* Mexico looks to join up with Chile, Colombia and Peru
* Bid to join seen this year, regulatory approval in 2012
MEXICO CITY, Oct 20 (Reuters) - Mexico’s bourse is edging closer to a tie-up with other Latin American exchanges, a Bolsa official told Reuters on Thursday.
Last week, Mexico’s Bolsa Mexicana de Valores (BMV) said it was in talks to join the Integrated Latin American Market (MILA), which includes Chile, Colombia and Peru.
“I think we could confirm our interest before the end of the year,” said Javier Artigas, the bourse’s head of strategy, at an event in Mexico City.
Mexico’s securities regulator has already approved Chile’s market statutes, Artigas said, but officials would have to validate the laws of Peru and Colombia.
“Since Chile already recognizes Colombia and Peru, I think the process of recognition by Mexico should probably be more simple,” Artigas said.
Final approval would likely take into next year, he said.
Drives to cut costs have spurred a wave of takeover plans among increasingly competitive major exchanges this year, but nationalistic and regulatory concerns have derailed some bids.
Trading on the MILA has gotten a slow start, complicated by the recent volatility in global financial markets.
“We do not see immediate growth in trading, what we see is a strategic vision of integration, not just exchanges, but companies, market intermediaries and all that will spark the synergies to create a bigger bloc,” Artigas said.
The MILA debuted in late May as the second-largest stock market in the region by market capitalization, behind Brazil and leaping over Mexico.