Countries › Paraguay › Guide › 10. Capital markets and finance › Brokers, exchanges, depositories, clearing houses and rating agencies in Paraguay under the 2025 securities law
Brokers, exchanges, depositories, clearing houses and rating agencies in Paraguay under the 2025 securities law
Last verified: 2026-10-28 · Status: Changing
Securities intermediation is reserved to casas de bolsa, exclusive object sociedades anónimas licensed by the Banco Central del Paraguay (BCP) and registered with the Superintendencia de Valores, which must post guarantees, segregate client assets in global accounts protected from their own insolvency and keep commissions within regulatory caps. Exchanges, cajas de valores (central securities depositories), clearing houses and rating agencies are also exclusive object sociedades anónimas whose internal rules, fees and capital are approved or set by the Superintendencia. Collateral posted for exchange trades can be sold at public auction on the exchange without a court case, and records must be kept for five years.
USD figures use PYG 5,868.31 per US dollar, the Banco Central del Paraguay reference quotation for 28 October 2026. Fines tied to the minimum wage use PYG 3,044,000 per month and PYG 117,077 per daily jornal, in force from 1 July 2026 under Resolución MTESS Nº 670/2026. Conversions are for orientation only.
Key facts
| Licence required to intermediate securities | Yes, casa de bolsa authorized by the BCP and registered Ley 7572/2025 art. 126 and 127, as of 2026-10-28 · in force |
|---|---|
| Client assets segregated and outside the broker's insolvency estate | Yes, global accounts Ley 7572/2025 art. 123 and 124, as of 2026-10-28 · in force |
| Number of casas de bolsa a financial institution may hold shares in | 1 Ley 7572/2025 art. 128, as of 2026-10-28 · in force |
| Retention of books and records by supervised persons | 5 yearsLey 7572/2025 art. 69, as of 2026-10-28 · in force |
| Term to appeal an exchange sanction to the Superintendencia de Valores | 10 business daysLey 7572/2025 art. 217, as of 2026-10-28 · in force |
| Exchange collateral sold at public auction without court case | Yes, no later than the next business day after delivery Ley 7572/2025 art. 228, as of 2026-10-28 · in force |
The rule
1. Casas de bolsa. Intermediation of securities is exclusive to casas de bolsa, which must be exclusive object sociedades anónimas with regulatory minimum capital in book entry shares, post the guarantees set by regulation and be authorized and registered. A financial institution may own or invest in casas de bolsa but may not be a shareholder of more than one. With authorization they may trade for clients and for their own account on or off exchange, advise, underwrite with their own funds, place issues, act as bondholders' representative, manage portfolios, keep client securities accounts, lend their own funds to clients to buy securities they intermediate, provide bridge finance to issuers during registration, make markets and give clients direct electronic market access. They are jointly liable to pay the price or deliver the securities, must verify client identity and capacity and the authenticity of the securities, and their commissions cannot exceed regulatory caps.
Cost to do it: Minimum capital, guarantee amount and commission caps set by BCP regulation (art. 119, 122, 127 and 133), not reproduced here; the guarantee stays in place until 6 months after revocation or until claims filed in that period are decided.
Example: A Paraguayan bank can own a casa de bolsa but cannot hold shares in a second one. / A foreign broker cannot intermediate Paraguayan listed securities for local clients without a licensed casa de bolsa.Ley Nº 7572/2025 Mercado de Valores y Productos, Art. 117 to 133, 2025-11-07 official text · verified 2026-10-28
Cost to do it: Minimum capital, guarantee amount and commission caps set by BCP regulation (art. 119, 122, 127 and 133), not reproduced here; the guarantee stays in place until 6 months after revocation or until claims filed in that period are decided.
Example: A Paraguayan bank can own a casa de bolsa but cannot hold shares in a second one. / A foreign broker cannot intermediate Paraguayan listed securities for local clients without a licensed casa de bolsa.Ley Nº 7572/2025 Mercado de Valores y Productos, Art. 117 to 133, 2025-11-07 official text · verified 2026-10-28
2. Client asset protection. Intermediaries that handle third party funds or assets must segregate them in global accounts opened in clients' names with individual identification of each client's balance; they cannot be used for the intermediary's own purposes or as collateral, and in the intermediary's insolvency or liquidation they are not part of its estate and are returned to clients first. Supervised persons must give the Superintendencia real time access to required records and keep books and vouchers for 5 years.
