Bolsa de Santiago: how it works, who runs it, and what issuers must disclose
What this exchange is
The Bolsa de Comercio de Santiago — known in English as the Santiago Stock Exchange — was founded on 27 November 1893 and is Chile’s dominant stock exchange. Its ISO 10383 MIC code is XSGO.
All trades are quoted and settled in Chilean pesos (CLP), the national currency.
The exchange operates as the main stock exchange in Chile, facilitating, regulating and monitoring trading in equity shares, fixed-income securities, futures, options and investment fund units. It also trades gold and silver coins minted by the Banco Central de Chile, Chile’s central bank, and short-term money-market instruments used for overnight lending between financial institutions.
Fixed-income instruments — government bonds, corporate bonds and short-term bank loans — make up the largest share of daily turnover at this exchange, dwarfing equity trading in pure volume terms. A foreign reader should understand they are looking at a market where debt is the main event; shares are significant but are the smaller part of what crosses the screen each day.
Who owns it
The principal shareholders of Bolsa de Comercio de Santiago are the stockbrokers who are members of the exchange. For most of its history it operated as a mutual membership club, with seats owned exclusively by its licensed broker-members.
As of June 2017, it became a demutualised exchange — meaning it converted itself from a members’ club into a company with tradeable shares, the model used by the New York Stock Exchange and most major global bourses.
Bolsa de Comercio de Santiago is a public company; its ticker symbol on its own market is BOLSASTGO. The exchange therefore lists its own shares on itself.
It does not belong to a larger regional exchange group; it is an independent Chilean institution, though it is a member of the World Federation of Exchanges, the Iberoamerican Federation of Exchanges (FIAB), and the MILA cross-border trading platform.
Not published: The names of the current chief executive and chairperson are not reproduced in any English-language regulatory filing or exchange press release accessible at the time of writing. The exchange’s own website at bolsadesantiago.com was protected by a CAPTCHA challenge that prevented document retrieval; the CMF’s issuer filing system at cmfchile.cl lists BOLSASTGO’s corporate documents in Spanish only.
Readers seeking current leadership names should consult the annual memoria (annual report) filed with the CMF under issuer code BOLSASTGO.
Live Market IntelligenceCommodities — Live Market Board
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Commodities — Live Market Board
-0.93%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| GOLD | 4,119 | -0.29% | +24.16% | 4,131 | 4,145 | 4,082 | 72,050 |
| SILVER | 60.26 | -0.20% | +62.70% | 60.38 | 61.20 | 59.25 | 18,854 |
| BRENT | 75.59 | -0.93% | +10.13% | 76.30 | 77.56 | 75.35 | 28,056 |
| WTI | 71.11 | -1.35% | +6.82% | 72.08 | 73.16 | 71.08 | 125,923 |
| COPPER | 6.28 | +1.01% | +13.16% | 6.22 | 6.33 | 6.24 | 22,955 |
| LITHIUM | 72.26 | -0.78% | +79.47% | 72.82 | 72.63 | 71.91 | 69,707 |
| IRON ORE | 161.91 | — | +67.33% | 161.91 | 161.91 | 1 | |
| SOY | 1,189 | +0.78% | +17.43% | 1,180 | 1,189 | 1,173 | 69,344 |
| CORN | 457.00 | +6.84% | +12.22% | 427.75 | 457.50 | 447.50 | 152,892 |
| WHEAT | 648.50 | +6.09% | +17.86% | 611.25 | 649.25 | 614.00 | 96,894 |
| COFFEE | 335.20 | -6.09% | +15.63% | 356.95 | 340.70 | 318.60 | 23,277 |
| SUGAR | 14.89 | -1.52% | -8.43% | 15.12 | 15.14 | 14.71 | 48,273 |
| COCOA | 6,128 | -2.87% | -29.90% | 6,309 | 6,310 | 5,777 | 20,575 |
| ORANGE JUICE | 144.65 | -3.50% | -48.33% | 149.90 | 149.20 | 143.25 | 420 |
| COTTON | 80.87 | +6.18% | +22.07% | 76.16 | 79.67 | 78.28 | 15,888 |
| BEEF | 233.38 | -0.80% | +6.45% | 235.25 | 232.15 | 229.00 | 19,894 |
| CATTLE | 352.65 | -0.98% | +9.77% | 356.15 | 358.40 | 351.45 | 6,249 |
| USD/BRL | 5.10 | -0.24% | -8.57% | 5.12 | 5.13 | 5.10 | — |
Who regulates it
The exchange and every company listed on it are supervised by the CMF — the Comisión para el Mercado Financiero, Chile’s financial-markets regulator, which sits above both the securities and the insurance industries. The CMF was created on 23 February 2017 by Law No. 21,000 and on 1 June 2019 it replaced and assumed the authorities of the former regulator, the Superintendence of Securities and Insurance.
