BM&FBOVESPAAugust 2009August 2009
111
Forward Looking Statements
This presentation may contain certain statements that express the management’s expectations, beliefs and assumptions about future events or results. Such statements are not historical fact, being based on currently available competitive, financial and economic data, and on current projections about the industries BM&F Bovespa works in.The verbs “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “plan,” “predict,” “project,” “target” The verbs anticipate, believe, estimate, expect, forecast, plan, predict, project, target and other similar verbs are intended to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from those projected in this presentation and do not guarantee any future BM&F Bovespa performance.The factors that might affect performance include, but are not limited to: (i) market acceptance of BM&F services; (ii) volatility related to (a) the Brazilian economy and securities markets and (b) the highly-services; (ii) volatility related to (a) the Brazilian economy and securities markets and (b) the highlycompetitive industries BM&F Bovespa operates in; (iii) changes in (a) domestic and foreign legislation and taxation and (b) government policies related to the financial and securities markets; (iv) increasing competition from new entrants to the Brazilian markets; (v) ability to keep up with rapid changes in technological environment, including the implementation of enhanced functionality demanded by BM&F customers; (vi) ability to maintain an ongoing process for introducing competitive new products and ; ( ) y g g p g p pservices, while maintaining the competitiveness of existing ones; (vii) ability to attract new customers in domestic and foreign jurisdictions; (viii) ability to expand the offer of BM&F Bovespa products in foreign jurisdictions.All forward-looking statements in this presentation are based on information and data available as of the date they were made, and BM&F Bovespa undertakes no obligation to update them in light of new information or future development.This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities where such offer or sale would be unlawful prior to registration or qualification under the securities law. No offering shall be made except by means of a prospectus meeting the requirements of the Brazilian Securities Commission CVM Instruction 400 of 2003, as
222
amended.
AGENDA
MACRO ENVIRONMENT AND EXCHANGES INDUSTRY
IT DEVELOPMENTS
OPERATIONAL HIGHLIGHTS
TRENDS AND STRATEGIES
FINANCIAL HIGHLIGHTS
333
MACRO ENVIRONMENT AND EXCHANGES INDUSTRYMACRO ENVIRONMENT AND EXCHANGES INDUSTRY
444
Macroeconomic ExpectationsBrazil from the perspective of market experts
“Brazil will not only overcome the current crisis earlier and better than the other countries, but will make part of a selected group of nations which, in the next decade, will grow in a path similar to that showed before the US Financial System
ll f h b k f h k h h i S /08collapse, after the bankruptcy of the Investment Bank Lehman Brothers in Sept/08. I believe that Brazil can grow 5% annually in the long term.”
Kenneth Rogoff (Harvard Department of Economics)
“We didn’t have any credit booms and neither a leveraging spur. For this reason, the crisis in Brazil is much more benign, and, in some way, we are better than the majority, what explains the attractiveness even of our Exchange”majority, what explains the attractiveness even of our Exchange
Arminio Fraga Neto (Former Chairman of Central Bank of Brazil and Chairman of BM&FBOVESPA)
“ I b li th t i th di t th B ili (R l) ill b t “ I believe that, in the medium term, the Brazilian currency (Real) will be stronger than the US Dollars”
Raghuran Rajan (Former IMF Chief Economist)
“Among the last to fall into recession, Brazil should be among the firsts to leave from it”
Th E i t
555
The Economist
Note: Free translation.
Macroeconomic Environment
4,0
5,0 GDP Annual Growth (%)
5 0
5,3Brazilian CPI (%)
3.60
1,0
2,0
3,0
4 4
4,7
5,0
4.40
(1,0)
0,0
Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09
4,1
4,4
Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09
4.32 -0.35
250
International Reserves (actual) - USD billions
2009 20102009 2010
41
42Public Sector Net Debt to GDP Ratio (%)
41.5
207
100
150
200
37
38
39
4040.0
207
0
50
100
34
35
36
37
S 08 N 08 J 09 M 09 M 09 J l 09
666Source: Central Bank Focus survey and Central Bank statistics.
Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09
2009 2010
Macroeconomic ExpectationsEmerging Markets CDSs Spreads – 5 years
BRAZIL’S CREDIT RISK IS BACK TO THE PRE-CRISIS LEVEL WHEN THE COUNTRY RECEIVED THE INVESTMENT GRADE FROM S&P AND FITCH
Standard & Poor’sInvestment Grade
04.30.08
FitchInvestment Grade
05.29.08
Moody’sUnder review to be
upgraded to Investment Grade
05.24.09(f 90 d )
1.000
1.200
(for 90 days)
600
800
1.000
200
400
600
-
200
Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09
777
Brazil China Russia Mexico Korea
Source: Bloomberg.
Foreign Investments and the New Brazil’s Oil Perspectives
NEW INVESTMENT’S PERSPECTIVES IN BRAZIL WITH THE EXPLOITATION OF OIL RESERVES IN THE PRE-SALT
PRE-SALT OIL RESERVES
Positive perspectives in terms of investments in Brazil
31
35
Net Foreign Direct Investments (USD Billions)
Petrobras´s Current Production: 2,050 thousand barrels per day
Pre-Salt Oil Production (barreals/day–ths)23
27
31
2013: 2192015: 5822017: 1,3362020: 1,815
19
23
Source: Petrobras
15
Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09
2009 2010
Source: Central Bank Focus survey
888
International ScenarioGroup of 30 (G30)
GROUP OF 30: Financial Report – A Framework for Financial StabilityChairman: Paul A. VolckerVice-chairmen: Arminio Fraga Neto (BM&FBOVESPA Chairman) and Tomaso Padoa-Schioppa
• Main proposals
“…derivatives markets be held to regulatory, disclosure, and transparency standards at least comparable to those that have historically been applied to the public securities markets.”
“…Financial markets and products must be made more transparent, with better aligned risk and prudential incentives.”
“…problems include trade confirmation backlogs, lack of transparency on transaction reporting and pricing, contract closeout procedures, valuation practices and collateral disputes, and direct and indirect counterparty credit issues.”
“Prominent within that program are efforts to establish a central counterparty clearing (CCP) arrangement…”
“Given the global nature of the markets in which such managers and funds operate, it is imperative that a regulatory framework be applied on an internationally consistent basis.”
“Countries should reevaluate their regulatory structures with a view to eliminating unnecessary
999
Countries should reevaluate their regulatory structures with a view to eliminating unnecessary overlaps and gaps in coverage and complexity, removing the potential for regulatory arbitrage, and improving regulatory coordination.”
Listed Exchanges Business Model
Diversified and IntegratedExchanges
Integrated DerivativesExchanges
Diversified but Not Integrated Exchanges
101010
Listed Exchanges
Date: 08/12/2009
Share
IndexLow High 12M4 12M4 $ Local Date $ Local Date
High
Historical Prices5
Index
Year-to-date3
Index Low
12 Months
Share
Month-to-Date2
Share(US$ MM)Ranking (Mkt. Cap.) / Exchange / Index
$ Local Index Share
Mkt. Cap.1 Daily Variation
ShareLow High 12M 12M $ Local Date $ Local Date
1 / HK Ex. and Clearing / China / HS Index 146.00 -3.9% -3.0% 1.8% 1.0% 101.8% 43.6% 51.22 151.90 42.2% -6.5% 2.62 26/06/00 247.95 02/11/07
