXANS
8,132,476,313
41,171,582,909
64.40
22,422,000
9.97
10.25
8.12
10.00
0.30
INVIESPA
76,427
103,539,450
2.05
23,100
1,250.00
1,355.00
1,300.00
1,355.00
17.78
596
715,200
0.62
10,993
980.00
1,200.00
1,200.00
1,200.00
31.12
Stock
HIPODROMOA
HITES
HORNOS
IACSA
IAM
C H P
0 5
IANSA
IPAL
High (Ch$)
308.00
Low (Ch$)
190.00
A N N U A L
R E P O R T
131
Number of Shares
Traded
Share Trading Value
(Ch$)
Market Presence
(%)
Shares Issued as of
12/30/2015
Closing Price on
12/30/2014
High (Ch$)
Low (Ch$)
Closing Price on
12/30/2015
Return (%)
IQUIQUE
119,785
901,765
2.99
3,606,193
10.00
7.00
7.00
7.00
-30.00
ISANPA
3,950,537
12,863,601
31.02
5,727,892
2.00
3.61
2.66
3.51
113.09
129,759,141
632,376,715,030
100.00
545,548
7,064.20
7,499.90
3,250.00
3,721.80
-47.31
LAPOLA-OSB
168,000
50,400
7.14
LAS CONDES
372,023
14,023,204,563
69.48
8,289
40,000.00
40,000.00
36,324.00
38,500.00
-1.46
LITORAL
6,320
77,257,540
3.08
2,500
12,000.00
12,500.00
12,000.00
12,490.00
10.60
MARINSA
5,230,626
150,549,029
21.60
2,839,055
31.00
31.00
27.00
27.10
-12.58
MASISA
622,619,668
12,432,554,599
94.00
7,839,105
18.50
24.50
17.00
17.29
-6.54
MELON
213,464,111
72,102,242
38.78
279,453,788
0.28
0.48
0.28
0.31
14.47
MINERA
722,685
10,759,718,418
47.79
125,000
16,000.00
16,000.00
14,300.00
14,350.00
-9.24
MOLLER
5,086,943
1,325,892,339
26.83
206,884
265.00
287.00
209.70
258.00
-1.69
MOLYMET
1,108,196
4,862,640,091
71.60
132,999
5,050.00
5,150.00
3,890.00
4,010.00
-20.59
128,736,474
12,364,788,238
92.80
1,410,666
129.80
148.00
60.00
62.00
-51.86
107,245
48,260,250
6.61
141,869
450.00
450.00
450.00
450.00
0.00
1,159,280,405
16,878,291,615
30.12
6,909,830
16.00
18.00
13.00
14.40
5.10
75
667,500
7.14
930
8,900.00
8,900.00
8,900.00
8,900.00
6.30
NITRATOS
4,039,923,080
850,139,158
56.40
104,641,424
0.25
0.32
0.15
0.32
34.71
NORTEGRAN
2,503,598,357
4,988,960,696
72.80
105,961,665
2.10
2.60
1.49
2.50
21.25
Stock
LAN
MULTIFOODS
NAVARINO
NAVIERA
C H P
0 5
NIBSA
A N N U A L
R E P O R T
132
Number of Shares
Traded
Share Trading Value
(Ch$)
Market Presence
(%)
Shares Issued as of
12/30/2015
Closing Price on
12/30/2014
High (Ch$)
Low (Ch$)
Closing Price on
12/30/2015
Return (%)
NUEVAPOLAR
2,172,115,855
49,885,733,068
100.00
1,674,982
28.37
39.00
12.20
31.62
11.46
ORO BLANCO
2,995,872,368
6,089,401,251
68.40
136,927,892
1.88
2.95
1.40
2.90
57.68
OROBCO-OSA
381,162,753
18,618,178
8.57
0.35
0.04
0.02
-84.67
OXIQUIM
120,104
279,250,613
12.39
59,044
2,362.00
2,000.00
2,360.00
36.95
PACIFICO
64,917
54,419,274
9.23
145,000
875.00
850.00
800.00
800.00
-4.45
PARAUCO
182,525,799
215,783,397,033
99.60
822,715
1,162.20
1,301.00
1,020.00
1,116.90
-1.59
556,647
3,629,425,168
22.69
125,000
6,700.00
6,850.00
6,150.00
6,150.00
-7.52
PAZ
70,971,659
26,131,423,583
88.40
283,369
375.00
428.00
294.99
349.14
-1.36
PEHUENCHE
2,851,218
11,420,115,333
70.00
612,626
4,000.00
4,351.00
3,650.00
3,699.00
-2.67
PILMAIQUEN
101,401,938
161,411,221,590
31.85
50,000
3,000.00
3,090.00
2,700.00
3,080.00
3.13
46
113,222,100
7.33
10
2,750,000.00
2,500,000.00
2,400,000.00
2,500,000.00
-9.09
POLPAICO
459,955
2,484,717,005
17.21
17,875
5,500.00
5,500.00
5,000.00
5,100.00
-3.05
POTASIOS-A
865,280
27,641,108
8.03
1,815,080
33.00
33.00
31.94
33.00
2.94
POTASIOS-B
1,623
150,399
0.98
120,921
103.00
103.00
1.04
PREVISIÓN
8,894
5,009,436
4.30
382,349
562.00
PROVIDA
214,833
576,741,353
19.28
308,929
PUCOBRE-A
625,041
1,062,027,861
27.02
129,460
PUERTO
961,454
403,960,680
9.76
3,041,299
8,657,462,667
15.95
Stock
PASUR
C H P
0 5
POLO
PUNTILLA
562.00
562.00
562.00
7.47
2,800.00
2,500.00
2,755.00
10.20
2,300.70
2,270.00
1,537.00
1,570.00
-30.01
229,993
420.00
421.00
420.00
421.00
0.96
75,089
3,000.00
3,350.00
2,700.00
2,800.00
-3.48
A N N U A L
R E P O R T
133
Number of Shares
Traded
Share Trading Value
(Ch$)
Market Presence
(%)
Shares Issued as of
12/30/2015
Closing Price on
12/30/2015
Return (%)
2,478,258
314,418,429
19.23
52,335
QUEMCHI
50,214
28,119,829
2.61
122,019
560.00
559.99
0.00
QUILICURA
3,137
1,129,320
4.10
20,000
390.00
390.00
5.39
QUINENCO
47,865,045
63,790,264,964
95.60
1,662,760
1,300.00
1,250.10
1.49
REBRISA-A
735,959
359,299
1.87
4,086,106
0.65
0.65
0.00
REBRISA-B
850,000
476,050
1.43
1,172,460
0.65
0.65
0.00
RIPLEY
437,169,847
121,564,540,484
100.00
1,936,052
294.00
349.00
218.00
290.87
3.87
SALFACORP
82,939,407
35,814,339,648
99.60
449,901
459.43
532.00
364.50
375.21
-15.78
SANTA RITA
433,193
61,072,768
5.65
1,034,572
142.20
141.01
140.53
141.00
6.12
SANTANA
69,821,763
642,351,061
2.88
2,589,040
4.05
9.20
9.20
9.20
154.08
SANTANGRUP
2,293,509
5,487,933,536
10.95
781,141
1,605.00
2,400.00
1,605.00
2,400.00
62.17
1,165,577,632
891,182,595
87.20
12,007,251
0.90
0.98
0.60
0.64
-28.44
246,477,138
49,010,939,199
98.00
3,258,364
215.90
213.00
185.54
190.70
-6.66
SIEMEL
190,233
40,257,943
10.84
362,574
219.00
219.00
205.00
210.00
-2.45
SINTEX
4,806
9,986,050
23.68
25,000
2,000.00
2,100.00
2,050.00
2,100.00
5.00
SIPSA
32,822
7,523,293
5.49
134,910
270.00
244.00
185.00
185.00
25.43
SIXTERRA
192,249
262,412,032
21.89
25,000
1,000.00
1,525.00
1,000.00
1,517.00
83.69
SK
47,422,790
41,230,454,325
93.20
1,075,000
940.00
995.00
783.75
840.00
-8.41
SM-CHILE A
16,161,944
2,550,770,199
38.96
567,713
145.00
165.00
143.00
158.00
8.97
Stock
PUNTI-OSA
SCHWAGER
C H P
0 5
SECURITY
Closing Price on
12/30/2014
High (Ch$)
Low (Ch$)
101.01
12.00
560.00
559.99
1,445.00
1,210.00
A N N U A L
R E P O R T
134
Number of Shares
Traded
Share Trading Value
(Ch$)
Market Presence
(%)
Shares Issued as of
12/30/2015
Closing Price on
12/30/2014
High (Ch$)
Low (Ch$)
Closing Price on
12/30/2015
Return (%)
SM-CHILE B
635,749,197
117,883,627,710
100.00
11,000,000
179.80
201.00
174.00
188.68
6.99
SM-CHILE D
12,036,584
2,088,343,513
74.80
429,418
162.10
183.00
160.25
172.00
8.31
SM-CHILE E
4,104,238
270,449,638
21.29
141,374
68.50
69.00
64.00
66.50
2.01
1,357,321,322
65,172,117,930
100.00
9,736,792
46.92
55.00
42.72
44.85
-0.85
311,965,986
39,491,264,960
88.76
1,223,936
122.00
155.00
110.00
118.64
2.46
27
35,100
0.45
11,000
1,300.00
1,300.00
3.42
249,141,688
341,324,850,806
100.00
871,057
1,443.70
1,630.00
1,000.00
1,255.70
-11.36
SOPROCAL
44,552
8,267,120
2.12
9,850
185.00
185.00
185.00
185.00
0.00
SOQUICOM
13,273,420
1,782,652,422
50.80
272,117
163.00
175.84
104.40
122.50
-19.06
SPORTFRAN
48
114,818,900
6.88
5
2,300,000.00
2,500,000.00
2,300,000.00
2,400,000.00
4.35
SPORTING
12
79,195,000
4.98
6
6,500,000.00
6,750,000.00
6,450,000.00
6,750,000.00
4.10
SQM-A
141,640
2,291,166,505
37.75
142,820
16,000.00
19,450.00
12,000.00
18,250.00
16.13
SQM-B
47,194,801
568,288,209,488
100.00
120,377
14,743.00
16,400.00
8,400.00
13,308.00
-7.36
SUD AMER-A
399,602
50,149,607
9.72
5,147,416
125.50
125.50
125.50
125.50
4.71
TATTERSALL
648,825
47,052,959
11.38
654,575
75.00
75.00
71.00
71.00
-3.41
1,991,472
493,028,322
68.40
375,870
274.70
274.54
201.01
201.01
-26.83
221,557
56,855,816
0.93
225,063
256.86
256.80
256.00
256.00
0.35
2,430,198
4,431,036,756
19.20
33,392
1,830.00
1,980.00
1,790.00
1,800.00
4.33
32,624
12,116,618
2.05
20,000
330.00
372.00
369.00
372.00
25.08
Stock
SMSAAM
SOCOVESA
SOFRUCO
SONDA
TECHPACK
C H P
0 5
TELSUR
TRICAHUE
UNESPA
A N N U A L
R E P O R T
135
Number of Shares
Traded
Share Trading Value
(Ch$)
Market Presence
(%)
Shares Issued as of
12/30/2015
Closing Price on
12/30/2014
High (Ch$)
Low (Ch$)
Closing Price on
12/30/2015
Return (%)
UNION GOLF
28
57,695,000
6.10
4
1,690,000.00
2,300,000.00
1,890,000.00
1,900,000.00
12.43
VALORES
3
51,000,000
1.21
60
19,000,000.00
17,000,000.00
17,000,000.00
17,000,000.00
-10.53
539,417,086
619,356,440
45.00
2.35
0.36
0.00
0.00
5,293,188,830
106,311,197,503
100.00
30,698,857
22.86
26.00
13.00
13.70
-40.07
VENTANAS
53,557,559
8,642,022,436
32.66
1,202,880
171.20
180.30
153.74
162.00
-2.35
VICONTO
1,695,422
16,077,507
7.38
720,000
9.10
9.99
9.05
9.99
21.34
VOLCAN
186,870
343,677,275
6.69
75,000
1,840.00
1,895.00
1,750.00
1,750.00
-0.02
11,404,346,334
58,171,701,401
74.40
39,969,697
5.07
6.30
4.55
6.30
33.11
WATTS
17,845,426
16,439,929,358
47.20
315,166
959.00
1,058.30
891.65
1,058.30
12.91
WMTCL
151,604
80,309,343
8.50
6,515,939
-
535.00
515.00
533.00
0.57
4,431,174
2,331,833,351
69.08
220,569
589.00
610.62
460.00
517.26
-7.62
Total
14,387,303,654,534
Stock
VAPORE-OSA
VAPORES
VSPT
C H P
0 5
ZOFRI
Note: Figures expressed in nominal Chilean pesos.
Notes
Stock: Market name for shares of companies listed on Santiago Exchange as of December 30, 2015.
Number of Shares Traded: Total number of shares traded during 2015, adjusted for capital variations when applicable.
Share Trading Value (Ch$): Annual trading value per stock expressed in Chilean pesos.
Market Presence (%): Number of days on which trades occurred, expressed as a percentage of total trading days in 2015.
Shares Issued as of 12/30/2015 (thousands): Number of outstanding shares reported by the company.
Closing Price on 12/30/2014: Official closing price recorded on the last trading day in 2014. Companies with a hyphen had
no closing price on that date or were listed during 2015.
High (Ch$): This is the highest share price recorded in 2015, adjusted for capital variations when applicable. Companies
with a hyphen had no transactions in 2015.
Low (Ch$): This is the lowest share price recorded in 2015, adjusted for capital variations when applicable. Companies
with a hyphen had no transactions in 2015.
Closing Price on 12/30/2015: Official closing price recorded on the last trading day in 2015. Companies with a hyphen
had no closing price on that date.
Return (%): The gain or loss on an investment in a stock during the period from January 2 to December 30, 2015, assuming
that it is purchased at the beginning of the period and sold at the end, and considering rights issues, dividend reinvestments,
capital distributions and price variations during the period. These returns become effective to the extent that the stock
has sufficient market liquidity (presence) in order to be purchased and sold at the right time.
A N N U A L
R E P O R T
136
CASH DIVIDENDS AND CAPITAL DISTRIBUTIONS
Month
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Jan
196,627,395
285,126,873
363,038,267
383,525,629
254,579,535
426,141,383
314,959,060
260,701,722
312,085,324
362,391,333
Feb
56,959,406
57,056,650
161,097,211
83,459,573
111,482,619
151,712,417
634,114,468
17,226,191
22,757,452
27,262,500
Mar
358,844,378
262,123,241
411,636,602
358,326,342
538,157,673
447,205,369
467,079,012
460,495,668
682,750,510
692,616,142
Apr
630,713,696
705,458,069
963,225,116
638,768,106
977,364,986
753,735,547
683,704,043
714,925,437
683,816,739
645,114,696
May
1,177,805,274
1,805,970,144
2,844,165,254
2,965,269,547
2,417,893,104
2,625,114,217
2,227,500,008
2,163,063,813
1,993,224,195
2,062,407,171
Jun
239,483,066
142,088,682
167,428,947
195,101,782
269,019,967
81,015,387
62,940,215
67,158,379
69,349,031
60,588,037
Jul
74,173,196
241,448,636
205,859,492
103,246,754
241,231,030
114,994,067
274,843,197
54,889,858
183,615,062
351,645,488
Aug
211,826,740
106,685,870
111,303,934
122,070,665
112,859,350
102,311,261
1,054,467,969
314,145,674
85,793,981
85,656,634
Sep
108,282,552
98,093,333
178,298,019
139,161,780
76,903,513
146,205,222
100,670,366
108,395,311
86,495,944
81,521,972
Oct
220,596,485
245,368,763
197,148,959
192,509,304
212,787,961
209,032,317
181,289,826
168,039,251
143,548,773
193,387,777
Nov
106,854,170
154,430,355
292,472,835
183,010,219
146,216,951
246,104,521
479,482,655
180,356,486
53,802,402
223,029,510
Dec
346,746,247
284,046,546
393,305,458
513,982,172
357,250,001
624,902,910
530,520,873
474,907,690
764,096,980
315,629,438
Total
3,728,912,604
4,387,897,160
6,288,980,094
5,878,431,873
5,715,746,689
5,928,474,618
7,011,571,693
4,984,305,481
5,081,336,392
5,101,250,698
310,742,717
365,658,097
524,081,674
489,869,323
476,312,224
494,039,552
584,297,641
415,358,790
423,444,699
425,104,225
High
1,177,805,274
1,805,970,144
2,844,165,254
2,965,269,547
2,417,893,104
2,625,114,217
2,227,500,008
2,163,063,813
1,993,224,195
2,062,407,171
Low
56,959,406
57,056,650
111,303,934
83,459,573
76,903,513
81,015,387
62,940,215
17,226,191
22,757,452
27,262,500
C H P
0 5
Average
Note: Figures expressed in thousands of Chilean pesos as of December 2015.
A N N U A L
R E P O R T
137
RIGHTS ISSUES AT SUBSCRIPTION VALUE
C H P
0 5
Month
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Jan
171,512,054
5,010,733
214,740,740
112,755,771
34,646,178
5,496,627
659,071,529
143,297,469
264,477,858
306,114,914
Feb
244,908,025
99,817,294
51,256,876
52,021,598
1,294,296
598,218
248,243,003
24,807,978
6,353,380
27,569,075
Mar
70,900,850
80,343,459
2,867,437
144,317,866
448,550,582
242,026,665
33,672,531
4,057,253,793
292,149,984
14,979,015
Apr
70,013,002
153,772,062
424,684,755
96,323,821
678,023,693
12,569,948
149,530,526
44,886,380
253,970,200
25,208,989
May
28,557,691
212,914,896
47,394,153
193,978,797
115,044,865
451,408,442
718,921
17,734,903
120,025,113
16,824,688
Jun
1,855,182
384,045,435
413,716,919
296,553,310
11,437,527
538,907,486
1,047,839,906
340,593,042
45,765,260
2,128,213
Jul
20,194,834
115,109,452
3,610,255
111,765,979
3,457,210
282,673,193
500,910,940
18,695,025
204,716,032
5,358,803
Aug
100,604,038
502,090,272
2,237,995
29,334,799
15,529,719
212,465,091
177,555,745
29,318,557
74,809,174
4,797,788
Sep
86,966,937
6,765,156
49,571,059
35,638,957
36,555,123
33,209,303
16,718,276
555,751,529
34,157,500
2,697,174
Oct
98,692,489
172,446,094
102,107,721
103,477,182
5,852,344
169,226,918
193,547,715
392,946,702
79,568,533
4,358,148
Nov
57,160,551
1,037,881,845
11,875,254
211,996,074
330,801,261
21,494,299
344,924
10,734,871
16,577,282
71,313,354
Dec
196,771,286
583,691,754
127,249,055
664,711,350
289,644,477
47,251,135
145,642,636
591,930,401
278,927
6,877,132
Total
1,148,136,938
3,353,888,453
1,451,312,219
2,052,875,506
1,970,837,273
2,017,327,326
3,173,796,652
6,227,950,650
1,392,849,243
488,227,294
Average
95,678,078
279,490,704
120,942,685
171,072,959
164,236,439
168,110,610
264,483,054
518,995,888
116,070,770
40,685,608
High
244,908,025
1,037,881,845
424,684,755
664,711,350
678,023,693
538,907,486
1,047,839,906
4,057,253,793
292,149,984
306,114,914
Low
1,855,182
5,010,733
2,237,995
29,334,799
1,294,296
598,218
344,924
10,734,871
278,927
2,128,213
Note: Figures expressed in thousands of Chilean pesos as of December 2015.
A N N U A L
R E P O R T
138
DAILY SHARE TRADING VALUE 2015
Day
January
February
March
1
C H P
0 5
2
23,102,162
April
May
June
July
72,421,713
94,167,556
30,672,613
39,940,217
93,433,598
3
62,564,639
55,356,348
4
42,958,184
64,464,569
60,268,913
66,849,435
5
54,715,618
58,330,088
179,735,398
6
42,710,486
63,337,724
53,504,747
7
August
September
October
66,395,849
52,971,631
38,210,870
115,653,602
55,222,233
48,660,338
34,369,422
70,325,092
25,278,038
67,323,151
34,882,780
43,448,565
54,871,918
39,874,155
50,516,815
41,141,252
44,741,713
45,701,624
52,795,928
35,606,442
52,897,205
77,604,924
58,634,595
50,067,828
32,922,568
8
67,440,897
76,932,175
62,903,079
9
34,674,790
109,803,026
38,480,138
48,956,479
56,379,069
77,730,468
75,491,182
38,932,855
10
49,217,916
56,474,531
56,918,429
68,719,384
60,589,291
11
45,243,567
63,557,350
43,160,504
62,840,441
47,508,123
45,548,404
14
21,387,952
33,774,982
46,104,319
33,854,759
62,083,552
39,124,281
52,321,277
61,567,083
38,806,819
32,850,625
42,606,370
47,918,405
45,061,243
53,956,368
55,470,228
102,038,773
48,042,872
50,010,153
43,349,201
38,991,471
65,783,739
41,359,150
39,705,154
15
44,547,659
53,793,125
52,810,875
16
28,340,391
29,857,393
158,087,031
39,981,606
56,992,360
39,441,432
17
41,733,709
66,832,515
69,190,546
54,541,342
18
51,481,298
94,020,439
51,735,580
74,942,496
50,039,585
43,361,525
55,439,606
17,784,148
40,249,008
37,559,445
13
45,277,489
41,113,925
42,651,476
54,128,669
82,769,071
72,544,962
35,714,821
55,648,090
74,561,553
59,461,377
58,305,464
36,196,018
December
26,746,837
41,373,644
12
November
71,716,086
56,943,200
26,290,135
41,129,244
43,332,741
39,345,111
43,330,851
47,360,470
36,537,874
36,866,138
49,058,464
43,168,630
38,722,582
52,100,334
49,500,721
59,995,304
41,893,192
68,425,384
67,621,417
118,875,715
69,014,786
155,966,398
64,394,994
A N N U A L
R E P O R T
139
Day
January
February
March
April
19
174,135,206
46,362,577
61,826,830
20
45,778,554
49,741,146
115,292,251
21
60,479,358
195,106,870
22
77,336,961
51,597,382
23
53,293,113
65,273,425
May
June
64,467,746
60,692,614
64,975,326
52,408,549
July
October
November
49,634,770
35,686,656
57,205,258
33,644,963
46,034,753
41,275,105
47,276,788
30,716,673
49,511,387
56,154,650
24
60,891,352
48,476,532
59,312,804
51,799,328
34,576,742
25
88,033,345
50,748,571
17,238,169
76,689,176
27
52,969,808
113,455,105
94,896,777
28
10,045,988
68,654,486
66,940,998
81,167,545
35,149,036
73,719,511
39,336,508
62,997,706
57,289,133
20,250,197
52,466,688
28,453,447
37,970,623
66,323,037
50,357,698
60,981,574
69,943,738
53,066,817
44,669,677
29
56,937,407
51,092,100
316,418,137
30
54,058,864
31
39,292,938
42,532,745
91,463,820
77,239,986
38,029,473
61,535,145
63,034,547
58,635,266
42,105,918
64,237,247
41,724,419
73,367,602
46,719,559
61,791,405
55,218,650
53,114,964
49,567,857
45,360,032
70,172,537
86,849,012
86,637,812
December
50,666,409
44,337,696
45,707,169
36,638,065
September
46,136,556
54,237,770
26
August
37,381,889
44,269,318
32,395,479
44,223,140
49,040,212
40,363,373
37,180,124
35,451,278
105,083,690
61,060,247
183,385,514
27,599,629
59,371,070
78,525,307
Lowest trading value for the month
C H P
0 5
23,102,162
37,559,445
39,981,606
30,672,613
17,238,169
29,857,393
25,278,038
26,746,837
17,784,148
34,369,422
20,250,197
10,045,988
179,735,398
195,106,870
316,418,137
115,653,602
66,395,849
81,167,545
109,803,026
74,942,496
183,385,514
74,561,553
Highest trading value for the month
174,135,206
158,087,031
A N N U A L
R E P O R T
140
January
February
March
April
May
June
July
August
September
October
November
December
60,972,314
70,272,204
66,757,281
75,733,476
61,504,954
44,089,058
48,549,498
51,265,305
48,512,330
64,473,685
45,304,435
57,679,155
62,076,728
63,246,866
65,550,221
64,865,136
61,734,494
60,076,500
59,092,271
58,029,215
58,617,623
57,552,568
1,219,446,290
1,545,988,509
1,401,902,921
1,438,936,059
1,291,604,035
969,959,278
1,019,539,478
1,076,571,418
1,018,758,943
1,353,947,402
906,088,705
2,364,845,357
3,910,833,866
5,312,736,787
6,751,672,846
8,043,276,881
9,013,236,159
10,032,775,637
11,109,347,055
12,128,105,998
13,482,053,400
14,388,142,105
Daily average for the month
54,542,812
Daily average for the year
54,542,812
Monthly total
1,145,399,067
Accumulated annual total
1,145,399,067
Lowest trading values
05/29/2015
316,418,137
12/24/2015
10,045,988
4/21/2015
195,106,870
5/25/2015
17,238,169
11/30/2015
183,385,514
9/7/2015
17,784,148
Note: Figures expressed in thousands of nominal Chilean pesos.