The primary statute giving the CMF its teeth over listed companies is Ley No. 18.045, known as the Ley de Mercado de Valores (Capital Markets Law), enacted in 1981 and updated most recently by Law 21.314 in April 2021.
The CMF can order a company to correct or refile its accounts, suspend trading, impose fines and — under Article 58 of Ley 18.045 — initiate criminal proceedings for insider dealing and market manipulation. Directors, liquidators or the manager of an exchange who fail to exercise their supervisory duties under the exchange’s statutes, internal rules and applicable law are subject to administrative sanctions applied by the CMF.
All public filings — quarterly accounts, material-event notices, ownership changes and annual reports — are held at the CMF’s public portal at cmfchile.cl, navigable in Spanish, where documents can be downloaded free of charge.
What trades there
The exchange runs several distinct markets. The main equities market trades shares of Chilean companies as well as foreign shares and ADRs (American Depositary Receipts — certificates backed by foreign shares, allowing Chilean investors to hold overseas companies).
The fixed-income market trades government bonds, corporate bonds and inflation-linked instruments. A derivatives market covers futures and options on equity indices and individual stocks.
Investment fund units, including ETFs (exchange-traded funds, which are baskets of shares traded like a single stock), also have a dedicated segment.
ScaleX is a segment of Bolsa de Santiago classified as an alternative market; it permits public offerings that are exempt from the requirement to register with the CMF, under General Rule No. 452, with the purpose of trading securities of companies in an expansion stage. This is broadly comparable to a junior or growth board: lighter regulation, lighter cost, intended to bring smaller and younger companies to public investors.
A Venture Market segment, born in 2014 from a joint operation with the TSX Venture Exchange of Canada, allows companies listed on the Canadian junior exchange to dual-list in Santiago and thereby connect with investors across the MILA platform — the Mercado Integrado Latinoamericano — which links Chile with Colombia, Mexico and Peru.
The benchmark share index is the S&P IPSA (Índice de Precios Selectivo de Acciones — Selective Share Price Index), which measures the performance of the largest and most liquid stocks listed on the Santiago Exchange. It is co-managed by S&P Dow Jones Indices and the exchange.
The IPSA tracks the top 30 companies by adjusted market size, weighted so that each company’s share in the index reflects only the portion of its shares actually available to trade — what professionals call its free float. The component list is reviewed and adjusted on the last working day of December each year.
A broader index, the IGPA (Índice General de Precios de Acciones — General Share Price Index), covers all shares with sufficient trading activity.
What it takes to list
To list on the main equities board, a company must register its shares with the CMF under Ley 18.045 and then apply to the exchange. Chilean company law and the CMF’s General Rule No. 30 require that a company wishing to make a public offering be incorporated as a sociedad anónima abierta — an open stock corporation — which carries ongoing disclosure and corporate-governance obligations.
The CMF assesses whether the company’s track record, governance structure and financial statements meet the standards required for public market participation.
Not published: The exchange’s reglamento de operaciones (operating rulebook) at bolsadesantiago.com was inaccessible to automated retrieval at the time of writing owing to CAPTCHA protection. The specific minimum paid-in capital threshold in Chilean pesos (CLP) required for a main-board equity listing is therefore cited here from secondary sources as CLP 1,500,000,000 (approximately USD 1.6 million at current exchange rates), a figure that appears in the exchange’s historic promotional materials, but the exact current figure should be confirmed directly from the exchange’s listing brochure at bolsadesantiago.com under “Lístate con Nosotros.” The CMF’s own Ley 18.045 sets out a minimum-shareholder-distribution requirement: a company must have its shares spread among a sufficient number of unrelated public shareholders to qualify as an open corporation.
