What Biva.com does

BIVA (Bolsa Institucional de Valores S.A. de C.V.) is Mexico's second-largest securities exchange, operating as a CNBV- and SHCP-authorized institutional platform that connects brokerage houses (casas de bolsa), listed companies (emisoras), and institutional investors across the Mexican capital markets. The core technology is the Sistema OPEL electronic trading platform, built on Nasdaq's X-Stream engine and monitored by Nasdaq's SMARTS surveillance system, with five specialized trading books (OPEL-E for continuous equity, OPEL-C for closing operations, OPEL-B for block trades, OPEL-D for debt, and OPEL-W for warrants/options). BIVA also co-manages the FTSE BIVA Index and FTSE4Good BIVA ESG Index with FTSE Russell, and operates the Sistema Internacional de Cotizaciones (SIC) for cross-border securities access.

The business model is diversified across five revenue streams: trading commissions on a maker-taker basis (0.000015-0.000040 scaled by monthly volume), recurring monthly membership fees for brokerage houses ($2,250/month), per-seat access for trading terminals and FIX/OUCH sessions ($300-$1,850), tiered market data subscriptions ($1,050-$4,450/month per product), and listing fees for issuers. The 2025 launch of BIVA Cloud — a tiered API platform ($50-$750/month) — extends the data-as-a-service monetization model to global developers and fintechs. Customers include all major Mexican brokerage houses (Inbursa, Monex, BBVA Mexico, GBM, Actinver, Invex, Banorte, Intercam) and global investment banks operating in Mexico (J.P. Morgan, Morgan Stanley, HSBC, Santander, Scotiabank, Goldman Sachs). BIVA captures 15-32% of daily Mexican equity trading volume with 27-39 million shares traded daily, and has built a sustainable finance franchise (BIVA 360) plus an educational institute (Instituto BIVA) to broaden its market footprint.

Name

Biva.com

Legal name

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

Website

http://www.biva.com

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

1–10 employees

Short description

BIVA (Bolsa Institucional de Valores) is Mexico's second CNBV-authorized securities exchange, operating the Nasdaq-powered Sistema OPEL trading platform for brokerage houses, listed companies, and institutional investors, with revenue from trading commissions, membership fees, market data, and listings.

Ownership category

akta.pro rank

Headquarters

HQ city

Miami Beach

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales

Revenue model

1. Trading Commissions: Commission fees collected from brokerage houses based on monthly trading volume with maker-taker fee structure ranging from 0.000030 to 0.000015 for passive orders and 0.000040 to 0.000030 for active orders, applied to total monthly trading volume
2. Membership Fees: Monthly membership fees charged to brokerage houses for participation in the exchange, with additional fees for electronic access channels (T-OPEL, FIX, OUCH sessions)
3. Market Data Products: Sales of real-time and historical market data including BIVA Total, BIVA Basic, BIVA Last, BIVA News, and ITCH protocol connectivity for market participants and information providers
4. Listing Fees: Fees charged to companies for listing securities on the exchange, including initial listing and ongoing maintenance requirements
5. BIVA Cloud API Services: Cloud-based financial data distribution service providing market statistics, issuer information, and real-time quotations through API endpoints with tiered subscription pricing

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels4 records

Core offering

BIVA operates an electronic securities exchange in Mexico that provides multi-asset trading across equities, debt, warrants and MTF securities via its OPEL trading platform. It offers market data products, a cloud-based BIVA Cloud API for algorithmic and retail integration, listing services for issuers, and benchmark index products developed jointly with FTSE Russell. Target users are brokerage houses, listed issuers, information vendors, and developers integrating market data.

Product overview

BIVA (Bolsa Institucional de Valores) is Mexico's institutional securities exchange operating as a platform-plus-modules architecture. The core offering is the Sistema OPEL trading platform (based on Nasdaq technology) with five specialized trading books: OPEL-E for continuous equity trading, OPEL-C for closing operations, OPEL-B for block trades, OPEL-D for debt instruments, and OPEL-W for options/warrants. Complementing the trading platform are market data products (ITCH protocol-based BIVA Total, BIVA Básico, BIVA Último Hecho, BIVA Noticias), the BIVA Cloud API platform for cloud-based financial data distribution, FTSE BIVA and FTSE4Good BIVA indices managed with FTSE Russell, the BIVA 360 Sostenible sustainable investment platform including ESG solutions, BIVA ETFs for exchange-traded funds, the Instituto BIVA educational division, and the Sistema Internacional de Cotizaciones (SIC) for international securities access.

