PERU · MARKETS
Key Facts
- The country Peru is a major South American mining exporter, and its Lima Stock Exchange is one of three exchanges owned by the regional holding company Nuam.
- Why it matters One linked market for Peru, Chile and Colombia could give US and other foreign funds a single route into three stock exchanges.
- Why now The head of the Lima exchange group announced the plan in New York on 26 October 2026, on the first day of a Peruvian investor roadshow.
- What happened Peruvian investors are due to reach Chilean and Colombian shares through their local brokers from 2027, once a new clearing house rule takes effect.
- The numbers Peru has no central clearing house today, its target is early to mid 2027, and individuals pay an effective 5% tax on gains from selling shares.
- What it means for you US funds may gain an easier route into three markets, but no start date is fixed and the rules are not final.
- Still open The exact start date, the final approval of the clearing house rule and whether Peru changes its tax on share gains.
- Power Index Peru ranks 5th of 14 in The Rio Times Latin America Power Index, with 54.7 points (October 2026 edition).
In Plain English
Nuam is the holding company that owns the stock exchanges of Lima, Santiago and Colombia and is building one integrated market from them. A sociedad agente de bolsa is a Peruvian brokerage licensed to trade shares for clients.
A clearing house, or central counterparty, steps between buyer and seller of a share and guarantees the trade if one side defaults. The SMV is Peru’s securities market regulator, and Cavali is the country’s securities depository.
Peruvian investors are set to buy Chilean and Colombian shares through their local brokers from 2027, Rafael Carranza, president of the Lima Stock Exchange (BVL) group, told the Peruvian radio and news outlet RPP on 26 October 2026 in an interview from New York. He linked the change to a new clearing house rule, saying it would allow, in his words, “en el año 2027 se logre la interoperabilidad” between the exchanges of Peru, Chile and Colombia.
The announcement came on the first day of a two-day Peruvian investor roadshow in New York, where more than 80 officials and executives are meeting US banks. No exact start date has been given, and the dates named by exchange executives and the securities regulator range from early 2027 to mid-2027.
How Direct Access Would Work
Carranza told RPP that today a Peruvian brokerage can offer clients only securities listed in Lima, and that once the exchanges are interoperable it could also offer shares traded in Chile and Colombia. Peruvian brokers can already offer foreign securities, but the route takes more steps and costs more, with different trading hours, settlement and tax treatment.
In March 2026 the SMV had authorised publication of a draft rule, requested by the BVL, to add the Colombian and Santiago exchanges and their COLCAP and IPSA indices to a simplified registration process. On 24 September 2026 the Santiago exchange added 16 Peruvian securities from the MSCI nuam Perú Select index, which can be traded in Chile in pesos and dollars, according to Nuam.
The Clearing House Is the Missing Piece
Peru has no central clearing house today, while Colombia and Chile do, and Carranza says a regulation now allows a new one to be set up. The SMV board still has to approve the rule, which BVL director Mercedes Aráoz expects within days, and she said the chamber could work from early 2027 and integrate the three markets.
SMV Superintendent Juan Pichihua said in September that his horizon for Peru’s clearing house is the first half of 2027, and that he expected the government review of the rule to take no more than a few weeks. Nuam expects integrated operations to start around mid-2027.
The reform would let Cavali act as the central counterparty that takes on the risk if one side of a trade defaults. Pichihua said the entity would need a liquidation fund and guarantees, and he called that among the most complicated parts of the process.
