Nuam CEO: Integrated Stock Markets Could Multiply Liquidity Within 12 Months

As the multi-country stock exchange integration holding nuam targets cross-border operations within a 12-month window, structural tax discrepancies threaten market efficiency. According to nuam CEO Juan Pablo Córdoba, speaking at the Congreso Regional del Mercado de Capitales nuam Asobolsa 2026, retail and institutional investors in Peru will remain subject to a 5% capital gains tax, while peers in Chile and Colombia enjoy zero-rate exemptions.

Integration Progress and the Regulatory Milestones Ahead

The consolidation of the Lima Stock Exchange (Bolsa de Valores de Lima (BVL)), the Santiago Stock Exchange, and the Colombia Stock Exchange under the nuam holding has moved past its initial structural hurdles. Regulators across all three jurisdictions have reviewed and approved the baseline platform architecture. According to Córdoba, the three exchanges now operate on a unified equity trading engine.

The next operational phase requires precise regulatory habilitations. While Chile and Colombia have advanced their respective legal frameworks, Peru’s Superintendencia del Mercado de Valores (SMV), led by Superintendent Juan Pichihua, recently approved the norma project required to establish the missing clearing house. If the current timeline holds, the integrated multi-market access for regional and international participants is scheduled to go live by mid-year.

The Bottom Line

• Cross-Border Timeline: Integrated cross-border trading, allowing a Peruvian broker to acquire Chilean or Colombian equities directly via the BVL, is projected for full deployment within 12 months.
• Tax Divergence: Peru retains a 5% capital gains tax on equity transactions, whereas Colombia maintains a 0% rate for local transactions under the 3% volume threshold, and Chile is eliminating its 10% rate.
• Liquidity Target: Leadership projections indicate that the unified platform could multiply current market liquidity twofold to threefold over a relatively brief horizon.

Tax Treatment on Capital Gains Across the nuam Holding Markets

Country	Exchange Holding	Capital Gains Tax Rate	Regulatory Status (2026)
Peru	Bolsa de Valores de Lima (BVL)	5%	Active tax on domestic and cross-border gains.
Colombia	Bolsa de Valores de Colombia	tasa cero	Exempt if sales do not exceed 3% of circulating shares annually.
Chile	Bolsa de Santiago	exentas (effective 2027)	Tax reforms eliminate the prior 10% levy to boost competitiveness.

The Competitive Cost of Retaining Capital Gains Taxes

Market competitiveness relies heavily on friction-free capital allocation. Córdoba pointed to Chile’s legislative pivot as an instructive precedent. After imposing capital gains taxes in 2022, Chile observed adverse effects on market depth and subsequently reversed course via a new tax law designed to attract foreign and domestic capital.

For Peruvian market participants, the arithmetic is straightforward. Under the Andean Community (CAN) integration and double-taxation treaties, a Peruvian investor trading Colombian equities faces a definitive capital gains rate of 0%. However, a Peruvian investing in Chilean instruments must incorporate those gains into regular income declarations, triggering the local 5% levy. Córdoba noted that if future tax modifications in partner nations drift higher toward 15% or 20%, it would act as a structural disincentive for regional portfolio diversification.

Eliminating Peru’s 5% capital gains tax remains an optimal policy objective for complete tax harmonization, according to nuam leadership.

Operational Readiness and Market Liquidity Projections

Achieving a seamless single market requires more than regulatory sign-offs. Local broker-dealers, known locally in Peru as Sociedades Agentes de Bolsa (SAB), must upgrade their internal order-routing technology and compliance frameworks to handle multi-jurisdictional settlement cycles.

Photo: larepublica.co

Despite these operational hurdles, the macro backdrop remains supportive. Over the last 24 months, the combined markets of Chile, Colombia, and Peru ranked among the world’s most profitable equity blocs. By standardizing clearing mechanisms and lowering transaction barriers, nuam aims to unlock institutional capital pools that have historically remained siloed by national borders.