The history
of Bolsa de Valores de Lima goes back to the Tribunal del Consulado,
which in the 19th Century was the highest commerce court and
which played an important role in the creation of Lima's Commerce
Exchange.
The liberal policies of President Ramón Castilla's government
led to the inauguration of Bolsa de Comercio de Lima on December
31, 1860, which started operations from temporary premises on
January 7, 1861.
An expansion in the volume of transactions
and close ties established with European markets made it necessary
for its business to be conducted at specific and precise times,
from permanent premises.
Right from the beginning, the main
sponsors of the Exchange were the Peruvian government and
the most representative businessmen of the time.
In spite of the fact that during its
first three decades, the Exchange did not trade in stocks
of any type, it did list nominal quotations of the main markets
through the Comisión de Cotización (Quotations
Commission). Serious inflation experienced by Peru between
1872 and 1880 contributed to a lack of interest in the market.
Under the name Bolsa Comercial de Lima,
the Exchange was vigorously launched again by President Nicolás
de Piérola in 1898, when the regulations creating the
Cámara Sindical, comprised of three businessmen and
three exchange agents, were approved.
It was in 1898 when the first edition
of Boletín de la Bolsa Comercial de Lima was distributed,
bulletin which is still being published. The first Annual
Report of Bolsa Comercial de Lima was prepared in 1901, document
which has been uninterruptedly presented by the Cámara
Sindical to Shareholders Meetings ever since.
This restructured Bolsa Comercial de
Lima traded in stocks, bonds and certificates, with the most
prominent being those of banks, insurance companies and Peruvian
debt instruments. Stock trading was the main activity of both,
Cámara Sindical and the Comisión del Interior.
Uncertainty and an enormous fluctuation
in the prices of securities between 1929 and 1932, as well
as changes occurring during and following the Second World
War, led to new institutional changes. Reforms began in 1945
culminated with the creation of the new Bolsa de Comercio
de Lima in 1951. The first Centenary of its founding was celebrated
in 1960. During this period, education of participants to
trade in stock exchange sessions and the creation of a real
securities market were its greatest concerns. In 1971, conditions
were ripe for the founding of the current Bolsa de Valores
de Lima.
Its historical concerns also
include some operating problems, of which the most common
have been those related to technical conditions for the timely
reception of information, as well as the frustration due to
the lack of its own telegraphic system since 1860. Significant
leaps have taken place throughout the 20th Century, to the
implementation of the current trading system and modern CAVALI,
among other information services.