2 / Chicago Merc. Exc. / USA / Nasdaq Comp 282.02 2.2% 1.5% 1.9% 0.7% 42.3% 28.9% 154.11 405.03 -16.9% -18.1% 32.51 05/12/02 684.95 21/12/07
3 / Deutsche Boerse / Germany / DAX 52.69 1.1% 1.2% -7.5% -0.2% 7.2% 11.2% 29.41 68.96 -23.6% -19.1% 13.00 22/03/01 127.96 28/12/0714,610.05
18,732.90
20,267.26
4 / BM&FBOVESPA / Brazil / Ibovespa 12.71 1.2% 1.5% 5.2% 3.9% 114.9% 50.7% 3.94 12.71 12.6% 3.4% 3.94 27/10/08 12.62 01/09/08
6 / Nyse Euronext / USA / Dow Jones 29.33 2.2% 1.3% 7.8% 2.3% 16.2% 8.0% 14.69 42.79 -30.4% -20.5% 14.69 05/03/09 102.02 22/11/06
5 / Intercontinental Exchange / USA / Dow Jones 91.15 0.9% 1.3% -5.0% 2.3% 13.8% 8.0% 50.69 119.74 5.0% -20.5% 26.00 15/11/05 194.50 26/12/07
7,625.80
14,130.00
6,669.35
7 / Sing. Exc. / Singapore / Straits Times Index 8.46 -0.5% -1.0% -2.0% -2.5% 66.7% 45.2% 4.00 8.78 33.7% -9.0% 0.49 18/09/01 15.18 08/10/07
8 / Australia Exchange / Australia / All Share 35.07 -1.4% 0.3% -6.7% 3.6% 11.0% 21.0% 22.72 37.64 3.8% -14.3% 2.64 14/10/98 55.63 28/12/07
9 / Nasdaq OMX Group / USA / Nasdaq Comp 22.06 0.7% 1.5% 4.2% 0.7% -6.7% 28.9% 15.76 38.80 -34.1% -18.1% 5.25 16/04/03 50.00 26/12/07
10 / LSE / England / FTSE 100 735 00 1 4% 1 0% 2 4% 1 8% 42 0% 7 4% 361 33 931 70 21 1% 14 9% 240 70 27/03/03 1 861 77 31/12/07
5,004.15
4,472.47
6,272.60
3 284 6310 / LSE / England / FTSE 100 735.00 1.4% 1.0% 2.4% 1.8% 42.0% 7.4% 361.33 931.70 -21.1% -14.9% 240.70 27/03/03 1,861.77 31/12/07
11 / Bolsa Merc. Esp. / Espanha / IBEX 35 23.45 0.0% 0.9% 4.2% 0.5% 38.0% 18.9% 12.89 24.00 12.0% -9.2% 12.89 06/03/09 44.66 08/11/07
12 / TSX Group / Canada / TSX Composite 33.08 0.5% 0.3% -2.2% -0.2% 39.9% 20.7% 21.54 37.31 -0.6% -19.3% 6.49 05/11/02 53.03 07/12/07
Source: Bloomberg (the historical prices are adjusted for dividends and splits, among other corporate actions).
2,788.18
2,257.60
3,284.63
1 The Market Cap from BM&FBOVESPA was converted to USD according to the PTAX rate from the date identified2 Variation (in local currency) from the last trading day of the previous month until the date identified3 Variation (in local currency) from the last trading day of the previous year until the date identified4 Variation (in local currency) in the last 12 months (in the case of BM&FBOVESPA, since 08.20.2008)5 Historical information (in local corrency), from the listing date of the exchanges' stocks (in the case of BM&FBOVESPA, since 08.20.2008)
111111
Diversified and integrated Derivatives Diversified but not integrated
Historical information (in local corrency), from the listing date of the exchanges stocks (in the case of BM&FBOVESPA, since 08.20.2008)
Fully Integrated Business Model
Services for Issuers andCommodities trading
Trading, Clearing and Depository Activities Other Services
Listing(stocks, bonds, funds,
asset-backed securities, among others)
Trading(stocks, derivatives, corporate and government
bonds, funds, spot US Dollar, among others)
Custody(services provided for
funds, and other marketparticipants)
CommoditiesC tifi ti
Central Counterparty (CCP)Clearing and Settlement
