The Financial Superintendence of Colombia granted SET ICAP Securities S.A. a Temporary Operating Certificate to run the first pilot in its Controlled Testing Space (ECP), enabling the firm to test an innovative transactional module for trading non-standardised derivatives on a securities trading system for up to two years from the start of operations. The pilot begins on 1 October 2025 and will be subject to ongoing supervisory monitoring. The test will initially cover UVR/COP non-delivery forwards (NDFs), where the Unidad de Valor Real (UVR) tracks the Colombian peso’s purchasing power based on changes in the consumer price index. Contracts can be traded in monthly maturities from 1 to 24 months, supporting short-term inflation hedging through capital-market intermediaries, including for supervised entities, real-economy companies and importers. Eligible participants include foreign agents recognised under Banco de la República rules and affiliated domestic market participants such as credit institutions, broker-dealers, commercial finance companies, financial corporations, trust companies and pension funds. The supervisor stated that the pilot does not affect the existing regulatory framework for financial derivatives or securities trading systems and does not imply a commitment to amend regulation. Any regulatory dispensations apply only within the ECP for the duration of the test, and participation does not create rights beyond the pilot’s terms and timeline.

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