The Latin America investing glossary
Not generic finance vocabulary — the region's own terms, instruments and acronyms that show up on every platform, statement and local investing headline.
CETES
Certificados de la Tesorería — short-term, zero-coupon bonds issued by the Mexican federal governmen…
BRTesouro Direto
The Brazilian National Treasury's own retail platform for buying federal government bonds directly —…
BRCDB (Certificado de Depósito Bancário)
A fixed-income note issued by a Brazilian bank — you lend the bank money for a term in exchange for …
COCDT (Certificado de Depósito a Término)
A Colombian fixed-term bank deposit — money is locked for the agreed term (30, 90, 180, 360 days, an…
MXFIBRA
Fideicomiso de Inversión en Bienes Raíces — Mexico's REIT-equivalent: a trust that owns income-produ…
BRFII (Fundo de Investimento Imobiliário)
Brazil's REIT-equivalent — a pooled fund that owns real estate or real-estate receivables, trades on…
MXAfore
Administradora de Fondos para el Retiro — the private company that manages a Mexican worker's mandat…
CO · CL · PEAFP (Administradora de Fondos de Pensiones)
A private company managing mandatory retirement contributions in Colombia, Chile and Peru — the equi…
ARCEDEAR
Certificado de Depósito Argentino — a certificate traded on BYMA that represents shares of a foreign…
Renta fija vs. renta variable
The region's standard split for asset classes. Renta fija ("fixed income") covers deposits and bonds…
Spread cambiario
The gap between the buy and sell price a bank, broker or exchange house quotes when converting curre…
Comisión de administración
The annual management fee a fund, Afore/AFP or broker charges to manage your money, usually expresse…
Rentabilidad real vs. nominal
Nominal return is the raw percentage a product advertises; real return is that percentage after subt…
COGanancia ocasional
A distinct Colombian tax category for irregular gains — including some investment and asset sales — …
CLPresencia bursátil
A Chilean tax concept measuring how actively a stock trades on the exchange. Shares meeting the requ…