Market Data
Certification Clearing and Settlement(for all the products)
Indices Licensing
Central Depository(stocks and corporate bonds)
Software Licensing( d b b k
Securities Lending(stocks and corporate bonds)
(used by brokeragehouses and other
market participants)
121212
(stocks and corporate bonds)
Equity Market Settlement StructureBrazil compared with USA
BRAZIL US
OTC Dark Pools
Trading BVMF ATS ECN
OTC Dark Pools
Cl i (CCP)
NYSE NASDAQ
Clearing (CCP) BVMF
BVMF
DTCC
DTCC
C l
BVMF DTCC
Central DepositoryBroker Level
131313
Beneficial Owner Level
Services Offered by the Exchange to Investors BM&FBOVESPA X US Trading Venues
BRAZIL – BM&FBOVESPAServices offered to investors
US TRADING VENUESServices offered to investorsPROVIDER
• Trading• Clearing
Stock Exchange• Clearing • Central Counterparty (CCP) • Central Depository• Securities Lending
• Trading
g
• Intermediary in the trading
Brokerage House
activity • Clearing, • Securities Lending´s activity
C t t i k th
• Intermediary in the trading activity
• Counterparty risk on the Internalization of orders*
141414
* Not allowed according to Brazilian regulation
Brazilian’s Stock Trading Breakdown
Jul’09
Novo MercadoLaunching
End of CPMF(Banking Tax)
Sarbanes-Oxley Act(SOX)
70%
80%
90%
100%
35.2%
47.2%
30%
40%
50%
60%
27.6%
11.9%
0%
10%
20%
30%
6 7 8 9 0 1 2 3 4 5 6 7 8 8 8 8 8 8 8 8 8 8 8 8 9 9 9 9 9 9 9
25.2%
52.8%
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
Jan‐08
Feb‐08
Mar‐08
Apr‐08
May‐08
Jun‐08
Jul‐0
8
Aug
‐08
Sep‐08
Oct‐08
Nov
‐08
Dec
‐08
Jan‐09
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐0
9
BM&FBOVESPA (except companies with ADRs) BM&FBOVESPA - companies with ADRs
NYSE - Brazilian ADRs Other USA Venues - Brazilian ADRs
Source: Bloomberg (in USD traded value of 36 companies with ADRs programs Level 2 and Level 3.
2001 2002 2003 2004 2005 2006 2007 2008 2009* TotalIPOs - 1 - 7 9 26 64 4 1 112 Follow ons 14 5 8 8 10 16 12 8 7 88
Public Offerings in Number of Companies
151515
Total 14 6 8 15 19 42 76 12 8 200
Dual Listings - - - 2 1 1 - - - 4
*Updated until July 2009.
IT DEVELOPMENTSIT DEVELOPMENTS
161616
BM&F SegmentDirect Market Access (DMA) Development
Customer DistributionIntermediary (CM / Broker)
BM&FBOVESPA
Access Via Broker
Open Outcry
Traditional DMA
Open OutcryGTS
GTSFIX Gateway
NET NETDMA(Aug 08)
GLOBEX – GTS
DMA Via
Order routing(Sep 08)
GLOBEX
DMADMA Via Provider(Dec 08)
DMA Via Co‐location
NETDMA Provider
Application for Co‐locationNET
Marco Polo Bloomberg GL TradeReuters
171717
(Jun 09) Remote access – monitoring and maintenance
Co-location Development
Co-location Service:
BM&F Segment – Jun’09
BOVESPA Segment – Oct’09BOVESPA Segment Oct 09
Contracting Modalities:
Brokerage House Co-location
Only the broker can access the rack where itsservers are installed
Investor Co-location
Only the investor can access the rack where its server s are installed
Structure where the equipment is installed
(switches and servers)
server s are installed
Co-location
Controlled access, continuous power and air conditioning supply, fire prevention and fire fightingsystem.