C H P
0 5
Highest trading values
A N N U A L
R E P O R T
141
SELECTIVE STOCK PRICE INDEX (IPSA) - 12/30/2015
Symbol
Market Capitalization (MUS$)
Weight (%)
774,722
2.11
ECL
482,947
1.32
AGUAS-A
1,054,274
2.87
EMBONOR-B
134,196
0.37
ANDINA-B
501,493
1.37
ENDESA
2,883,899
7.85
ANTARCHILE
772,299
2.10
ENERSIS
3,307,251
9.01
BANMEDICA
349,418
0.95
ENTEL
678,519
1.85
1,205,185
3.48
FALABELLA
2,143,839
5.84
54,508
0.15
FORUS
167,268
0.46
1,966,149
5.35
GASCO
375,324
1.02
BUPACL
157,777
0.43
IAM
433,714
1.18
CAP
175,896
0.48
ILC
239,705
0.65
CCU
1,158,761
3.16
LAN
1,512,866
4.12
CENCOSUD
1,633,960
4.45
PARAUCO
680,071
1.85
CHILE
1,432,123
3.90
QUINENCO
385,791
1.05
CMPC
1,704,341
4.64
RIPLEY
264,845
0.72
COLBUN
1,484,747
4.04
SALFACORP
106,804
0.29
486,552
1.33
SECURITY
559,481
1.52
COPEC
3,098,069
8.44
SK
212,927
0.58
CORPBANCA
1,091,278
2.97
SM-CHILE B
866,720
2.36
AESGENER
BCI
BESALCO
BSANTANDER
C H P
0 5
CONCHATORO
A N N U A L
R E P O R T
142
Symbol
Weight (%)
SMSAAM
251,362
0.68
SONDA
581,129
1.58
SQM-B
1,089,344
2.97
185,179
0.50
VAPORES
Total
36,644,731
Note: Float-adjusted market capitalization. This value is the weighted factor
in the index and has been used to determine the weight (%).
SELECTIVE STOCK PRICE INDEX (IPSA) 2015
Day
January
February
March
1
C H P
0 5
2
3,851.23
April
May
June
July
3,939.17
4,004.96
3,965.71
3,861.55
3,940.95
3
3,915.34
3,966.17
4
3,917.29
3,963.00
4,062.80
4,086.75
5
3,797.99
3,931.16
3,952.89
6
3,776.64
3,951.17
3,933.54
7
August
September
October
3,831.88
3,786.22
3,684.70
3,986.11
3,855.09
3,799.43
3,691.69
3,994.46
3,842.93
3,839.01
3,605.10
3,873.10
3,605.12
3,952.84
3,850.07
3,774.27
3,865.68
3,612.82
3,967.03
3,875.96
3,745.81
3,858.99
3,776.31
3,849.62
3,796.02
3,866.70
3,776.65
3,981.33
4,110.27
3,777.91
3,862.89
8
3,785.57
3,992.10
4,105.91
9
3,783.06
4,014.21
3,633.59
3,843.17
4,112.17
3,890.58
December
3,836.37
3,979.92
3,923.71
November
3,774.92
3,797.02
3,946.98
3,758.12
3,755.12
3,805.45
3,906.62
3,796.55
3,734.46
3,832.55
3,590.00
3,830.55
A N N U A L
3,559.16
R E P O R T
143
C H P
0 5
Day
January
February
March
April
10
3,905.48
3,871.16
4,035.72
11
3,920.45
3,867.46
4,144.98
4,118.15
12
3,779.32
3,963.81
3,873.52
13
3,786.57
3,983.27
3,826.46
14
May
June
July
August
September
3,956.19
3,881.73
3,869.17
3,967.39
3,836.18
3,957.42
3,828.28
4,039.58
4,098.71
3,903.08
3,813.34
3,749.10
4,018.82
4,076.73
3,915.92
3,799.30
15
3,729.39
4,032.00
4,111.66
16
3,729.91
3,925.85
3,902.69
October
November
December
3,763.59
3,808.16
3,564.32
3,748.68
3,804.62
3,533.07
3,794.35
3,820.34
3,779.32
3,754.50
3,793.73
3,532.73
3,774.99
3,808.45
3,570.23
3,807.10
3,796.71
3,994.03
3,830.70
4,068.99
3,937.52
17
3,983.54
3,849.72
4,018.06
3,950.91
18
3,990.16
3,865.40
4,107.00
3,914.35
3,778.94
4,080.03
3,893.14
3,777.94
3,812.35
3,802.74
3,912.48
3,765.28
3,822.33
3,844.66
3,922.79
3,718.90
19
3,733.46
3,996.13
3,863.20
20
3,748.76
3,994.14
3,885.25
21
3,806.04
4,036.12
22
3,865.59
4,036.34
23
3,859.89
4,020.59
4,057.94
4,061.83
3,900.26
3,896.03
24
3,987.49
3,895.62
4,075.92
3,905.64
3,840.26
25
3,986.05
3,897.30
4,043.97
4,016.83
3,988.89
3,872.02
27
3,852.71
3,983.72
3,884.33
28
3,845.37
3,766.65
3,626.47
3,608.04
3,722.27
3,871.28
3,663.05
3,600.88
3,873.40
3,922.31
3,735.10
3,834.37
3,752.66
4,055.44
3,619.55
3,793.69
3,891.28
3,878.24
3,837.62
3,796.69
3,918.64
4,024.08
26
3,785.55
3,759.66
3,805.58
3,661.24
3,655.26
3,615.99
3,727.39
3,774.80
3,860.33
3,666.40
3,716.38
3,760.31
3,881.39
3,677.40
3,904.88
3,757.01
3,875.79
3,719.01
4,130.26
4,036.61
3,793.47
3,792.66
4,090.16
4,032.16
3,782.75
3,798.99
3,652.83
3,873.86
3,655.40
A N N U A L
R E P O R T
144
Day
January
29
3,839.79
30
3,836.73
February
March
3,912.63
31
April
May
4,055.14
4,045.62
4,043.45
June
3,897.10
3,916.92
July
August
September
October
3,804.75
3,657.39
3,836.40
3,788.04
3,685.18
3,827.99
3,655.30
3,680.21
3,870.35
3,840.21
November
December
3,664.64
Low for the month
3,729.39
3,861.55
3,826.46
3,939.17
4,016.83
3,860.33
3,758.12
3,615.99
3,652.83
3,684.70
3,655.30
3,532.73
4,024.08
3,966.17
4,130.26
4,144.98
4,004.96
3,922.79
3,875.96
3,843.17
3,904.88
3,873.10
3,680.21
3,960.07
3,892.59
4,029.95
4,079.48
3,935.58
3,847.26
3,793.17
3,753.38
3,814.77
3,794.49
3,612.04
3,877.38
3,882.69
3,919.51
3,949.01
3,946.74
3,931.75
3,914.32
3,896.34
3,888.14
3,879.59
3,858.19
High for the month
3,865.59
Monthly average
3,798.64
Accumulated annual average
3,798.63
C H P
0 5
Highs for the year
Lows for the year
5/11/2015
4,144.98
12/14/2015
3,532.73
4/27/2015
4,130.26
12/11/2015
3,533.07
5/12/2015
4,118.15
12/9/2015
3,559.16
Note: Base 1,000 = December 30, 2002.
A N N U A L
R E P O R T
145
SELECTIVE STOCK PRICE INDEX (IPSA)
Nominal values, last day of each month
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Jan
2,118.46
2,895.28
2,788.34
2,549.46
3,808.96
4,673.07
4,260.76
4,552.40
3,439.41
3,836.73
Feb
2,166.84
2,811.62
2,836.83
2,468.63
3,827.44
4,444.57
4,535.60
4,558.46
3,718.88
3,983.72
Mar
2,181.96
2,929.00
2,902.02
2,478.94
3,763.12
4,624.47
4,671.28
4,432.14
3,772.76
3,916.92
Apr
2,201.56
3,161.22
2,989.41
2,670.78
3,865.45
4,822.50
4,585.77
4,292.14
3,909.64
4,043.45
May
2,156.53
3,279.53
3,048.85
3,100.42
3,886.86
4,847.87
4,318.16
4,191.26
3,903.81
4,045.62
Jun
2,126.02
3,470.18
2,999.90
3,090.50
4,065.29
4,795.28
4,400.10
4,029.67
3,875.73
3,897.10
Jul
2,131.58
3,340.43
3,014.80
3,226.20
4,364.15
4,425.99
4,227.56
3,732.54
3,875.44
3,870.35
Aug
2,206.37
3,310.14
2,895.21
3,175.18
4,525.01
4,288.32
4,155.68
3,628.73
3,996.63
3,840.21
Sep
2,280.48
3,249.00
2,753.31
3,372.87
4,795.38
3,888.58
4,230.42
3,823.85
3,943.56
3,685.18
Oct
2,380.26
3,451.18
2,489.59
3,314.45
4,912.53
4,327.25
4,266.35
3,912.44
3,850.97
3,827.99
Nov
2,559.67
3,204.47
2,406.26
3,255.32
4,956.96
4,161.29
4,139.99
3,789.06
3,991.78
3,655.30
Dec
2,693.22
3,051.83
2,376.42
3,581.42
4,927.53
4,177.53
4,301.38
3,699.19
3,850.96
3,680.21
Annual average
2,225.35
3,150.56
2,756.66
3,000.40
4,257.20
4,452.12
4,328.29
4,065.64
3,836.55
3,858.22
Annual change (%)
37.10
13.32
-22.13
50.71
37.59
-15.22
2.96
-14.00
4.10
-4.43
Average change (%)
11.19
41.58
-12.50
8.84
41.89
4.58
-2.78
-6.07
-5.63
0.56
C H P
0 5
Month
A N N U A L
R E P O R T
146
Nominal values, monthly average
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Jan
2,058.38
2,784.41
2,732.66
2,495.32
3,752.01
4,885.49
4,219.67
4,469.84
3,615.82
3,798.64
Feb
2,127.37
2,973.30
2,843.54
2,593.38
3,802.87
4,497.46
4,451.49
4,569.80
3,582.69
3,960.07
Mar
2,159.25
2,897.53
2,826.14
2,358.88
3,779.24
4,465.24
4,582.47
4,477.45
3,678.98
3,892.87
Apr
2,181.91
3,077.01
2,983.66
2,626.68
3,828.90
4,718.32
4,576.49
4,309.53
3,849.06
4,029.95
May
2,181.00
3,214.43
2,984.61
2,969.19
3,828.05
4,827.89
4,369.63
4,258.83
3,928.63
4,079.48
Jun
2,084.57
3,366.81
3,040.39
3,157.38
3,997.25
4,730.42
4,312.74
3,989.85
3,891.26
3,935.58
Jul
2,101.41
3,387.27
2,848.66
3,173.83
4,222.31
4,663.59
4,349.45
3,824.93
3,924.24
3,847.26
Aug
2,156.76
3,207.14
2,910.33
3,264.00
4,468.13
4,177.87
4,185.94
3,694.50
3,944.67
3,793.17
Sep
2,227.04
3,211.64
2,774.16
3,258.17
4,726.44
4,033.30
4,181.52
3,817.48
4,014.15
3,753.38
Oct
2,349.71
3,406.88
2,319.13
3,409.43
4,783.45
4,015.32
4,263.49
3,854.40
3,839.49
3,814.81
Nov
2,475.01
3,200.26
2,500.21
3,301.86
4,972.26
4,219.75
4,185.58
3,791.08
3,936.10
3,794.49
Dec
2,646.17
3,100.90
2,334.00
3,448.51
4,942.25
4,157.94
4,232.93
3,694.46
3,851.09
3,612.04
Annual average
2,225.35
3,150.56
2,756.66
3,000.40
4,257.20
4,452.12
4,328.29
4,065.64
3,836.55
3,858.22
Annual change (%)
33.46
17.18
-24.73
47.75
43.32
-15.87
1.80
-12.72
4.24
-6.21
Average change (%)
11.19
41.58
-12.50
8.84
41.89
4.58
-2.78
-6.07
-5.63
0.56
C H P
0 5
Month
A N N U A L
R E P O R T
147
GENERAL STOCK PRICE INDEX (IGPA) 2015
Day
January
February
March
1
C H P
0 5
2
18,870.20
April
May
June
July
19,183.71
19,492.02
19,295.13
18,855.57
19,188.30
3
19,073.79
19,297.10
4
19,084.36
19,284.26
19,711.29
19,813.01
5
18,655.48
19,139.39
19,246.72
6
18,561.36
19,216.59
19,163.92
7
August
September
October
18,705.47
18,507.66
18,046.27
19,410.06
18,808.31
18,536.77
18,077.66
19,449.37
18,752.64
19,272.38
18,751.52
18,249.02
18,973.28
17,843.70
19,328.08
18,845.86
18,310.92
18,890.42
18,480.44
18,895.08
18,573.89
19,352.39
19,895.73
18,452.02
18,781.66
8
18,618.86
19,397.98
19,886.14
9
18,608.54
18,356.82
18,601.88
18,265.63
18,714.35
19,500.42
19,063.76
18,533.80
10
19,032.84
18,903.91
19,592.46
19,270.04
18,891.62
11
19,092.15
18,882.54
20,071.05
19,949.93
19,358.51
18,707.67
14
17,741.57
18,815.04
17,601.99
18,813.77
18,393.32
18,664.32
17,625.50
19,314.99
18,679.30
18,315.16
18,646.55
17,493.78
19,270.15
18,640.10
19,610.98
19,872.74
18,979.67
18,573.79
18,459.09
19,523.28
19,786.81
19,033.32
18,513.95
15
18,378.19
19,574.36
19,936.17
16
18,378.88
19,130.70
19,411.00
18,721.12
19,733.38
19,178.49
17
19,382.90
18,794.31
19,518.29
19,238.35
18
19,412.39
18,862.47
19,907.00
18,548.10
18,369.67
18,984.55
18,609.56
18,432.22
19,241.21
19,103.93
13
17,808.59
17,807.01
18,793.72
18,905.65
18,853.94
19,003.01
18,546.62
19,273.80
17,933.10
18,725.87
19,912.86
18,589.94
December
18,678.72
19,351.10
12
November
19,058.13
18,977.76
18,957.65
18,466.77
18,433.57
18,592.82
18,703.76
18,557.10
18,366.30
18,603.58
17,492.93
18,419.30
18,666.02
17,648.20
18,561.03
18,623.28
18,538.51
18,475.02
17,856.04
18,365.21
18,048.74
18,496.56
17,897.21
A N N U A L
R E P O R T
148
Day
January
February
March
April
19
18,393.84
19,442.79
18,846.60
20
18,451.62
19,430.81
18,937.08
21
18,683.25
19,576.00
22
18,918.99
19,573.77
23
18,893.45
19,528.10
May
June
19,800.16
18,965.16
19,699.86
19,718.56
July
October
November
18,457.24
18,687.81
18,655.95
19,013.25
18,402.25
18,730.76
18,842.27
19,037.53
18,107.09
19,064.25
24
19,400.97
18,984.50
19,748.94
19,027.05
18,703.05
25
19,388.02
19,006.84
19,654.50
19,531.53
27
18,848.11
19,357.66
18,957.10
28
18,020.37
18,545.77
18,836.75
17,970.28
18,211.02
18,480.32
18,924.72
18,013.79
19,122.37
18,462.28
19,008.06
18,305.40
18,495.43
18,507.98
18,813.73
19,807.41
19,610.17
18,460.18
18,546.02
29
18,773.42
19,656.17
19,662.20
30
18,761.30
31
18,047.66
18,266.27
19,615.89
19,625.34
18,676.66
17,725.56
19,980.30
19,074.78
17,821.32
18,232.24
18,825.98
18,892.41
17,782.74
18,966.31
19,101.55
19,384.26
18,800.26
18,346.26
19,654.83
18,977.93
19,090.84
December
18,517.46
18,896.71
18,904.23
18,792.91
September
19,082.54
19,558.67
26
August
17,939.27
18,960.20
18,020.73
18,368.63
17,956.66
18,798.41
18,078.82
18,484.52
18,056.21
18,811.30
18,027.32
18,151.50
18,833.52
18,756.37
Low for the month
C H P
0 5
18,378.19
18,855.57
18,707.67
19,183.71
19,531.53
18,836.75
18,368.63
17,725.56
17,939.27
18,046.27
18,027.32
17,492.93
19,558.67
19,297.10
19,980.30
20,071.05
19,492.02
19,037.53
18,845.86
18,725.87
19,122.37
19,003.01
18,151.50
High for the month
18,918.99
A N N U A L
R E P O R T
149
January
February
March
April
May
June
July
August
September
October
November
December
19,270.02
18,983.50
19,561.16
19,791.35
19,173.02
18,733.06
18,498.06
18,342.52
18,682.19
18,629.73
17,836.08
18,952.07
18,963.04
19,112.57
19,237.78
19,226.81
19,152.41
19,070.13
18,988.85
18,958.04
18,928.06
18,840.71
Monthly average
18,649.27
18,649.26
Highs for the year
Lows for the year
5/11/2015
20,071.05
12/14/2015
17,492.93
4/27/2015
19,980.30
12/11/2015
17,493.78
5/12/2015
19,949.93
12/9/2015
17,601.99
Note: Base 100 = December 30, 1980.
GENERAL STOCK PRICE INDEX (IGPA)
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Jan
9,513.40
12,988.02
12,944.07
12,114.47
17,594.65
22,248.93
20,454.09
22,167.63
17,123.06
18,761.30
Feb
9,755.40
12,844.89
13,197.15
11,879.64
17,789.25
21,229.26
21,546.22
22,219.95
18,342.81
19,357.66
0 5
Mar
9,930.98
13,312.02
13,422.24
11,861.95
17,642.67
21,871.92
22,206.86
21,698.32
18,552.57
19,090.84
C H P
Nominal values, last day of each month
Month
Apr
10,005.85
14,240.93
13,982.91
12,772.35
18,039.09
22,784.53
21,925.87
21,084.60
19,186.66
19,625.34
A N N U A L
R E P O R T
150
Month
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
May
9,922.55
14,309.57
14,235.28
14,684.06
18,130.71
22,929.02
20,802.59
20,681.45
19,103.01
19,662.20
Jun
9,895.07
15,118.35
14,647.96
14,767.83
18,848.07
22,642.40
21,079.75
19,861.10
18,899.87
18,977.93
Jul
9,928.29
14,840.29
14,340.19
15,288.54
20,296.63
21,166.36
20,447.87
18,438.04
18,945.82
18,833.52
Aug
10,297.86
14,760.55
13,775.73
15,072.59
21,239.70
20,463.27
20,176.31
17,993.73
19,422.77
18,756.37
Sep
10,678.19
14,602.10
12,967.40
15,878.29
22,355.94
18,796.89
20,551.46
18,833.77
19,250.93
18,056.21
Oct
11,069.48
15,345.84
11,786.27
15,653.09
22,874.62
20,711.29
20,910.93
19,242.04
18,842.72
18,811.30
Nov
11,705.40
14,522.13
11,486.70
15,373.00
22,927.69
20,074.19
20,323.85
18,599.86
19,457.82
18,027.32
Dec
12,373.68
14,076.25
11,324.07
16,630.91
22,979.22
20,129.80
21,070.28
18,227.05
18,870.41
18,151.50
Annual average
10,256.61
14,126.11
13,038.39
14,207.36
19,821.11
21,233.01
20,885.35
19,993.47
18,800.18
18,841.56
Annual change (%)
34.41
13.76
-19.55
46.86
38.17
-12.40
4.67
-13.49
3.53
-3.81
Average change (%)
8.67
37.73
-7.70
8.97
39.51
7.12
-1.64
-4.27
-5.97
0.22
Nominal values, monthly average
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Jan
9,381.58
12,629.68
12,812.82
11,858.40
17,328.13
23,008.24
20,317.99
21,797.52
17,890.12
18,649.27
Feb
9,574.72
13,438.24
13,190.14
12,344.98
17,640.69
21,504.81
21,181.39
22,237.68
17,751.76
19,270.02
Mar
9,832.49
13,219.53
13,140.35
11,305.68
17,651.10
21,264.86
21,781.02
21,903.58
18,186.42
18,984.66
Apr
9,942.56
13,900.47
13,864.91
12,519.94
17,895.13
22,345.97
21,851.55
21,167.49
18,896.60
19,561.16
C H P
0 5
Month
A N N U A L
R E P O R T
151
Month
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
May
10,085.73
14,242.94
13,979.26
14,027.96
17,900.12
22,853.04
21,067.26
20,927.57
19,230.20
19,791.35
Jun
9,710.77
14,633.07
14,562.70
15,032.66
18,570.68
22,397.18
20,748.65
19,815.09
18,995.81
19,173.02
Jul
9,829.77
14,926.97
13,787.09
15,086.72
19,571.74
22,165.14
20,898.90
18,972.08
19,112.11
18,733.06
Aug
10,042.51
14,378.10
13,873.54
15,444.95
20,886.29
20,024.51
20,272.93
18,288.66
19,211.62
18,498.06
Sep
10,436.71
14,452.35
13,146.70
15,393.81
22,114.62
19,420.68
20,331.65
18,781.34
19,498.07
18,351.16
Oct
10,937.30
15,242.25
11,125.75
16,028.80
22,334.23
19,335.25
20,820.91
18,973.61
18,838.31
18,682.43
Nov
11,420.83
14,424.24
11,856.56
15,569.18
23,031.78
20,300.70
20,545.23
18,676.94
19,194.18
18,629.73
Dec
12,087.93
14,132.08
11,189.05
16,093.75
22,999.69
20,038.25
20,733.83
18,203.69
18,869.02
17,836.08
Annual average
10,256.61
14,126.11
13,038.39
14,207.36
19,821.11
21,233.01
20,885.35
19,993.47
18,800.18
18,841.56
Annual change (%)
30.39
16.91
-20.83
43.83
42.91
-12.88
3.47
-12.20
3.65
-5.47
Average change (%)
8.67
37.73
-7.70
8.97
39.51
7.12
-1.64
-4.27
-5.97
0.22
C H P
0 5
A N N U A L
R E P O R T
152
MARKET CAPITALIZATION WEIGHTED
INDICES
Float-Adjusted Market
Capitalization (MCh$)
Weight (%)
Weight (%)
AESGENER
774,722
2.96
AGUAS-A
1,054,274
13.90
ANTARCHILE
772,299
2.95
ANDINA-B
501,493
6.61
BCI
1,205,185
4.79
CCU
1,158,761
15.28
BSANTANDER
1,966,149
7.52
ECL
482,947
6.37
CENCOSUD
1,633,960
6.25
ENTEL
678,519
8.95
CHILE
1,432,123
5.48
HABITAT
155,474
2.05
CMPC
1,704,341
6.52
IAM
433,714
5.72
COLBUN
1,484,747
5.68
MINERA
226,909
2.99
COPEC
3,098,069
11.85
PARAUCO
680,071
8.97
CORPBANCA
1,091,278
4.17
PEHUENCHE
166,559
2.20
ENDESA
2,883,899
11.03
QUINENCO
385,791
5.09
ENERSIS
3,307,251
12.65
SK
212,927
2.81
FALABELLA
2,143,839
8.20
SM-CHILE B
866,720
11.43
LAN
1,512,866
5.79
SONDA
581,129
7.66
SQM-B
1,089,344
4.17
Large
Total
7,585,288
26,100,071
C H P
0 5
Total
MID
A N N U A L
R E P O R T
153
MARKET CAPITALIZATION WEIGHTED
INDICES
Weight (%)
ALMENDRAL
140,891
2.98
Small
AQUACHILE
70,683
1.50
BANMEDICA
349,418
BESALCO
BUPACL
Weight (%)
LAS CONDES
263,439
5.64
7.40
MASISA
44,728
0.95
54,508
1.15
MULTIFOODS
30,594
0.65
157,777
3.34
NUEVAPOLAR
47,052
1.00
CAMANCHACA
19,482
0.41
PASUR
112,468
2.38
CAP
175,896
3.72
PAZ
54,880
1.16
CONCHATORO
486,552
10.30
RIPLEY
264,845
5.61
EMBONOR-B
134,196
2.84
SALFACORP
106,804
2.26
ENJOY
35,485
0.75
SECURITY
559,481
11.84
FORUS
167,268
3.54
SMSAAM
251,362
5.32
GASCO
375,324
7.94
SOCOVESA
68,945
1.46
HF
138,119
2.92
VAPORES
185,179
3.92
HITES
36,927
0.78
Total
IANSA
6,414
0.14
ILC
239,705
5.07
INDISA
142,658
3.02
4,721,078
C H P
0 5
Small
A N N U A L
R E P O R T
154
SECTOR INDICES - 12/30/2015
Banking
Free-Float (%)
Float-Adjusted Market Capitalization (MCh$)
Weight (%)
BCI
2,961,871
40.69
1,205,185
19.27
BSANTANDER
5,990,702
32.82
1,966,149
31.44
CHILE
6,985,967
20.50
1,432,123
22.90
CORPBANCA
1,939,361
56.27
1,091,278
17.45
621,370
90.04
559,481
8.95
SECURITY
18,499,271
Commodities
6,254,217
Free-Float (%)
Weight (%)
256,109
