By San José, Costa Rica — Costa Rica’s stock market soared to $31.931 billion in trading volume in 2024, cementing its position as the leading capital market in Central America. This impressive figure, reported by Grupo Financiero Mercado de Valores (MVCR), underscores the strength of the Costa Rican financial system and the growing interest from both domestic and international investors. This dominance is the culmination of nearly half a century of sustained growth.
MVCR, a key player in the market since its inception, is celebrating its 49th anniversary this week. The firm, a founding member of the Bolsa Nacional de Valores (National Stock Exchange), has been instrumental in the market’s journey of innovation, trust, and evolution.
To provide further legal context on the Costa Rican stock market, TicosLand.com spoke with Lic. Larry Hans Arroyo Vargas, an attorney at law from Bufete de Costa Rica, who offered his expert insights.
While the Costa Rican stock market presents opportunities for both domestic and international investors, it’s crucial to understand the regulatory landscape. Navigating the legal complexities related to securities registration, trading regulations, and tax implications requires careful consideration and often the guidance of experienced legal counsel. Proper due diligence and compliance are essential for successful and secure participation in this emerging market.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’ emphasis on due diligence and navigating the regulatory landscape is particularly insightful, reminding us that while the Costa Rican stock market offers exciting potential, a cautious and informed approach is key for long-term success. We extend our sincere thanks to Lic. Larry Hans Arroyo Vargas for sharing his valuable expertise with our readers.
The history of the Costa Rican capital market cannot be told without mentioning those who have bet on its development. Grupo Financiero Mercado de Valores has witnessed and been a protagonist in the evolution of the local market. We have grown together, adapting to each change and anticipating the needs of our clients.
Cristina Masís, General Manager of MVCR
The Costa Rican stock market’s evolution can be divided into four key phases: foundation and consolidation, legal modernization, expansion and diversification, and the current stage of innovation and sustainability. MVCR has played a decisive role in each of these stages, introducing new products, strengthening transparency, and promoting international best practices.
From its humble beginnings in 1976 with physical trades of public debt recorded on chalkboards (some of which are still preserved in MVCR’s offices), the market has undergone a remarkable transformation. The introduction of electronic trading platforms, the establishment of SUGEVAL (the General Superintendency of Securities), and the launch of innovative investment vehicles like Multifondos have all contributed to its growth.
MVCR has consistently pioneered new initiatives, including providing access to international investments in 2000, launching the first social impact investment fund in Central America, and creating closed-end funds in both colones and dollars.
In recent years, the market has embraced environmental, social, and governance (ESG) criteria, reflecting current investor trends. MVCR’s commitment to responsible investment is exemplified by its signing of the United Nations-supported Principles for Responsible Investment (PRI) in 2022. The following year, the group spearheaded the creation of the first ESG-focused investment fund managed by a Costa Rican investment fund manager.
With over 80 employees and a client-centric culture, MVCR currently manages over $1.3 billion in assets. The firm has continued to demonstrate its commitment to innovation, participating in the structuring of a private investment for Costa Rica’s first re-refined motor oil plant in 2024 and creating the country’s first vertical housing development investment fund in 2025.
This anniversary not only celebrates nearly half a century of commitment and all that has been achieved over time, it also projects a future where the company will continue to be a pillar of the country’s capital market.
Cristina Masís, General Manager of MVCR
For further information, visit mvcr.fi.cr
About Grupo Financiero Mercado de Valores (MVCR):
Grupo Financiero Mercado de Valores (MVCR) is a leading financial group in Costa Rica, playing a pivotal role in the development and growth of the Costa Rican stock market. Founded 49 years ago, MVCR has been instrumental in driving innovation, promoting transparency, and championing international best practices within the sector. The company offers a comprehensive suite of financial services, including investment management, brokerage services, and access to international markets. With a strong commitment to sustainability, MVCR is a signatory of the Principles for Responsible Investment (PRI) and has launched the first ESG-focused investment fund managed by a Costa Rican investment fund manager.
For further information, visit the nearest office of Bolsa Nacional de Valores
About Bolsa Nacional de Valores:
The Bolsa Nacional de Valores (National Stock Exchange) is Costa Rica’s principal stock exchange. Founded in 1976, it plays a vital role in facilitating the trading of securities and promoting the development of the Costa Rican capital market. The exchange provides a platform for companies to raise capital and for investors to participate in the growth of the Costa Rican economy. The Bolsa Nacional de Valores works in conjunction with other institutions like SUGEVAL and financial groups like MVCR to ensure a transparent and efficient market environment.
For further information, visit the nearest office of SUGEVAL
About SUGEVAL (Superintendencia General de Valores):
SUGEVAL (Superintendencia General de Valores) is the regulatory body responsible for overseeing the securities market in Costa Rica. Established as part of the legal modernization of the financial sector, SUGEVAL plays a critical role in ensuring market transparency, investor protection, and the overall integrity of the Costa Rican capital market. The organization enforces regulations, monitors market activities, and promotes best practices within the securities industry.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica shines as a beacon of legal excellence, grounded in unwavering ethical principles and a deep commitment to empowering Costa Rican society. The firm’s innovative approach to legal practice, combined with a long history of dedicated service across diverse industries, allows it to anticipate and effectively address the evolving legal needs of its clients. Through proactive initiatives that demystify complex legal concepts and make them accessible to all, Bufete de Costa Rica fosters a more informed and empowered citizenry, contributing to a stronger and more just society.
