Paraguay's securities market closed the first half of 2026 with significant growth in the number of investors, volume of assets under custody, and financing directed to companies. According to data from the Paraguay Securities Depository (Cavapy), custodial assets reached $6.592 billion, a 25% increase compared to the beginning of the year.
Of this total, $5.559 billion correspond to electronic securities, such as stocks and bonds traded on the Asunción Stock Exchange (BVA), while $1.033 billion are physical securities, mainly Savings Deposit Certificates (CDA) and promissory notes. Electronic custody grew 26% in the semester, and physical custody grew 21%.
The system registered 45,761 principal investors, with 5,500 new participants incorporated just in the first six months of the year. Active accounts total 64,143, and the volume of settlement operations reached 16,076, with a daily average of 132 transactions. June was the month with the highest activity, with $661 million settled.
Marcelo Prono, general manager of Cavapy, highlighted that the entity's infrastructure is prepared to process up to 30,000 daily operations, well above the current volume. "The challenge now is to broaden participation and deepen the market," he stated. He also emphasized that the implementation of the Montran system, completed in January, consolidated the segregation of functions with the BVA and standardized settlement processes.
In the first half, 151 series of primary issuances were registered, totaling $625 million, with 47 issuers. May was the month with the highest volume, with $155 million placed. Of the total issuances, 78% were in guaranis, reflecting the appreciation of the local currency and the reduction of liquidity in national currency. There is still $1.007 billion in registered programs and series, of which 62% have already been placed.
For the second half, Cavapy plans to connect to the Real-Time Gross Settlement (LBTR) system of the Central Bank of Paraguay (BCP), in addition to developing new products, such as a standardized currency hedging instrument. "The impact of exchange rate variation has been a relevant risk, and we have received many demands from market agents," explained Prono. The expectation is to present the proposal to the regulator by October, so that the product is available at the beginning of 2027.
Other initiatives include the development of APIs for process automation and integration with international custodians via SWIFT messaging. Cavapy is also working on the revision of immobilized CDAs, in addition to traditional CDAs.