México no está tan lejos de Brasil, si la regulación funciona
Entrevista con Augusto Carvalho
Brasil y sus mercados suelen ser citados como el modelo a seguir para México y el restante de los mercados latinoamericanos.
Muchos de los mejores practitioners de la region se dieron cita en la Risk Management & Trading Conference 2015, entre ellos Augusto Carvalho de la Universidad FAP en Brasil.
Gherrera: What is the state of derivatives markets in Brazil?
Augusto: In Brazil we have a huge market in derivatives. Our derivatives exchange is one of the largest in the world.
However we can say that we are in a different stage compared to what has happened in the US, for example.
The principal change those markets have faced relate to regulation changes. Afte the crisis there have been lots of regulation in order to get more transparency and clarity of what is going on in the market, in terms of trades.
In contrast, in Brazil, since 90s, we have been taking care of all those regulatory issues that Dodd-Franck has been proposing. In a sense it doesn´t seem to be something new for us in the market.
For example, in Brazil 100% of derivative trades, whether or not they are traded on an exchange, are registered in some system, so the regulator knows what is going on in the derivatives market. It is unusual that they don´t know that, compared to the US or Europe, or the rest of LatinAmerica.
So, when it comes to trends, the concern in Brazil is rather about getting more complex instruments since most of our instruments are “plain vanilla”, not so much about regulation.
Gherrera: Media in Mexico is always comparing its markets to those in Brazil. How far behind is Mexico, really? Will it take long to “catch-up”?
Augusto: No I don´t think it will take many years to catch up. If the regulation is really good, the rest will fall into place together.
After the crisis the issue became that the regulators didnt know what trade and what types of trades were being traded in the US; the trend´ now is the futurization of derivatives, checking the trades thorugh the system or some registering system so that regulators know who is trading what, and this is already a very strong feature of our market in Brazil.
Besides, the fact that we have a very big equity market, as well as a big commodity market.
So, I don´t think it will take years for Mexico to catch up. In fact , we compare our risk management strategies to those in the Mexican market. In some sense, we are in the same playing field.
Extracto de Entrevista con Augusto Carvalho realizada por Gerardo Herrera, para Trading & Risk Magazine, en el 3er número de 2015.