68.68
175,896
2.90
CMPC
3,822,250
44.59
1,704,341
28.09
COPEC
7,907,271
39.18
3,098,069
51.06
SQM-B
1,601,977
68.00
1,089,344
17.95
CAP
6,067,650
C H P
0 5
13,587,607
A N N U A L
R E P O R T
155
Const. & Real Estate
Free-Float (%)
Weight (%)
BESALCO
134,554
40.51
54,508
19.12
PAZ
98,936
55.47
54,880
19.25
SALFACORP
168,807
63.27
106,804
37.46
SOCOVESA
145,208
47.48
68,945
24.18
547,504
Food & Beverage
285,136
Free-Float (%)
Weight (%)
ANDINA-B
997,599
50.27
501,493
20.51
CAMANCHACA
60,185
32.37
19,482
0.80
2,896,903
40.00
1,158,761
47.39
CONCHATORO
792,947
61.36
486,552
19.90
EMBONOR-B
271,761
49.38
134,196
5.49
HF
283,088
48.79
138,119
5.65
IANSA
79,678
8.05
6,414
0.26
CCU
2,445,017
C H P
0 5
5,382,160
A N N U A L
R E P O R T
156
Industrial
Free-Float (%)
Weight (%)
2,030,420
74.51
1,512,866
68.55
MASISA
135,538
33.00
44,728
2.03
SK
903,000
23.58
212,927
9.65
SMSAAM
436,695
57.56
251,362
11.39
VAPORES
420,574
44.03
185,179
8.39
LAN
3,926,227
Retail
2,207,061
Free-Float (%)
Weight (%)
CENCOSUD
4,087,967
39.97
1,633,960
32.85
FALABELLA
10,994,044
19.50
2,143,839
43.10
FORUS
452,321
36.98
167,268
3.36
HITES
95,790
38.55
36,927
0.74
NUEVAPOLAR
52,963
88.84
47,052
0.95
PARAUCO
918,890
74.01
680,071
13.67
RIPLEY
563,140
47.03
264,845
5.32
4,973,962
C H P
0 5
17,165,114
A N N U A L
R E P O R T
157
Utilities
Free-Float (%)
Weight (%)
AESGENER
2,641,396
29.33
774,722
7.36
AGUAS-A
2,112,774
49.90
1,054,274
10.01
COLBUN
2,967,120
50.04
1,484,747
14.10
ECL
1,022,543
47.23
482,947
4.59
ENDESA
7,206,144
40.02
2,883,899
27.39
ENERSIS
8,398,301
39.38
3,307,251
31.41
865,200
43.38
375,324
3.56
2,266,102
7.35
166,559
1.58
GASCO
PEHUENCHE
27,479,579
10,529,721
STOCK RANKING, YEAR 2015
C H P
0 5
Symbol
Trading Value (MCh$)
(%)
Symbol
Market Presence (%):
Symbol
1
FALABELLA
1,304,615
9.16
1
AESGENER
100.00
1
CAMPOS
2
ENERSIS
1,114,825
7.83
2
AGUAS-A
100.00
2
3
ENDESA
901,320
6.33
3
ANDINA-B
100.00
4
CENCOSUD
874,826
6.14
4
BCI
5
COPEC
676,701
4.75
5
6
LAN
632,377
4.44
6
Return (%)
Symbol
(MUS$)
(%)
192.31
1
FALABELLA
10,994,044
8.15
ORO BLANCO
57.68
2
ENERSIS
8,398,301
6.23
3
INVERMAR
40.74
3
COPEC
7,907,271
5.86
100.00
4
CCU
40.19
4
ENDESA
7,206,144
5.34
BSANTANDER
100.00
5
ANDINA-A
37.00
5
CHILE
6,985,967
5.18
CAP
100.00
6
NITRATOS
34.71
6
BSANTANDER
5,990,702
4.44
A N N U A L
R E P O R T
158
Symbol
(%)
Symbol
Symbol
Return (%)
Symbol
(MUS$)
(%)
CHILE
616,388
4.33
7
CCU
100.00
7
FOSFOROS
33.58
7
CENCOSUD
4,087,967
3.03
8
BSANTANDER
592,943
4.16
8
CENCOSUD
100.00
8
VSPT
33.11
8
CMPC
3,822,250
2.83
9
SQM-B
568,288
3.99
9
CHILE
100.00
9
HITES
28.85
9
ANTARCHILE
3,012,085
2.23
10
CMPC
520,098
3.65
10 CMPC
100.00
10 ANDINA-B
26.23
10
COLBUN
2,967,120
2.20
11
CORPBANCA
506,306
3.56
11 COLBUN
100.00
11 NORTEGRAN
21.25
11
BCI
2,961,871
2.20
12
BCI
399,650
2.81
12 CONCHATORO
100.00
12 EMBONOR-B
17.58
12
CCU
2,896,903
2.15
13
AGUAS-A
361,764
2.54
13 COPEC
100.00
13 BUPACL
15.97
13
AESGENER
2,641,396
1.96
14
COLBUN
360,608
2.53
14 CORPBANCA
100.00
14 IANSA
15.27
14
SQM-A
2,606,457
1.93
15
ENTEL
346,104
2.43
15 ENDESA
100.00
15 IAM
12.86
15
CHILECTRA
2,284,223
1.69
16
SONDA
341,325
2.40
16 ENERSIS
100.00
16 FALABELLA
12.65
16
PEHUENCHE
2,266,102
1.68
17
AESGENER
334,991
2.35
17 ENTEL
100.00
17 ECL
12.00
17
AGUAS-A
2,112,774
1.57
18
CAP
273,357
1.92
18 FALABELLA
100.00
18 NUEVAPOLAR
11.46
18
QUINENCO
2,078,616
1.54
19
CCU
267,596
1.88
19 FORUS
100.00
19 CEMENTOS
10.94
19
SM-CHILE B
2,075,480
1.54
20
CONCHATORO
265,826
1.87
20 ILC
100.00
20 BSANTANDER
10.36
20
LAN
2,030,420
1.51
C H P
0 5
7
A N N U A L
R E P O R T
159
Symbol
(%)
Symbol
Symbol
ANDINA-B
218,954
1.54
21 LAN
100.00
21 CHILE
22
PARAUCO
215,783
1.52
22 NUEVAPOLAR
100.00
23
ECL
178,915
1.26
23 RIPLEY
24
PILMAIQUEN
161,411
1.13
25
FORUS
121,675
26
RIPLEY
27
Symbol
(MUS$)
(%)
10.12
21
CORPBANCA
1,939,361
1.44
22 AGUAS-A
9.29
22
SANTANGRUP
1,874,738
1.39
100.00
23 SM-CHILE D
8.31
23
MINERA
1,793,750
1.33
24 SM-CHILE B
100.00
24 SM-CHILE B
6.99
24
SQM-B
1,601,977
1.19
0.85
25 SMSAAM
100.00
25 INDISA
6.33
25
ENTEL
1,499,820
1.11
121,565
0.85
26 SONDA
100.00
26 COLBUN
5.91
26
CGE
1,458,486
1.08
GASCO
118,060
0.83
27 SQM-B
100.00
27 ILC
4.69
27
CVA
1,318,108
0.98
28
SM-CHILE B
117,884
0.83
28 VAPORES
100.00
28 ENTEL
4.49
28
SONDA
1,093,786
0.81
29
IAM
111,406
0.78
29 ECL
99.60
29 RIPLEY
3.87
29
ECL
1,022,543
0.76
30
VAPORES
106,311
0.75
30 HABITAT
99.60
30 GASCO
3.60
30
IAM
999,340
0.74
31
IANSA
87,310
0.61
31 IAM
99.60
31 AESGENER
3.20
31
ANDINA-B
997,599
0.74
32
ILC
86,639
0.61
32 PARAUCO
99.60
32 SOCOVESA
2.46
32
ANDINA-A
925,281
0.69
33
BUPACL
77,356
0.54
33 SALFACORP
99.60
33 QUINENCO
1.49
33
PARAUCO
918,890
0.68
34
CFMITNIPSA
74,428
0.52
34 BESALCO
98.40
34 CMPC
1.13
34
SK
903,000
0.67
35
ANDINA-A
69,597
0.49
35 GASCO
98.40
35 INVEXANS
0.30
35
CALICHERAA
898,858
0.67
C H P
0 5
21
Return (%)
A N N U A L
R E P O R T
160
Symbol
(%)
Symbol
Symbol
(MUS$)
(%)
SMSAAM
65,172
0.46
36 SECURITY
98.00
36 SMSAAM
-0.85
36
GASCO
865,200
0.64
37
QUINENCO
63,790
0.45
37 ANTARCHILE
97.20
37 ALMENDRAL
-0.93
37
BANMEDICA
821,580
0.61
38
VSPT
58,172
0.41
38 EMBONOR-B
97.20
38 PAZ
-1.36
38
ENAEX
817,950
0.61
39
ANTARCHILE
55,482
0.39
39 QUINENCO
95.60
39 LAS CONDES
-1.46
39
BBVACL
817,924
0.61
40
BANMEDICA
52,837
0.37
40 BANMEDICA
94.80
40 PARAUCO
-1.59
40
BICECORP
816,835
0.61
41
EMBONOR-B
50,403
0.35
41 BUPACL
94.40
41 ENDESA
-2.56
41
HABITAT
814,000
0.60
42
NUEVAPOLAR
49,886
0.35
42 MASISA
94.00
42 PEHUENCHE
-2.67
42
AFPCAPITAL
812,180
0.60
43
SECURITY
49,011
0.34
43 COLO COLO
93.20
43 HABITAT
-3.84
43
CONCHATORO
792,947
0.59
44
HABITAT
48,567
0.34
44 SK
93.20
44 BANMEDICA
-4.16
44
PASUR
768,750
0.57
45
BINT
44,933
0.32
45 MULTIFOODS
92.80
45 CENCOSUD
-4.86
45
ILC
726,380
0.54
46
SK
41,230
0.29
46 PAZ
88.40
46 CFMITNIPSA
-5.16
46
SUD AMER-A
646,001
0.48
47
INVEXANS
41,172
0.29
47 SOCOVESA
88.40
47 BCI
-5.57
47
ALMENDRAL
636,362
0.47
48
SOCOVESA
39,491
0.28
48 ENJOY
88.00
48 ANTARCHILE
-6.35
48
SECURITY
621,370
0.46
49
SALFACORP
35,814
0.25
49 IANSA
88.00
49 MASISA
-6.54
49
RIPLEY
563,140
0.42
50
AUSTRALIS
26,825
0.19
50 AQUACHILE
87.20
50 SECURITY
-6.66
50
MOLYMET
533,327
0.40
Notes
0 5
Return (%)
36
Note: Figures expressed in millions of nominal Chilean pesos.
C H P
Symbol
Returns ranking includes only stocks with market presence greater than or equal to 50% during 2015.
Market presence: Number of days that the stock registered trades greater than or equal to 1,000 UF (Unidades de Fomento) during the
last 180 trading days. This figure is expressed as a percentage.
Return: The gain or loss on an investment in a stock during the year 2015, assuming that it is purchased at the beginning of the year and
sold at the end, and considering rights issues, dividend reinvestments, capital distributions and price variations during the year. These
returns become effective to the extent that the stock has sufficient market liquidity (presence) in order to be purchased and sold at
the right time.
Market capitalization: Number of shares in circulation multiplied by the closing price on Wednesday, December 30, 2015.
A N N U A L
R E P O R T
161
SUMMARY OF REPO TRANSACTIONS IN 2015 (1)
C H P
0 5
Number
Stock
Number of Shares Traded
High (Ch$) (2)
Low (Ch$) (2)
Average (Ch$) (2)
1
PARAUCO
214,373,899
252,564
1,275.00
1,040.00
1,175.08
2
ENERSIS
1,190,825,289
232,182
225.00
163.00
189.69
3
LAN
41,176,534
191,388
7,242.00
3,270.00
4,862.48
4
COLBUN
832,207,348
149,549
191.00
159.50
178.41
5
CORPBANCA
20,230,024,775
132,492
7.77
5.45
6.62
6
CENCOSUD
72,294,659
107,359
1,723.00
1,257.90
1,483.99
7
ENDESA
119,078,661
105,914
983.30
795.00
887.16
8
RIPLEY
283,556,925
75,649
349.00
220.00
269.85
9
VAPORES
3,640,027,381
70,247
26.40
13.20
20.10
10
SM-CHILE B
364,536,424
67,793
201.00
173.00
185.56
11
FALABELLA
14,740,005
65,291
5,054.00
3,760.00
4,434.01
12
BCI
1,819,128
51,397
31,360.00
25,356.00
28,336.46
13
CHILE
696,664,962
49,539
74.60
68.00
71.20
14
ECL
48,428,717
47,151
1,039.90
852.00
962.31
15
SQM-B
3,907,374
46,457
16,465.00
8,500.00
12,156.32
16
CAP
21,785,978
45,771
3,824.80
1,530.00
2,132.47
17
ENTEL
6,342,416
42,519
7,905.00
5,881.00
6,634.49
18
SONDA
32,988,363
41,246
1,610.00
1,000.00
1,315.11
A N N U A L
R E P O R T
162
C H P
0 5
Number
Stock
High (Ch$) (2)
Low (Ch$) (2)
Average (Ch$) (2)
1,087,739,044
34,970
34.90
29.00
32.19
100,989,903
33,632
380.00
300.00
335.39
19
BSANTANDER
20
AESGENER
21
COPEC
4,575,250
30,421
7,456.00
5,848.00
6,755.87
22
PILMAIQUEN
10,035,732
30,034
3,111.00
2,845.00
2,967.47
23
CMPC
18,326,791
29,639
1,889.00
1,430.00
1,654.93
24
ANTARCHILE
4,116,680
29,571
7,944.00
6,510.00
7,092.20
25
BUPACL
37,906,360
20,234
565.00
503.00
531.83
26
CFIIMDLAT
276,387
18,708
72,550.00
63,500.00
68,296.69
27
LAS CONDES
461,598
17,409
39,000.00
36,000.00
37,734.43
28
SECURITY
85,908,213
17,046
206.50
188.00
197.12
29
HABITAT
17,611,655
15,673
948.00
797.00
861.61
30
BANMEDICA
12,815,008
15,248
1,325.00
980.00
1,211.81
31
ILC
1,996,871
14,993
7,900.00
6,950.00
7,491.94
32
CONCHATORO
13,543,676
14,942
1,292.00
1,040.00
1,128.60
33
AGUAS-A
40,620,141
14,665
384.00
346.00
360.38
34
CFIMBIRF-A
463,923
13,167
28,670.00
28,150.00
28,414.74
35
IAM
12,972,661
12,689
1,030.00
940.00
978.75
36
IANSA
486,280,629
11,647
27.40
15.20
19.95
37
SALFACORP
26,681,610
11,428
527.00
364.50
434.43
A N N U A L
R E P O R T
163
C H P
0 5
Number
Stock
High (Ch$) (2)
Low (Ch$) (2)
Average (Ch$) (2)
38
SMSAAM
239,513,274
11,304
54.21
42.20
48.29
39
MULTIFOODS
98,730,884
9,777
145.00
61.00
99.48
40
CFIMBIGL-A
11,008
9,334
880,000.00
780,000.00
850,642.30
41
PAZ
24,676,269
9,113
420.00
300.00
357.23
42
SOCOVESA
67,644,985
8,893
155.00
115.00
132.54
43
CFIMRCLP
609,982
6,144
10,300.00
9,710.00
10,061.19
44
MASISA
292,025,114
5,794
24.00
17.10
19.75
45
CFIMBIAR-A
172,597
5,194
32,960.00
29,160.00
30,619.71
46
CFIMLDL
146,171
4,803
34,000.00
31,071.00
32,645.75
47
GASCO
900,111
4,475
6,100.00
4,076.00
4,975.15
48
ENAEX
603,614
3,987
6,775.00
6,457.00
6,615.18
49
QUINENCO
2,967,496
3,952
1,430.00
1,250.00
1,337.93
50
NORTEGRAN
1,745,455,573
3,812
2.50
1.50
2.10
51
CFIPIONERO
674,088
3,143
4,950.00
4,410.00
4,668.69
52
ANDINA-B
1,284,727
2,377
2,725.90
1,599.40
2,069.71
53
NUEVAPOLAR
110,987,835
2,343
38.00
14.00
21.74
54
CFMCORBCOY
1,893,112
2,293
1,230.00
1,190.00
1,211.45
55
CFINRENTAS
222,570
2,272
10,608.00
9,200.00
10,055.44
56
CFIIMSCLI
1,654,170
2,065
1,252.00
1,245.00
1,248.50
A N N U A L
R E P O R T
164
C H P
0 5
Number
Stock
High (Ch$) (2)
Low (Ch$) (2)
Average (Ch$) (2)
57
AQUACHILE
7,030,382
1,900
435.00
180.00
294.62
58
SK
1,959,574
1,708
974.99
799.00
870.99
59
EMBONOR-B
1,661,421
1,680
1,167.00
862.00
978.69
60
CFIAUINS-H
731,247
1,649
2,300.00
2,177.00
2,239.75
61
CCU
224,061
1,560
8,576.00
5,600.00
6,980.12
62
ANDINA-A
720,264
1,473
2,140.00
1,350.00
1,733.01
63
SOQUICOM
8,439,702
1,012
122.00
114.29
118.15
64
CFIAURUSRI
42,207
1,011
26,850.00
22,300.00
23,903.10
65
HITES
3,981,607
981
295.00
190.00
247.62
66
BESALCO
3,232,913
898
372.00
220.00
282.69
67
CFIMBIARB
22,297
673
30,200.00
30,188.00
30,191.33
68
ORO BLANCO
273,856,911
543
2.90
1.50
2.14
69
ALMENDRAL
10,833,873
522
51.99
43.86
47.37
70
CFIBTGCYF
4,800,029
480
100.00
100.00
100.00
71
CFMINDICE
209,572
314
1,500.00
1,500.00
1,500.00
72
PEHUENCHE
78,386
311
4,350.00
3,700.00
3,979.26
73
FORUS
152,343
300
2,710.00
1,728.00
2,213.31
74
BANVIDA
1,645,132
283
194.00
165.00
174.76
75
INDISA
83,596
233
2,880.00
2,735.00
2,807.50
A N N U A L
R E P O R T
165
Stock
High (Ch$) (2)
Low (Ch$) (2)
Average (Ch$) (2)
6,380
182
28,500.00
28,250.00
28,375.00
4,320,516
107
33.22
13.70
26.60
76
CFICELRI
77
CAMANCHACA
78
TECHPACK
385,932
100
264.00
254.80
258.88
79
CGE
24,355
80
3,626.00
3,120.00
3,304.00
80
FOSFOROS
65,000
66
1,020.00
1,020.00
1,020.00
81
CFIMBIGLOB
83
65
816,720.00
775,000.00
789,540.00
82
VENTANAS
393,937
63
160.00
160.00
160.00
83
MINERA
3,793
61
16,000.00
16,000.00
16,000.00
84
ENJOY
980,739
46
56.00
37.40
47.59
85
PROVIDA
13,922
46
3,300.00
3,200.00
3,250.00
86
CFICELRI2
1,544
43
28,000.00
28,000.00
28,000.00
87
SM-CHILE D
240,880
43
178.00
168.10
174.37
88
SM-CHILE A
200,000
33
163.00
163.00
163.00
89
CFICDCCH
1,146
33
28,400.00
28,400.00
28,400.00
90
CFIMBIRFUS
821
24
29,400.00
29,400.00
29,400.00
91
SAN PEDRO
4,412,280
21
4.83
4.57
4.70
92
PUCOBRE-A
8,597
19
2,235.00
2,235.00
2,235.00
93
MOLYMET
3,591
16
5,100.00
4,290.00
4,658.00
C H P
0 5
Number
A N N U A L
R E P O R T
166
Number
Stock
High (Ch$) (2)
Low (Ch$) (2)
Average (Ch$) (2)
94
CFINHRFLA
1,223
15
12,341.00
12,341.00
12,341.00
95
COLO COLO
24,320
5
211.00
211.00
211.00
96
INVERMAR
70,250
3
46.00
43.00
44.25
97
CFMITNIPSA
1,000
3
2,900.00
2,900.00
2,900.00
98
EXPROVIDA
904
2
2,250.00
2,250.00
2,250.00
99
CEM
750
0.1
173.50
173.50
173.50
Total
2,280,307
(1) Considers repo transactions in equities and investment funds.
(2) Determined based on prices of cash transactions.
SUMMARY OF SHORT SELLING TRANSACTIONS IN 2015
C H P
0 5
Number
Stock
High (Ch$)
Low (Ch$)
Average (Ch$)
1
FALABELLA
17,926,145
82,444
4,998.90
3,744.80
4,564.95
2
CENCOSUD
15,719,575
22,915
1,669.90
1,251.00
1,450.20
3
CHILE
244,162,626
17,522
74.58
68.01
71.54
4
LAN
3,669,017
16,913
7,200.00
3,261.10
4,521.30
5
CAP
7,085,634
16,578
3,649.90
1,549.90
2,392.24
A N N U A L
R E P O R T
167
0 5
Stock
High (Ch$)
Low (Ch$)
Average (Ch$)
6
COPEC
2,019,611
13,592
7,399.90
5,926.10
6,691.13
7
ENERSIS
68,232,644
13,166
225.48
164.00
194.19
8
ENDESA
13,671,361
12,176
977.00
808.01
884.97
9
CMPC
6,743,575
11,859
1,899.90
1,439.90
1,764.89
10
SONDA
7,937,383
11,701
1,619.90
1,026.10
1,397.88
11
ENTEL
1,689,389
11,066
7,619.90
5,883.00
6,574.15
12
BCI
372,601
10,706
31,501.00
25,950.00
29,128.21
13
BSANTANDER
326,753,469
10,494
34.98
29.75
32.38
14
SQM-B
781,592
9,359
16,399.00
8,616.60
12,419.79
15
COLBUN
43,060,551
7,848
193.49
162.49
181.86
16
AGUAS-A
20,619,447
7,556
382.00
349.99
364.21
17
CCU
824,800
5,782
8,655.00
5,725.00
7,110.42
18
ANDINA-B
1,961,534
4,072
2,748.90
1,620.00
2,103.71
19
RIPLEY
13,566,573
3,770
343.00
218.50
262.10
20
AESGENER
10,608,000
3,586
374.00
300.99
342.25
21
CORPBANCA
427,712,640
2,855
7.75
5.70
6.53
22
IAM
2,792,277
2,779
1,039.50
940.99
997.53
C H P
Number
A N N U A L
R E P O R T
168
Number
Stock
High (Ch$)
Low (Ch$)
Average (Ch$)
PARAUCO
2,170,971
2,577
1,279.90
1,050.00
1,197.65
24
ECL
1,966,878
1,917
1,039.90
899.99
972.87
25
SM-CHILE B
9,803,282
1,825
197.99
175.03
186.48
26
CONCHATORO
1,535,459
1,745
1,294.90
1,052.00
1,150.45
27
HABITAT
1,150,600
1,047
945.98
864.50
911.52
28
VAPORES
42,877,145
815
24.15
13.20
18.92
29
ILC
81,183
610
7,900.00
7,110.10
7,549.38
30
FORUS
181,721
404
2,797.80
1,581.10
2,416.05
31
SMSAAM
3,155,796
166
54.89
48.00
50.76
32
GASCO
30,156
166
6,099.90
4,599.70
5,409.05
33
BANMEDICA
180
0.2
1,088.90
1,088.90
1,088.90
Total
310,012
C H P
0 5
23
A N N U A L
R E P O R T
169
TRADING VALUE IN FOREIGN SECURITIES
Year
Foreign Stocks (US$)
585,732
2006
24,142,707
24,142,707
2001
691,921
2007
10,643,811
10,643,811
2002
667,271
9,415
2008
95,645
95,645
2003
985,007
18,027
2009
1,285,714
288,987
1,574,701
2004
1,389,784
8,532
2010
19,050,852
56,235,429
75,286,281
2005
3,053,594
87,371
2011
5,199,384
48,497,911
53,697,295
2006
2,641,326
206,311
2012
20,994,140
47,603,851
68,597,991
2007
4,010,629
395,620
2013
20,389,750
117,848,184
138,237,934
2008
3,952,987
477,477
2014
29,422,891
159,628,814
189,051,705
2009
2,206,798
259,701
2015
27,204,537
201,671,360
228,875,898
2010
3,583,604
643,255
2011
5,176,017
723,479
2012
3,790,649
631,709
2013
3,907,481
220,965
2014
4,186,597
318,697
2015
2,280,307
310,012
Year
Repo Transactions (MCh$) (1)
2000
Short Sales (MCh$) (2)
ETFs (US$)
Total (US$)
(1) Considers repo transactions in equities and investment funds.
(2) The years 2005, 2006, 2007 and 2008 consider short sales of equities and fixed-income instruments.
C H P
0 5
GROWTH OF REPOS AND SHORT SALES
A N N U A L
R E P O R T
170
MILA TRANSACTIONS OF CHILEAN STOCKS
Year
Peruvian Brokers (US$)
Colombian Brokers (US$)
Mexican Brokers (US$)
Total (US$)
2011
4,383,802
3,419,588
7,803,390
2012
64,254,832
1,854,675
66,109,507
2013
112,278,542
102,939
112,381,481
2014
58,653,916
134,138
2,804
58,790,858
2015
19,448,304
23,588
50,326
19,522,218
Note: Corresponds to purchases and sales of Chilean stocks by Peruvian, Colombian and Mexican brokers on
Santiago Exchange as part of the Latin American Integrated Market - MILA.
Year
Peruvian Stocks (US$)
Colombian Stocks (US$)
Mexican Stocks (US$)
Total (US$)
2011
329,094
7,651,864
7,980,958
2012
6,328,619
5,453,314
11,781,933
2013
6,672,346
8,977,569
15,649,915
2014
2,999,872
742,505
1,905
3,744,282
2015
74,179
79,007
0
153,186
Note: Corresponds to purchases and sales of Peruvian, Colombian and/or Mexican stocks by Chilean brokers on
the Lima, Colombian and/or Mexican stock exchanges as part of the Latin American Integrated Market - MILA.
