Auerbach Grayson & Company, Inc., the New York-based international brokerage firm, says that Correval S.A. of Bogot has agreed to become its exclusive local broker partner in Colombia.
With Correval a new member of its global network, Auerbach Grayson now has local broker partners in 99 countries, and anticipates reaching the 100 mark by the end of 2006. In South America, the firm’s network already includes local brokers in Argentina, Brazil, Chile, Peru and Venezuela. Worldwide, recent new network members include brokers in Azerbaijan, Pakistan, Qatar, Sri Lanka and Vietnam.
“Correval’s decision to join the Auerbach Grayson global network reflects the rapid progress made by the BVC (Bolsa de Valores de Colombia) during the five years since it was created by the integration of the stock exchanges of Bogot, Medelln and Occidente,” says Emilio De Brigard, Correval’s Head of Equity Trading at Correval. “Today, the BVC has become an effective single exchange platform administering Columbia’s stock, foreign exchange, derivative, and fixed income markets. Correval’s relationship with Auerbach Grayson will play an important role in introducing institutional investors to these growing, and increasingly efficient, markets.”
David S. Grayson, Managing Director and co-founder of Auerbach Grayson, says he looks forward to “a cooperative partnership that will benefit from Correva’s plans to attract a growing number of international investors to Colombia’s investment markets.”
Auerbach Grayson, founded in 1993, offers a full range of research, execution and settlement services in equities, derivatives and fixed-income instruments to its institutional investor clients.