{"id":1794,"date":"2026-03-13T19:55:17","date_gmt":"2026-03-13T19:55:17","guid":{"rendered":"https:\/\/ics.cr\/?p=1794"},"modified":"2026-03-23T18:27:11","modified_gmt":"2026-03-23T18:27:11","slug":"costa-rica-strengthens-its-public-debt-market-with-market-makers-program","status":"publish","type":"post","link":"https:\/\/ics.cr\/en\/costa-rica-fortalece-su-mercado-de-deuda-publica-con-el-programa-de-creadores-de-mercado\/","title":{"rendered":"Costa Rica strengthens its public debt market with Market Makers Program"},"content":{"rendered":"<p>The Ministry of Finance and the Bolsa Nacional de Valores (National Stock Exchange) consolidate the <a href=\"https:\/\/www.hacienda.go.cr\/docs\/CP5CreadoresMercado2026.pdf\" target=\"_blank\" rel=\"noopener\">Market Maker Program<span class=\"wpil-link-icon\" title=\"Link goes to external site.\" style=\"margin: 0 0 0 5px;\"><svg width=\"24\" height=\"24\" style=\"height:16px; width:16px; fill:#000000; stroke:#000000; display:inline-block;\" viewbox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" xmlns:svg=\"http:\/\/www.w3.org\/2000\/svg\"><g id=\"wpil-svg-outbound-4-icon-path\">\r\n                            <g fill-rule=\"evenodd\" id=\"action\" stroke=\"none\" stroke-width=\"1\" transform=\"matrix(0.92307696,0,0,0.92307696,-1.8461539,-1.8461539)\">\r\n                                <g transform=\"translate(-270,-45)\">\r\n                                    <g transform=\"translate(272,47)\">\r\n                                        <path d=\"m 20,22 v 2.008845 C 20,25.108529 19.110326,26 18.008845,26 H 16 v -2 h 2 v -2 z m 0,-2 v -2 h -2 v 2 z m -6,6 h -3 v -2 h 3 z M 9,26 H 6 V 24 H 9 Z M 4,26 H 1.991155 C 0.89147046,26 0,25.110326 0,24.008845 V 22 h 2 v 2 H 4 Z M 0,20 v -3 h 2 v 3 z m 0,-5 v -3 h 2 v 3 z M 0,10 V 7.991155 C 0,6.8914705 0.88967395,6 1.991155,6 H 4 V 8 H 2 v 2 z M 6,6 H 8 V 8 H 6 Z\" \/>\r\n                                        <path d=\"M 24.008845,0 C 25.108529,0 26,0.88967395 26,1.991155 v 16.01769 C 26,19.108529 25.110326,20 24.008845,20 H 7.991155 C 6.8914705,20 6,19.110326 6,18.008845 V 1.991155 C 6,0.89147046 6.8896739,0 7.991155,0 Z M 8,2 H 24 V 18 H 8 Z\" \/>\r\n                                        <path d=\"m 21,12 c 0.552285,0 1,-0.447715 1,-1 V 5 C 22,4.4477152 21.552285,4 21,4 h -6 c -0.552285,0 -1,0.4477152 -1,1 0,0.5522847 0.447715,1 1,1 h 3.580002 l -6.287109,6.292893 c -0.390524,0.390524 -0.390524,1.02369 0,1.414214 0.390524,0.390524 1.02369,0.390524 1.414214,0 L 20,7.4190674 V 11 c 0,0.552285 0.447715,1 1,1 z\" \/>\r\n                                    <\/g>\r\n                                <\/g>\r\n                            <\/g>\r\n                        <\/g><\/svg><\/span><\/a>, an initiative that seeks to modernize and strengthen the public debt market in Costa Rica.<\/p>\n<p>The program began as a pilot plan in November 2024 and allowed the participation of five financial institutions: Banco BAC San Jos\u00e9, Banco Davivienda, BCR Valores, BN Valores and Mutual Valores. According to the accumulated results between November 2024 and February 2026, the performance ranking is led by Banco BAC San Jos\u00e9, followed by BN Valores and Mutual Valores.<\/p>\n<p>The program is evaluated by means of a General Performance Index, which measures the participation of the entities in both the primary and secondary securities markets. This mechanism seeks to improve price formation, increase liquidity and strengthen the dynamics of the country's stock market.<\/p>\n<p>The main benefits of the program include greater stability in securities trading, the development of the secondary market and the incorporation of financial tools that allow for more flexible and transparent operations.<\/p>\n<p>For its second year of implementation, the program will expand its scope with the incorporation of Banco Popular y de Desarrollo Comunal and INS Valores, bringing the number of market makers to seven and strengthening the efficiency of the national financial system.<\/p>\n<p>Financial sector authorities stated that this initiative contributes to consolidating a deeper, more competitive securities market that is aligned with international standards.<\/p>\n<style>\r\n.lwrp.link-whisper-related-posts{\r\n            \r\n            margin-top: 40px;\nmargin-bottom: 30px;\r\n        }\r\n        .lwrp .lwrp-title{\r\n            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.lwrp-list-triple{\r\n                width: 100%;\r\n            }\r\n            .lwrp .lwrp-list-row-container{\r\n                justify-content: initial;\r\n                flex-direction: column;\r\n            }\r\n            .lwrp .lwrp-list-row-container .lwrp-list-item{\r\n                width: 100%;\r\n            }\r\n            .lwrp .lwrp-list-item:not(.lwrp-no-posts-message-item){\r\n                \r\n                \r\n            }\r\n            .lwrp .lwrp-list-item .lwrp-list-link .lwrp-list-link-title-text,\r\n            .lwrp .lwrp-list-item .lwrp-list-no-posts-message{\r\n                \r\n                \r\n                \r\n                \r\n            };\r\n        }<\/style>\r\n<div id=\"link-whisper-related-posts-widget\" class=\"link-whisper-related-posts lwrp\">\r\n            <h2 class=\"lwrp-title\">Related Posts<\/h2>    \r\n        <div class=\"lwrp-list-container\">\r\n                                            <div 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With the incorporation of Banco Popular and INS Valores, the program will now have seven market makers, improving liquidity, price formation and stability in securities trading.<\/p>","protected":false},"author":2,"featured_media":729,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[11],"tags":[],"class_list":["post-1794","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-noticias"],"acf":[],"_links":{"self":[{"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/posts\/1794","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/comments?post=1794"}],"version-history":[{"count":4,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/posts\/1794\/revisions"}],"predecessor-version":[{"id":1838,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/posts\/1794\/revisions\/1838"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/media\/729"}],"wp:attachment":[{"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/media?parent=1794"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/categories?post=1794"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ics.cr\/en\/wp-json\/wp\/v2\/tags?post=1794"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}