The exchange additionally requires a minimum market presence (called presencia bursátil ajustada) — the share must have traded on at least a specified proportion of the past 180 trading days.
For the lighter ScaleX alternative board, the registration threshold is lower: offerings on ScaleX are exempt from the CMF registration requirement under General Rule No. 452, meaning a smaller company can raise public capital without the full compliance burden of a main-board listing.
What companies must tell you
Companies supervised by the CMF must present their financial statements with quarterly frequency. Accounts are prepared under IFRS (International Financial Reporting Standards), the same accounting language used in Europe and most of Asia.
IFRS has been available from Chilean listed companies since 2009, when adoption of the international standard began for CMF-regulated entities. Annual accounts must be independently audited; quarterly interim statements are unaudited.
All filings are submitted to the CMF in Spanish; no English version is legally required, which is the single largest practical barrier for a foreign reader.
A listed company must disclose any event that could materially affect its share price — what the rules call a hecho esencial, or essential fact — to the CMF and to the exchange on the same day or the following day at the latest. Every essential fact must be disclosed to the CMF and the stock exchanges in a truthful, sufficient and timely manner — that is, as soon as it occurs or comes to the company’s knowledge; in the latter case the company must disclose it that same day or the next.
These filings appear publicly in the CMF’s online system within minutes of submission.
Under Article 12 of Ley 18.045, any person who acquires more than 10% of a publicly listed company must report that fact to the CMF and the exchange. The same obligation applies each time a holder crosses a further 10% threshold or falls below one.
Directors and senior managers must also declare their own shareholdings at appointment and update them when they change. What the rules do not explicitly mandate, and what a foreign reader will quickly notice, is that board remuneration is disclosed only in aggregate in the annual memoria (report), not on an individual director basis; and that related-party transactions are disclosed under Articles 44 and 147 of the Ley de Sociedades Anónimas (Corporations Law) but only when they involve material amounts, with the threshold set by the board’s own committee.
How trading works
Trading runs on a continuous electronic order-matching system — meaning buyers and sellers are matched automatically throughout the session as orders arrive, not in scheduled batch auctions as in some other markets. The equity session runs from 09:30 to 17:00 Chilean Standard Time (GMT-4 in winter, GMT-3 during Chile’s summer daylight-saving period, which runs roughly September to April).
A pre-opening period runs from 09:00 to 09:30, during which orders may be entered but not matched. The exchange observes Chilean public holidays, giving roughly 245 to 248 trading days per year after accounting for approximately twelve national holidays including Easter, Chilean independence days in September, and Christmas.
Investors may place limit orders (specifying the maximum price to pay or minimum to accept) or market orders (instructing the broker to trade at whatever price is available). Price-movement limits — commonly called circuit breakers — exist under the exchange’s operating rules; a stock whose price moves beyond a defined band within a session triggers a trading halt to allow the market to absorb information.
Not published: the exact percentage-band thresholds for individual equity circuit breakers are set out in the exchange’s reglamento interno, which was inaccessible to automated retrieval from bolsadesantiago.com at the time of writing. The rules also permit the condition of market presence to be satisfied through contracts that guarantee daily buy and sell offers for a security in quantities, time and conditions defined by the CMF — meaning an issuer can contract a market maker, a broker paid to stand ready to quote both a price to buy and a price to sell at all times, in order to maintain trading liquidity.
How a trade is settled
The central counterparty system allows for clearing and settlement of orders executed in equity instruments with a T+2 settlement term — meaning that when you buy a share on Monday, the shares arrive in your account and the cash leaves on Wednesday, two working days later. For fixed-income instruments the cycle is shorter: the clearing-house system allows for settlement of orders executed in fixed-income and money-market instruments with T+0 and T+1 settlement terms, and simultaneous repo transactions (short-term secured loans between market participants) settle on T+0.
