The sole securities market in Mexico is the Mexican Stock Exchange (Bolsa Mexicana de Valores). Through Bolsa, the market has grown steadily since 2000. Main indices increased by 150% between 2003 and 2005, giving Mexico the second largest securities market in Latin America (behind Brazil). Bolsa’s benchmark stock index—Indice de Precios y Cotizaciones (IPC)—surged 38% in 2005 and continued to rise through the beginning of 2006 (to 19,273 points by the spring of that year). The majority of the companies traded on Bolsa are based in Mexico City and Monterrey, cities that house 67% of the 135 total listed companies. Despite this, Mexico’s securities market is closely linked to US stockmarket activity, resulting in Bolsa volatility during times of volatility in the New York and Nasdaq stock exchanges. Changes in interest rates and US economic outlooks can also strongly affect the performance of Mexican equities.