In Brazil, representatives of the VSE’s Marketing Department finalized a Memorandum of Understanding with BOVESPA, the Sao Paulo Stock Exchange. Founded in 1890, BOVESPA is the major exchange in Brazil, with more than 500 listed companies and total market capitalization of (U.S.) $273 billion.

VSE-listed companies with interests in Brazil include Canbras Communications Corp. and CTF Technologies Ltd. Canbras Communications holds licences to provide cable television services in Sao Paulo, one of the most populous cities in the world. CTF recently completed a re-organization through which it gained the Brazil rights to a unique refueling control system to manage fuel consumption and fleet management.

"The signing of this agreement helps us reach our goal of building stronger ties with Latin America in general and Brazil in particular," said John Boddie, Vice-President, Marketing, who signed the agreement on behalf of the Exchange. "This MOU complements other VSE initiatives in Latin America, such as the Memoranda of Understanding presently in place with the Lima Stock Exchange in Peru and the Electronic Exchange of Chile," Boddie added. The Exchange also signed a Memorandum of Understanding with the Foreign Trade Bank of Mexico (Bancomext) this past November.

The recent establishment of a Latin America Board on the VSE, representing a diverse selection of advanced companies active in countries such as Mexico, Brazil, Bolivia, Argentina and Chile, further illustrates the VSE’s commitment to business development in this part of the world. The Latin America Board currently has 52 companies and market capitalization of $2.2 billion.

Other involvement by the Exchange in Latin America over the last two years has included participation in conferences and trade shows, expeditionary marketing visits, VSE seminars and calling programs to Mexico, Brazil, Bolivia, Argentina, Venezuela, Chile and Peru. Last fall, the VSE participated in the 17^th World Mining Congress in Acapulco.

The Vancouver Stock Exchange is the world’s largest venture capital exchange and is home to 1,400 companies. The Exchange raised a total of more than $1.4 billion in financing in 1997, the second highest financing figure in its 91-year history.