BIVA

What BIVA does

BIVA (Bolsa Institucional de Valores S.A. de C.V.) is Mexico's second-largest stock exchange, accounting for approximately 20% of share trading in the country. Founded in 2018 as a partnership between Cencor and FTSE Russell, the exchange operates the Sistema OPEL electronic trading platform — built on Nasdaq technology and comprising five specialized books for equities, closing operations, blocks, debt, and warrants. It is licensed and supervised by Mexico's CNBV and serves as essential market infrastructure for capital formation, price discovery, and securities trading across equities, fixed income, ETFs, warrants, and alternative instruments (CKDs, CERPIs, FIBRAs, FIBRAs E).

The company's product portfolio extends beyond core trading into index services (FTSE BIVA Index family co-developed with FTSE Russell), market data distribution via ITCH Protocol, cloud-based data APIs (BIVA Cloud), ESG and sustainable finance (BIVA 360 Sustainable / BIVASG), retail and institutional investor education (Instituto BIVA), and an international quotations system (SIC) covering 30+ global exchanges. Technology infrastructure is licensed from Nasdaq for trading, surveillance (SMARTS), and data distribution (X-Stream), and market data is delivered globally through certified distributors including Bloomberg, LSEG/Refinitiv, Fidessa, TradingView, InfoSel, and Thomson Reuters.

BIVA generates revenue through a multi-stream model: tiered maker-taker trading commissions on executed volume, recurring monthly membership fees from brokerages ($2,250/month), subscription market data products ($1,050-$4,450/month), BIVA Cloud API subscriptions ($50-$750/month), FIX/OUCH session fees ($700-$1,850), and listing fees for issuers across traditional and alternative instruments. Primary customers are 26+ member brokerages (including global and Mexican banks such as Morgan Stanley, Goldman Sachs, JPMorgan, HSBC, BBVA, Banorte, Santander) and listed issuers across industries (e.g., Arca Continental, Grupo Aeroméxico), with secondary segments comprising institutional investors (AFORES, funds), retail investors, and alternative investment issuers. BIVA is currently privately held by Cencor (majority-owned by LIV Capital), which has initiated a sale process with a deadline extended to end of 2026.

Name

BIVA

Legal name

Bolsa Institucional de Valores S.A. de C.V.

Website

https://biva.mx

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

101–250 employees

Short description

BIVA operates Mexico's second-largest stock exchange, providing electronic trading, listings, market data, ESG, and ETF infrastructure for ~20% of Mexican share trading. It serves 26+ member brokerages, listed issuers, institutional and retail investors under CNBV oversight.

Ownership category

akta.pro rank

Headquarters

HQ city

Mexico City

HQ country

Mexico

HQ region

Latin America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D

Revenue model

1. Trading Commissions (Maker-Taker): BIVA charges commissions on securities trades executed through its platform. The exchange uses a maker-taker fee model where passive (maker) orders receive lower rates than aggressive (taker) orders. Commission rates decrease as monthly trading volume increases, ranging from 0.000030 (pasiva) to 0.000040 (activa) for brokers trading under $1 billion monthly, scaling down to 0.000015-0.000030 for volumes exceeding $17 billion.
2. Membership Fees: Monthly membership fees charged to brokerages (casas de bolsa) for exchange participation rights and system access.
3. Market Data Products: Sale of real-time and historical market data including BIVA Total, BIVA Basic, BIVA Last Sale, and BIVA News, priced at $4,450, $1,700, $1,400, and $1,050 USD respectively.
4. BIVA Cloud API Services: Cloud-based distribution of financial market data via APIs, with tiered pricing from $50 to $750 USD monthly based on request volume and data access levels.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

BIVA (Bolsa Institucional de Valores) operates Mexico's second-largest stock exchange, providing electronic trading infrastructure for equities, debt, ETFs, warrants, and alternative instruments through its proprietary Sistema OPEL platform. The exchange facilitates capital raising via listings for corporate issuers, enables trading through 26+ member brokerages, and distributes real-time market data globally via certified providers.

Product overview

BIVA (Bolsa Institucional de Valores) operates as a platform-plus-modules architecture offering Mexico's second-largest stock exchange infrastructure. The core offering centers on the Sistema OPEL trading platform with five operation books (OPEL-E, OPEL-C, OPEL-B, OPEL-D, OPEL-W) built on Nasdaq technology. Supporting the trading core, BIVA provides BIVA Cloud APIs for market data distribution, ITCH Protocol for data feed connectivity, and FTSE BIVA Indices in partnership with FTSE Russell. The product portfolio extends to BIVA ETFs (including ESG ETFs), BIVA 360 Sustainable for ESG solutions, BIVASG for sustainable finance offerings, Instituto BIVA for financial education, listing services, alternative instruments (CKDs, CERPIs, FIBRAs), and the Sistema Internacional de Cotizaciones (SIC) for international securities trading.