C H P
0 5
MILA TRANSACTIONS OF PERUVIAN, COLOMBIAN AND MEXICAN STOCKS
A N N U A L
R E P O R T
171
DAILY TRADING VALUE, FIXED INCOME, 2015
Day
January
February
March
1
C H P
0 5
2
187,276,249
April
May
June
July
420,651,484
428,506,308
375,193,251
400,194,255
267,261,646
3
583,055,351
560,045,758
4
595,316,631
608,811,341
297,098,473
466,884,752
5
372,737,152
491,817,560
462,522,749
6
617,045,346
335,968,517
452,122,637
7
August
September
October
645,866,404
860,865,597
473,020,624
592,074,668
742,634,987
759,526,309
718,676,921
661,005,580
463,299,465
677,130,143
728,092,800
628,908,100
656,377,090
401,146,362
430,831,812
778,938,735
605,120,579
795,564,496
601,629,708
545,569,459
495,989,956
382,248,339
463,450,656
557,639,881
507,221,515
8
745,500,029
456,350,284
471,646,120
9
495,897,460
655,547,050
419,392,798
558,898,666
402,235,507
436,507,680
645,182,594
422,255,914
10
467,545,450
443,579,884
480,797,767
597,896,600
479,278,228
11
304,458,405
578,898,888
397,765,513
460,976,590
324,036,178
490,930,793
14
279,921,894
449,360,480
529,348,683
467,339,052
606,016,438
494,993,684
402,373,701
507,576,276
707,624,812
672,997,096
508,306,882
440,073,429
400,325,446
600,647,865
378,347,211
498,428,083
394,467,370
651,064,024
472,282,574
481,492,198
460,573,379
706,002,412
556,377,161
15
365,260,615
509,334,366
402,108,637
16
346,157,411
376,002,972
373,258,033
426,114,663
495,206,202
530,130,683
17
568,650,638
408,101,278
548,472,357
524,138,750
18
582,517,469
477,357,596
448,181,999
463,232,134
621,861,194
299,704,653
585,123,212
581,492,957
400,402,960
184,839,944
13
510,966,864
585,773,278
783,543,556
522,622,555
431,101,951
544,705,701
414,532,041
659,507,192
407,194,618
534,649,789
582,843,941
434,189,047
December
458,265,709
335,271,582
12
November
572,440,532
495,453,188
416,833,314
446,382,574
686,025,141
528,826,084
510,690,802
527,244,868
491,546,587
437,373,414
416,215,606
494,011,119
660,691,891
417,740,622
501,729,017
546,448,977
356,186,903
440,633,289
476,952,504
790,382,834
638,124,722
565,871,254
487,842,522
A N N U A L
R E P O R T
172
Day
January
February
March
April
19
267,787,472
649,467,684
688,064,661
20
446,011,837
392,312,695
404,885,542
21
454,123,352
569,573,765
22
558,957,934
533,271,094
23
356,652,486
413,298,602
May
June
484,417,481
451,157,989
423,892,586
276,532,651
July
October
November
788,106,316
521,052,713
608,903,516
501,050,485
747,429,607
685,448,409
460,878,465
559,211,967
797,526,023
476,765,252
24
482,341,543
492,640,824
292,982,861
678,865,918
563,167,863
25
605,130,443
542,058,576
399,494,908
590,864,005
27
494,296,496
328,669,900
467,311,661
28
390,768,223
537,891,025
507,814,082
713,554,384
481,391,328
584,198,898
551,644,120
847,868,562
386,130,460
609,463,875
379,304,427
515,127,807
535,371,678
725,310,017
439,461,310
448,365,489
569,301,929
751,815,595
686,274,255
29
286,101,362
608,003,383
444,549,295
30
299,771,949
31
646,108,249
573,702,841
638,162,137
458,554,156
457,014,092
705,500,667
346,018,514
363,326,758
508,148,123
578,657,595
654,093,328
533,129,873
415,131,370
506,243,481
638,548,040
566,811,083
563,362,327
625,131,834
526,271,267
628,729,421
660,272,496
December
495,854,939
696,096,191
402,003,068
322,396,544
September
382,750,611
192,042,652
26
August
460,452,362
561,505,929
410,703,986
740,159,539
668,269,197
409,101,385
512,531,294
607,720,382
657,661,705
385,345,806
369,942,248
370,488,715
356,186,903
379,304,427
369,942,248
279,921,894
450,900,858
533,360,694
394,467,370
446,382,574
184,839,944
267,261,646
292,982,861
276,532,651
376,002,972
C H P
0 5
187,276,249
A N N U A L
R E P O R T
173
January
February
March
April
May
June
July
August
September
October
November
December
659,507,192
688,064,661
608,003,383
638,162,137
678,865,918
751,815,595
847,868,562
860,865,597
718,676,921
795,564,496
646,108,249
454,397,081
479,625,813
452,200,564
461,956,480
532,531,214
564,532,376
662,688,260
583,023,687
510,132,073
543,921,809
462,377,738
442,218,571
455,281,417
454,511,204
455,884,604
468,865,079
483,280,699
505,840,931
514,462,409
514,027,303
516,756,802
512,406,477
9,087,941,623
10,551,767,900
9,496,211,852
8,777,173,135
11,183,155,505
12,419,712,284
13,916,453,469
12,243,497,429
10,712,773,544
11,422,357,998
9,247,554,765
18,130,961,416
28,682,729,316
38,178,941,168
46,956,114,303
58,139,269,808
70,558,982,092
84,475,435,561
96,718,932,990
745,500,029
430,619,990
430,619,990
Monthly total
9,043,019,793
9,043,019,793
C H P
0 5
107,431,706,534 118,854,064,532
128,101,619,297
9/1/2015
860,865,597
2/9/2015
184,839,944
8/26/2015
847,868,562
1/2/2015
187,276,249
8/21/2015
797,526,023
2/23/2015
192,042,652
Note: Figures expressed in thousands of nominal Chilean
pesos.
A N N U A L
R E P O R T
1 74
ANNUAL REAL AVERAGE INTERNAL RATE OF RETURN (IRR) BY TYPE OF INSTRUMENT FOR 2015 (PERCENTAGE)
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Annual Average
Mortgage bonds
3.45
3.57
3.58
3.12
3.29
3.41
3.33
3.01
3.59
3.38
3.11
3.57
3.41
Corporate and bank bonds
3.78
3.56
3.20
3.56
3.19
2.97
3.10
2.69
2.65
3.05
3.10
3.20
3.14
Central Bank and Treasury
bonds
2.87
2.65
2.58
2.59
2.56
2.75
2.78
2.27
2.24
2.45
2.43
2.55
2.54
Monthly average in 2015
3.16
2.96
2.79
2.98
2.77
2.86
2.89
2.42
2.38
2.66
2.71
2.78
2.76
3.93
3.71
3.85
4.08
4.06
3.73
3.56
3.65
3.48
3.69
3.67
3.21
3.72
3.41
3.40
3.47
3.63
3.73
3.76
3.82
3.49
3.43
3.43
3.37
3.69
3.57
3.78
3.42
3.41
3.48
3.46
3.68
3.74
3.76
3.45
3.39
3.62
3.65
3.57
3.04
2.59
2.21
2.64
3.32
3.12
3.31
3.08
3.37
3.51
3.54
3.67
3.11
4.34
3.34
3.07
3.18
3.22
3.47
3.18
3.27
2.88
2.97
3.41
3.66
3.32
3.61
3.57
3.00
3.16
3.84
3.84
3.86
4.27
3.80
4.12
4.35
4.70
3.88
3.68
3.34
3.22
3.03
3.61
3.73
3.37
3.64
3.57
3.72
3.82
3.72
3.55
C H P
0 5
Instrument
A N N U A L
R E P O R T
175
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Annual Average
4.01
3.65
3.80
3.58
3.88
3.94
3.92
3.89
4.11
4.41
3.84
3.55
3.90
3.61
3.21
3.36
3.05
3.20
3.24
3.22
2.94
3.19
3.50
4.15
4.37
3.42
3.65
3.30
3.34
3.45
3.20
3.54
3.17
2.89
3.19
3.18
3.42
3.67
3.31
4.09
3.97
3.95
4.05
4.31
4.29
4.12
4.15
3.99
4.31
3.98
4.45
4.16
5.20
5.11
5.01
5.07
4.89
5.09
4.83
4.18
3.56
3.98
4.11
4.41
4.60
6.10
5.78
5.89
5.88
5.90
5.91
5.89
6.16
5.81
5.55
5.64
5.59
5.82
7.23
7.30
7.36
7.32
7.30
7.04
6.79
6.87
6.66
6.53
6.65
6.68
6.93
7.57
7.32
7.20
7.30
7.01
6.67
6.96
7.10
6.96
7.14
7.59
7.30
7.16
7.46
7.53
7.35
7.34
7.45
7.65
8.04
8.47
10.22
8.72
7.95
7.64
7.92
6.41
6.51
6.49
6.50
6.62
6.59
6.65
6.78
6.85
7.00
7.00
7.06
6.71
6.62
6.63
6.71
6.83
6.75
6.68
6.53
6.50
6.54
6.39
6.43
6.41
6.57
6.15
6.29
6.42
6.53
6.43
6.20
5.92
6.11
6.32
6.58
6.88
6.90
6.38
C H P
0 5
Instrument
A N N U A L
R E P O R T
176
ANNUAL REAL AVERAGE INTERNAL RATE OF RETURN (IRR) BY YEARS TO MATURITY
For 2015 (percentage)
0.0 - 2.0
2.1 - 5.0
5.1 - 8.0
8.1 - 10.0
10.1 - 12.0
12.1 - 15.0
15.1 and Beyond
Average
January
2.95
2.57
3.55
3.04
2.77
2.57
2.92
2.85
February
1.79
1.83
2.42
3.02
2.76
2.77
3.07
2.18
March
1.14
1.88
2.69
2.44
2.70
2.65
2.99
2.19
April
1.57
2.59
2.70
3.27
3.65
2.92
3.16
2.70
May
1.46
2.77
2.56
2.94
3.46
3.47
3.22
2.77
June
2.04
2.43
2.54
2.91
2.95
2.96
3.24
2.66
Average first half of year
1.84
2.28
2.71
2.91
3.13
2.95
3.11
2.53
July
0.80
2.52
2.18
2.49
3.23
2.89
3.26
2.28
August
0.53
2.44
2.36
2.43
3.16
2.72
3.19
2.28
September
0.66
2.56
2.16
2.73
3.18
2.68
3.04
2.26
October
2.48
2.97
2.48
3.18
2.98
2.65
3.46
2.93
November
2.76
3.02
2.40
3.00
2.60
3.06
2.99
2.81
December
2.60
3.17
2.72
3.15
3.19
3.20
3.03
2.95
Average second half of year
1.53
2.71
2.35
2.80
3.07
2.84
3.20
2.54
C H P
0 5
Month
A N N U A L
R E P O R T
177
0.0 - 2.0
2.1 - 5.0
5.1 - 8.0
8.1 - 10.0
10.1 - 12.0
12.1 - 15.0
15.1 and Beyond
Average
Annual average 2015
1.64
2.46
2.53
2.85
3.10
2.90
3.16
2.54
Annual average 2014
1.94
2.58
3.01
3.06
2.86
3.15
3.20
2.76
Annual average 2013
3.85
3.70
3.68
3.79
3.40
3.66
3.73
3.72
Annual average 2012
3.73
3.46
3.74
3.44
3.67
3.73
3.75
3.57
Annual average 2011
3.03
3.45
3.83
3.90
3.57
3.79
3.74
3.57
Annual average 2010
1.81
2.78
3.71
3.57
3.42
3.67
3.77
3.11
Annual average 2009
1.70
2.94
4.33
3.86
3.91
3.44
4.06
3.32
Annual average 2008
3.58
3.76
4.01
4.33
4.27
3.42
3.92
3.88
Annual average 2007
3.11
3.48
4.10
3.72
3.50
3.60
3.52
3.55
Annual average 2006
3.95
3.82
3.67
4.23
4.02
3.90
3.94
3.90
Annual average 2005
3.34
3.13
3.05
3.84
3.73
3.87
3.66
3.52
Annual average 2004
2.65
2.91
2.88
3.39
4.06
4.28
4.40
3.51
Annual average 2003
3.36
3.98
3.78
3.88
4.83
5.13
5.20
4.31
Annual average 2002
3.35
4.54
4.35
4.18
5.53
5.49
4.99
4.63
Annual average 2001
4.54
5.58
5.72
5.52
6.23
6.10
6.41
5.73
Annual average 2000
6.32
6.64
6.92
6.79
7.16
6.98
7.24
6.86
Annual average 1999
6.79
6.82
7.09
7.30
7.43
7.16
7.38
7.14
Annual average 1998
9.88
8.42
7.71
7.82
8.11
7.96
7.76
8.24
C H P
0 5
Month
A N N U A L
R E P O R T
178
Month
0.0 - 2.0
2.1 - 5.0
5.1 - 8.0
8.1 - 10.0
10.1 - 12.0
12.1 - 15.0
15.1 and Beyond
Average
Annual average 1997
6.82
6.76
6.67
6.59
6.83
6.77
6.71
6.74
Annual average 1996
6.82
6.73
6.45
6.44
6.72
6.60
6.59
6.62
ANNUAL REAL AVERAGE INTERNAL RATE OF RETURN (IRR), DAILY VALUES
For 2015 (percentage)
Day
January
February
March
1
C H P
0 5
2
2.27
April
May
June
July
2.83
2.39
2.02
2.34
1.93
3
2.35
2.24
4
3.13
1.84
2.77
2.95
5
2.83
2.93
2.10
6
3.03
2.37
1.86
7
August
September
October
2.54
1.98
2.31
2.60
1.73
2.12
3.10
3.07
2.02
December
3.15
3.19
2.66
2.35
2.09
2.76
2.96
2.74
1.94
1.88
3.29
2.66
2.94
2.28
2.39
2.72
2.52
3.66
2.47
2.79
2.51
2.26
3.13
1.84
3.42
2.50
2.25
8
3.03
2.17
2.82
9
2.98
2.40
2.79
2.90
1.85
2.68
2.62
2.30
4.27
2.57
2.28
3.03
2.71
2.36
10
2.17
2.23
3.00
2.98
2.76
11
1.85
2.40
2.80
November
2.98
3.27
3.39
3.02
2.28
2.20
3.99
3.15
2.27
1.98
3.20
3.34
A N N U A L
R E P O R T
179
January
February
March
12
2.75
1.56
2.29
13
2.75
2.05
2.09
14
April
May
June
2.76
2.15
July
August
October
2.83
2.43
2.73
2.17
2.08
3.22
2.66
2.80
2.11
2.72
15
2.87
2.47
2.90
16
2.88
2.69
September
2.74
November
2.58
2.53
3.01
2.08
2.78
3.37
2.36
3.90
3.37
3.39
3.05
1.68
2.46
2.95
2.52
17
1.61
2.02
2.46
2.51
18
2.08
1.91
2.82
2.41
2.24
2.37
2.57
2.71
2.51
2.22
2.35
2.38
2.35
2.59
2.20
2.46
19
2.73
2.13
2.36
20
2.68
2.15
1.79
21
2.88
2.72
22
2.77
2.91
23
2.75
2.32
2.83
2.36
2.60
2.71
24
2.19
2.46
2.97
2.74
1.50
25
1.94
2.14
2.50
2.48
2.30
2.74
27
2.68
2.28
2.07
28
29
2.59
2.62
3.37
2.70
2.08
2.30
2.77
3.04
2.98
2.88
2.88
2.43
2.42
2.88
2.96
2.53
2.58
2.17
2.86
2.37
2.79
2.97
26
2.45
2.19
3.14
2.58
2.08
2.26
2.53
2.36
2.46
2.21
2.50
2.31
1.90
2.25
2.60
2.70
2.04
2.62
2.61
2.41
1.90
2.72
2.91
2.95
2.16
2.23
2.54
3.45
2.77
2.36
December
2.09
3.19
3.24
2.40
3.77
2.23
C H P
0 5
Day
A N N U A L
R E P O R T
180
Day
January
30
2.56
February
31
March
April
2.78
2.82
May
June
July
2.26
2.73
2.05
August
2.60
2.09
September
October
November
December
2.28
5.87
2.78
3.07
Low for the month
2.27
1.56
1.79
1.84
2.36
2.15
1.50
1.90
1.88
2.25
2.04
2.23
3.13
2.78
3.45
3.42
3.07
2.76
2.83
3.39
5.87
3.99
3.37
2.18
2.19
2.70
2.77
2.66
2.28
2.28
2.26
2.93
2.81
2.95
2.53
2.41
2.47
2.53
2.55
2.51
2.48
2.46
2.52
2.55
2.58
High for the month
3.22
Monthly average
2.85
2.81
5.87
10/30/2015
1.50
7/24/2015
0 5
Lowest IRR recorded
4.27
10/9/2015
1.56
2/12/2015
C H P
Highest IRR recorded
3.99
11/10/2015
1.61
2/17/2015
A N N U A L
R E P O R T
181
SUMMARY OF MONEY MARKET TRANSACTIONS 1996 - 2015
Year
Average 30-Day Interest Rate (%)
1996
22,937,533
1.02
2012
207,622,027
0.46
1997
31,881,406
0.88
2013
234,416,934
0.42
1998
64,872,895
0.98
2014
229,942,843
0.31
1999
33,733,192
0.58
2015
229,498,397
0.29
2000
32,040,148
0.54
2001
51,870,213
0.51
2002
75,820,751
0.30
Year
2003
62,977,914
0.22
1996
68,248,635
6.41
2004
57,535,249
0.17
1997
79,296,388
5.86
2005
83,017,583
0.34
1998
94,774,093
8.99
2006
109,109,098
0.43
1999
82,649,085
5.13
2007
133,896,881
0.48
2000
85,690,065
4.50
2008
153,170,889
0.62
2001
73,764,758
4.00
2009
156,494,888
0.17
2002
42,291,307
2.72
2010
163,226,040
0.15
2003
24,926,475
2.78
2011
204,499,933
0.43
2004
20,643,479
1.52
Indexed Notes
C H P
0 5
Non-Indexed Notes
A N N U A L
R E P O R T
182
Year
2010
78,019,913
1.76
2005
37,600,106
1.66
2011
55,228,117
2.48
2006
44,524,775
3.91
2012
70,209,582
3.64
2007
49,033,760
3.00
2013
70,660,869
2.93
2008
49,598,384
3.37
2014
64,348,727
1.53
2009
60,365,248
4.10
2015
47,062,013
1.04
SUMMARY OF MONEY MARKET TRANSACTIONS FOR 2015
Term in Days
No. of Transactions
Trading Value (ThCh$)
High
Average
Low
Average Interest Rate (%)
Non-indexed
notes
692,670
229,498,396,693
1,099
78
1
0.29
Indexed notes
115,041
47,062,012,966
7,308
226
1
1.04
Total
807,711
276,560,409,659
C H P
0 5
Instrument
A N N U A L
R E P O R T
183
Non-Indexed Notes
Term in Days
No. of Transactions
High
Average
Low
Average 30-Day Interest Rate
(%)
Jan
61,887
19,844,801,325
936
80
1
0.26
Feb
53,935
17,788,942,539
1,099
64
1
0.26
Mar
61,130
20,792,094,478
1,093
74
1
0.27
Apr
59,487
19,424,002,618
853
68
1
0.28
May
54,356
18,186,098,840
797
69
1
0.28
Jun
58,490
17,752,542,224
1,095
83
1
0.27
Jul
63,688
20,667,499,938
961
75
1
0.28
Aug
63,445
19,398,274,238
932
89
1
0.29
Sep
56,456
19,056,971,591
911
91
1
0.30
Oct
55,963
19,139,576,778
881
82
1
0.30
Nov
55,586
19,403,737,493
966
91
1
0.32
Dec
48,247
18,043,854,631
937
72
1
0.33
Total
692,670
229,498,396,693
1,099
78
1
0.29
C H P
0 5
Month
A N N U A L
R E P O R T
184
Indexed Notes
Term in Days
No. of Transactions
High
Average
Low
Real Annual Average Interest
Rate (%)
Jan
8,739
4,767,793,025
7,308
244
1
2.71
Feb
9,118
4,845,272,836
1,091
278
1
1.17
Mar
10,391
4,682,502,037
1,170
250
1
0.36
Apr
10,030
4,098,266,059
875
234
1
0.59
May
10,305
3,727,492,269
6,898
214
1
0.75
Jun
8,416
3,455,179,532
847
185
1
0.69
Jul
9,009
4,081,895,872
1,078
304
1
0.65
Aug
9,799
3,930,835,532
1,080
274
1
0.40
Sep
9,969
4,035,166,446
1,038
216
1
0.48
Oct
10,800
4,025,533,711
1,002
241
1
0.92
Nov
9,659
2,907,131,657
694
146
1
1.49
Dec
8,806
2,504,943,990
959
136
1
2.26
Total
115,041
47,062,012,966
7,308
226
1
1.04
C H P
0 5
Month
A N N U A L
R E P O R T
185
DAILY TRADING VALUE IN MONEY MARKET FOR 2015
Day
January
February
March
1
C H P
0 5
2
1,102,785,728
April
May
June
July
1,244,783,644
1,388,285,728
1,024,094,648
1,251,180,725
1,100,392,036
3
1,297,289,349
982,076,250
4
956,338,675
1,066,028,745
1,205,470,994
1,082,510,693
5
1,029,975,279
1,152,468,790
828,824,028
6
1,097,034,290
1,019,832,815
1,015,487,297
7
August
September
October
1,235,462,916
1,751,449,144
1,266,089,284
1,291,001,360
1,184,732,818
1,202,684,607
1,163,132,548
1,056,206,105
1,041,305,420
824,606,109
1,128,235,346
998,220,809
1,080,921,629
1,119,951,051
925,767,029
1,140,241,055
1,099,916,425
802,538,808
1,044,931,475
943,420,119
1,274,104,073
952,580,247
958,148,590
1,168,732,055
1,008,683,165
8
1,045,040,520
973,647,241
933,051,331
9
1,195,551,822
926,010,582
834,924,314
1,034,883,705
909,068,603
1,080,187,498
951,363,388
1,051,539,631
10
989,369,388
1,078,307,299
1,086,105,227
958,434,972
1,006,570,589
11
851,454,063
1,114,522,675
843,002,172
1,064,517,942
1,194,750,378
1,142,764,922
14
794,722,595
824,712,159
796,544,304
828,649,753
931,924,562
1,049,176,452
975,507,691
955,900,666
934,373,644
1,270,934,506
1,108,819,885
1,025,409,549
885,777,370
898,116,045
1,091,395,223
931,405,201
903,781,694
1,171,186,975
1,356,176,896
1,226,385,751
1,302,602,401
1,353,385,671
1,052,299,456
15
1,164,170,205
1,035,659,573
1,126,438,602
16
1,416,000,994
912,122,666
1,003,814,831
908,762,885
1,221,401,286
981,398,553
17
1,294,996,718
1,213,734,140
1,196,704,520
917,769,336
18
1,122,323,638
1,377,203,246
1,064,774,028
1,089,118,717
1,200,191,622
1,091,863,954
1,334,479,961
1,000,042,187
930,682,047
746,151,214
13
978,428,647
897,612,591
1,068,860,029
1,046,390,571
1,204,771,517
1,141,971,822
1,094,980,541
1,178,563,578
1,185,405,336
1,260,443,703
913,916,146
1,023,913,496
December
1,281,886,882
1,045,437,304
12
November
967,684,310
1,209,248,273
1,220,189,895
1,110,913,254
1,153,345,822
959,657,223
987,933,582
1,300,496,288
1,024,791,927
1,176,788,754
1,009,081,861
944,074,669
1,012,686,229
914,055,826
1,087,872,749
1,421,725,190
916,899,182
1,109,170,567
1,099,714,598
1,118,982,114
986,347,813
1,338,633,807
897,635,344
A N N U A L
R E P O R T
186
Day
January
February
March
April
19
1,037,383,446
1,037,062,544
1,373,443,832
20
1,145,836,798
953,909,938
1,140,287,491
21
1,188,113,431
1,014,003,897
22
1,033,988,043
974,510,442
23
1,086,126,164
941,955,223
May
June
1,325,318,572
843,751,012
1,147,512,317
1,334,056,053
July
October
November
1,083,625,468
1,326,521,056
1,130,701,565
1,064,742,768
974,460,611
1,203,627,978
970,989,006
1,042,419,800
904,874,385
1,172,697,719
24
1,139,950,659
1,369,935,851
1,298,817,720
1,007,467,485
1,130,970,162
25
1,130,691,689
1,301,644,662
969,966,789
1,379,149,357
27
1,121,328,652
1,118,925,395
1,069,408,658
28
1,085,143,628
1,171,518,476
1,075,489,845
1,347,673,876
1,086,657,470
1,091,305,593
1,116,832,575
1,257,144,066
915,943,207
1,060,439,903
916,286,255
1,014,175,011
1,127,609,914
1,002,465,097
924,536,307
1,162,359,594
1,228,186,643
1,098,179,412
1,202,464,070
29
1,016,081,614
1,118,284,205
1,373,106,329
30
1,023,412,288
31
1,173,547,538
1,201,636,604
1,195,979,117
1,219,113,630
806,588,925
1,266,221,232
966,935,604
1,126,176,375
1,081,804,444
1,178,718,217
1,133,246,374
1,094,742,241
957,060,674
1,104,171,508
879,019,608
1,339,009,712
1,158,662,931
854,331,368
1,029,501,860
1,023,656,177
1,038,851,845
December
832,413,078
853,545,909
1,179,941,427
981,845,276
September
898,667,734
1,006,531,276
26
August
1,041,783,687
961,031,982
986,921,668
934,101,034
1,165,831,038
1,228,448,117
1,179,864,242
1,088,093,462
1,288,533,789
1,171,404,615
1,081,878,280
1,404,041,131
828,649,753
832,413,078
834,924,314
802,538,808
794,722,595
1,347,673,876
1,751,449,144
1,421,725,190
1,338,633,807
1,404,041,131
1,216,611,585
1,305,300,353
924,536,307
746,151,214
828,824,028
941,955,223
843,002,172
853,545,909
0 5
C H P
824,606,109
1,416,000,994
1,339,009,712
1,377,203,246
1,298,817,720
1,379,149,357
1,388,285,728
1,353,385,671
A N N U A L
R E P O R T
187
January
February
March
April
May
June
July
August
September
October
November
December
1,089,230,768
1,120,945,019
1,090,660,206
1,125,216,488
990,089,717
1,107,256,433
1,101,000,980
1,095,244,646
1,103,100,499
1,062,422,340
1,027,440,026
1,106,890,259
1,111,798,271
1,106,513,755
1,109,963,773
1,089,662,522
1,092,313,659
1,093,406,077
1,093,611,449
1,094,564,894
1,091,630,139
1,086,494,930
23,597,885,283 21,784,615,375 24,660,790,430 22,903,864,337
21,379,113,277
20,791,884,075
24,359,641,545
23,121,020,584
23,000,137,583
23,165,110,489
22,310,869,149
20,548,800,531
205,598,952,489
228,764,062,978 251,074,932,127 271,623,732,658
1,123,708,823
1,123,708,823
Monthly total
23,597,885,283 45,382,500,658 70,043,291,088 92,947,155,425
114,326,268,702 135,118,152,777 159,477,794,322 182,598,814,906
C H P
0 5
9/1/2015
1,751,449,144
2/9/2015
746,151,214
10/16/2015
1,421,725,190
12/7/2015
794,722,595
1/16/2015
1,416,000,994
12/9/2015
796,544,304
Note: Figures expressed in thousands of nominal Chilean
pesos.
