The purpose of this paper is to explain the evolution of the Latin American Integrated Market (MILA) in the period of time 2011-2018 and the main challenges that has to deal to be considerate an attractive and liquidity market for the investors of the four countries. For the research, we realized an analytical analysis focus in three scopes: The first one is an analysis for the creation of the competitive advantages for MILA; this research is based in the theory of competitive of Michael Porter, the Model of Cluster of the same author and the Coopetition model of Brandenburger & Nalebuff (1996). The second one is the data analysis of the negotiation and characteristics of each MILA´s exchange. And the third scope is identify the challenges that face MILA through qualitative semi-structured interviews to the entities that participate in the MILA market. In conclusion, we identify that the main variables in which the MILA as a market has opportunity of improvement are the entry barriers, as well as the confirmation that the application of the cluster theory by the stock exchanges when integrating through the MILA was successful in response to competition with the exchanges of other countries not only of the region but of the world.
