Bolsa de Valores de Nicaragua and issuers of securities. The specific regulatory frame of exchange activity is conformed by Presidential Decree 33-93 or "Reglamento General sobre Bolsas de Valores" (General Stock Market Regulations). The president of the exchange as of 2006 is Dr. Raúl A. Lacayo Solórzano. Bolsa de Valores de Nicaragua Bolsa de Valores de Nicaragua (Stock Exchange of Nicaragua, or BVDN) was created in 1994 and is the only stock exchange operating in Nicaragua. The exchange is the result of private sector initiatives encouraging the country's market liberalization programmes, which began in 1990. Trading operations officially began on January 31, 1994, and as
Rancho Bolsa de Chamisal patented to Lewis T. Burton in 1867. In 1856, Burton sold Rancho Bolsa de Chamisal to Francis Ziba Branch (1802–1874), grantee of Rancho Santa Manuela and part owner of Rancho Arroyo Grande, Rancho Pismo and Rancho Huerhuero. In 1866, Branch sold part of the rancho to dairymen George Steele and his brothers Edgar W., Isaac C., and Rensselaer E. Steele. Rancho Bolsa de Chamisal Rancho Bolsa de Chamisal was a Mexican land grant in present-day San Luis Obispo County, California given in 1837 by Governor Juan B. Alvarado to Francisco Quijada. The grant extended along the Pacific coast, just south