Security
Biometric access control system, continuous image recording monitoring system and identificationsystem ensure anonymity to participants
181818
Smart hands
Reception and devolution of equipment, installation and maintenance services
BM&F SegmentDMA and CME Order Routing Evolution
DMA EVOLUTION IN BM&F SEGMENT
Trades through DMA represented 10.2% of total BM&F Segment ADTV in Ago’09
ORDER ROUTING AGREEMENT WITH CME Group (CME-Globex)
Initial flow starting in Mar’09 with an ADTV of 58.0 thousand contracts in Jul’09
ALGOTRADERS IN BM&F SEGMENTJul’09: 2.09% (3.94% in FX and 9.58% in Indices)Jun’09: 1.25% (2.69% in FX and 6.88% in Indices)M ’09 1 23% (2 46% i FX d 2 56% i I di )May’09: 1.23% (2.46% in FX and 2.56% in Indices)Apr’09: 0.53% (1.8% in FX and 0.23% in Indices)
DMA Evolution CME-Globex Order Routing Evolution
6.4% 6.5% 6.7%6.5%6.5%
8.1%
6%
7%
8%
9%
200
250
300
1.2%
2.1%
1,5%
1,8%
2,0%
2,3%
50
60
70
37 36 41 4082
161
227201 194
248224
0.1%1.1%1.2%
1.9% 1.8%
3.0%
1%
2%
3%
4%
5%
50
100
150
12 14
3245
58
0.3%0.4%
1.1%
0,3%
0,5%
0,8%
1,0%
1,3%
10
20
30
40
191919
3 37 36 41 400%0
Aug-08
Sep-08
Oct-08
Nov-08
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
ADTV via DMA (thousands) % of DMA in overall ADTV
12 140,0%
Mar-09 Apr-09 May-09 Jun-09 Jul-09
ADTV routed (thousands) % overall ADTV
Bovespa SegmentTrading system development
User DistributionIntermediary(CM/Broker)
BM&FBOVESPA
BVMF / HP
May, 2009
MEGABOLSA STATIONSCOM, SNEG, SCOT
NYSE Euronext
Access Via Intermediary
NETWORK
SLE
GL Tradey
GLWIN
NETWORK
HUBNSC V900
Traditional DMA
Homebroker
NETWORK NETWORKMulti Gateway
HUB
Homebroker
268454299RTT J ’09 135
202020
RTT – May’09 54 10153 584
268454299RTT – Jan’09 135
Bovespa SegmentTrading system development
User DistributionIntermediary(CM/Broker)
BM&FBOVESPA
BVMF / HP
2H09
MEGABOLSA STATIONSCOM, SNEG, SCOT
NYSE Euronext
Access Via Intermediary
NETWORK
SLE
GL Tradey
GLWIN
A ISV
NETWORK
HUBNSC V900
New Multi Gateway
Traditional DMA
Homebroker
Any ISV
NETWORK NETWORK
HUB
Via DMA Provider
Bloomberg TradeBook
Others
Homebroker
NETWORKDMA Provider
Via DMA Co‐location
Remote access – tracking and maintenance
Application of Co‐location (ATS)NETWORK
268454299RTT J 09 135
212121
RTT – Forecast 1 1016 50
268454299RTT – Jan 09 135
New IT DevelopmentsAgenda
BOVESPA SEGMENT
2Q09
Implementation of the V900 version of M b l (C h M k l i di
AGENDA 4Q09
Implementation of the new low latency multi-l l i i i f (N M l iMegabolsa (Cash Market electronic trading
system)
Latency lowered to 153 milliseconds, from 299 previously
level communication interface (New Multi-Gateway)
Round trip time – latency reduction to approximately 16 milliseconds
Reduction of the fees charged in the equity options market related to orders registered in the MegaBolsa System but not executed
By year-end, the latency is expected droppnearly to 10 milliseconds.
