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LEO: Libro Electrónico de Órdenes


What is LEO?

An electronic system through which every purchase and sale order in fixed income and equity is registered, as well as OPCF that an investment manager receives, acting in the name of the clients. This is done by verifiable means (telephone, email, instant messaging); and afterwards each transaction is recorded by an internal system owned by the firm.


It was born out of regulations created by the AMV (Self regulator of the stock market) and regulations from the Financial Regulatory Authority, which looks to establish standards and order in the securities market. This is in relation to order receiving and negotiations with clients, taking equality, flexibility and safety as the fundamental principles.

What does LEO look for?

LEO  monitors compliance for the following four basic principles:

  • Equality: First in time, first in rights. To avoid conflicts of interest.

  • Agility: Negotiate as soon as possible.

  • Security: There must always be an order or authorization from the client for a negotiation to take place.

  • Traceability or Safe information: At any given time you may track the complete chain of negotiation, going from closing the business with the client all the way up to the confirmation of the said business.

Why is LEO important?

LEO will provide more transparency, equality and security to the negotiation of securities in Colombia’s stock exchange market.

Clients will have access to the manual in which the rules of the game regarding order processing are established. Here you will find LEO’s manual and a question summary as well as Frequently Asked Questions (FAQ) as a useful guide to resolve any doubts about this. Here you will be able to find the list of every official authorized and certified by the AMV to advise and receive orders for operations involving securities.

Clients will have full knowledge of the operations involving securities that are done by broker firms on their behalf, at all times.