CCLV Contraparte Central S.A. — a subsidiary of the Santiago Stock Exchange — clears and settles exchange-traded debt securities and also acts as a central counterparty for equities in the cash market and for exchange-traded derivatives. Being a central counterparty means CCLV steps into every trade as buyer to every seller and seller to every buyer, eliminating the risk that the other side of your trade fails to deliver.
DCV — Depósito Central de Valores S.A., Chile’s central securities depository — provides custody, clearing and settlement services for securities. DCV is the entity that keeps the definitive register of who owns what.
In practice, most retail and foreign investors hold their shares through a broker, which in turn holds through DCV; beneficial ownership is tracked at DCV down to individual account level, so your name can appear in the register if your broker arranges it, but nominee holding through the broker is the norm.
Short selling, lending and margin
Short selling — betting that a share will fall by borrowing and selling shares you do not own — is legally permitted in Chile under the Ley de Mercado de Valores and CMF regulations, but it remains rare and structurally limited. A securities-lending market exists in principle: the CMF’s rulebook contemplates simultaneous buy-sell transactions (operaciones simultáneas) that function as collateralised short-term stock loans.
In practice, the supply of lendable stock is thin, many controlling shareholders have not made their blocks available for lending, and most foreign investors find that their brokers do not offer the service in a reliable way for retail-sized orders.
Margin lending — borrowing cash from a broker to buy more shares than you could otherwise afford — is permitted by Chilean regulation and offered by several local brokers. The CMF and the exchange set capital requirements for brokers offering margin, and brokers set their own loan-to-value ratios on a stock-by-stock basis.
Neither short selling nor margin is available on the ScaleX or Venture segments. A foreign reader who intends to sell short or trade on margin should treat access as a negotiation with their specific local broker, not as a guaranteed market feature.
Can a foreigner buy here?
There is no restriction on foreign ownership of Chilean listed shares. Foreign shareholders are required to obtain a Chilean Tax ID (known as a RUT — Rol Único Tributario), but are not subject to further compliance obligations if they only act as holders.
In practice, a foreign individual or fund opens an account with a Chilean stockbroker (a corredor de bolsa licensed by the CMF), provides identity documents and tax details, and the broker applies for a RUT on the client’s behalf. No registration with the central bank is required for portfolio investments; capital moves freely in and out of Chile under the Banco Central’s current foreign-exchange regulations, though large inflows and outflows must be reported to the central bank for statistical purposes.
Dividends paid to a non-resident recipient are subject to a 35% withholding of additional tax, with the first-category corporate tax (FCT) paid at the company level being wholly or partially creditable against this withholding tax, depending on the income tax system to which the source entity is subject. Consequently, the total tax burden for a non-resident recipient of dividends — including taxes at the company level — is 35% if the recipient is resident in a country with a double-taxation treaty with Chile, or 44.45% if not.
Chile has tax treaties with most developed economies, including the United States, the United Kingdom, Germany and Japan. On capital gains from selling listed shares, a 10% tax currently applies, though a pending Chilean tax reform bill proposes to repeal the 10% capital gains tax on disposals of publicly traded securities, restoring the full exemption regime.
That bill was submitted to Congress in April 2026 and had not been enacted at the time of writing. Foreign investors may also access Chilean equities more easily through the MILA platform via brokers in Colombia, Peru or Mexico, or through ADRs (depositary receipts) listed in New York for the handful of large Chilean companies that have taken that route.
What it costs
Not published: The exchange’s detailed current fee schedule — covering both the initial listing fee and the annual maintenance fee — was not accessible from the exchange’s “Lístate con Nosotros” (List with Us) pages at bolsadesantiago.com at the time of writing, as the site was protected by a CAPTCHA challenge blocking document retrieval. The exchange’s historic indicative figures, as circulated in promotional materials for issuers, put the initial registration fee at roughly CLP 120,000,000 (approximately USD 130,000) for a full main-board listing, with an annual maintenance fee in the range of CLP 30,000,000 to CLP 60,000,000 (approximately USD 33,000 to USD 66,000), varying by the size of the issuer.
These figures should be verified directly with the exchange’s issuer-relations team before relying on them for a transaction.
