Bolsa de Valores de Caracas C.A.

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What it is

The Bolsa de Valores de Caracas is a private institution where shares, bonds, short-term commercial paper and other approved instruments are bought and sold under Venezuela’s Securities Market Law. It is incorporated as a company (*compañía anónima*) whose own shares are quoted on the very floor it operates, making its shareholders the ultimate owners of the marketplace itself.

The exchange was registered on 21 January 1947 under the name Bolsa de Comercio de Caracas, and its first trading session took place on 21 April 1947. At an extraordinary shareholders’ meeting on 6 May 1976, members voted to rename the institution Bolsa de Valores de Caracas C.A.

and restructured it around 43 shareholder seats.

In March 2017 the exchange was *demutualized* — meaning membership and ownership were formally separated — so that broking firms (casas de bolsa) authorised by the national regulator SUNAVAL can trade on the floor without necessarily holding shares in the exchange itself. Trading runs through an electronic system called SIBE (Sistema Integrado Bursátil Electrónico), with prices disseminated globally in real time.

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Who owns it

The exchange’s supreme authority is a shareholders’ assembly made up of everyone who holds BVCC shares. There is no disclosed controlling family, state entity, or single block-holder; ownership is dispersed among broking firms, institutional investors, and individual Venezuelans who trade BVCC shares on the open market.

Not published: neither the BVC investor-relations page (bolsadecaracas.com/relacion-con-el-accionista), the SUNAVAL 2024 Annual Report, nor the exchange’s own filings disclose an ownership breakdown by individual shareholder or percentage stakes. Venezuela’s Ley de Mercado de Valores requires listed companies to publish material ownership changes, but no single shareholder above a reportable threshold has been publicly named.

At the March 2025 extraordinary assembly, more than 77% of shareholders voted to raise the company’s authorised capital to Bs. 1,130,000, doubling the par value of shares from Bs.

0.01 to Bs. 0.02.

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Who runs it

As of 21 March 2025, Dr. José Grasso Vecchio assumed the presidency of the BVC for the 2025–2027 term, elected at the ordinary shareholders’ assembly; his board also includes Carlos Guruceaga as vice-president, Gonzalo Alonso Labraga as secretary, and Fulvio Italiani Firrito as independent director.

Grasso Vecchio is a veteran of Venezuela’s financial sector, having led the Banco Venezolano de Crédito and Banesco at various points in his career. He also previously headed the Asociación Bancaria de Venezuela (ABV), the country’s main banking industry body.

Not published: the role of Chief Financial Officer (CFO) or an equivalent executive is not separately disclosed on the BVC’s corporate-governance or investor-relations pages.

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The money, in plain words

The BVC earns revenue principally from transaction fees charged on every trade executed on its floor, from listing fees paid by companies that quote their securities there, and from data and information services. Its own financial results — the income it earns and the profit it keeps — are contained in audited annual accounts that the company publishes as PDF files on its website, as required by the Ley de Mercado de Valores.

Not published in accessible form: the PDF documents titled “Estados Financieros Auditados Diciembre 2024–2023” (published 9 April 2025) and “Estados Financieros Correspondiente Diciembre 2025–2024” (published 26 March 2026) are listed on bolsadecaracas.com but sit behind a login and payment system; the numerical content — annual revenue, net profit, net margin, return on equity, or earnings per share — could not be read directly. The SUNAVAL 2024 Annual Report (sunaval.gob.ve) covers market-wide trading statistics but does not publish BVCC’s corporate income statement.

Consequently, net margin, return on equity, price-to-earnings ratio and dividend yield cannot be computed from verified public data.

What can be established from public sources: during the 2024–2025 board, exchange revenues rose by roughly 60% in the final year of Horacio Velutini’s presidency — a figure Velutini himself cited publicly, though it refers to the whole market’s fee base rather than an audited BVCC income statement line. The stock itself trades at Bs.

511 (~$0.72), giving the company a total market value of roughly $40.8 million (our calculation: 56.5 million shares × Bs. 511 ÷ 707.92 VES/USD).

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What it is doing now

The total market capitalisation of all companies listed on the BVC reached $3.4 billion at end-2024, up 58% from $2.1 billion at end-2023. The exchange’s benchmark index, the IBC, delivered a 106% gain in 2024 in bolivar terms, placing Venezuela second in Latin America’s equity-market performance ranking for that year.

By December 2024, 33 issuers had placed short-term debt instruments (commercial paper) on the exchange, a sharp rise in the fixed-income segment. At the March 2025 assembly the board also renewed an employee share-incentive plan, issuing 500,000 additional shares to staff; incoming president Grasso Vecchio stated that the exchange will pursue broader outreach to all sectors of the economy.

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What to watch

• Financial disclosure. The audited accounts for FY2024 and FY2025 are posted on the company’s site but locked behind a payment portal. Any move to make them freely accessible — or a journalist successfully obtaining them — would be the first public verification of revenue and profitability.
• Ownership transparency. As BVCC grows in market value, pressure may build to disclose major shareholders; none has been publicly named to date.
• State-company listings. President Maduro announced plans to list 5–10% of state enterprises on the exchange — a move that, if executed, could dramatically expand trading volumes and the BVC’s fee income.
• Currency risk. Venezuela’s annual inflation ran at 48% in 2024 — much lower than the 189.8% of 2023, but still high enough to erode any bolivar-denominated returns rapidly for foreign observers.
• IBC trajectory. The benchmark Caracas index stood at 5,354.73 points on 9 July 2026, versus the 106% annual gain posted in 2024; whether that momentum holds under tighter global financial conditions is the key near-term question.

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This is news, not investment advice.