Latinex at 35: Building a Gateway From Panama to the World

Panama’s capital market took root 35 years ago with a clear purpose - to develop a robust local market. Over the past decade, it has expanded its frontiers - to the region and the wider world. Latinex is still guided by its foundational vision. What started as a local exchange is now a regional platform with global reach, anchored by strong market infrastructure, international standards and a continual focus on usability and transparency. 

A Market Designed for Connection 

Panama’s strengths as a financial hub are well known: a dollarised economy, a sophisticated international banking centre, a pragmatic legal environment and a strategic location that bridges time zones and trading days. Latinex has translated those advantages into market capability. Over the past decade we modernised our trading infrastructure using world‑class matching technology, strengthened our rulebook and shortened time‑to‑market for new listings.  

In parallel, Latinclear, our Central Securities Depository (CSD), is implementing a new core platform to elevate post-trade resilience, automation and interoperability. Together, trading and post-trade systems deliver one promise: a market that is fast, fair and open. 

A New Route to Global Investors: International Listing 

Marking our 35th anniversary, Latinex launched International Listing, a streamlined pathway for listing international, fixed-income securities issued under Rule 144A (and/or Regulation S).  It is engineered for speed and clarity: pre‑admission in as little as three business days, an entirely electronic process, documentation in Spanish or English and price quotation on the Nasdaq ME board. Under a local regulatory exemption, qualifying securities may be admitted for secondary‑market trading without full local registration. In addition, Latinex is recognised by the United States Securities and Exchange Commission (SEC) as a Designated Offshore Securities Market (DOSM), supporting participation by global institutions. 

Global Access Via iLink With Euroclear Bank 

Complementing our domestic market is a global bridge.  iLink connects Latinclear and Euroclear Bank, allowing eligible debt securities listed on Latinex to become Euroclearable. This facilitates international investors to buy and hold Panamanian securities through their global custodians.

Phase I, live since 2014, covers government and quasi‑government issues. Phase II, launched in 2024, expands access to corporate, multilateral and supranational issuers. Today, more than USD 7.4 billion in securities are available via iLink, demonstrating seamless end-to-end distribution, settlement and safekeeping across borders.

For issuers and dealers, iLink simplifies placement and post-trade processes while expanding market reach. For investors, it provides straight-through access and familiar post-trade workflows.

Cross‑border Connectivity: Regional Market integration 

Latinex is a driver of regional integration through AMERCA, working with partner exchanges and CSDs to remove friction in cross‑border activity. Together with El Salvador (since 2017) and Nicaragua (since 2023), we operate a remote‑operator model that allows licensed intermediaries to access each other’s order books under recognised‑jurisdiction arrangements, with clearing and settlement coordinated by the local CSDs. In parallel, Latinex maintains correspondent arrangements with Costa Rica, Guatemala and Honduras, and a one-way connectivity with Colombia. These arrangements expand distribution and investor access across the region while preserving supervision and investor protection in each market. Today, more than USD 1.4 billion in securities is traded through both integration models.

Sustainability as a Market-wide Pillar 

Sustainability runs through our operations, market services and stakeholder engagement. We support issuers’ transition to high-quality sustainability reporting that's aligned with emerging global standards and spotlight thematic financing, green, social, sustainability and sustainability‑linked instruments on our market. We embed ESG into governance, risk and operations, including cyber resilience and business‑continuity planning, and foster education and dialogue throughout the ecosystem to accelerate better data, disclosure and risk management. 

Infrastructure That Meets International Standards 

Our trading platform is built on Nasdaq Matching Engine technology. It delivers high availability and execution with strong integrity across order types. On the post‑trade side, Latinclear is upgrading to DEPEND on HUBBLE messaging to enhance settlement efficiency, corporate‑actions processing and straight‑through processing. Standards matter as much as systems. Our practices align with IOSCO principles and the WFE’s focus on market integrity, cyber resilience and transparent disclosure. 

The Road Ahead 

Over the past 35 years, Latinex has built Panama’s capital market, evolving from a local exchange into a cross-border platform with global reach. As part of this transformation, we have: 

• Evolved from a local market into a cross‑border platform that welcomes international instruments and participants. 
• Integrated regional markets through AMERCA’s remote‑operator model, expanding investor access and issuer distribution across Central America. 
• Modernised front, middle and back-office infrastructure, including our Nasdaq Matching Engine for trading and Latinclear’s current upgrade to DEPEND/HUBBLE. 
• Connected globally via iLink with Euroclear Bank, expanding from local government and quasi-government issues to corporate and multilateral flows and enabling Euroclearable settlement for eligible local securities. 
• Strengthened supervision and disclosure standards in line with global practices. 
• Embedded sustainability across governance, risk and operations, supporting best practices in reporting and spotlighting thematic issuance on our market. 
• Built market capacity through our educational program, delivering practical training for issuers, intermediaries and investors on disclosure, ESG and market mechanics to raise standards across the ecosystem.  

Looking ahead, our priorities reflect the same spirit that has guided us since Day One.  Internationalisation at scale means deepening connectivity with global investors and intermediaries, broadening the universe of eligible instruments and streamlining cross-border links so that issuers can access deeper liquidity with greater predictability.  

Data and digital services will deliver richer market data, analytics and tools that help issuers tell their story and help investors decide more quickly. Usability will be delivered through modern portals and APIs.  In short, Latinex will continue to be a gateway: connecting talent, ideas and capital across Panama, the region and the world.  

An Open Invitation 

Latinex is the bridge that connects International Listing, iLink, regional integration and the Panamanian market into a single gateway, expanding issuers’ reach and giving investors an efficient, transparent venue in the Americas. As we celebrate 35 years, we welcome issuers, intermediaries and investors to partner with us, experience our upgraded infrastructure and help shape a market purpose-built for cross-border finance.