A N N U A L
R E P O R T
188
24
Besalco S.A.
49
Colbún S.A.
Equity Market - 223 Issuers
25
Betlan Dos S.A.
50
Colegio Británico Saint Margaret’s S.A.
1
Administradora de Fondos de Pensiones Capital S.A.
26
Bicecorp S.A.
51
Colegio Craighouse S.A.
2
Administradora de Fondos de Pensiones Cuprum S.A.
27
Blanco y Negro S.A.
52
Colegio Inglés Católico de La Serena S.A.
3
Administradora de Fondos de Pensiones Habitat S.A.
28
Blumar S.A.
53
Colegio La Maisonnette S.A.
4
Administradora de Fondos de Pensiones Planvital S.A.
29
Bolsa de Comercio de Santiago, Bolsa de Valores
54
Compañía Agropecuaria Copeval S.A.
5
Administradora de Fondos de Pensiones Provida S.A.
30
Bolsa de Corredores, Bolsa de Valores
55
Compañía Cervecerías Unidas S.A.
6
AES Gener S.A.
31
Bupa Chile S.A.
56
Compañía Chilena de Fósforos S.A.
7
Agencias Universales S.A.
32
Campos Deportivos Craighouse S.A.
57
Compañía de Inversiones La Española S.A.
8
Agrícola Nacional S.A.C. e I.
33
Cap S.A.
58
Compañía Eléctrica del Litoral S.A.
9
Aguas Andinas S.A.
34
Carozzi S.A.
59
Compañía Electro Metalúrgica S.A.
10
Almendral S.A.
35
Casablanca Generación S.A.
60
Compañía General de Electricidad S.A.
11
Andacor S.A.
36
CEM S.A.
61
Compañía Industrial El Volcán S.A.
12
AntarChile S.A.
37
Cemento Polpaico S.A.
62
Compañía Marítima Chilena S.A.
13
Australis Seafoods S.A.
38
Cementos Bío Bío S.A.
63
Compañía Nacional de Teléfonos, Telefónica del Sur S.A.
14
Automovilismo y Turismo S.A.
39
Cencosud S.A.
64
Compañía Pesquera Camanchaca S.A.
15
AXXION S.A.
40
CGE Distribución S.A.
65
Compañía Sud Americana de Vapores S.A.
16
Azul Azul S.A.
41
Chilectra S.A.
66
Compañías CIC S.A.
17
Banco Bilbao Vizcaya Argentaria, Chile
42
Chilena Consolidada Seguros Generales S.A.
67
CorpBanca
18
Banco de Chile
43
Cintac S.A.
68
Corpesca S.A.
19
Banco de Crédito e Inversiones
44
Clínica Las Condes S.A.
69
Costa Verde Aeronáutica S.A.
20
Banco Internacional
45
Club de Polo y Equitación San Cristóbal S.A.
70
Cristalerías de Chile S.A.
21
Banco Santander-Chile
46
Club Español de Valparaíso (Chile) S.A.
71
Cruzados S.A.D.P.
22
Banmédica S.A.
47
Club Hípico de Santiago S.A.
72
CTI S.A.
23
Banvida S.A.
48
Coca Cola Embonor S.A.
73
Detroit Chile S.A.
C H P
0 5
ISSUERS LISTED AS OF 12/30/2015
A N N U A L
R E P O R T
189
0 5
Duncan Fox S.A.
99
Enaex S.A.
124
Inmobiliaria Craighouse S.A.
75
E.CL S.A.
100
Energía de Casablanca S.A.
125
Inmobiliaria de Deportes La Dehesa S.A.
76
Echeverría Izquierdo S.A.
101
Energía Latina S.A.
126
Inmobiliaria España de Valdivia S.A.
77
Eléctrica Puntilla S.A.
102
Enersis S.A.
127
Inmobiliaria San Patricio S.A.
78
Embotelladora Andina S.A.
103
Enjoy S.A.
128
Inmobiliaria Sixterra S.A.
79
Empresa Constructora Moller y Pérez-Cotapos S.A.
104
Envases del Pacífico S.A.
129
Inmobiliaria Stadio Italiano S.A.
80
Empresa de Servicios Sanitarios de Los Lagos S.A.
105
Essbio S.A.
130
Inmobiliaria Yugoslava S.A.
81
Empresa Eléctrica de Antofagasta S.A.
106
Esval S.A.
131
Instituto de Diagnóstico S.A.
82
Empresa Eléctrica de Arica S.A.
107
Feria de Osorno S.A.
132
Intasa S.A.
83
Empresa Eléctrica de Iquique S.A.
108
Ferrocarril del Pacífico S.A.
133
Invercap S.A.
84
Empresa Eléctrica de Magallanes S.A.
109
Forestal Cholguán S.A.
134
Invermar S.A.
85
Empresa Eléctrica Pehuenche S.A.
110
Forestal, Constructora y Comercial del Pacífico Sur S.A.
135
Invernova S.A.
86
Empresa Eléctrica Pilmaiquén S.A.
111
Forus S.A.
136
Inversiones Agrícolas y Comerciales S.A.
87
Empresa Nacional de Electricidad S.A.
112
Frutícola Viconto S.A.
137
Inversiones Aguas Metropolitanas S.A.
88
Empresa Nacional de Telecomunicaciones S.A.
113
Gasco S.A.
138
Inversiones Covadonga S.A.
89
Empresa Pesquera Eperva S.A.
114
Granadilla Country Club S.A.
139
Inversiones La Construcción S.A.
90
Empresas Aquachile S.A.
115
Grupo Empresas Navieras S.A.
140
Inversiones Nueva Región S.A.
91
Empresas Cabo de Hornos S.A.
116
Grupo Security S.A.
141
Inversiones Siemel S.A.
92
Empresas CMPC S.A.
117
Hipermarc S.A.
142
Inversiones Tricahue S.A.
93
Empresas Copec S.A.
118
Hortifrut S.A.
143
Inversiones Unespa S.A.
94
Empresas Hites S.A.
119
Indiver S.A.
144
Inversiones Unión Española S.A.
95
Empresas Iansa S.A.
120
Infodema S.A.
145
Invertec Foods S.A.
96
Empresas La Polar S.A.
121
Ingevec S.A.
146
Invexans S.A.
97
Empresas Lipigas S.A.
122
Inmobiliaria Central de Estacionamientos Agustinas S.A.
147
Ipal S.A.
98
Empresas Tattersall S.A.
123
Inmobiliaria Club de Campo S.A.
148
Latam Airlines Group S.A.
C H P
74
A N N U A L
R E P O R T
190
0 5
Leasing Nacional S.A.
174
Quemchi S.A.
199
Sociedad Hipódromo Chile S.A.
150
Liga Independiente de Fútbol S.A.
175
Quilicura S.A.
200
Sociedad Inmobiliaria Viña Del Mar S.A.
151
Marbella Country Club S.A.
176
Quiñenco S.A.
201
Sociedad Matriz del Banco de Chile S.A.
152
Marítima de Inversiones S.A.
177
Rebrisa S.A.
202
Sociedad Matriz SAAM S.A.
153
Masisa S.A.
178
Ripley Corp S.A.
203
Sociedad Pesquera Coloso S.A.
154
Melón S.A.
179
S.A.C.I. Falabella
204
Sociedad Punta del Cobre S.A.
155
Minera Valparaíso S.A.
180
Salfacorp S.A.
205
Sociedad Química y Minera de Chile S.A.
156
Molibdenos y Metales S.A.
181
Santana S.A.
206
Socovesa S.A.
157
Muelles de Penco S.A.
182
Santander Chile Holding S.A.
207
Sonda S.A.
158
Multiexport Foods S.A.
183
Schwager Energy S.A.
208
Soprocal, Calerías e Industrias S.A.
159
Navarino S.A.
184
Scotiabank Chile
209
Soquimich Comercial S.A.
160
Nibsa S.A.
185
Seguros Vida Security Previsión S.A.
210
Tech Pack S.A.
161
Nitratos de Chile S.A.
186
Sigdo Koppers S.A.
211
Telefónica Chile S.A.
162
Norte Grande S.A.
187
Sipsa S.A.
212
Telefónica Larga Distancia S.A.
163
Old Grangonian Club S.A.
188
SMU S.A.
213
Termas de Puyehue S.A.
164
Oxiquim S.A.
189
Sociedad Agrícola La Rosa Sofruco S.A.
214
The Grange School S.A.
165
Pacífico V Región S.A.
190
Sociedad Anónima de Deportes Club de Golf Santiago
215
Unión El Golf S.A.
166
Parque Arauco S.A.
191
Sociedad Anónima Feria de los Agricultores
216
Unión Inmobiliaria S.A.
167
Paz Corp S.A.
192
Sociedad Anónima Inmobiliaria Sport Francais
217
Valparaíso Sporting Club S.A.
168
Pesquera Iquique-Guanaye S.A.
193
Sociedad Anónima Viña Santa Rita
218
Viña Concha y Toro S.A.
169
Portuaria Cabo Froward S.A.
194
Sociedad de Canalistas La Foresta de Apoquindo S.A.
219
Viña San Pedro Tarapacá S.A.
170
Potasios de Chile S.A.
195
Sociedad de Inversiones Campos Chilenos S.A.
220
Viñedos Emiliana S.A.
171
Prince of Wales Country Club S.A. Inmobiliaria
196
Sociedad de Inversiones Generadora de Empresas S.A.
221
Walmart Chile S.A.
172
Puerto Ventanas S.A.
197
Sociedad de Inversiones Oro Blanco S.A.
222
Watts S.A.
173
Puertos y Logística S.A.
198
Sociedad de Inversiones Pampa Calichera S.A.
223
Zona Franca de Iquique S.A.
C H P
149
A N N U A L
R E P O R T
191
24
Banmédica S.A.
49
Consorcio Financiero S.A.
Fixed Income Market - 147 Issuers
25
Banvida S.A.
50
Cooperativa del Personal de la Universidad de Chile Ltda.
1
AD Retail S.A.
26
BCI Securitizadora S.A.
51
Corp Group Vida Chile S.A.
2
AES Gener S.A.
27
Bicecorp S.A.
52
CorpBanca
3
Agrosuper S.A.
28
Bupa Chile S.A.
53
Corporación GEO, S.A.B de C.V.
4
Aguas Andinas S.A.
29
Caja de Compensación de Asignación Familiar La Araucana
54
Corporación Nacional del Cobre
5
Aguas Nuevas S.A.
30
Caja de Compensación de Asignación Familiar Los Andes
55
Corporación Universidad de Concepción
6
América Móvil S.A.B de C.V
31
Caja de Compensación de Asignación Familiar Los Héroes
56
Cristalerías de Chile S.A.
7
Banchile Securitizadora S.A.
32
Caja de Previsión de la Defensa Nacional (CAPREDENA)
57
Dirección de Previsión de Carabineros (DIPRECA)
8
Banco BICE
33
CAP S.A.
58
EF Securitizadora S.A.
9
Banco Bilbao Vizcaya Argentaria
34
Celulosa Arauco y Constitución S.A.
59
Embotelladora Andina S.A.
10
Chilean Central Bank
35
Cencosud S.A.
60
Empresa de los Ferrocarriles del Estado
11
Banco Consorcio
36
61
Empresa de Servicios Sanitarios de Los Lagos S.A.
12
Banco de Chile
37
Chilquinta Energía S.A.
62
Empresa de Transporte de Pasajeros Metro S.A.
13
38
Clínica Las Condes
63
Empresa Eléctrica de la Frontera S.A.
14
Banco del Estado de Chile
39
Coagra S.A.
64
Empresa Nacional de Electricidad S.A.
15
Banco Falabella
40
Coca-Cola Embonor S.A.
65
Empresa Nacional del Petróleo
16
Banco Internacional
41
Colbún S.A.
66
Empresas Carozzi S.A.
17
Banco Itaú Chile
42
67
Empresas Copec S.A.
18
Banco Paris
43
68
Empresas Hites S.A.
19
Banco Penta
44
Compañía Electro Metalúrgica S.A.
69
Empresas Iansa S.A.
20
Banco Pine S.A.
45
70
Empresas Juan Yarur SPA
21
Banco Ripley
46
Compañía Nacional de Fuerza Eléctrica S.A.
71
Empresas La Polar S.A.
22
47
Compañía Nacional de Teléfonos, Telefónica del Sur S.A
72
Empresas Lipigas S.A.
23
Banco Security
48
Compañía Sud Americana de Vapores S.A.
73
Empresas Red Salud S.A.
C H P
0 5
A N N U A L
R E P O R T
192
0 5
Enaex S.A.
99
Nuevosur S.A
124
Sociedad Concesionaria Autopista Los Libertadores S.A.
75
Enersis S.A.
100
Parque Arauco S.A.
125
Sociedad Concesionaria Autopista Vespucio Sur S.A.
76
Enjoy S.A.
101
Plaza S.A.
126
Sociedad Concesionaria Costanera Norte S.A.
77
Enlasa Generación Chile S.A.
102
Quiñenco S.A.
127
Sociedad Concesionaria Melipilla S.A.
78
Essbio S.A.
103
Rabobank Chile
128
Sociedad Concesionaria Rutas del Pacífico S.A.
79
Esval S.A.
104
Raboinvestments Chile S.A.
129
Sociedad Concesionaria San José Tecnocontrol S.A.
80
Eurocapital S.A.
105
Ripley Chile S.A.
130
Sociedad Concesionaria Vespucio Norte Express S.A.
81
Factoring Security S.A.
106
Ripley Corp S.A.
131
Sociedad de Rentas Comerciales S.A.
82
Fintesa Securitizadora S.A.
107
Ruta del Bosque Sociedad Concesionaria S.A.
132
Sociedad Eléctrica Santiago S.A.
83
Forum Servicios Financieros S.A.
108
Ruta del Maipo Sociedad Concesionaria S.A.
84
109
Sociedad Nacional de Oleoductos S.A.
Gasco S.A.
Ruta del Maule Sociedad Concesionaria S.A.
133
85
Grupo Empresas Navieras S.A.
110
S.A.C.I. Falabella
134
86
Grupo Security S.A.
111
Salfacorp S.A.
135
Sodimac S.A.
87
Indura S.A. Industria y Comercio
112
Santander S.A. Sociedad Securitizadora
136
Sonda S.A.
88
Ingevec S.A.
113
Scotiabank Chile
137
Tanner Servicios Financieros S.A.
89
Instituto de Previsión Social (IPS)
114
Securitizadora BICE S.A.
138
90
Inversiones CMPC S.A.
115
Securitizadora Security S.A.
139
Telefónica Móviles Chile S.A.
91
Inversiones Eléctricas del Sur S.A.
116
Securitizadora Sudamericana S.A.
140
Chilean Treasury
92
Inversiones La Construcción S.A.
117
Sigdo Koppers S.A.
141
Transa Securitizadora S.A.
93
Invexans S.A.
118
SMU S.A.
142
Transelec S.A.
94
LQ Inversiones Financieras S.A.
119
Sociedad Anónima Viña Santa Rita
143
Transnet S.A.
95
Masisa S.A.
120
Sociedad Austral de Electricidad S.A.
144
96
Metrogas S.A.
121
Sociedad Concesionaria Autopista Central S.A.
145
97
Ministerio de Vivienda y Urbanismo
122
Sociedad Concesionaria Autopista del Sol S.A.
146
Walmart Chile Inmobiliaria S.A.
98
Molibdenos y Metales S.A.
123
Sociedad Concesionaria Autopista Interportuaria S.A.
147
Watts S.A.
C H P
74
A N N U A L
R E P O R T
193
24
Caja de Compensación de Asignación Familiar Los Héroes
49
Interfactor S.A.
Money Market - 69 Issuers
25
50
Inversiones CMPC S.A.
1
Aguas Andinas S.A.
26
Colbún S.A.
51
JP Morgan Chase Bank
2
Aguas Cordillera S.A.
27
52
Caja de Compensación de Asignación Familiar La Araucana
3
Antarchile S.A.
28
53
Metrogas S.A.
4
Banco Bice
29
Compañía Nacional de Teléfonos, Telefónica del Sur S.A.
54
Novaguas S.A.
5
Banco Bilbao Vizcaya Argentaria
30
Cooperativa del Personal de la Universidad de Chile Ltda.
55
Promotora CMR Falabella S.A.
6
Banco BTG Pactual Chile
31
CorpBanca
56
Rabobank Chile
7
Chilean Central Bank
32
Deutsche Bank (Chile)
57
S.A.C.I. Falabella
8
Banco Consorcio
33
Empresa Nacional de Telecomunicaciones S.A.
58
Salfacorp S.A.
9
Banco de Chile
34
Empresas Hites S.A.
59
Scotiabank Chile
10
35
Empresas Juan Yarur SPA
60
Servicios Financieros Progreso S.A.
11
Banco de la Nación Argentina
36
Enjoy S.A.
61
Sociedad Punta del Cobre S.A.
12
Banco del Estado de Chile
37
Esval S.A.
62
13
Banco Do Brasil
38
Eurocapital S.A.
63
Tanner Servicios Financieros S.A.
14
Banco Falabella
39
Factoring Security S.A.
64
15
Banco Internacional
40
Factotal S.A.
65
Chilean Treasury
16
Banco Itaú Chile
41
Fintesa Securitizadora S.A.
66
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
17
Banco Paris
42
First Factor S.A.
67
18
Banco Penta
43
Forum Servicios Financieros S.A.
68
19
Banco Ripley
44
Gasco S.A.
69
Walmart Chile S.A.
20
45
GMAC Comercial Automotriz Chile S.A.
21
Banco Security
46
HSBC Bank Chile
22
Besalco S.A.
47
Incofin S.A.
23
Bicecorp S.A.
48
Instituto de Normalización Previsional
C H P
0 5
A N N U A L
R E P O R T
194
Foreign Securities Market - 936 Issuers
Old Mutual European Best Ideas Fund Class A1, A2, A4, A4H and I
24
Old Mutual European Equity Fund Class A, A2, B and C
25
Old Mutual Global Bond Fund Class A, B and C
1
Strategic Partners Balanced Fund
26
Old Mutual Global Emerging Markets Fund Class A1, A2, A3H,
A4, B1M, C1, I and S4
2
Strategic Partners Bond Fund
27
Old Mutual Global Equity Fund Class A, B and C
3
Strategic Partners Capital Growth Fund
28
Old Mutual Greater China Equity Fund Class A, B and C
4
Strategic Partners Capital Income Fund
5
29
Strategic Partners Concentrated Growth Fund
Old Mutual Investment Grade Corporate Bond Fund Class A1, A1I, A2H,
A3H, A4H, A5H, A5HI, B1M, C, I and S4H
6
Strategic Partners Core Value Fund
30
Old Mutual Japanese Equity Fund Class A, A2, B and C
Old Mutual Local Currency Emerging Market Debt Fund Class A1, A1MI,
A2, A4I, B1M1, C1MI and I
4
BGF Asian Local Bond Class A2 USD
5
BGF Asian Tiger Bond Class A2 and C2 USD
6
BGF China Class A2 and C2 USD
7
BGF Continental European Flex Class A2 USD
8
BGF Continental European Flex Class C2 EUR
9
BGF Emerging Europe Class A2 and C2 USD
10
BGF Emerging Markets Class A2 USD
11
BGF Emerging Markets Bond Class A2 and C2 USD
12
BGF Emerging Markets Class C2 USD
13
BGF Emerging Markets Equity Inc Class A2 USD
7
Strategic Partners Equity Income Fund
31
8
Strategic Partners Growth with Income Fund
32
Old Mutual North American Equity Fund - Class A, B and C
9
Strategic Partners Health Sciences Fund
33
Old Mutual Pacific Equity Fund Class A, B and C
10
Strategic Partners High Yield Bond Fund
34
Old Mutual SEK Reserve Fund Class A
14
BGF Emerging Markets Local Currency Bond Class A2 and C2 USD
11
Strategic Partners International Growth Fund
35
Old Mutual Swedish Bond Fund Class A
15
BGF Euro Bond Class A2 and C2 USD
12
Strategic Partners Managed Index 500 Fund
36
Old Mutual Swedish Equity Fund Class A
16
BGF Euro Corporate Bond Class A2 and C2 EUR
13
Strategic Partners Managed Large Cap Growth Fund
37
Old Mutual Swedish Growth Fund Class A
14
Strategic Partners Managed OTC Fund
38
Old Mutual Total Return USD Bond Fund Class A, B and C
17
BGF Euro Reserve Class A2 and C2 EUR
15
Strategic Partners Managed Small Cap Growth Fund
39
Old Mutual US Dividend Fund Fund Class A, B and C
18
BGF Euro Short Duration Bond Class A2 and C2 EUR
16
Strategic Partners Mid Cap Growth Fund
40
Old Mutual US Large Cap Growth Fund Class A, B and C
19
BGF Euro-Markets Class A2 and C2 USD
17
Strategic Partners Money Market Fund
41
Old Mutual World Equity Fund Class A and C
20
BGF European Class A2 and C2 USD
18
Strategic Partners Relative Value Fund
21
BGF European Equity Income Fund Class A2 EUR
19
Strategic Partners Small Cap Growth Opportunity Fund
Foreign Mutual Funds (211)
20
Strategic Partners Small Company Fund
1
BGF ASEAN Leaders Fund Class A2 USD
22
BGF European Focus Class A2 and C2 EUR
21
Strategic Partners Technology Fund
2
BGF Asia Pacific Eq Inc Fd Class A2 and C5G USD
23
BGF European Focus Class A2 and C2 USD
22
Old Mutual Emerging Market Debt Fund Class A, B and C
3
BGF Asian Dragon Class A2 and c2 USD
24
BGF European Growth Class A2 and C2 USD
C H P
0 5
Open Foreign Funds (41)
23
A N N U A L
R E P O R T
195
BGF United Kingdom Class A2 USD
74
DWS Invest Convertibles, Class NC (EUR)
50
BGF US Basic Value Class A2 and C2 USD
75
DWS Invest Global Agribusiness, Class A2 (USD)
51
BGF US Dollar Core Bond Class A2 and C2 USD
76
DWS Invest Global Agribusiness, Class NC (EUR)
52
BGF US Dollar Reserve Class A2 and C2 USD
77
DWS Invest Global Infrastructure, Class A2 (USD)
53
BGF US Flexible Equity Class A2 and C2 USD
78
DWS Invest Global Infrastructure, Class NC (EUR)
BGF Gbl Inflation Linked Bd A2 and C2 USD
54
BGF US Government Mortgage Class A2 and C2 USD
79
DWS Invest Gold and Precious Metals, Class A2 (USD)
30
BGF Global Allocation A2 and C2 USD
55
BGF US Growth Class A2 and C2 USD
80
DWS Invest Gold and Precious Metals, Class NC (EUR)
31
BGF Global Corporate Bond A2 USD
56
BGF US Small & MidCap Opps Class A2 and C2 USD
81
DWS Invest Top 50 Asia, Class A2 (USD)
32
BGF Global Dynamic Equity USD and C2 A2
57
BGF USD High Yield Bond Class A2 and C2 USD
82
DWS Invest Top 50 Asia, Class NC (EUR)
33
BGF Global Enhanced Equity Yield A2 and C2 USD
58
BGF USD Short Duration Bond Class A2 and C2 USD
83
DWS Russia
34
BGF Global Equity Income A2 and C2 USD
59
BGF World Agriculture Class A2 and C2 USD
84
DWS Türkei
35
BGF Global Government Bond A2 and C2 USD
60
BGF World Bond Class A2 and C1 USD
85
Franklin Brazil Opportunities Fund Class A (Shr) USD and EUR-H1
36
BGF Global High Yield Bond A2 and C2 USD
61
BGF World Energy Class A2 and C2 USD
86
Franklin Brazil Opportunities Fund Class A (Qdis) HKD and USD
37
BGF Global Multi Asset Income A2 USD
62
BGF World Financials Class A2 and C2 USD
87
Franklin Brazil Opportunities Fund Class N (Shr) USD and EUR-H1
38
BGF Global Opportunities A2 and C2 USD
63
BGF World Gold Class A2 and C2 USD
88
Franklin Brazil Opportunities Fund Class N (Qdis) USD
39
BGF Global SmallCap A2 and C2 USD
64
BGF World Healthscience Class A2 and C2 USD
89
Franklin European Growth Fund Class A and N (Shr) EUR
40
BGF India Fund A2 and C2 USD
65
BGF World Mining Class A2 and C2 USD
90
Franklin Mutual Beacon Fund Class A (Ydis) USD
41
BGF Japan Small & MidCap Opps A2 and C2 USD
66
BGF World Technology Class A2 and C2 USD
91
Franklin Mutual Beacon Fund Class A and N (Shr) USD
42
BGF Japan Value A2 and C2 USD
67
DWS Deutschland
92
Franklin Strategic Income Fund Class A (Shr) USD
43
BGF Latin American A2 and C2 USD
68
DWS India
93
Franklin Strategic Income Fund Class A (Mdis) USD
44
BGF Natural Resources Growth & Income A2 USD
69
DWS Invest Africa, Class A2 (USD)
94
Franklin U.S. Opportunities Fund Class A (Shr) USD
45
BGF New Energy A2 and C2 USD
70
DWS Invest Africa, Class NC (EUR)
95
Franklin U.S. Opportunities Fund Class N (Shr) USD
46
BGF North American Equity Income A2 and C2 USD
71
DWS Invest Chinese Equities, Class A2 (USD)
96
Global Equity Fund F2 Class Accumulation
47
BGF Pacific Equity A2 and C2 USD
72
DWS Invest Chinese Equities, Class NC (EUR)
97
Global Equity Fund F2 Class Income
48
BGF Renminbi Bond A2 and C2 USD
73
DWS Invest Convertibles, Class A2 (USD)
98
Global Property Securities Fund F Class Accumulation
BGF European Value A2 and C2 USD
26
BGF Fixed Income Global Opp A2 and C2 USD
27
BGF Flexible Multi-Asset A2 and C2 EUR
28
BGF Flexible Multi-Asset Hedged A2 and C2 USD
29
C H P
0 5
49
25
A N N U A L
R E P O R T
196
99
124 INVESCO GT Worldwide Dynamic Theme Fund – Share Class A, C and E
148 Legg Mason Western Asset Asian Opportunities Fund, Class A, C and E Shr.
100 High Yield Fund F Class Accumulation
125 INVESCO Maximum Income Fund – Share Class A
149
101 High Yield Fund F Class Income
126 INVESCO Taiwan Growth Fund - Share Class A and C
102 INVESCO GT Asean Fund – Share Class A and C
127 Japanese Equity Fund F2 Class Accumulation
103 INVESCO GT Asia Enterprise Fund – Share Class A, C and E
128 Japanese Equity Fund F2 Class Income
104 INVESCO GT Bond Fund – Share Class A and C
129 Legg Mason Batterymarch Asia Pacific Equity Fund, Class A, C and E Distr. (A)
105 INVESCO GT Continental European Fund – Share Class A and C
130 Legg Mason Batterymarch Asia Pacific Equity Fund, Class A, C and E Shr.
106 INVESCO GT Developing Markets Fund – Share Class A and C
Global Property Securities Fund F Class Income
Legg Mason Western Asset Emerging Markets Corporate Bond Fund, Class
A Distr. (M)
152
Legg Mason Western Asset Emerging Markets Total Return Bond Fund,
Class A and C Shr.