Differentiator

Problem solved

Functional benefit

Brands

• BIVA 360 Sostenible: ESG and sustainability platform offering ESG scan, ESG Experience reporting platform, sustainable indices, and ASG (ESG) bond issuances.
• BIVA Cloud
• BIVA ETFs
• Instituto BIVA
• Sistema OPEL

Products and services

• Sistema OPEL Electronic trading system based on Nasdaq technology with five operation books (OPEL-E for continuous electronic market, OPEL-C for closing operations, OPEL-B for block operations, OPEL-D for debt operations, OPEL-W for warrant operations). Licensed for use by member brokerages to execute securities trades on the BIVA exchange.
• BIVA Cloud

Named customers18 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature4 records

Partnerships

Ten partnerships are on record, tiered core, flagship, major and minor.

• NasdaqcoreTechnology or IntegrationNasdaq provides core technology for BIVA's trading platform (Sistema OPEL), market surveillance (SMARTS), and data distribution (X-Stream). As the world's leading financial technology provider, Nasdaq powers more than 100 markets in 50 countries.
• FTSE RussellcoreTechnology or IntegrationFTSE Russell creates and manages the FTSE BIVA index family, representing Mexican equity market performance. With over 30 years of experience and $15 trillion in assets referenced to FTSE Russell indices, this partnership provides BIVA's benchmark indices.
• VanguardflagshipStrategic or Co-development PartnerLaunched ETF certification program targeting Mexico's low 1.2% active investment participation rate. Vanguard contributes its global expertise and $12.3 trillion in assets under management to professionalize financial education for students, entrepreneurs, and retail investors.
• UNAM (Universidad Nacional Autónoma de México)flagshipStrategic or Co-development PartnerPartner in ETF certification program, contributing academic credibility and reach within Mexico's higher education system to expand investor education.
• BloombergmajorChannel Partner/ Reseller/ DistributorCertified market data provider distributing BIVA Total and BIVA Basic data products to Bloomberg terminal subscribers globally.
• FidessamajorChannel Partner/ Reseller/ DistributorCertified market data provider offering BIVA Total and BIVA Basic data to financial institutions through Fidessa's global network.
• LSEG (London Stock Exchange Group)majorChannel Partner/ Reseller/ DistributorCertified market data provider offering BIVA Total and BIVA Basic data through LSEG's Refinitiv distribution network.
• TradingViewmajorChannel Partner/ Reseller/ DistributorCertified market data provider offering BIVA Total and BIVA Basic data to retail investors through TradingView's charting and trading platform.
• InfoSelminorChannel Partner/ Reseller/ DistributorMexican financial information provider distributing BIVA Basic market data to local market participants.
• Thomson Reuters MexicominorChannel Partner/ Reseller/ DistributorMexican arm of Thomson Reuters distributing BIVA Basic market data to local institutions.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Bolsa Mexicana de Valores (BMV): Mexico's incumbent and dominant stock exchange, holding ~80% of national share trading volume. BIVA's direct domestic competitor, competing head-to-head for listings, member brokerages, and order flow under the same CNBV regulatory framework. The two together form a domestic duopoly.
• B3 (Brasil, Bolsa, Balcão): Latin America's largest exchange operator, integrating equities, fixed income, futures, and market infrastructure across Brazil. Closest large-scale peer in business model — multi-asset exchange serving an emerging market economy with similar growth profile to Mexico — and useful reference for valuation and product mix.

Broad incumbents

• Nasdaq, Inc. Global exchange operator that also provides the core technology stack (Sistema OPEL, SMARTS surveillance, X-Stream data distribution) to BIVA. Comparable as a multi-asset exchange business with deep market data and SaaS/regtech revenues, but at vastly larger scale.
• Intercontinental Exchange (NYSE/ICE): Owns NYSE and operates global exchanges plus a large data, analytics, and connectivity business. Closest analog for understanding how an exchange operator diversifies into recurring data and technology revenue lines (similar to BIVA Cloud + market data products).
• London Stock Exchange Group (LSEG): Owner of London Stock Exchange and Refinitiv — BIVA's certified market data distribution partner. Comparable diversified exchange + data + analytics franchise, and a strategic partner channel for BIVA's market data products.
• TMX Group (Toronto Stock Exchange): Operator of Toronto Stock Exchange, TSX Venture, and Montréal Exchange plus data services. Mid-sized Americas exchange operator with a comparable mix of cash equities, fixed income, and data products — useful sizing benchmark for BIVA's range of services.
• Japan Exchange Group (JPX): Operator of Tokyo Stock Exchange and Osaka Exchange. Comparable as a non-U.S. multi-asset exchange with strong retail participation in domestic equities — a relevant case study for BIVA's retail penetration strategy.
• Deutsche Börse: German exchange operator with Xetra cash equities, Eurex derivatives, and a large index/data franchise (including cooperation with FTSE Russell competitors). Comparable for benchmarking the mix of trading fees, clearing, and data revenue that BIVA's business is evolving toward.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/BIVAMX
• Facebookfacebook.com/bivamx
• LinkedInlinkedin.com/company/biva-mx

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BIVA