Differentiator

Problem solved

Functional benefit

Products and services

• Sistema OPEL (Electronic Trading Platform) Core multi-asset electronic trading platform used by brokerage houses to execute orders on BIVA's markets. Access is provided via OPEL membership, co-location or remote FIX-protocol connectivity.
• BIVA Cloud Cloud-based API platform offering real-time and delayed BIVA market data plus algorithmic trading integration for fintechs, retail brokers, developers, students, and professors.
• BIVA Total Full-depth BIVA market data product for professional and institutional redistribution, covering the full order book and price information of BIVA-listed securities.
• BIVA Básico Basic-level BIVA market data product for redistribution by information vendors, delivering essential price and volume information.
• BIVA Último Hecho Last-trade market data product from BIVA, providing the most recent executed price for listed securities for redistribution and internal use.
• BIVA Noticias News and announcements data product from BIVA's information feed, distributed to clients and vendors.
• FTSE BIVA Index Benchmark index product for the Mexican market, jointly developed with FTSE Russell, used as a tradable and reference index by market participants.
• FTSE4Good BIVA Index Sustainability-focused index product for the Mexican market, developed jointly with FTSE Russell to track ESG performance of Mexican issuers.
• BIVA 360 Sostenible Corporate sustainability hub offering recognition, training and tools to support sustainability practices among BIVA-listed companies.
• BIVA Mercado de Capitales (Equity Market) Equity market segment of BIVA where equities of listed issuers are traded via the OPEL platform.
• BIVA Mercado de Deuda (Debt Market) Debt market segment of BIVA where corporate and government debt instruments are traded via the OPEL platform.
• BIVA SGB (Warrants) Warrants market segment on BIVA where listed warrants are traded via the OPEL platform.
• BIVA MTF Multilateral Trading Facility (MTF) segment of BIVA aimed at SME financing, providing an alternative venue for smaller issuers to raise capital.
• Instituto BIVA Educational offering from BIVA that promotes capital markets knowledge and training for market participants and broader audiences.

Quantifiable outcome

• 15-32% market share of Mexican equity trading volume
• +2 more outcomes

Named customers16 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

Integration8 records

Feature4 records

Partnerships

Three partnerships are on record, tiered core and minor.

• NasdaqcoreTechnology or IntegrationNasdaq provides core trading technology including X-Stream trading engine and SMARTS market surveillance platform. This technology powers the Sistema OPEL electronic trading system with high performance and flexibility across equity, debt, and derivative trading.
• FTSE RussellcoreStrategic or Co-development PartnerFTSE Russell creates and manages index products for the Mexican market including the FTSE BIVA Index and FTSE4Good BIVA ESG Index. FTSE Russell has over 30 years of experience with $15 trillion+ in assets referenced to their indices globally.
• Instituto BIVA Partner UniversitiesminorStrategic or Co-development PartnerUniversity partnerships for financial education through Instituto BIVA Ambassador program and educational courses.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Bolsa Mexicana de Valores (BMV): Mexico's primary incumbent stock exchange and BIVA's direct domestic competitor. Operates the same Mexican equity, debt, and listing markets but with dominant market share, making it the closest comparable exchange venue.

Broad incumbents

• Nasdaq, Inc. Operates the Nasdaq US exchange and licenses its X-Stream trading engine and SMARTS surveillance to BIVA. Comparable as a major exchange operator with global technology licensing to other venues.
• Intercontinental Exchange (NYSE): Owner/operator of the New York Stock Exchange and a global exchange and clearing infrastructure operator. Comparable as a diversified exchange operator with equities, derivatives, data, and listings businesses.
• London Stock Exchange Group (LSEG): Operates the London Stock Exchange plus global data and analytics (Refinitiv). Comparable as a multi-asset exchange operator with both venue services and market data distribution; also a BIVA market data distributor partner.
• Deutsche Börse: German exchange operator running Frankfurt Stock Exchange plus clearing (Eurex) and market data services. Comparable as a vertically integrated exchange and technology/data provider.
• Euronext: Pan-European exchange operating venues in Amsterdam, Paris, Brussels, Dublin, Lisbon, Milan, and Oslo. Comparable as a multi-country exchange operator with cross-border listings and market data services.
• CME Group: Largest derivatives exchange operator globally. Comparable as a major exchange operator with significant market data and technology infrastructure serving institutional clients.

Regional players

• B3 (Brasil, Bolsa, Balcão): Brazil's primary securities exchange operator. Comparable as a Latin American exchange offering equities, fixed income, derivatives, and market data to institutional participants in the region.
• TMX Group: Operates Toronto Stock Exchange, TSX Venture, and Montreal Exchange. Comparable as a mid-sized national exchange operator with equities, derivatives, and data products in a single primary market.
• Singapore Exchange (SGX): Asia's multi-asset exchange covering equities, derivatives, and fixed income. Comparable as an exchange operator in a single primary jurisdiction with growing international visibility through partnerships and indices.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/biva

Revenue estimate

Valuation estimate

Number of profiles

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.com