131 Legg Mason Batterymarch European Equity Fund, Class A and C Shr.
153
Legg Mason Western Asset Emerging Markets Total Return Bond Fund,
Class A, C and E Distr. (D)
107 INVESCO GT Dollar Reserve Fund – Share Class A, C and E
132 Legg Mason Batterymarch European Equity Fund, Class A and C Distr. (A)
154
108 INVESCO GT Emerging Markets Bond Fund – Share Class A and C
133 Legg Mason Brandywine Global Fixed Income Absolute Return Fund, Class A Shr.
155
134 Legg Mason Brandywine Global Fixed Income Fund, Class A and C Shr.
156 Legg Mason Western Asset Global High Yield Fund, Class A, C and E Shr.
135 Legg Mason Brandywine Global Fixed Income Fund, Class A and C Distr. (S)
157 Legg Mason Western Asset Global High Yield Fund, Class A, C and E Distr. (D)
136 Legg Mason ClearBridge US Aggressive Growth Fund, Class A, C and E Shr.
158 Legg Mason Western Asset Global Multi Strategy Fund, Class A, C and E Shr.
110
INVESCO GT Greater China Opportunities Fund – Share Class A, C and E
111 INVESCO GT Healthcare Fund – Share Class A and C
112 INVESCO GT Investment Fund – Share Class A and C
113 INVESCO GT Japan Enterprise Fund – Share Class A and C
0 5
150 Legg Mason Western Asset Brazil Equity Fund, Class A Distr. (A)
151
109 INVESCO GT European Bond Fund – Share Class A, C and E
C H P
Legg Mason Western Asset Asian Opportunities Fund, Class A, C and E
Distr. (D)
137
Legg Mason ClearBridge US Aggressive Growth Fund, Class A, C and E
Distr. (A)
159
Legg Mason Western Asset Global Blue Chip Bond Fund, Class A, C and E
Shr.
Legg Mason Western Asset Global Blue Chip Bond Fund, Class A, C and E
Distr. (M)
Legg Mason Western Asset Global Multi Strategy Fund, Class A, C and E
Distr. (D)
114 INVESCO GT Japan Fund – Share Class A and C
138 Legg Mason ClearBridge US Appreciation Fund, Class A, C and E Shr.
160 Legg Mason Western Asset US Core Plus Bond Fund, Class A and C Shr.
115 INVESCO GT Korea Fund – Share Class A and C
139 Legg Mason ClearBridge US Appreciation Fund, Class A, C and E Distr. (A)
161 Legg Mason Western Asset US Core Plus Bond Fund, Class A and C Distr. (D)
116 INVESCO GT Latin America Fund - Share Class A and C
140 Legg Mason ClearBridge US Large Cap Growth Fund, Class A and C Shr.
162 Legg Mason Western Asset US High Yield Fund, Class A, C and E Shr.
117 INVESCO GT Leisure Fund – Share Class A, C and E
141 Legg Mason ClearBridge US Large Cap Growth Fund, Class A and C Distr. (A)
163 Legg Mason Western Asset US High Yield Fund, Class A, C and E Distr. (D)
118 INVESCO GT Newly Industr. Countries Fund – Share Class A and C
142 Legg Mason QS Emerging Equity Fund, Class A and C Distr. (A)
164 Morgan Stanley Investment Funds Asian Equity Fund Class A, B, I and Z
119 INVESCO GT North America Fund – Share Class A, C and E
143 Legg Mason QS Emerging Equity Fund, Class A, C and E Shr.
165 Morgan Stanley Investment Funds Asian Property Fund Class A, B, I and Z
120 INVESCO GT Pan European Enterprise Fund – Share Class A, C and E
144 Legg Mason Royce Smaller Companies Fund, Class A, C and E Shr.
166
Morgan Stanley Investment Funds Asia-Pacific Equity Fund (USD) Class A,
B, N and Z
121 INVESCO GT Pan European Fund – Share Class A, C and E
145 Legg Mason Royce Smaller Companies Fund, Class A, C and E Distr. (A)
122 INVESCO GT Technology Fund – Share Class A and C
146 Legg Mason Royce US Small Cap Opportunity Fund, Class A, C and E Shr.
167
Morgan Stanley Investment Funds Diversified Alpha Plus Fund (Euro)
Class A, B, I and Z
123 INVESCO GT Telecommunications Fund – Share Class A and C
147 Legg Mason Royce US Small Cap Opportunity Fund, Class A, C and E Distr. (A)
168
Morgan Stanley Investment Funds Emerging Europe, Middle East and
Africa Equity Fund Class A, B, I and Z
A N N U A L
R E P O R T
197
169
Morgan Stanley Investment Funds Emerging Markets Corporate Debt
Fund (USD) Class A, AX, B, BX, C and Z
187
Morgan Stanley Investment Funds Global Infrastucture Fund Class A, B, C
and Z
170
Morgan Stanley Investment Funds Emerging Markets Debt Fund Class A,
B, BX, I and Z
188
Morgan Stanley Investment Funds Global Mortage Securities Fund Class
A, AX, B, C, CX, I, Z and ZX
171
Morgan Stanley Investment Funds Emerging Markets Domestic Debt Fund
(USD) Class A, AX, BX, I and Z
189
Morgan Stanley Investment Funds Global Opportunity Bond (USD) Fund
Class A, B, C and Z
172
Morgan Stanley Investment Funds Emerging Markets Equity Fund Class A,
B, I and Z
190
Morgan Stanley Investment Funds Global Property Fund, Class A, B, I, IX
and Z
173 Morgan Stanley Investment Funds Euro Bond Fund Class A, B, I and Z
174
Morgan Stanley Investment Funds Euro Corporate Bond Fund Class A, B,
BX, I and Z
192
Morgan Stanley Investment Funds Japanese Equity Fund, Class A, B, C, I
and Z
193
Morgan Stanley Investment Funds Latin American Equity Fund Class A, B, I
and Z
Morgan Stanley Investment Funds Short Maturity Euro Bond Fund Class A,
B, I and Z
176
Morgan Stanley Investment Funds Euro Strategic Bond Fund Class A,
AX, B, BX, C, I and Z
194
177
Morgan Stanley Investment Funds European Currencies High Yield Bond
Fund Class A, AX, B, BX, C, I and Z
195 Morgan Stanley Investment Funds US Advantage Fund Class A, B, I and Z
178
Morgan Stanley Investment Funds European Equity Alpha Fund Class A,
AX, B, I and Z
196
179
Morgan Stanley Investment Funds European Property Fund Class A, B, I
and Z
197 Morgan Stanley Investment Funds US Growth Fund Class A, B, I and Z
180
Morgan Stanley Investment Funds Eurozone Equity Alpha Fund Class
A, B, I and Z
198
181
Morgan Stanley Investment Funds Global Balanced Risk Control Fund of
Funds (Euro) Class A, B and Z
199 Origin Global Emerging Markets Fund F2 Class Accumulation
182
Morgan Stanley Investment Funds Global Bond Fund (USD) Class A, B, BX,
C, I and Z
183
Morgan Stanley Investment Funds Global Brands Fund (USD) Class A, AX,
B, BX, C, I and Z
184
Morgan Stanley Investment Funds Global Convertible Bond (USD) Fund
Class A, B, I and Z
185
Morgan Stanley Investment Funds Global Fixed Income Opportunities
Fund (USD) Class A, AX, B, BX, and Z
186
Morgan Stanley Investment Funds Global High Yield Bond Fund (USD)
Class A, AX, B, BX and Z
Morgan Stanley Investment Funds US Dollar Liquidity Fund Class A, AX, B,
BX, I and Z
208 Templeton Frontier Markets Fund Class A (Ydis) USD
209 Templeton Frontier Markets Fund Class N (Shr) EUR
210 Templeton Global Total Return Fund Class A (Mdis) USD
211 Templeton Global Total Return Fund Class A and N (Shr) USD
Foreign Capital Investment Funds (1)
1
The Chile Fund Inc.
International Investment Funds (3)
1
Global Optimization International Investment Fund
2
Moneda Deuda Latinoamericana International Investment Fund
3
Compass RF América Latina Investment Fund
Foreign Stocks (89)
1
3m Co
2
Abbott Laboratories
3
Alcoa Inc
200 Origin Global Emerging Markets Fund F2 Class Income
4
Altria Group, Inc.
201 Preferred Securities Fund F2 Class Accumulation
5
Amazon Com Inc
202 Preferred Securities Fund F2 Class Income
6
American Express Company
203 Templeton Asian Growth Fund Class A and N (Shr) USD
7
American International Group Inc
204 Templeton Asian Growth Fund Class A (Ydis) USD
8
Amgen Inc
205 Templeton Bric Fund Class A (Shr) USD
9
Apple Inc
206 Templeton Bric Fund Class N (Shr) USD
10
AT&T Inc
Morgan Stanley Investment Funds US Property Fund (USD) Class A, B, I
and Z
C H P
0 5
175 Morgan Stanley Investment Funds Euro Liquidity Fund Class A, B, C, I and Z
191 Morgan Stanley Investment Funds Indian Equity Fund, Class A, B, I and Z
207 Templeton Frontier Markets Fund Class A (Shr) USD
A N N U A L
R E P O R T
198
0 5
Automatic Data Processing Inc
36
Gold Reerve Inc.
61
Pfizer Inc
12
Avon Products Inc
37
Google Inc-Cl A
62
Procter & Gamble Co/The
13
Bank of America Corp
38
Google Inc-Cl C
63
Puma Exploration Inc.
14
Biogen Inc.
39
Halliburton Co
64
Qualcomm Inc/De
15
Boeing Co
40
Hewlett Packard Co
65
Red Eagle Mining Corporation
16
Caterpillar Inc
41
Home Depot Inc
66
Santacruz Silver Mining Ltd.
17
Chesapeake Utilities Corp
42
Honeywell International Inc
67
Southern Silver Exploration Corp.
18
Chevron Corp
43
Inca One Gold Corp.
68
Staples Inc
19
Chilean Metals Inc.
44
Intel Corporation
69
Starbucks Corp
20
Cisco Systems, Inc.
45
International Business Machines Corp
70
Target Corp
21
Citigroup Inc
46
Johnson & Johnson
71
Texas Instruments Inc
22
Coca Cola Co
47
Jpmorgan Chase & Co
72
The Priceline Group Inc.
23
Columbus Gold Corporation
48
Linkedin Corp
73
Travelers Companies, Inc.
24
Comcast Corp
49
Mcdonalds Corp
74
U3O8 Corp.
25
Costco Wholesale Corp /New
50
Merck & Co. Inc.
75
Union Pacific Corporation
26
CVS Health Corporation
51
Microsoft Corp
76
United Parcel Service Inc
27
Dupont E I De Nemours & Co
52
Mondelez International Inc.
77
United States Steel Corp
28
Ebay Inc
53
Montan Mining Corp.
78
United Technologies Corp /De/
29
EMC Corp
54
Morgan Stanley
79
Unitedhealth Group Inc
30
Express Scripts Holding Co.
55
Newmont Mining Corp
80
Us Bancorp \De\
31
Exxon Mobil Corp
56
Nike Inc
81
Verizon Communications Inc
32
Facebook Inc
57
Oracle Corporation
82
Visa Inc.
33
Freeport Mcmoran Inc.
58
Peabody Energy Corp
83
Volcan Compañía Minera S.A.A., clases A and B
34
General Electric Co
59
Pepsico Inc
84
Wal-Mart Stores Inc
35
Gilead Sciences Inc
60
Peruvian Precious Metals Corp
85
Walt Disney Co/
C H P
11
A N N U A L
R E P O R T
199
0 5
C H P
86
Wealth Minerals Ltd.
16
iShares MSCI All Peru Capped ETF
42
iShares MSCI Netherlands ETF
87
Wells Fargo & Company/Mn
17
iShares MSCI Australia ETF
43
iShares MSCI New Zealand Capped ETF
88
Yahoo Inc
18
iShares MSCI Brazil Capped ETF
44
iShares MSCI Pacific ex-Japan ETF
89
Yahoo Inc.
19
iShares MSCI Brazil Small Cap ETF
45
iShares MSCI Philippines ETF
20
iShares MSCI BRIC ETF
46
iShares MSCI Poland Capped ETF
Chilean ADRs (3)
21
iShares MSCI Canada ETF
47
iShares MSCI Russia Capped ETF
1
Embotelladora Andina S.A., series A and B
22
iShares MSCI Chile Capped ETF
48
iShares MSCI Singapore ETF
2
23
iShares MSCI China ETF
49
iShares MSCI South Africa ETF
3
Lan Airlines S.A.
24
iShares MSCI China Small Cap ETF
50
iShares MSCI South Korea Capped ETF
25
iShares MSCI EAFE ETF
51
iShares MSCI Spain Capped ETF
Exchange Trade Funds - ETFs (125)
26
iShares MSCI EAFE Small-Cap ETF
52
iShares MSCI Switzerland Capped ETF
1
iShares 1-3 Year Treasury Bond ETF
27
iShares MSCI Emerging Markets Eastern Europe ETF
53
iShares MSCI Taiwan ETF
2
iShares China Large-Cap ETF
28
iShares MSCI Emerging Markets ETF
54
iShares MSCI Thailand Capped ETF
3
iShares Core S&P 500 ETF
29
iShares MSCI EMU ETF
55
iShares MSCI Turkey ETF
4
iShares Europe ETF
30
iShares MSCI France ETF
56
iShares MSCI United Kingdom ETF
5
iShares Global Energy ETF
31
iShares MSCI Germany ETF
57
iShares Russell 1000 ETF
6
iShares Global Financials ETF
32
iShares MSCI Hong Kong ETF
58
iShares Russell 1000 Growth ETF
7
iShares Global Materials ETF
33
iShares MSCI Indonesia ETF
59
iShares Russell 1000 Value ETF
8
iShares Gold Trust
34
iShares MSCI Ireland Capped ETF
60
9
iShares iBoxx $ High Yield Corporate Bond ETF
35
iShares MSCI Israel Capped ETF
61
iShares Russell 2000 Growth ETF
10
iShares iBoxx $ Investment Grade Corporate Bond ETF
36
iShares MSCI Italy Capped ETF
62
iShares Russell 2000 Value ETF
11
iShares India 50 ETF
37
iShares MSCI Japan ETF
63
12
iShares Latin America 40 ETF
38
iShares MSCI Japan Small-Cap ETF
64
iShares Russell Micro-Cap ETF
13
iShares MSCI ACWI ETF
39
iShares MSCI ltaly Capped ETF
65
iShares Russell Mid-Cap ETF
14
iShares MSCI ACWI ex U.S. ETF
40
iShares MSCI Malaysia ETF
66
iShares Russell Mid-Cap Growth ETF
15
iShares MSCI All Country Asia ex Japan ETF
41
iShares MSCI Mexico Capped ETF
67
iShares Russell Mid-Cap Value ETF
A N N U A L
R E P O R T
200
0 5
C H P
68
iShares S&P 500 Growth ETF
94
Market Vectors India Small Cap Index ETF
120 Purpose International Tactical Hedged Equity Fund
69
iShares S&P 500 Value ETF
95
Market Vectors Indonesia Index ETF
121 Purpose Monthly Income Fund
70
iShares S&P India Nifty 50 Index Fund
96
Market Vectors J.P. Morgan EM Local Currency Bond ETF
122 Purpose Multi-Strategy Market Neutral Fund
71
iShares Short Treasury Bond ETF
97
Market Vectors Junior Gold Miners ETF
123 Purpose Tactical Hedged Equity Fund (non-currency hedged shares)
72
iShares Silver Trust
98
Market Vectors LatAm Aggregate Bond ETF
124 Purpose Total Return Bond Fund
73
iShares TIPS Bond ETF
99
Market Vectors Morningstar Wide Moat ETF
125 Purpose US Dividend Fund (non-currency hedged units)
74
iShares U.S. Basic Materials ETF
100 Market Vectors Natural Resources ETF
75
iShares U.S. Consumer Goods ETF
101 Market Vectors Oil Services ETF
Colombian Stocks on MILA Market (77)
76
iShares U.S. Consumer Services ETF
102 Market Vectors Pharmaceutical ETF
1
Acerías Paz del Rió S.A.
77
iShares U.S. Energy ETF
103 Market Vectors Poland ETF
2
Administradora de Fondos de Pensiones y Cesantías Protección
78
iShares U.S. Financial ETF
104 Market Vectors Rare Earth/ Strategic Metals ETF
3
Agroguachal S.A.
79
iShares U.S. Home Construction ETF
105 Market Vectors Retail ETF
4
Alimentos Derivados de la Caña S.A.
80
iShares U.S. Industrial ETF
106 Market Vectors Russia ETF
5
Almacenes Éxito S.A.
81
iShares U.S. Real Estate ETF
107 Market Vectors Russia Small Cap ETF
6
Avianca Holdings S.A.
82
iShares U.S. Technology ETF
108 Market Vectors Semiconductor ETF
7
Banco Bilbao Vizcaya Argentaria Colombia S.A. BBVA Colombia
83
iShares U.S. Telecommunications ETF
109 Market Vectors Steel ETF
8
Banco Comercial Av Villas S.A.
84
iShares U.S. Utilities ETF
110 Market Vectors Unconventional Oil & Gas ETF
9
Banco Davivienda S.A.
85
Market Vectors Agribusiness ETF
111 Market Vectors Uranium+Nuclear Energy ETF
10
Banco de Bogotá S.A.
86
Market Vectors Biotech ETF
112 Market Vectors Vietnam ETF
11
Banco de Occidente S.A.
87
Market Vectors Brazil Small Cap ETF
113 Market Vectors Vietnam ETF SLX Market Vectors Steel ETF
12
Banco Popular S.A.
88
Market Vectors ChinaAMC A-Share ETF
114 Purpose Best Ideas Fund (non-currency hedged shares)
13
Bancolombia S.A.
89
Market Vectors Coal ETF
115 Purpose Core Dividend Fund
14
Biomax Biocombustibles S.A.
90
Market Vectors Egypt Index ETF
116 Purpose Diversified Real Asset Fund
15
BMC Bolsa Mercantil de Colombia S.A
91
Market Vectors Emerging Markets Local Currency Bond ETF
117 Purpose Duration Hedged Real Estate Fund
16
Bolsa de Valores de Colombia S.A.
92
Market Vectors Global Alternative Energy ETF
118 Purpose Enhanced US Equity Fund (non-currency hedged shares)
17
Caracol Energy Ltd.
93
Market Vectors Gold Miners ETF
119 Purpose International Dividend Fund
18
Caracol Televisión S.A.
A N N U A L
R E P O R T
201
0 5
Cartón de Colombia S.A.
44
Fogansa S.A.
69
Promigas S.A. E.S.P.
20
Carvajal Empaques S.A
45
Fondo Bursátil Horizons Colombia Select de S&P
70
R.C.N. Televisión S.A.
21
Castilla Agrícola S.A
46
Fondo Bursátil Horizons Mila 40 de S&P
71
Riopaila Agrícola S.A.
22
Celsia S.A. E.S.P
47
Fondo Bursátil Ishares Colcap
72
Riopaila Castilla S.A.
23
Cementos Argos S.A
48
Fondo Ganadero de Córdoba S.A.
73
Sociedades Bolívar S.A.
24
Cemex Latam Holdings S.A
49
Fondo Ganadero del Tolima S.A.
74
Tablemac S.A.
25
Clínica de Marly S.A.
50
Gas Natural del Oriente S.A. E.S.P.
75
Valorem S.A.
26
Colombina S.A.
51
Gas Natural S.A. E.S.P.
76
Valores Industriales S.A.
27
Coltejer S.A.
52
Grupo Argos S.A
77
Valores Simesa S.A.
28
Compañía Agrícola San Felipe S.A.
53
Grupo Aval Acciones y Valores S.A.
29
Compañía de Electricidad de Tulúa S.A. SEP.
54
Grupo de Inversiones Suramericana S.A
Mexican Stocks on MILA Market (144)
30
Compañía de Empaques S.A.
55
Grupo Nutresa S.A.
1
Accel, S.A.B. de C.V.
31
Construcciones Civiles S.A.
56
Grupo Orbis S.A.
2
32
Construcciones El Cóndor S.A
57
Industrias Estra S.A.
Actinver Casa de Bolsa, S.A. de C.V. Grupo Financiero Actinver, Div. Fiduciaria
3
Agro Industrial Exportadora, S.A. de C.V.
33
Constructora Conconcreto S.A.
58
Interconexión Eléctrica S.A. E.S.P.
4
Alfa, S.A.B. de C.V.
34
Coomeva Entidad Promotora de Salud S.A.
59
Inversiones Equipos y Servicios S.A.
5
Alpek, S.A.B. de C.V.
35
Corporación de Ferias y Exposiciones S.A.
60
Inversiones Venecia S.A.
6
Alsea, S.A.B. de C.V.
36
Corporación Financiera Colombiana S.A.
61
Isagen S.A. E.S.P.
7
Altos Hornos de México, S.A. de C.V.
37
Ecopetrol S.A.
62
Manufacturas de Cemento S.A.
8
América Móvil, S.A.B. de C.V.
38
Edatel S.A. E.S.P.
63
Mayagüez S.A.
9
Arca Continental, S.A.B. de C.V.
39
Empresa de Energía de Bogotá S.A. E.S.P.
64
Mineros S.A.
10
Axtel, S.A.B. de C.V.
40
Empresa de Energía del Pacífico S.A. E.S.P.
65
Organización de Ingeniería Internacional S.A.
11
Banco Bilbao Vizcaya Argentaria, S.A.
41
Empresa de Telecomunicaciones de Bogotá S.A. E.S.P.
66
Organización Terpel S.A
12
Banco Invex, S.A., Institución de Banca Multiple, Invex Grupo Financiero
42
Enka de Colombia S.A.
67
Pacific Rubiales Energy Corp
13
Banco Nacional de México, S.A. Grupo Financiero Banamex, Div. Fiduciaria
43
Fabricato S.A.
68
Productos Familia S.A.
14
Banco Nacional de México, S.A., Integrante del Grupo Financiero Banamex
C H P
19
A N N U A L
R E P O R T
202
0 5
Banco Santander, S.A.
40
CYDSA, S.A.B. de C.V.
65
Grupo Carso, S.A.B. de C.V.
16
BANREGIO Grupo Financiero, S.A.B. de C.V.
41
Desarrolladora Homex, S.A.B. de C.V.
66
Grupo Casa Saba, S.A.B. de C.V.
17
Bio Pappel, S.A.B. de C.V.
42
67
Grupo Cementos de Chihuahua, S.A.B. de C.V.
18
Deutsche Bank México, S.A. Institución de Banca Múltiple,
División Fiduciaria
Bolsa Mexicana de Valores, S.A.B. de C.V.
43
Deutsche Bank México, S.A., Institución de Banca Múltiple
68
Grupo Comercial Chedraui, S.A.B. de C.V.
19
Casa de Bolsa Finamex, S.A.B. de C.V.
44
DINE, S.A.B. de C.V.
69
Grupo Comercial Gomo, S.A. de C.V.
20
Cemex, S.A.B. de C.V.
45
Edoardos Martin, S.A.B. de C.V.
70
Grupo Elektra, S.A.B. de C.V.
21
Citigroup Inc.
46
El Puerto de Liverpool, S.A.B. de C.V.
71
Grupo Famsa, S.A.B. de C.V.
22
CMR, S.A.B. de C.V.
47
Empresas Cablevisión, S.A. de C.V.
72
Grupo Financiero Banorte, S.A.B de C.V.
23
Coca-Cola Femsa, S.A.B. de C.V.
48
Empresas Ica, S.A.B. de C.V.
73
Grupo Financiero Inbursa, S.A.B. de C.V.
24
Compañía Minera Autlan, S.A.B. de C. V.
49
Farmacias Benavides, S.A.B. de C.V.
74
Grupo Financiero Interacciones, S.A. de C.V.
25
Compartamos, S.A.B. de C.V.
