Emerging commodity exchanges

 
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Click on the image to go to the web site of the exchange of Lima.

1. History

 
2. Products sold
3. Contracts available in the exchange
4. Derivatives
5. Warehouses and warehouse receipts

6. Brokers
7. Regulator and regulatory framework
8. Statistics

History

Founded the 23rd of September 1994, the 'Bolsa de productos de Lima' is a civil association intended at marketing agricultural, fish, mineral, industrial and service products. Doing so, there are two market places: an exchange-standardized market and an over-the-counter market.

The exchange-standardized market started by December 1999 and the first trade operated in February 2000.

 

Products sold

In the exchange-standardized market:

Agricultural products
 Fish products Fertilizers
Raw palm oil Brown or raw sugar   Potassium chlorur
Cotton: Tanguis, Pima, del Cerro and Aspero varieties White sugar Fish flour: standard, prime, super prime. Diamoniac phosphat
Rough rice Refined sugar Sardines tinned: with oil, with water and salt, wit tomato sauce. Amonium nitrat
Brown rice

Washed coffees

 

 Oil fish

Potassium sulfat

 

Milled rice

 

Coffee-bean

 

  

Magnesium and Potasium phosphat

 

Rice subproducts

 

Coffee cherries

 

  

Triple superphosphat

 

Cocoa bean

 

Cocoa butter

 

   Urea

 

Products' specification in line with the exchange

In the over-the-counter market:

White potato asparagus cochineal
yellow potato tomato kiwicha
carot beans quinua
garlic white beans  
onion lentils  

All the above products are registered in : Registro Público del Mercadode Valores. Since products' standards are not specified for the over-the-counter market, there are specifications for the products to be sold in the exchange-standardized market.
The warehouses belonging to Los Almacenes Generales de Depósito (AGD) qualifie products in accordance with those specifications.

 

Contracts available in the exchange

Spot contract Delivery is due within the next three working days, price is fixed at the signature of the contract. The seller owns the goods which are stored and ready to be delivered.
Price to be fixed contract Delivery is due within four and ninety days after signature of the contracts. Price is to be fixed. The seller owns the goods at the date of the contract's settlement.
Forward contract Delivery and price are to be fixed. The seller can not owned the goods at the time of the contract's settlement.
Repo transaction The price of goods is fixed at the setllement of the contract. The seller of the contract compromises himself to take an opposite position on the market of the one he took first. The Exchange acts as a third part and secures the transaction.

 

Derivatives

There are no derivative products at the moment because of the absence of a regulatory framework. Nevertheless, the creation of a clearing house is under project. Derivatives will first be implemented with the stock exchange and then be extended to the commodity exchange.

Warehouses and warehouse receipts

The warehouses in Peru are private companies who acts under Superintendencia de Banca y Seguros' control. A receipt may be issued against the delivery of goods. Such a receipt may serve as a garanty for a loan, or as a certificate qualifying the goods stored. In the exchange, transaction may be based on the description of the goods detailed in the receipt, without production of a sample of the goods.

 

Brokers

There are only two registered brokers by the exchange of Lima:

PRODUBOLSA

Luis Torricelli Farfán Gerente General Jr. Junín 270 Of. 01- Lima Telefonos (511) 4265560 / 4265540 ltorricelli@hotmail.com

PROGRESSUS

José Rivas Bassilio Gerente General Jr. Junín 270 Of. 07 - Lima Telefonos (511) 4265560 / 4265540 pgssus@amauta.rcp.net.pe

 

Regulator : Comisión Nacional Supervisora de Empresas y Valores

Regulatory framework

The exchange has been created by the law 26361 issued the 30th of September 1994. (downloadable here, pdf format).

In order to give incentives to trade in the exchange, benefits from the trade in the exchange are not submitted to the peruvian income tax. Moreover, the VAT is generated only when goods are delivered from warehouses.

Statistics

Volume traded in US $

Transactions in the exchange-standardized market started on December 1999.

N° Op Date Product Contract Quantity Price (US $ per Kg) Transaction asset (US $)
1 24/02/00 Washed coffee Price to be fixed
5 000
1.96
9 809.74
2 28/03/00 Cocoa bean Spot
113 886
0.86
195 028.58
3 30/03/00 Cocoa bean Spot
113 886
0.90
204 761.33
4 18/04/00 Cocoa bean Spot
103 134

0.97
200 081.61
5 25/04/00 Cocoa bean Spot
103 134
1.02
210 456.97
6 02/05/00 Cocoa bean Spot
103 134
1.02
210 456.97
7 09/05/00 Cocoa bean Spot
103 134
1.07
221 243.74
8 01/06/00 Cocoa bean Spot
150 000
0.85
255 000
9 01/06/00 Washed coffee Spot
167 500
1.20
402 000
10 04/09/00 Cocoa bean Spot
150 000
0.85
255 000
11 04/09/00 Washed coffee Spot
167 500
1.20
402 000

Transactions on the Over-the-Counter market will start by the end of November 2000.

Last update: 10.10.2000

 

 
 
Under development