Talks with the two countries are in initial phases, BM&FBovespa Chief Executive Edemir Pinto said during a visit to Chile to sign an agreement with the Santiago exchange, MarketWatch reported Friday, citing an article in Chile's Diario Financiero newspaper.

BM&FBovespa's press office declined to comment on Pinto's remarks, saying only the exchange has bilateral agreements with several countries in the region. In a statement, the Brazilian exchange said Pinto signed Thursday an agreement with the Santiago exchange to share derivative-market knowledge between the two bourses.

The two exchanges could eventually provide direct access to each other's bourses, allowing investors to trade shares listed on the other country's bourse, Diario Financiero said, citing the general manager of the Santiago exchange, Jose Antonio Martinez.

According to Diario Financiero, up to now the plan for MILA was to create a market for Spanish-speaking countries to rival Brazil's market.

A person familiar with talks, however, said the Sao Paulo exchange is indeed interested in joining MILA.

Earlier this year, Francis Stenning, general manager of the Lima Stock Exchange, said Mexico could join MILA by the first half of 2013. In December, the Mexican Stock Exchange signed a letter of intent with its counterparts in South America to join MILA.

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