Trading commissions are charged by the licensed broker, not by the exchange directly, and vary by broker; typical retail commissions run between 0.2% and 0.5% of the transaction value. There is no stamp duty or financial-transactions tax levied by Chile on equity trades — a meaningful advantage relative to some peers in the region.
The capital gains tax position is described in the section above. DCV charges a custodial fee for holding securities in book-entry form, but this is typically bundled into the broker’s overall fee.
Where the prices are
Live prices during trading hours are available on the exchange’s own public website at bolsadesantiago.com, where a free delayed feed (typically 15 minutes behind real time) is accessible without registration. Real-time data requires a commercial data subscription.
The exchange publishes a daily bulletin — the Boletín Bursátil — containing closing prices, traded volumes and other market statistics for each trading day; this is available for download, in Spanish, from the exchange’s statistics section at bolsadesantiago.com.
The major international commercial data providers do carry this exchange. Bloomberg carries Santiago-listed equities under the CC suffix; Reuters/LSEG covers them under the SN suffix (consistent with the EODHD designation); LSEG describes Bolsa de Santiago as Chile’s largest exchange and third in Latin America, noting its strategic focus on developing Chilean capital markets and providing reliable and transparent platforms.
S&P Dow Jones Indices co-manages the S&P IPSA benchmark. The practical limitation for English-language coverage is not the absence of price data — prices are available — but the absence of English-language financial statements, since all filings at cmfchile.cl are in Spanish only.
That gap is the reason substantive company analysis in English remains sparse for all but the largest Chilean issuers.
Liquidity, as we measure it
25 up · 27 down · 19 unchanged
Not published: 62 of the 134 companies we cover on this exchange returned no price on this session — they are listed but did not trade, or no vendor carries them. We profile them anyway.
Most traded that session
| Company | Ticker | Turnover | Change |
|---|---|---|---|
| LATAM Airlines Group S.A | LTM | US$23.4m | +3.53% |
| Sociedad Química y Minera de Chile S.A. | SQM-B | US$14.8m | -0.58% |
| Falabella | FALABELLA | US$8.9m | -0.49% |
| Banco de Chile | CHILE | US$8.6m | +0.84% |
| Empresa Nacional de Telecomunicaciones SA | ENTEL | US$7.1m | +0.55% |
Market data as of 9 July 2026. Refreshed nightly from the exchange's end-of-day feed; the text above is researched separately and carries its own verification date.
Sources
Bolsa de Santiago official website (bolsadesantiago.com) — exchange trading hours, market segments, ScaleX alternative board, ScaleX General Rule No. 452 exemption, CCLV and DCV roles, and the Boletín Bursátil daily price publication. CMF Chile — Ley N° 18.045 del Mercado de Valores (cmfchile.cl) — the primary statute governing listed companies, disclosure of essential facts (hechos esenciales), ownership thresholds, insider-trading prohibitions, and the CMF’s sanctioning powers; consolidated text including amendments by Law 21.314 of April 2021. CMF Chile — General Rule No. 519, IFRS S1/S2 adoption notice (cmfchile.cl) — establishes IFRS-based sustainability reporting from fiscal year 2026 and confirms quarterly IFRS financial-statement obligations for CMF-supervised issuers. Banco Central de Chile — FSAP Assessment Report on DCV (bcentral.cl) — authoritative description of CCLV as central counterparty for equities (T+2) and fixed income (T+1), and DCV as Chile’s sole authorised central securities depository. PwC Worldwide Tax Summaries — Chile Withholding Taxes — 35% additional withholding tax on dividends to non-residents, creditability of first-category corporate tax, and treaty versus non-treaty effective rates. EY Tax Alert — Chile Tax Reform Bill, April 2026 — proposed repeal of 10% capital gains tax on publicly traded securities from 1 January 2027 and return to a fully integrated corporate-tax system. LSEG Data & Analytics — Santiago Stock Exchange profile — demutualisation date of June 2017, MILA membership, and LSEG data-coverage confirmation. S&P Dow Jones Indices — S&P IPSA index page — confirms S&P DJI as co-manager of the benchmark index and its methodology of tracking the largest and most liquid Santiago-listed stocks.
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