50
Financiera Independencia, S.A.B. de C.V. Sofom, E.N.R.
75
Grupo Financiero Multiva S.A.B. de C.V.
26
Consorcio Ara, S.A.B. de C.V.
51
First Majestic Silver Corp.
76
Grupo Financiero Santander México, S.A.B. de C.V.
27
Consorcio Aristos, S.A.B. de C.V.
52
Fomento Económico Mexicano, S.A.B. de C.V.
77
Grupo Gigante, S.A.B. de C.V.
28
Consorcio Hogar, S.A.B. de C.V.
53
Fresnillo PLC
78
Grupo Herdez, S.A.B. de C.V.
29
Controladora Comercial Mexicana, S.A.B. de C.V.
54
G Collado, S.A.B. de C.V.
79
Grupo Hotelero Santa Fe S.A.B. de C.V.
30
Controladora Vuela Compañía de Aviación, S.A.B. de C.V.
55
General de Seguros, S.A.B.
80
Grupo Industrial Maseca, S.A.B. de C.V.
31
Convertidora Industrial, S.A.B. de C.V.
56
Genomma Lab Internacional, S.A.B. de C.V.
81
Grupo Industrial Saltillo, S.A.B. de C.V.
32
Corporación Actinver, S.A.B. de C.V.
57
Gruma, S.A.B. de C.V.
82
Grupo Kuo, S.A.B. de C.V.
33
Corporación Geo, S.A.B. de C.V.
58
Grupe, S.A.B. de C.V.
83
Grupo Lala, S.A.B. de C.V.
34
Corporación Inmobiliaria Vesta, S.A.B. de C.V.
59
Grupo Aeroméxico, S.A.B. de C.V.
84
Grupo Lamosa, S.A.B. de C.V.
35
Corporación Interamericana de Entretenimiento, S.A.B. de C.V.
60
Grupo Aeroportuario del Centro Norte, S.A.B. de C.V.
85
Grupo Mexicano de Desarrollo, S.A.B.
36
Corporación Moctezuma, S.A.B. de C.V.
61
Grupo Aeroportuario del Pacífico, S.A.B. de C.V.
86
Grupo México, S.A.B. de C.V.
37
Corporativo Fragua, S.A.B. de C.V.
62
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
87
Grupo Minsa, S.A.B. de C.V.
38
Corporativo GBM, S.A.B. de C. V.
63
Grupo Bafar, S.A.B. de C.V.
88
Grupo Modelo, S.A.B. de C.V.
39
Crédito Real, S.A.B. de C.V., Sofom, E.N.R.
64
Grupo Bimbo, S.A.B. de C.V.
89
Grupo Nacional Provincial, S.A.B.
C H P
15
A N N U A L
R E P O R T
203
0 5
Grupo Palacio de Hierro, S.A.B. de C.V.
115 Kimberly - Clark de México S.A.B. de C.V.
140 Tv Azteca, S.A.B. de C.V.
91
Grupo Pochteca, S.A.B. de C.V.
116 La Latinoamericana Seguros, S.A.
141 Urbi Desarrollos Urbanos, S.A.B. de C.V.
92
Grupo Posadas, S.A.B. de C.V.
117 Maxcom Telecomunicaciones, S.A.B. de C.V.
142 Value Grupo Financiero, S.A.B. de C.V.
93
Grupo Profuturo, S.A.B. de C.V.
118 Medica Sur, S.A.B. de C.V.
143 Vitro, S.A.B. de C.V.
94
Grupo Qumma, S.A. de C.V.
119 Megacable Holdings, S.A.B. de C.V.
144 Wal - Mart de México, S.A.B. de C.V.
95
Grupo Radio Centro, S.A.B. de C.V.
120 Mexichem, S.A.B. de C.V.
96
Grupo Sanborns, S.A.B. de C.V.
121 Minera Frisco, S.A.B. de C.V.
Peruvian Stocks on MILA Market (242)
97
Grupo Simec, S.A.B. de C.V.
122 Nacional Financiera, S.N.C., Institución de Banca de Desarrollo
1
A.F.P. Integra S.A.
98
Grupo Sports World, S.A.B. de C.V.
123 Ohl México, S.A.B. de C.V.
2
ACE Seguros S.A. Compañía de Seguros y Reaseguros
99
Grupo Televisa, S.A.B.
124 Organización Cultiba, S.A.B. de Cv
3
Administradora del Comercio S.A.
100 Grupo Tmm, S.A.
125 Organización Soriana, S.A.B. de C.V.
4
AFP Habitat S.A.
101 Grupo Vasconia S.A.B.
126 Peña Verde S.A.B.
5
Agro Industrial Paramonga S.A.A.
102 Hilasal Mexicana S.A.B. de C.V.
127 Procorp, S.A. de C.V., Sociedad de Inv. de Capital de Riesgo
6
Agro Pucala S.A.A.
103 Holding Monex, S.A.B. de C.V.
128 Promotora Ambiental, S.A.B. de C.V.
7
Agroindustrial Laredo S.A.A.
104 Hoteles City Express, S.A.B. de C.V.
129 Promotora y Operadora de Infraestructura, S.A.B. de C.V.
8
Agroindustrias Aib S.A.
105 Impulsora del Desarrollo y El Empleo en América Latina, S.A.B. de C.V.
130 Proteak Uno, S.A.B. de C.V.
9
Agroindustrias San Jacinto S.A.A.
106 Industria Automotriz, S.A. de C.V.
131 Q.B. Industrias, S.A. de C.V.
10
Agrokasa Holdings S.A.
107 Industrias Bachoco, S.A.B. de C.V.
132 Quálitas Controladora, S.A.B. de C.V.
11
Alicorp S.A.A.
108 Industrias Ch, S.A.B. de C.V.
133 Real Turismo S.A. de C.V.
12
Alturas Minerals Corp.
109 Industrias Peñoles, S. A.B. de C. V.
134 San Luis Corporación, S.A.B. de C. V.
13
Ameral S.A.A.
110 Infraestructura Energética Nova, S.A.B. de C.V.
135 SARE Holding, S.A.B. de C.V.
14
Amerigo Resources Ltd.
111 INGEAL, S.A.B. de C.V.
136 Savia, S.A. de C.V.
15
Amérika Financiera S.A.
112 Inmuebles Carso, S.A.B. de C.V.
137 Tekchem, S.A.B. de C.V.
16
Andeangold Ltd.
113 Internacional de Cerámica, S.A.B. de C.V.
138 Tenaris S.A.
17
Andino Investment Holding S.A.A.
114 INVEX Controladora, S.A.B. de C.V.
139 The Bank Of New York Mellon, S.A., Institución de Banca Múltiple
18
Aseguradora Magallanes Perú S.A. Compañía de Seguros
C H P
90
A N N U A L
R E P O R T
204
0 5
C H P
19
Austral Group S.A.A.
45
Cervecería San Juan S.A.
71
Corporación Cervesur S.A.A.
20
Banco Azteca del Perú S.A.
46
Citibank del Perú S.A. – Citibank Perú
72
Corporación Financiera de Desarrollo S.A.
21
Banco Cencosud S.A.
47
Comercial del Acero S.A.
73
Corporación Financiera de Inversiones S.A.
22
Banco de Comercio
48
Compañía de Minas Buenaventura S.A.A.
74
Corporación Funeraria S.A.
23
Banco de Crédito del Perú
49
Compañía de Seguros de Vida Cámara S.A.
75
Corporación Lindley S.A.
24
Banco Falabella Perú S.A.
50
Compañía Goodyear del Perú S.A.
76
Credicorp Capital Perú S.A.A.
25
Banco Financiero del Perú
51
Compañía Minera Atacocha S.A.A.
77
Credicorp Ltd.
26
Banco GNB Perú S.A.
52
Compañía Minera Milpo S.A.A.
78
Crediscotia Financiera S.A.
27
Banco Interamericano de Finanzas S.A. – Bif
53
Compañía Minera Poderosa S.A.
79
Creditex S.A.A.
28
Banco Internacional del Perú S.A.A. – Interbank
54
Compañía Minera Raura S.A.
80
Desarrollos Siglo XXI S.A.A.
29
Banco Ripley Perú S.A.
55
Compañía Minera San Ignacio de Morococha S.A.A.
81
Deutsche Bank (Perú) S.A.
30
Banco Santander Perú S.A.
56
Compañía Minera Santa Luisa S.A.
82
DIVISO Grupo Financiero S.A.
31
Bayer S.A.
57
Compañía Universal Textil S.A.
83
Dunas Energía S.A.A.
32
BBVA Banco Continental
58
Compañías de Minas Buenaventura S.A.A.
84
Duran Ventures Inc.
33
BNP Paribas Cardif S.A. Compañía de Seguros y Reaseguros
59
Compartamos Financiera S.A.
85
Edegel S.A.A.
34
Bolsa de Valores de Lima S.A.
60
Compass - Investment Fund para Pymes
86
Edelnor S.A.A.
35
Braja Constructora Inmobiliaria S.A.
61
Consorcio Cementero del Sur S.A. – Concesur S.A.
87
El Pacífico – Peruano Suiza Cía. de Seguros y Reaseguros
36
British American Tobacco del Perú Holdings S.A.A. (Bat Holdings S.A.A.)
62
Consorcio Industrial de Arequipa S.A.
88
El Pacífico Vida Compañía de Seguros Y Reaseguros S.A.
37
Cartavio Sociedad Anónima Abierta (Cartavio S.A.A.)
63
Construcciones Electromecánicas Delcrosa
89
Electro Dunas S.A.A.
38
Casa Grande Sociedad Anónima Abierta
64
Coril Instrumentos de Corto y Mediano Plazo 1 - Fondo de Inv
90
Electro Puno S.A.A.
39
Castrovirreyna Compañía Minera S.A.
65
91
Electro Sur Este S.A.A.
40
Cavali S.A. I.C.L.V.
66
92
Emp. Reg. de Serv. Público de Electr. Electronorte Medio S.A.- Hidrandina
41
Cema Comunicaciones S.A. undergoing liquidation
67
Coril Instrumentos Financieros 5 - Investment Fund
93
Emp. Reg. de Serv. Público de Electricidad – Electrosur S.A.
42
Cementos Lima S.A.
68
Coril Instrumentos Financieros 7 - Investment Fund
94
Empresa Agraria Azucarera Andahuasi S.A.A.
43
Cementos Pacasmayo S.A.A.
69
Corporación Aceros Arequipa S.A.
95
Empresa Agraria Chiquitoy S.A. - en Reestructuración
44
Central Azucarera Chucarapi Pampa Blanca S.A.
70
Corporación Cerámica S.A.
96
Empresa Agrícola Ganadera Salamanca S.A.
A N N U A L
R E P O R T
205
0 5
Empresa Agrícola La Unión S.A.
122 Financiera Confianza S.A.A.
147 Inmuebles Panamericana S.A.
98
Empresa Agrícola San Juan S.A.
123 Financiera Efectiva S.A.
148 Inretail Perú Corp.
99
Empresa Agrícola Sintuco S.A.
124 Financiera Nueva Visión S.A.
149 Insur S.A. Compañía de Seguros
100 Empresa Agroindustrial Cayalti S.A.A.
125 Financiera Proempresa S.A.
150 Intercorp Financial Services Inc.
101 Empresa Agroindustrial Pomalca S.A.A.
126 Financiera Qapaq S.A.
151 Internacional de Títulos Sociedad Titulizadora S.A.
102 Empresa Agroindustrial Tuman S.A.A.
127 Financiera TFC S.A.
152 Interseguro Compañía de Seguros S.A.
103 Empresa Azucarera “El Ingenio” S.A.
128 Financiera Uno S.A.
153 Intradevco Industrial S.A.
104 Empresa de Generación Eléctrica del Sur
129 Investment Fund Multirenta Inmobiliaria
154 Inversiones Aspi S.A.
105 Empresa de Generación Eléctrica San Gaban S.A.
130 Fortuna Silver Mines Inc.
155 Inversiones Centenario S.A.A.
106 Empresa Editora El Comercio S.A.
131 Fosfatos del Pacífico S.A. – Fospac S.A.
156 Inversiones en Turismo S.A. – Invertur
107 Empresa Eléctrica de Piura S.A.
132 Futura Consorcio Inmobiliario S.A.
157 Inversiones Financieras del Perú S.A.
108 Empresa Electricidad del Perú – Electroperu S.A.
133 Generandes Peru S.A.
158 Inversiones La Rioja S.A.
109 Empresa Financiera Edyficar S.A.
134 Gloria S.A.
159 Inversiones Nacionales de Turismo S.A. – Intursa
110 Empresa Siderúrgica del Perú S.A.A.
135 GR Holdings S.A.
160 Karmin Exploration Inc.
111 Energía del Pacífico S.A.
136 Graña y Montero S.A.A.
161 La Positiva Seguros y Reaseguros S.A.
112 Enersur S.A.
137 Hidrostal S.A.
162 La Positiva Vida Seguros y Reaseguros S.A.
113 Exsa S.A.
138 Hipotecaria Sura EAH
163 Laive S.A.
114 Fábrica de Hilados y Tejidos San Miguel S.A.
139 ICBC Perú Bank S.A.
164 Latina Holding S.A.
115 Fábrica Nacional de Acumuladores Etna S.A.
140 IFH Perú Ltd.
165 Leasing Perú S.A.
116 Fábrica Peruana Eternit S.A.
141 Indeco S.A.
166 Leasing Total S.A.
117 Factoring Total S.A.
142 Industria Textil Piura S.A.
167 Lima Caucho S.A.
118 Falabella Perú S.A.A.
143 Industrias del Envase S.A.
168 Lima Gas S.A.
119 Faro Capital Investment Fund Inmobiliario I
144 Industrias Electro Químicas S.A. – Ieqsa
169 Los Portales S.A.
120 Ferreycorp S.A.A.
145 Inmobiliaria IDE S.A.
170 Luna Gold Corp.
121 Filamentos Industriales S.A.
146 Inmobiliaria Milenia S.A.
171 Lupaka Gold Corp.
C H P
97
A N N U A L
R E P O R T
206
0 5
197 Petróleos del Perú – Petroperu S.A.
222 Sociedad Eléctrica del Sur Oeste S.A. – Seal
173 Maestro Perú S.A.
198 Prima AFP S.A.
223 Sociedad Industrial de Artículos de Metal S.A.C. – Siam
174 Manufactura de Metales y Aluminio “Récord” S.A.
199 Profuturo AFP
224 Sociedad Minera Cerro Verde S.A.A.
175 Mapfre Perú Compañía de Seguros y Reaseguros S.A.
200 Protecta S.A. Compañía de Seguros
225 Sociedad Minera Corona S.A.
176 Mapfre Perú Vida Compañía de Seguros y Reaseguros
201 PVT Portafolio de Valores S.A.
226 Sociedad Minera El Brocal S.A.A.
177 Maple Energy PLC
202 Quimpac S.A.
227 Solución Empresa Administradora Hipotecaria S.A.
178 Mármoles y Granitos S.A. (MYGSA)
203 Rayon Industrial S.A.
228 Southern Perú Copper Corporation – Sucursal del Peru
179 Metalúrgica Peruana S.A. – Mepsa
204 Reactivos Nacionales S.A. (Renasa)
229 Sunset Cove Mining Inc.
180 MIBANCO Banco de la Micro Empresa S.A.
205 Red Bicolor de Comunicaciones S.A.A.
230 Supermercados Peruanos S.A. – Sp S.A.
181 Michell y Cía. S.A.
206 Refinería La Pampilla S.A.A. - Relapa S.A.A.
231 Suthern Copper Corporation
182 Minera Andina de Exploraciones S.A.A.
207 Rigel Perú S.A. Compañía de Seguros de Vida
232 TC Siglo 21 S.A.A.
183 Minera IRL Limited
208 Rímac – Internacional Compañía de Seguros y Reaseguros
233 Telefónica del Perú S.A.A.
184 Minsur S.A.
209 Rió Alto Mining Limited
234 Telefónica Móviles S.A.
185 Mitsui Auto Finance Perú S.A.
210 Rio Cristal Resources Corporation
235 Textil San Cristóbal S.A. - undergoing liquidation
186 Moche Inversiones S.A.
211 Rokmaster Resources Corp.
236 Tradi S.A.
187 Motores Diesel Andinos S.A.
212 Saga Falabella S.A.
237 Transacciones Financieras S.A.
188 Negocios e Inmuebles S.A.
213 Scotiabank Perú S.A.A.
238 Trevali Mining Corporation
189 Norvial S.A.
214 Secrex Compañía de Seguros de Crédito y Garantías S.A.
239 Unión de Cervecerías Peruanas Backus y Johnston S.A.A.
190 Ohio National Seguros de Vida S.A.
215 Seguros Sura
240 Vena Resources Inc.
191 Panoro Minerals Ltd.
216 Servicio de Agua Potable y Alcantarillado de Lima – Sedapal
241 Volcán Compañía Minera S.A.A.
192 Perú Holding de Turismo S.A.A.
217 Shougang Generación Eléctrica S.A.A.
242 Zincore Metals Inc.
193 Peruana de Energía S.A.A.
218 Shougang Hierro Perú S.A.A.
194 Peruana de Moldeados S.A. – PAMOLSA
219 Sierra Metals Inc.
195 Perubar S.A.
220 Sigma - Investment Fund en Leasing Operativo - Leasop I
196 Pesquera Exalmar S.A.A.
221 Sociedad Agrícola Fanupe Vichayal S.A.
C H P
172 Luz del Sur S.A.A.
A N N U A L
R E P O R T
207
BTG Pactual Private Equity III Investment Fund
50
Euroamérica Small Cap Chile Investment Fund
25
BTG Pactual Rentas Inmobiliarias Investment Fund
51
Activa Deuda SGR Investment Fund, series A, X and I
26
BTG Pactual Rentas Inmobiliarias II Investment Fund
52
Altamar Private Equity VIII Investment Fund
27
BTG Pactual Small Cap Chile Investment Fund
53
Asset Rentas Residenciales Investment Fund
28
CHG Acciones Chile Investment Fund
54
Banchile Inmobiliario V Investment Fund
29
CHG Renta Local Investment Fund, series A and B
55
Banchile Inmobiliario VI Investment Fund
30
Chile Small Cap Investment Fund
56
Banchile Inmobiliario VII Investment Fund
31
Commonfund Investment Fund
57
Banchile Plusvalía Eficiente Investment Fund
32
Compass Acciones Chilenas Investment Fund, series A and I
58
Banchile Rentas Inmobiliarias I Investment Fund
33
Compass Brazil Corporato Debt Investment Fund, series A, I and CG
59
Bci Desarrollo Inmobiliario IX Investment Fund
34
Compass Deuda Plus Investment Fund
60
Bci Desarrollo Inmobiliario VII Investment Fund
35
Compass Global Investments Investment Fund
61
Bci Desarrollo Inmobiliario X Investment Fund
36
Compass II Investment Fund
62
Bci Patio Apoquindo Investment Fund
37
Compass México I Investment Fund
63
Bci Rentas III Investment Fund
38
Compass Private Equity III Investment Fund
64
Capital Advisors Real Estate Office US II Investment Fund
39
Compass Private Equity IV Investment Fund
Chile Blend Investment Fund
40
65
Compass Private Equity V Investment Fund
41
Comercializador de ERNC I Investment Fund
Compass Private Equity VII Investment Fund
66
67
Compass DVA Multiaxis Investment Fund
68
Compass Private Equity Partners Investment Fund
69
Credicorp Capital Renta Inmobiliaria Investment Fund
70
Desarrollo Inmobiliario 2006 Investment Fund
71
Deuda Chilena Investment Fund
72
Deuda Hipotecaria con Subsidio Habitacional Investment Fund
Deuda Hipotecaria con Subsidio Habitacional II Investment Fund,
series A and X
Ecus Agri-Food Investment Fund, series A and B
1
Aina Investment Fund
2
Aurus Insignia Dólar Investment Fund, series A, F, H and I
3
Aurus Insignia Investment Fund, series A, I, P, F and H
4
Aurus Renta Inmobiliaria Investment Fund
5
Banchile Minero Asset Chile Investment Fund
6
BCI Small Cap Chile Investment Fund, series L, P, B, I, E, C and V
7
BICE Energías Renovables Investment Fund
8
BICE Inmobiliario II Investment Fund
9
BICE Inmobiliario III Investment Fund
10
BTC Pactual Private Equity - KKR Investment Fund
11
BTG Pactual Crédito y Facturas Investment Fund
12
BTG Pactual Desarrollo Inmobiliario I Investment Fund
13
BTG Pactual Desarrollo Inmobiliario II Investment Fund
14
BTG Pactual Deuda Corporativa Chile Investment Fund
15
BTG Pactual Deuda Directa Investment Fund, series A and I
16
BTG Pactual Deuda Latinoamericana Investment Fund
42
Compass Private Equity X Investment Fund
17
BTG Pactual Global Optimization Investment Fund
43
Compass Private Equity XI Investment Fund
18
BTG Pactual High Yield Latin America Investment Fund
44
Compass Private Equity XII Investment Fund, series A, B, C and D
19
BTG Pactual Infraestructura Investment Fund
45
Compass Private Equity XIII Investment Fund, series A, B, C and E
20
BTG Pactual Private Equity - KKR Naxi Investment Fund
46
Compass Small Cap Chile Investment Fund
21
BTG Pactual Private Equity - NB CRXX Investment Fund
47
Corp Deuda Ultra II Investment Fund
22
BTG Pactual Private Equity Investment Fund
48
Corp España Investment Fund
73
23
BTG Pactual Private Equity II Investment Fund
49
Corp Europa III Investment Fund
74
C H P
0 5
Investment Fund Market - 206 Issuers
24
A N N U A L
R E P O R T
208
0 5
C H P
124
Nevasa HMC Ares Special Situations IV - Global Distressed Debt Investment Fund series I and C
125
Nevasa HMC CIP VI Investment Fund
126
Nevasa HMC CIP VII Global Secondaries Investment Fund
127
Nevasa HMC CIP VII Global Secondaries II Investment Fund
Inmobiliaria Cimenta-Expansión Investment Fund
128
Nevasa HMC CVC Investment Fund
75
Euroamérica Investments Ahorro Dinámico Investment Fund
99
IMT Spread Corporativo Local Investment Fund, series I, B, D and E
76
Euroamérica Investments Deuda Global Investment Fund
100
IMT Trading Deuda Local Investment Fund
77
Euroamérica Investments Gestión Patrimonial C Investment Fund
101
Independencia Rentas Inmobiliarias Investment Fund
102
Inmobiliaria Capital Advisors - Fundación
Parques Cementerios Investment Fund
103
78
EuroAmerica Investments High Yield Investment Fund
79
Euroamérica Investments Renta Variable Global Investment Fund
80
Falcom Tactical Chilean Equities Investment Fund
104
Inmobiliaria Las Américas-Raíces Investment Fund
129
Nevasa HMC PNTN Investment Fund
81
Forestal Lignum Investment Fund, undergoing liquidation
105
Inmobiliaria Santander Mixto Investment Fund
130
Nevasa HMC Renta Fija Local Investment Fund, series A, B and N
82
HPH I Investment Fund, series A and B
106
Inversiones Hoteleras Investment Fund
131
Nevasa HMC WP XII Global Growth Investment Fund
83
iFund MSCI Brazil Small Cap Index Investment Fund
107
LarrainVial - Brazil Small Cap Investment Fund
132
Nueva Energía I Investment Fund
84
IM Trust - Patio Comercial I Investment Fund, series A and B
108
LarrainVial BCP Investment Fund
133
Penta Capital Preferente Investment Fund
85
IM Trust Acciones US Investment Fund, series B, D and I
109
LarrainVial Court Square Investment Fund
134
Penta Deuda Latam en UF Investment Fund
86
IM Trust Deuda Corporativa Investment Grade Investment Fund, series
B and I
110
LarrainVial Deuda Latam High Yield Investment Fund
135
Penta Emergente Protegido Investment Fund
87
IM Trust Inmobiliario-Aconcagua I Investment Fund
111
LarrainVial Dover Investment Fund
136
Penta Europa Protegido Investment Fund
88
IM Trust Inmobiliario-Aconcagua II Investment Fund
112
LarrainVial Harbourvest EX-US Investment Fund
137
Penta Inmobiliario II Investment Fund
89
IM Trust Private Debt I Investment Fund
113
LarrainVial Harbourvest-US Investment Fund
138
Penta Inmobiliario III Investment Fund
90
IM Trust Private Equity - PG Direct I Investment Fund
114
LarrainVial Infraestructura Activa I Investment Fund
139
Penta Pagarés Automotrices I Investment Fund
91
IM Trust Private Equity - PG Direct II Investment Fund, series I and X
115
LarrainVial Pomona Investment Fund
140
Penta Renta Nominal Investment Fund
92
IM Trust Private Equity - PG Secondaries I Investment Fund
116
LarrainVial Chile Equity Investment Fund
141
Penta USA Protegido Investment Fund, undergoing liquidation
93
IM Trust Private Equity - PG Secondaries II Investment Fund
117
LarrainVial Cordillera Investment Fund
142
Picton - Apollo COF III Investment Fund
118
LarrainVial Deuda Corporativa Investment Fund, series A and I
143
Picton - Apollo VIII Investment Fund
94
IM Trust Private Equity - PG Secondaries II Investment Fund
Fully Funded
119
LarrainVial Falcom Renta Fija México Investment Fund
144
Picton WP Investment Fund
95
IM Trust Small Cap Chile Investment Fund
120
LarrainVial Magallanes II Investment Fund
145
Prime-Infraestructura Investment Fund
96
IMT E Plus Investment Fund
121
LarrainVial México Equity Investment Fund
146
Proveedores Copeval Investment Fund, series A, B and X
97
IMT Private Equity AP I Investment Fund, series I and X
122
Latam Small - Mid Cap Investment Fund
147
Público Penta Las Américas Infraestructura Dos Investment Fund
98
IMT RF Latam Investment Fund
123
Llaima Investment Fund, undergoing liquidation
148
Público Penta Las Américas Infraestructura Tres Investment Fund
A N N U A L
R E P O R T
209
149
Rentas Habitacionales Investment Fund
174
Moneda - Carlyle II Investment Fund
199
Siglo XXI Investment Fund
150
Santander Plusvalía Investment Fund, undergoing liquidation
175
Moneda - Carlyle III Investment Fund
200
Toesca Investment Fund undergoing liquidation
151
Santander Small Cap Investment Fund
176
Moneda - Carlyle IV Investment Fund
201
Vision Aconcagua Investment Fund
152
Security Debt Opportunities Investment Fund
177
Moneda Deuda Chile Investment Fund
202
Vision Atacama Investment Fund
153
Security Oaktree Opportunities II B Investment Fund
178
Moneda Deuda Latinoamericana Investment Fund
203
Vision Rogge Global Income Investment Fund
154
Security Oaktree Opportunities-Debt Investment Fund
179
Moneda Latinoamérica Deuda Local Investment Fund, series A and B
204
VOLCOMCAPITAL Capital Estructurado Inmobiliario Investment
Fund
155
Security Oaktree Opportunities-Debt II Investment Fund
180
Moneda Patagonia Investment Fund, series A, B, C, D and E
205
VOLCOMCAPITAL PE Secondary I Investment Fund, series A and B
156
Security Oaktree Principal Fund Investment Fund
181
Moneda Renta CLP Investment Fund
206
VOLCOMCAPITAL PE Secondary II Investment Fund
157
Security Oaktree Principal Fund VI Investment Fund
182
Moneda Renta Variable Chile Investment Fund
158
Security Oaktree Real State Opportunities Fund VII Investment Fund
183
Moneda Small Cap Latinoamérica Investment Fund
Mutual Fund Market - 8 Issuers
159
Security Renta Fija Nacional Investment Fund, series A, ONE, TWO and
THREE
184
Neorentas Cinco Investment Fund, series A and B
1
ETF IT Now Ipsa Mutual Fund
160
SURA Renta Inmobiliaria Investment Fund
185
Neorentas Ocho Investment Fund, series A and B
2
BCI Small & Mid Cap Ltam Mutual Fund, series AP, BP, C and I
161
TLP Investment Chile Investment Fund
186
Neorentas Office Cinco Investment Fund, series A and B
3
Corp Bonos Corporativos Mutual Fund, serie X and I
162
Vizcachitas Investment Fund
187
Neorentas Office Cuatro Investment Fund, series A and B
4
Corp Depósitos Mutual Fund, serie X and Y
163
Linzor BICE Private Equity II Investment Fund
188
Neorentas Office Seis Investment Fund, series A and B
5
Deuda Corporativa 3-5 Años Tax Advantage Mutual Fund
164
MBI Arbitrage Investment Fund, series A, B and C
189
Neorentas Seis Investment Fund, series A and B
6
Europe Equity Tax Advantage Mutual Fund
165
MBI Best Ideas Latam Investment Fund, series A and B
190
Neorentas Siete Investment Fund, series A and B
7
IM Trust Indice Chile Mutual Fund
166
MBI Deuda Alternativa Investment Fund, series A, B and C
191
Neorentas Tres Investment Fund, series A and B
8
USA Equity Tax Advantage Mutual Fund
167
MBI Deuda Plus Investment Fund, series A, B and C
192
Neorentas Uno Investment Fund, series A and B
168
MBI Deuda Total Investment Fund, series A, B, I and C
193
Penta Fixed Income Latam Investment Fund, series A and I
169
MBI Global Investment Fund, series A, B and C
194
Picton - American Scurities Partners VII Investment Fund
170
MBI Oportunidades Investment Fund, series A and B
195
Picton - EQT VII RV Investment Fund
171
MBI Renta Fija Plus Dólar Investment Fund
196
Picton - Hamilton Lane SMID Investment Fund
0 5
172
MBI-BP Deuda Investment Fund, series A and B
197
Picton - TPG VII Investment Fund
C H P
173
Moneda - Carlyle Investment Fund
198
Pionero Investment Fund
A N N U A L
R E P O R T
210
06
LEGAL
INFORMATION
CHAPTER
INFORMATION
ON THE COMPANY
BASIC INFORMATION
Legal Name:
Bolsa de Comercio de Santiago, Bolsa de Valores
Legal Address:
La Bolsa 64, Santiago
Taxpayer ID No.: 90.249.000-0
Type of Entity:
Special Corporation
ARTICLES OF INCORPORATION
Bolsa de Comercio de Santiago was incorporated by public instrument
on November 27, 1893, before Santiago notary Eduardo Reyes
Lavalle. In Supreme Decree 3,015, dated December 29, 1893, the
company was licensed to operate and its bylaws were approved. It
was registered in the Santiago Commerce Registry on page 9,
number 14 on January 22, 1894.