Offering of Co-Location services for connectivity to the MegaBolsa
AGENDA 3Q09
Reduction of the fees charged equity market related to orders registered but not executed in the Megabolsa System
Completion of the project to increase system capacity of the equities clearinghouse (Formerly CBLC)
From 770 thousand trades / day to 1.5 in the Megabolsa System
Fee dropped to BRL 0.04 from BRL 0.05
Limit for orders entries increased to 6 from 4 earlier
From 770 thousand trades / day to 1.5 million trades / day
Operating authorization for direct market access via DMA provider (DMA model 2) in the MegaBolsa trading system (pending approval by the CVM (Brazilian Securities Commission)
222222
Commission).
MegaLine implementation
Pre-trade risk management tool
New IT DevelopmentsAgenda
BM&F SEGMENT
2Q09
Connection to Bloomberg Tradebook to Global
BM&FBOVESPA
AGENDA 3Q09
Delivery of the BVMF Communication Network Trading System (GTS)
Provides customers with an international order routing system.
GTSLine implementation
(RCB) – addition to the services provided by the RCCF
Open communication network for connectivity between market participants and the Exchange l t i t di t i i ti i t th GTSLine implementation
Pre trade risk management tool for any kind of access to GTS system
Offering of Co-Location services for connectivity to the GTS Trading System
electronic trading systems, giving participants the ability to choose alternative telecommunications providers, data transmission technologies, network capacity and velocity, and contingency resources
AGENDA 4Q09connectivity to the GTS Trading System
Shutdown of the Open Outcry
AGENDA 3Q09
AGENDA 4Q09
Implementation of the integrated external communication interface for both the MegaBolsa and the GTS systems
AGENDA 3Q09
Connection from the international order routing System of GL Trade (GL Net) to GTS
Will allow market data transmission from either system via a single channel
232323
New IT DevelopmentsTrading and Post Trading Integrations
SINGLE TRADING SCREENOrders routed automatically through
MegaBolsa GTS/WTR
Orders routed automatically through the three matching engines
SisbexTradingEnvironmentEnvironment
Delivery in 4Q09
BVMF SINGLE CLEARING HOUSEThe 4 clearing houses will be
integrated. Project being developed.
Derivatives Equities Spot FX SecuritiesPost TradingEnvironment
242424
OPERATIONAL HIGHLIGHTSOPERATIONAL HIGHLIGHTS
252525
Operational HighlightsBM&F Segment
Average Daily Traded Volume - ADTV (millions of contracts)
1.8 1.81.6
1.2 1.4 1.3
1.71.6 1.5
1.91.4 1.2
1Q08 2Q08 3Q08 4Q08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09*
Rate per Contract - RPC (BRL)
1Q08 2Q08 3Q08 4Q08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09
1Q08 2Q08 3Q08 4Q08 J‐09 F‐09 M‐09 A‐09 M‐09 J‐09 J‐09 A‐09*
Interest Rates in BRL 1.102 1.064 1.264 1.155 0.796 0.939 0.923 0.921 1.076 0.877 1.030 0.977
FX Rates 1.850 1.785 2.050 2.686 2.183 2.397 2.653 2.543 2.347 2.134 2.094 1.805
Stock Indices 2 132 2 460 2 159 1 792 1 323 1 792 1 564 1 901 1 569 1 838 1 505 2 027Stock Indices 2.132 2.460 2.159 1.792 1.323 1.792 1.564 1.901 1.569 1.838 1.505 2.027
Interest Rates in USD 1.078 1.057 0.955 1.767 1.417 1.469 1.790 1.859 1.691 1.331 1.282 1.368
Commodities 3.283 3.892 3.814 3.069 1.622 2.298 2.344 2.411 2.372 2.299 2.264 2.125
Web Trading 0.155 0.160 0.160 0.173 0.171 0.189 0.192 0.206 0.186 0.197 0.181 0.194
OTC 2.057 2.322 2.580 2.421 1.646 2.358 3.175 1.588 2.118 1.522 1.460 1.694
Total RPC 1.401 1.381 1.593 1.778 1.213 1.484 1.361 1.440 1.547 1.230 1.374 1.328
262626
•Until August 12th, 2009.