Live Market IntelligenceColombia — Live Market Board
Rio Times · Live Market Intelligence
Colombia — Live Market Board
-0.03%
171,006.10
-2.68%
68,960.68
-1.08%
10,677.88
-0.82%
2,848,945
—
2,505.79
-0.03%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| COLCAP | 2,505.79 | -0.03% | — | — | — | — | — |
| USD/COP | 3,149 | +3.06% | -18.02% | 3,056 | 3,173 | 3,111 | — |
| BRENT | 109.58 | -5.38% | +66.99% | 115.81 | 111.92 | 109.00 | 34,268 |
| WTI | 100.12 | -1.61% | +63.30% | 101.76 | 102.82 | 99.77 | 201,568 |
| ECOPETROL | 17.36 | -0.23% | +86.31% | 17.40 | 17.71 | 17.22 | 402,817 |
| BANCOLOMBIA | 96.18 | -0.23% | +68.95% | 96.40 | 97.45 | 95.66 | 85,636 |
| GRUPO AVAL | 4.76 | +0.42% | +13.67% | 4.74 | 4.82 | 4.68 | 90,387 |
| TECNOGLASS | 37.99 | -0.07% | -36.40% | 38.01 | 38.14 | 37.61 | 35,541 |
| CREDICORP | 368.43 | -1.49% | +43.59% | 374.02 | 378.12 | 368.43 | 62,467 |
| BUENAVENTURA | 28.65 | +0.72% | +33.16% | 28.44 | 28.71 | 27.87 | 314,023 |
| SOUTHERN COPPER | 192.19 | +3.32% | +50.65% | 186.01 | 193.86 | 185.75 | 649,631 |
Nuam and the Three Exchanges
Nuam describes itself as the regional holding company that integrates the exchanges of Santiago, Lima and Colombia and will turn them into a single market. Its recent news items show steps already taken, including the 24 September addition of Peruvian securities in Santiago and the 20 October addition of MSCI IGPA indices to the Santiago exchange.
At a regional capital markets congress in September, Colombia’s exchange chief Andrés Restrepo said about 95% of operating rules are already the same across the three markets, according to Valora Analitik. He listed a central clearing house for Peru, direct access for foreign operators in Colombia and liquidity tools such as repos and market makers among the pieces still missing.
Tax Could Shape the Appeal
Peru taxes individuals’ gains from selling shares at an effective 5%, while Chile approved ending its 10% single tax from 2027 and Colombia exempts gains on listed shares under conditions. Pichihua warned that Peru could lose part of its tax edge from 2027 and said tax policy belongs to the Economy Ministry.
Nuam chief executive Juan Pablo Córdoba took a different view in an interview on 14 September, saying “el impuesto de ganancias de capital no es tema.” He added that Nuam will keep talking with Peru’s government if it considers similar treatment.
What It Means for You
For US investors, a linked Peruvian, Chilean and Colombian market could mean one route into three exchanges instead of separate accounts in each country. The pitch is being made in New York on 26 and 27 October 2026, with roadshow meetings listed with JPMorgan, Goldman Sachs, Bank of America and BTG Pactual.
Nothing changes for Peruvian or US savers today, because the clearing house and its rules are not yet in place and no start date is fixed. Background on the market is on the Peru news page and in Investing in Peru as a Foreigner.
What Is Not Known
No exact start date has been given, and executives name different dates, from the start of 2027 for the clearing house to mid-2027 for the integrated market. Reports also differ on whether the SMV board has already approved the clearing house rule or still has to.
Limits per investor, brokerage fees and the taxes that would apply to Peruvians buying Chilean and Colombian shares have not been published. Rules for direct access by foreign intermediaries in Peru are also still to be written, so it is not known when US funds would see any change.
Frequently Asked Questions
Will Peruvians be able to buy Chilean and Colombian stocks?
That is the target from 2027, according to Rafael Carranza, president of the Lima Stock Exchange group, who spoke on 26 October 2026. It depends on a clearing house rule, and no exact start date has been given.
How would Peruvian investors buy the shares?
They would use Peruvian brokers, called sociedades agentes de bolsa, which today offer only securities listed in Lima. Once the exchanges are interoperable, the brokers could also offer shares traded in Santiago and Colombia.
What is Nuam?
Nuam is the holding company that owns the stock exchanges of Peru, Chile and Colombia. It is building an integrated market for the three countries, which it aims to have operating in 2027.
Why does Peru need a clearing house?
A central counterparty guarantees trades by stepping between buyer and seller and taking on the risk if one side defaults. Peru has none today, while Chile and Colombia do.
Does the change affect US investors?
Not directly yet, because no start date is fixed and the clearing house rules are not final. It could give US and other foreign funds an easier route into three markets if the plan goes ahead.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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