The Financial Superintendence of Colombia convened the seventh “Capital Markets in Colombia, Colombia as an investment destination” working session and announced the issuance of External Circular 11 of 2025, setting out instructions for the regime applicable to known issuers, recurrent issuers and programmes of issuance and placement of securities (PEC), aimed at improving issuers’ access to the market. The session brought together more than 100 representatives from public entities, self-regulatory bodies, market infrastructure providers, trade associations, issuers, advisory firms and investment banks. The Superintendent highlighted stronger demand in recent months, citing an 87% rise in the number of investors and a 183% increase in the average daily volume traded by individuals since the working groups began in 2023, while calling for greater efforts to expand the supply of securities to support market liquidity. Updates also covered forthcoming government rules on public tender offers (OPA), new instruments to finance small and medium-sized enterprises, competitiveness and infrastructure initiatives, and the architecture of the fiduciary business; the Colombia Stock Exchange reported a 28% total return in the first half of the year and improvements since 2023 including 139% growth in the cash market, 82% growth in the funding market and a 64% reduction in the bid-offer spread. A new thematic working group on Fixed Income and Derivatives will be created, additional participants including ANIF, Colombia Fintech, Precia and Fitch Ratings will join the work programme, and the eighth joint session is scheduled for the first quarter of 2026.

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