It is expected that merger of future markets will be ready in May

The president of the Rosario Futures Exchange (ROFEX), Mr. Andrés Emilio Ponte, told to that it is expected that merger with Buenos Aires Futures Exchange (MATBA) is concluded in May 2019.

Last December, the shareholders of the MATBA approved the merger with its counterpart in Rosario. Currently, Mr. Ponte explain, they are running the administrative, legal and accounting processes related to the merger. “We are integrating our work teams, accomplishing with the requirement of the CNV (the capital markets regulatory authority), and we hope that this process will concluded in next May”, Mr. Ponte said.

Also, the merger is transiting an “opposition” period, during anyone stakeholder is able to present objections to the merger. “We are confident that there will be not any problem about this issue”, the interviewed said.

But the new company (MATBAROFEX) must will waiting one or two month after the close of the merger for their launching. The management must to define this date in function of the close of its each fiscal year, that concludes in 30th June (MATBA) and 31th July (ROFEX).

“In the agricultural segment, our priority is providing more volume to the soybean, corn and wheat futures operation. Last year 44 million metric tons of grains were hedged in our markets, from the previous 27 million. We are confident that we can heavily improve this volume and we are developing new strategies. After that we will think into launching new products”, Mr. Ponte affirmed.

Mr. Ponte also talked about the incorporation of the Orange Equity Partners fund as shareholder of ROFEX. The agreement was closed in parallel with the decision of the MATBA shareholders to advance with the merger. The OEP fund acquired 5% of the ROFEX’s capital, buying it to the Rosario Grain Exchange (BCR). He said that it is a “world class” capital fund that prestige the futures markets in Argentina. He also said that he expect a “proactive” shareholder, cooperating with the developing of new business.

But the 5% of participation in the ROFEX capital will be liquefied with the merger, but in a non determinate proportion. In the fiscal year 2017/18, ROFEX had incomes of AR$617 million versus AR$116 million of the MATBA. Net earnings were AR$553 and AR$123 million respectively. It is probably that these differences weight at the time to redistribute the new shares.

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