Cost to do it: Cost of segregated account systems and real time connectivity.
Example: If a casa de bolsa fails, a client's bonds held in its global account are returned to the client and are not shared with the broker's creditors. / A foreign investor's US$1 million portfolio at a local broker is protected by segregation, not by the deposit guarantee.Ley Nº 7572/2025 Mercado de Valores y Productos, Art. 69, 70, 123 and 124, 2025-11-07 official text · verified 2026-10-28
Cost to do it: Cost of segregated account systems and real time connectivity.
Example: If a casa de bolsa fails, a client's bonds held in its global account are returned to the client and are not shared with the broker's creditors. / A foreign investor's US$1 million portfolio at a local broker is protected by segregation, not by the deposit guarantee.Ley Nº 7572/2025 Mercado de Valores y Productos, Art. 69, 70, 123 and 124, 2025-11-07 official text · verified 2026-10-28
3. Exchanges and trading. Exchanges are exclusive object sociedades anónimas with book entry shares; securities exchanges must carry the words Bolsa de Valores and commodity exchanges Bolsa de Productos. Their internal rules and fee concepts are approved by the Superintendencia and amounts must stay within its limits; they must keep a guarantee fund funded by intermediaries, provide conflict resolution including specialized arbitration, and may trade derivatives on securities, currencies or other financial instruments with BCP authorization. Persons refused, suspended or sanctioned by an exchange may appeal to the Superintendencia within 10 business days. Securities traded on the floor cannot be reclaimed by third parties, exchange settlement documents are enforceable titles, and exchange price certificates have the evidentiary value of public instruments. Until clearing houses exist, exchanges may act as central counterparty for futures and options.
Cost to do it: Exchange fees within limits approved by the Superintendencia (art. 209); guarantee fund contributions by intermediaries (art. 210).
Example: A broker expelled by the exchange has 10 business days to appeal to the Superintendencia, which decides within the same term. / A buyer of US$500,000 of listed bonds on the floor gets good title even if a prior holder claims the bonds were taken from it.Ley Nº 7572/2025 Mercado de Valores y Productos, Art. 207 to 224 and 326, 2025-11-07 official text · verified 2026-10-28
Cost to do it: Exchange fees within limits approved by the Superintendencia (art. 209); guarantee fund contributions by intermediaries (art. 210).
Example: A broker expelled by the exchange has 10 business days to appeal to the Superintendencia, which decides within the same term. / A buyer of US$500,000 of listed bonds on the floor gets good title even if a prior holder claims the bonds were taken from it.Ley Nº 7572/2025 Mercado de Valores y Productos, Art. 207 to 224 and 326, 2025-11-07 official text · verified 2026-10-28
4. Exchange collateral. Guarantees between casas de bolsa, exchanges and clients over money, gold, silver or bearer securities are created by a private instrument of certain date; pledged assets answer for the full secured debt and can be attached only by the secured creditor. When the secured obligation becomes due, the creditor delivers the pledged securities to an exchange, which sells them at public auction no later than the next business day, without a court pledge enforcement case.
Cost to do it: Exchange auction costs only; no court fees.
Example: A broker that lent to a client against listed shares can have them auctioned on the exchange the business day after delivery once the loan is due. / Margin lending of US$200,000 secured by listed bonds is enforced in days, not through a court.Ley Nº 7572/2025 Mercado de Valores y Productos, Art. 225 to 229, 2025-11-07 official text · verified 2026-10-28
Cost to do it: Exchange auction costs only; no court fees.
