Bolsa Electronica de Chile becomes the latest exchange operator to use Nasdaq’s market technology.

Latin America’s fully electronic exchange operator has formed an alliance with Nasdaq OMX which will provide BEC with market technology, exchange trading and advisory services. It joins over 70 other exchanges spanning 50 countries in using market technology provided by New York’s Nasdaq.

“Nasdaq OMX market technology will open the doors to achieve real interconnection for investors who wish to enter the Chilean marketplace and the advisory services will help us create new instruments for investors around the world,” said Fernando Canas, president of BEC in a statement. “Our alliance with Nasdaq OMX will support areas of BEC strategic development like technology implementation and partnerships for new products.”

A request to the BEC for comment was not immediately returned.

In addition to providing technology, through the alliance, Nasdaq will also advise BEC on its efforts to cross-list shares, develop new indices, improve existing indices and begin a case study to create peso-dollar futures for trading on Nasdaq OMX exchanges. It will also assist BEC in global promotion and marketing efforts.

Last month, Bolsa Electronica de Chile’s South American neighbor BM&F Bovespa came to an agreement with Nasdaq to use its Smarts Integrity market surveillance platform to provide added market monitoring capabilities. Aside from BM&F Bovespa, which is the largest stock exchange in Latin America, Bovespa Market Supervision, its Brazilian self-regulatory organization, will also share in using the trade monitoring technology.

Nasdaq acquired Smarts, an Australian market surveillance technology provider, in July 2010. Smarts develops technology which records market movements for surveillance purposes. In December 2010, Nasdaq also acquired FTEN, which provides risk management technology through the screening of the credit risk of traders before they trade. The moves were part of a strategy employed by several exchange operators, including rival NYSE Euronext, to diversify their operations outside the traditional core business of matching trades.