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CONTACT INFORMATION
Address:
La Bolsa 64, Santiago
Telephone:
(+56) 2 2399 3000
P.O. Box:
123-D Santiago
Web Address:
www.bolsadesantiago.com
A N N U A L
R E P O R T
212
MAIN SHAREHOLDERS
Santiago Exchange has 48 duly issued shares
distributed among 42 shareholders.
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As of December 31, 2015, no shareholder controls
10% or more of the company's shares.
A N N U A L
R E P O R T
213
UNDERSTANDING OUR BUSINESS
The company is governed by Law 18,045 on the Securities
Market. Article 40 of this law states: “In all matters not
contrary to this law, Securities Markets shall be governed by
the rules applicable to publicly-traded corporations and shall
be supervised by the Securities and Insurance Supervisor.”
The following sections describe key elements to understanding our business:
PRODUCTS, BUSINESSES AND ACTIVITIES
The main products and services offered by Santiago Exchange are targeted primarily to stock brokers and institutional and individual investors.
The institution's revenue comes mainly from exchange access rights; computer services, which include leasing trading stations and IT services; data services, which consist of
selling market data to vendors, banks and other segments;
and fees from corporations listed on our exchange.
SUPPLIERS AND CUSTOMERS
Santiago Exchange has no significant suppliers to disclose.
The company selects those suppliers offering the best
products and/or services based on quality and price. The
exchange's main customers are our brokers, which are also
our shareholders.
PROPERTY
The company's main properties include:
* Building located at Bandera 63,registered in the institution's name in the Santiago Real Estate Registrar for
the year 1913, on page 801, number 1,657. This building
houses the exchange's administrative offices and service
facilities, the trading floor and broker offices.
**Fourth floor of building located at Moneda 1,025 , registered
in the institution's name in the Santiago Real Estate Registrar for the year 1990, on page 16,888, number 12,896.
This building houses other administrative offices.
EQUIPMENT
Santiago Exchange has the equipment it needs to operate
its business, including computer and communications infrastructure; trading, data and management systems; office
equipment and other facilities to run its building. It also
has a contingency site and state-of-the-art emergency
generation equipment to ensure business continuity.
INSURANCE
The exchange's main assets, real estate, computer equipment and content are insured against the risk of fire, earthquake and other miscellaneous events. It also has coverage
for professional liability, errors and omissions, directors
and officers civil liability and general civil liability.
CONTRACTS
The exchange has routine contracts for leases of office
space and computer stations and maintenance of computer
equipment and buildings and facilities.
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* Third floor of building located at Nueva York 17, registered
in the institution's name in the Santiago Real Estate Registrar for the year 1987, on page 76,434, number 60,072.
This building houses other administrative offices.
A N N U A L
R E P O R T
214
TRADEMARKS AND PATENTS
The following trademarks are registered by the institution
in the Department of Industrial Property:
1. BOLSA DE COMERCIO DE SANTIAGO.
15. IGPA.
2. BOLSA DE COMERCIO DE
16. INFORMATIVO BURSÁTIL.
SANTIAGO BOLSA ELECTRÓNICA.
17. INTER-10.
3. BOLSA DE COMERCIO
18. IPSA.
SANTIAGO – CHILE.
19. MILA.
4. BOLSA DE VALORES DE SANTIAGO.
20. MILA MERCADO INTEGRADO
5. BOLSA NACIONAL DE COMERCIO.
LATINOAMERICANO.
6. BOLSA OFF SHORE.
21. OTC TRADE.
7. BOLSATICKER.
22. SANTIAGO EXCHANGE.
8. CCLV.
23. SEBRA SERVICIOS BURSÁTILES
9. CCLV CONTRAPARTE CENTRAL.
Y RED DE APLICACIONES.
10. CIBE CENTRO DE INFORMACIÓN
24. STOCKVIEW.
BURSÁTIL ELECTRÓNICO.
25. TELEPREGON.
11. CONCURSO DE CARTERAS
26. VENTURE CAPITAL EXCHANGE
DE INVERSIÓN, CCI.
(BSV).
FINANCING ACTIVITIES
Santiago Exchange engages in financing activities to manage its cash surpluses and investment portfolio. It has a
highly liquid portfolio comprised of different stocks, fixed
income instruments and time deposits. These investments
are detailed in the notes to the financial statements.
The institution does not have any debt with financial institutions.
RESEARCH AND DEVELOPMENT
Given the particular nature of the market in which the institution does business, the exchange has established
research and development policies to keep it at the forefront of its industry. It allocates human resources and
materials to R&D efforts as needed in order to deliver
quality services.
12. EXPOBOLSA.
13. FULLSTOCK.
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14. I.G.P.A.
A N N U A L
R E P O R T
215
RISK FACTORS
INVESTMENT
AND FINANCING
POLICIES
The main risk factors that could affect the company include general
domestic and international economic conditions, which could alter
the institution's movement and activity.
The exchange's investment policy calls for providing the materials
and human resources needed to efficiently meet its objectives. It
has a portfolio of high-grade marketable securities diversified by
issuer to cover its liquidity needs.
C H P
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Its financing policy calls for always funding projects with company
resources. This explains the leverage ratios in the “Financial Statement Analysis.” However, the exchange does not rule out the use of
outside resources to fund future projects. In that case, such funding
will first be properly evaluated, communicated and approved by the
appropriate bodies within the company.
A N N U A L
R E P O R T
216
SUBSIDIARIES AND ASSOCIATES
SUBSIDIARY: CCLV,
CONTRAPARTE CENTRAL S.A.
Corporate and Legal Information
CCLV, Contraparte Central S.A., is a subsidiary of Santiago Exchange.
The entity began as Cámara de Compensación B de C Stgo S.A.
(Santiago Exchange Clearinghouse in English), which was incorporated by public instrument on January 19, 1990, signed before
notary Raúl Iván Perry Pefaur. An abstract of that instrument was
registered on January 29, 1990, on page 2,971, number 1,592, in the
Santiago Commerce Registry and published in the Official Gazette
on January 31, 1990.
At an extraordinary shareholders' meeting on September 8, 1994,
shareholders agreed to amend the bylaws to include the new provisions of Law 18,045.
At an extraordinary shareholders' meeting on November 16, 2009,
shareholders approved the following:
a) Amendments to the bylaws in order to adapt them to the provisions of Law 20,345 on Clearing and Settlement Systems for
Financial Instruments, including:
Increasing capital by Ch$ 2,715,212,280 by issuing 660 rights issues with no par value at the price of Ch$ 4,113,958 each. Santiago
Exchange subscribed and paid for 639 of these shares, for a total
of Ch$ 2,628,819,162.
Forming committees.
Forming reserve and guarantee funds.
b) Approval of new combined text of corporate bylaws.
The minutes from the extraordinary shareholders' meeting was
summarized in a public instrument dated December 21, 2009,
signed before Ulises Aburto Spitzer, the acting notary for Santiago
notary Raúl Iván Perry Pefaur, under notary archive number 48,252.
CCLV, Contraparte Central S.A. began operating on September 1, 2010.
C H P
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Changing the company's name to “CCLV, CONTRAPARTE CENTRAL S.A.”.
Changing its corporate purpose. Its exclusive corporate purpose
is to manage financial instrument clearing and settlement systems, acting as either a central counterparty or a clearinghouse
for financial instruments and engaging in other complementary
activities authorized by law or regulators (SVS) through a general
character standard.
A N N U A L
R E P O R T
217
Subscribed and Paid Capital
As of December 31, 2015, the company's subscribed
and paid capital is ThCh$ 4,735,151, divided into 1,320
shares with no par value.
Board and Management
Chairman
Directors
As of December 31, 2015, the subsidiary has only operated within its line of business.
Ownership Interest
As of December 31, 2015, Santiago Exchange has a
97.27% ownership interest in its subsidiary CCLV, Contraparte Central S.A.
Jaime Larraín Vial
Pedro Salah Ahués
C H P
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José Antonio Martínez Zugarramurdi
Patricio Rojas Sharovsky
Lucy Pamboukdjian Costa
Carlos Niedbalski Chacón
Andrés Araya Falcone
Juan Ponce Hidalgo
Nicolás Almazán Barros
*Directors and executives as of December 31, 2015.
A N N U A L
R E P O R T
218
Name
Position at Santiago
Exchange
Position at CCLV,
Contraparte Central S.A.
Chairman
Chairman
Vice-Chairman
Director
Director
Director
Director
Director
Director
Director
Director
Director
Jaime Larraín Vial
Director
Director
Director
Director
Pedro Salah Ahués
Director
Director
Director
Director
Director
Director
Patricio Rojas Sharovsky
Lucy Pamboukdjian Costa
Carlos Niedbalski Chacón
Andrés Araya Falcone
0 6
Juan Ponce Hidalgo
C H P
Nicolás Almazán Barros
Chief Planning and Development
Officer
Positions in Santiago Exchange
and its Subsidiary
Business Relationships with the Subsidiary
As of December 31, 2015, Santiago Exchange received ThCh$
1,040,273 in revenue for services provided by the exchange (office
leases, computer services and management services, etc.).
Agreements and Contracts with the Subsidiary
On March 1, 2010, the companies signed an agreement to lease
offices located on the second floor of the exchange's building.
On August 20, 2010, the companies signed an agreement for the
provision of financial management, accounting, tax, human resources,
custody guarantee, capital event and general services.
On August 23, 2010, the companies signed an agreement for the
provision of computer platform services for clearing, settlement
and SCL guarantees, for the risk area and for payment systems.
On January 2, 2012, the companies signed an agreement for the
provision of senior management services.
Percentage of Investment in Subsidiary
As of December 31, 2015, the investment in the subsidiary represented 16.06% of Santiago Exchange's total assets.
Ownership
As indicated above, Santiago Exchange has a 97.27% stake in this entity
as of December 31, 2015. The remaining 2.73% is held by brokers.
A N N U A L
R E P O R T
219
ASSOCIATE: DEPÓSITO CENTRAL
DE VALORES S.A., DEPÓSITO DE VALORES
Corporate and Legal Information
Depósito Central de Valores S.A., Depósito de Valores (DCV) (Central Securities Depository in English) is an associate of Santiago
Exchange. It was incorporated in a public instrument dated March 15,
1993, granted before notary René Benavente Cash and an abstract
was published in the Official Gazette on March 22, 1993.
The company is governed by the provisions of Law
18,876 of 1989 and instructions issued by the Securities and Insurance Supervisor.
The company is not required to register in the Securities Registry.
Subscribed and Paid Capital
As of December 31, 2015, the company's subscribed and paid capital
is ThCh$ 4,089,817, divided into 156,112 nominative shares with
no par value.
Corporate Purpose and Activities
The company's exclusive purpose is to receive in deposit publicly-traded securities from the entities indicated in article 2 of Law
18,876 and facilitate the transfer of these securities, in accordance
with established legal and regulatory procedures, and engage in other activities authorized by that or other laws, their regulations and
express instructions from the Securities and Insurance Supervisor.
C H P
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In Exempt Ruling 264 dated December 29, 1993, the Securities
and Insurance Supervisor licensed the company to operate as a
“Securities Depository” and approved its internal regulations and
the deposit contract to be used.
A N N U A L
R E P O R T
220
Chairman
Sergio Baeza Valdés
Vice-Chairman
Arturo Concha Ureta
Directors
Maximiliano Vial Valenzuela
Ownership Interest
As of December 31, 2015, Santiago Exchange holds 32,315 shares,
corresponding to a 23.00% interest in its associate Depósito Central
de Valores S.A., Depósito de Valores.
Board and Management Positions at Santiago Exchange
and its Associate
This agreement is also governed by the provisions contained therein, its corresponding appendices and the
internal regulations of the DCV.
On July 16, 1998, Santiago Exchange signed a transaction
registration agreement related to cleared settlements
of transactions through clearinghouse operators.
Jorge Claude Bourdel
José Arturo del Río Leyton
Mario Gómez Dubravcic
Name
Position at Santiago
Exchange
Position at Depósito
Central de Valores
José Antonio
Martínez Zugarramurdi
Director
Fred Meller Sunkel
Juan Carlos Reyes Madriaza
C H P
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Guillermo Tagle Quiroz
Fernando Yáñez González
Chief Financial and Planning Officer
Rodrigo Roblero Arriagada
Chief Operating and Services Officer
Claudio Garín Palma
Chief Commercial and Legal Officer
Javier Jara Traub
Nelson Fernández Benavides
Chief Architecture and Development
Officer
Gabriela Finkelstein
Controller
Jaime Fernández Morandé
Chief People Officer
Sandra Valenzuela Nievas
Legal Counsel
Domingo Eyzaguirre Pepper
Business Relationships with the Associate
As of December 31, 2015, Santiago Exchange has conducted business with Depósito Central de Valores (DCV) related to deposit and
transaction registration agreements for a total expense of ThCh$
57,253 for Santiago Exchange.
On November 24, 2005, an addendum to the deposit
agreement was signed to include the electronic payment, settlement and transaction payment service for
the securities market. On the same date, an appendix to
that addendum was signed that describes the delivery
versus payment transaction settlement service.
Percentage of Investment in Associate
As of December 31, 2015, the investment in the associate
represented 3.81% of Santiago Exchange's total assets.
Ownership
As of December 31, 2015, Santiago Exchange has a
23.00% ownership interest in this associate.
Agreements and Contracts with the Associate
On May 10, 2006, Santiago Exchange signed a deposit agreement
with its associate (this agreement replaces the prior agreement from
March 31, 1999), mainly related to Law 18,876 and its regulations.
*Directors as of December 31, 2015.
A N N U A L
R E P O R T
221
DISTRIBUTABLE PROFIT
RECONCILIATION BETWEEN
PROFIT FOR THE YEAR
AND DISTRIBUTABLE PROFIT
DIVIDENDS DISTRIBUTED
CHARGED TO PROFIT FOR THE YEAR
DIVIDENDS PAID PER SHARE
IN THE LAST THREE YEARS
Interim:
Amount per Share
(Historical)
Total Amount
(Historical)
Payment Date
ThCh$
ThCh$
06/19/2015
14,000
672,000
09/25/2015
18,000
864,000
12/18/2015
15,000
720,000
Total
47,000
2,256,000
As of December 31, 2015
ThCh$
Profit for the year
6,989,593
Distributable profit *
6,216,348
The ratio of interim dividends distributed as of December 31, 2015,
to distributable profit was 36.29%.
C H P
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This ratio varies based on the amount of the final dividend determined and approved at the annual shareholders' meeting.
Amount per Share (Historical)
Calendar Year
ThCh$
2012
91,500
2013
106,000
2014
123,000
Final:
Final dividends will be proposed by the board and approved at the
annual shareholders' meeting.
* Distributable profit is approved at the annual shareholders' meeting. It is equal to profit for the year less
exchange differences, gains or losses from indexation and gains arising from differences in the market
value of financial instruments, if positive.
A N N U A L
R E P O R T
222
DIVIDEND POLICY
The board proposed the following dividend policy to shareholders
at the annual meeting:
1. Distributing three interim dividends charged to 2015 profit,
equivalent to 40% of final net profit. For these purposes, the following formulas will be used at each payment date:
* Final net profit will be calculated using the most recent balance
sheet presented to the board.
* The base for distributing dividends shall be equal to profit for the
year less any positive exchange differences, gains from indexation
and gains arising from differences in the market value of financial
instruments.
Final net profit of most recent balance sheet adjusted
for unrealized values
0.40
Interim
Dividends
Distributed
1st Interim Dividend
JUNE
2015
2nd Interim Dividend
SEPTEMBER
2015
3rd Interim Dividend
DECEMBER
2015
3. Final dividends will be proposed by the board and approved at
the annual shareholders' meeting.
4. In accordance with SVS Ruling 687 dated February 13, 1987, this
policy reflects the board's intention but compliance is conditional
upon: the profits actually obtained, the outcome of periodic projections that may affect the company and any special conditions
that may arise in the future.
C H P
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Distributable
Profit
2. As indicated above, the board expects to distribute three interim
dividends around the following dates:
A N N U A L
R E P O R T
223
SHARE TRANSACTIONS
TRANSACTIONS
MARKET TRANSACTION STATISTICS
During the year 2015, the company's chairman,
chief executive officer, senior management and
majority shareholders did not engage in any
transactions involving the company's shares in
conformity with article 12 of Law 18,045.
The following table details share transactions
in historical Chilean pesos:
2012
Year
2009
2010
Total Trading Value
(Historical)
Average Price
(Historical)
ThCh$
ThCh$
2013
0
0
0
II
1
0
0
III
0
0
0
IV
1
0
0
I
0
0
0
I
0
0
0
II
1
1,600,000
1,600,000
II
0
0
0
III
0
0
0
III
0
0
0
IV
1
2,000,000
2,000,000
IV
0
0
0
I
0
0
0
I
0
0
0
II
0
0
0
II
0
0
0
III
0
0
0
III
0
0
0
IV
0
0
0
IV
0
0
0
I
0
0
0
I
1
2,000,000
2,000,000
II
0
0
0
II
3
2,200,000
2,200,000
III
0
0
0
III
0
0
0
IV
0
0
0
IV
0
0
0
2014
2015
C H P
0 6
2011
Quarter
No. of Shares
Traded
I
A N N U A L
R E P O R T
224
INFORMATION ON MATERIAL EVENTS
This section details the material events that occurred this year.
ANNUAL GENERAL
SHAREHOLDERS' MEETINGS
The annual general shareholders' meeting was held April 27, 2015. The
main agreements made include:
APPROVAL OF ANNUAL REPORT
AND BALANCE SHEET
The annual report, balance sheet, financial statements,
profit and loss statement and independent auditors' report
for 2014 were all unanimously approved.
FINAL DIVIDEND PAYMENT
Shareholders unanimously approved payment of an additional dividend of Ch$76,000,000 per share, equivalent to
a total of Ch$ 3,648,000,000 payable on May 7, 2015, to
shareholders registered as of April 30, 2015, to be charged
to 2014 profit.
C H P
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DIVIDEND POLICY
The board proposed distributing three interim dividends
charged to 2015 profits for the equivalent of 40% of net
operating profit. Dividends are expected to be distributed
in June, September and December 2015.
The final dividend will be proposed by the board and
approved at the next annual shareholders' meeting.
Dividends will be communicated and paid in accordance
with SVS Ruling 660 dated October 22, 1986.
Shareholders unanimously approved the above agreement.
BOARD OF DIRECTORS’ COMPENSATION
In accordance with the Corporations Law and the company's bylaws, shareholders are responsible for determining
the compensation to be received by board members for
their services. The board proposed that shareholders
maintain the current policy of 50 Unidades de Fomento
(UF, an inflation-adjusted unit) for attending one meeting per month and 25 UF per meeting if two are held
during the month. Should more than two meetings be
held, maximum compensation shall remain at 50 UF for
the month. As in prior years, the chairman shall receive
compensation of 300 UF per month regardless of the
number of meetings held and the number he attends.
COMPENSATION FOR BOARD MEMBERS
SERVING AS TRADING FLOOR DIRECTOR
Shareholders are also responsible for determining the
compensation to be received by board members serving
as Trading Floor Director. The board proposed to shareholders monthly compensation of 75 UF for directors
performing this function. This compensation is in place
of the monthly allowance for attending board meetings
or performing other functions.
Shareholders unanimously approved the compensation
proposed by the board.
A N N U A L
R E P O R T
225
DIRECTOR COMPENSATION
FOR OTHER FUNCTIONS
Shareholders are also responsible for determining the
compensation to be received by board members for
performing other functions. The board proposed that
shareholders maintain the current policy of monthly compensation of 25 UF for directors performing functions
other than participating in board meetings or serving
as Trading Floor Director, such as participating in board
committees that meet in a given month. This compensation is in addition to the monthly allowance for attending
board meetings during the same month.
COMPENSATION FOR
BEST PRACTICE COMMITTEE
Regarding compensation for members of this committee, the board proposed that shareholders maintain the
monthly compensation at 60 UF for attending one single
monthly committee meeting and 30 UF per meeting if
two are held. Should more than two meetings be held,
maximum compensation shall remain at 60 UF for the
month. Similarly, the board proposed that the committee chairman shall receive compensation of 90 UF per
month regardless of the number of meetings held and
the number he attends.
COMPENSATION FOR
AND REGULATIONS, RISK AND AUDIT COMMITTEES
The board proposed that shareholders set compensation
for the members of the Business and Technology and
Regulations, Risk and Audit committees at 25 UF for attending one meeting per month and 12.5 UF per meeting
if two meetings are held during the month. Should more
than two meetings be held, maximum compensation shall
remain at 25 UF for the month.
Shareholders unanimously approved the compensation proposed by the board for the members of these committees.
APPOINTMENT OF INDEPENDENT AUDITORS
Shareholders agreed to appoint KPMG Auditores Consultores Ltda. as the company's independent auditors.
There are no other material events to disclose for the
year 2015.
C H P
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proposed by the board for the members of the Best Practice Committee.
A N N U A L
R E P O R T
226
SUMMARY OF SHAREHOLDER COMMENTS
AND PROPOSALS
C H P
0 6
There are no comments or proposals from shareholders.
(more information in Santiago Exchange´s Financial
Report)
A N N U A L
R E P O R T
227

Securities Review 2015 07-25-2016

Transcription

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