Q&A with Bolsa de Valores de Asunción

As Paraguay’s capital markets enter a new phase of growth supported by investment-grade momentum and rising trading volumes, Bolsa de Valores y Productos de Asunción (BVA) is taking action to modernize its market infrastructure.

We sat down with Pablo Cheng Lu, President of BVA, to discuss the exchange’s strategy, their technology relationship with Nasdaq and how this upgrade will help the institution meet strategic goals.
 

Pablo: The Bolsa de Valores y Productos de Asunción was founded in 1977 and began its trading operations in 1993. However, what truly defines us today is the momentum we have built over the past few years. We closed 2025 with a new historic record, surpassing USD$8 billion in trading volume — a figure that would have seemed unthinkable just a few years ago. 

Our strategy is built on three key pillars: modernizing our technological infrastructure to world-class standards, attracting new issuers and international investors, and expanding the range of instruments available in Paraguay’s capital market. 

The goal is to strengthen transparency, operational security, and the confidence of both issuers and investors, while positioning Paraguay more firmly on the international financial map. 
We are building not only for the present, but for the growth and development of the market in the decade ahead.
 

Pablo: Two things happened simultaneously that led to this decision :

1. First, Paraguay’s economy reached a level of maturity that demanded a matching financial infrastructure. In July 2024, Paraguay obtained its first investment-grade sovereign credit rating from Moody’s; Standard & Poor’s followed in December 2025, opening the door to major institutional investors worldwide.
2. Second, our trading volumes were growing at 25–30% per year. Our existing systems simply could not sustain that trajectory. We looked at international best practices and evaluated what would best serve us not just today, but over the next five to 10 years. Nasdaq was the clear answer — not only because of their global reputation, but because of their proven track record. Their scalable platform supports over 3,500 banks, brokers, regulators, and financial infrastructure operators around the world.

Concretely, the new platform allows major international capital market players to buy Paraguayan instruments online, in real time and without needing to be physically present in Paraguay. That is a fundamental shift in how we connect with the world.
 

Pablo: Technology is not a support function — it is the strategy itself. On January 12, 2026, we officially launched the Nasdaq trading platform and simultaneously achieved the definitive separation of trading, clearing and settlement functions in line with international standards. From that date, BVA exclusively assumes the role of trading platform. Nasdaq software enables more agile transactions, real-time monitoring and direct connectivity with brokers operating in other markets around the world. That means faster execution, better price formation and a market that operates on the same technical level as exchanges in New York, London or São Paulo. The early numbers confirm it is working: Between January and February 2026 alone, operations at BVA totaled the equivalent of $1.423 billion — an 11% increase over the same period the previous year.
 

Pablo: For brokers and market participants, the benefits are immediate: faster execution, real-time monitoring and direct access to international connectivity. The Nasdaq system accelerates trading, improves price formation and opens the door to direct integration with international markets. For issuers, it means credibility. When a Paraguayan company lists on BVA today, it does so on the same technological infrastructure used by leading global exchanges. That matters to foreign investors doing due diligence. Experts believe that the capital market’s weight in the national economy could grow from around 15% of GDP today to approximately 30% by 2030 — effectively doubling in size and approaching regional standards. That translates into more financing options for companies, better returns for investors and a deeper, more liquid market for everyone.

Pablo: The relationship has been genuinely collaborative. Through this partnership, BVA is upgrading its technological infrastructure by adopting Nasdaq’s trading technology platform, strengthening our position as a modern, secure and efficient exchange in the Latin American market. In the months leading up to the January 2026 launch, we worked intensively on system testing, integration and personnel training alongside the Securities Superintendency (SIV) and local brokerage firms, ensuring a smooth transition so that local operators could quickly adapt to the new digital ecosystem. The go-live was on time, on budget and on target. The market gained in security and connectivity, and brokerages were able to adapt within the agreed deadlines.
 

Pablo: I see BVA as the leading capital market gateway into Paraguay and one of the most competitive exchanges in South America. Paraguay’s stock exchange is no longer a passive institution — it has become a central pillar in the country’s economic development, with robust participation, new corporate issuers and cutting-edge infrastructure, positioning itself as a reliable and forward-looking financial hub both regionally and globally. We are planning on seeing new asset classes — green bonds, social bonds, infrastructure securities — listed and actively traded on our platform. 

We believe international investors will benefit from access to Paraguayan instruments seamlessly through the Nasdaq connectivity layer. And we believe our trading volume will grow to reflect a market that represents 30% of GDP rather than 15%. The new Securities and Products Market Law — Law No. 7572/2025 — provides the unified and modernized regulatory framework that gives legal certainty to both issuers and investors. Combined with double investment-grade status and world-class trading technology, we have all the building blocks in place. Paraguay is no longer a hidden gem. It is a known, credible destination for serious capital — and Bolsa de Asunción will be the engine of that transformation.
 

Information set forth in this post contains forward-looking statements. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ from those contained in the forward-looking information. Forward-looking statements can be identified by words such as “will,” “believe” and other words and terms of similar meaning. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control.  Nasdaq Calypso is a product of Nasdaq’s Financial Technology business and is operationally independent and distinct from The Nasdaq Stock Market, LLC.

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