Example: A broker that lent to a client against listed shares can have them auctioned on the exchange the business day after delivery once the loan is due. / Margin lending of US$200,000 secured by listed bonds is enforced in days, not through a court.Ley Nº 7572/2025 Mercado de Valores y Productos, Art. 225 to 229, 2025-11-07 official text · verified 2026-10-28
5. Depositories, clearing houses and rating agencies. Cajas de valores are exclusive object sociedades anónimas, of indefinite duration, with fully paid minimum capital before starting, that register, hold in custody, dematerialize and transfer securities and clear and settle trades; their register of book entry shares replaces the share register book and the share transparency filing for those companies. Clearing houses are exclusive object sociedades anónimas acting as central counterparty, with capital, liquidity and risk management rules set by regulation. Rating agencies are exclusive object sociedades anónimas with a rating committee using methods filed with the Superintendencia; the State, exchanges, intermediaries, banks, cooperatives, insurers, issuers and fund managers (and their staff) cannot own them, and committee members must abstain where they advised or audited the rated entity in the past 2 years.
Cost to do it: Minimum capital of each infrastructure entity set by regulation and not reproduced here.
Example: A bank cannot buy into a rating agency that rates Paraguayan issuers. / Investors in a US$10 million listed note can rely on a rating committee barred from rating clients it advised in the last two years.Ley Nº 7572/2025 Mercado de Valores y Productos, Art. 50 to 53, 234 to 236, 275 to 283, 323 and 324, 2025-11-07 official text · verified 2026-10-28
Cost to do it: Minimum capital of each infrastructure entity set by regulation and not reproduced here.
Example: A bank cannot buy into a rating agency that rates Paraguayan issuers. / Investors in a US$10 million listed note can rely on a rating committee barred from rating clients it advised in the last two years.Ley Nº 7572/2025 Mercado de Valores y Productos, Art. 50 to 53, 234 to 236, 275 to 283, 323 and 324, 2025-11-07 official text · verified 2026-10-28
| Entity | Form | Core activity | Norm |
|---|---|---|---|
| Casa de bolsa | Exclusive object S.A. | Securities intermediation (exclusive) | Art. 126 to 133 |
| Corredor de bolsa de productos | Person or company | Commodity exchange intermediation | Art. 134 to 137 |
| Bolsa de Valores or Bolsa de Productos | Exclusive object S.A. | Trading venue, guarantee fund, derivatives with BCP approval | Art. 207 to 233 |
| Caja de Valores | Exclusive object S.A., indefinite term | Registry, custody, dematerialization, settlement | Art. 234 onwards |
| Cámara de Compensación | Exclusive object S.A. | Central counterparty clearing | Art. 275 to 279 |
| Calificadora de Riesgo | Exclusive object S.A. | Ratings through a rating committee | Art. 280 onwards |
Market infrastructure under Ley 7572/2025
Worked example
- A foreign institutional investor buying Paraguayan listed bonds opens an account with a casa de bolsa, which holds the bonds in a segregated global account at the caja de valores (art. 123 and 234). If the broker fails, the bonds are returned to the investor ahead of the broker's creditors (art. 124). If the investor finances the purchase with the broker against the bonds, the broker can enforce by exchange auction (art. 228).
Step by step
- 1. To set up a casa de bolsa, incorporate an exclusive object S.A. with book entry shares, fund the regulatory capital and guarantee, and apply for authorization and registration.
- 2. Build segregated global accounts, client identification and real time record access for the Superintendencia.
- 3. Join an exchange and comply with its internal rules approved by the Superintendencia; budget guarantee fund contributions.
- 4. Price services within the regulatory commission caps.
- 5. Keep records for 5 years and plan the 6 month tail of the guarantee if the licence is ever surrendered.
Common traps
- Banks may not act as brokers themselves for securities intermediation; they need a casa de bolsa subsidiary or stake, and only one (art. 126 and 128).
- Rating agency ownership is closed to almost every market participant, including banks, insurers, issuers and their staff (art. 51).
- Exchange fees must be within Superintendencia limits; charging unapproved concepts is a serious fault.
- Former Ley 5810/2017 and Ley 1163/1997 rules on exchanges and commodity exchanges were repealed by Ley 7572/2025 art. 329.
Sources
Related pages
- finance/public-offerings-and-listings
- finance/corporate-bonds-and-securitization
- finance/investment-funds-and-fund-managers
- finance/payments-e-money-and-fintech
- /country/paraguay/
Related: Paraguay country profile · live dashboard · central bank and release calendar · our posts on X
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