Spanish stock exchange BME has teamed up with Bolsa Mexicana de Valores (BMV) on a joint venture to promote the market data business in Latin America.
The pair are committing up to $10 million on the venture which will see the creation of two firms: the first, which will be 51% owned by BME, will be incorporated in Miami, while the second, 51% owned by BMV, will be based in Ciudad de Mexico.
The units will look to set up a market data distribution platform with the "highest automation and processing levels". Other Latin American exchanges could join in the future.