Operational HighlightsBovespa Segment
Average Daily Traded Value - ADTV (BRL Billions)
205 230 245 296 266 280 288 296
345 335 319 368
Daily Average Number of Trades (Thousands)
1Q08 2Q08 3Q08 4Q08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09*
508 540 551 559 548 543 544
Number of Investors (Thousands) Turnover Velocity** (annualized)
56.4%63.2%
67.6%
30.8% 29.4%36.8% 37.6% 38.7%
42.3%
272727
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Jul-09
* Updated until August 12th, 2009 * *Relation of the trading value in the cash market and the market cap of the exchange
2001 2003 2004 2005 2006 2007 2008 2009
Operational Highlights
15% 17% 17% 18% 19% 21% 19% 19% 18% 19% 20% 19% 20%
7% 9% 8% 7% 8% 9% 8% 10% 9% 9% 9% 8% 7%2% 2% 3% 3% 3% 3% 3% 3% 3% 2% 3% 3% 3%
BM&F Segment (Investor’s Participation in Total Volume)
25% 23% 23% 22% 23% 22% 21% 19% 23% 24% 22% 26% 25%
17% 17% 18% 19% 21% 19% 19% 18% 19% 20% 19% 20%
51% 49% 49% 49% 47% 44% 49% 48% 47% 46% 47% 44% 45%
2006 2007 1Q08 2Q08 3Q08 4Q08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09Financial Institutions Institutional Investors Foreign Investors Individuals Companies Central BankFinancial Institutions Institutional Investors Foreign Investors Individuals Companies Central Bank
Bovespa Segment (Investor’s Participation in Total Value)
10% 10% 8% 8% 9% 6% 6% 7% 7% 6% 5% 6% 5%
36% 35% 35% 35% 35% 36% 34% 35% 34% 36% 37% 37% 38%
2% 2% 2% 4% 2% 3% 2% 2% 2% 2% 2% 3% 2%10% 10% 8% 8% 9% 6% 6% 7% 7% 6% 5% 6% 5%
25% 23% 25% 26% 25% 31% 34% 33% 34% 31% 32% 29% 29%
27% 30% 29% 27% 28% 24% 24% 23% 24% 25% 24% 26% 26%
282828
2006 2007 1Q08 2Q08 3Q08 4Q08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09Individuals Institutional Investors Foreign Investors Companies Financial Institutions Others
Bovespa SegmentForeign investment flow
8.8Monthly Net Flow of Foreign Investments* (in BRL billions)
6.0
2 9
5.3 5.7 6.1
0.9
2.9
0.51.4 1.3
‐1.0 ‐0.6
‐2.8‐1.8
4 7
‐1.2‐0.4 ‐0.6 ‐1.1
‐7.3
‐4.7
*Includes regular trades and public offering; updated until August 11th, 2009.
Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09*
292929
TRENDS AND STRATEGIESTRENDS AND STRATEGIES
303030
BM&F SegmentScenarios and Perspectives
Main initiatives to increase volumes
GLOBEX ORDER ROUTING AND ALGOTRADERS
Back Office: support in FCMs back office solutions development
CFTC: pending authorization for US investors to trade in Ibovespa future contracts
Collaterals abroad: pending authorization by the Central BankCollaterals abroad: pending authorization by the Central Bank
VOLUMES AND RPC TRENDS
1.402 1.383 1.599
1.792
1.345 1.389 1,500
2,000
2,00
2,50
3,00
VOLUMES AND RPC TRENDS
Algotraders: the rise in volumes from this type of investor should lower the RPC, mainly as related to FX and Equity Derivatives contracts, which in
f
ADTV and RPC Evolution
1.76 1.77 1.55 1.24 1.47 1.64
‐
0,500
1,000
0,00
0,50
1,00
1,50
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09
2Q09 represented 32.6% of ADTV. To date, these effects yet to materialize
Cuts in reference interest rate: likely increase in credit availability with positive impact on hedging 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09
ADTV (millions) Rate per Contratct ‐ RPC (BRL)
y p p g gactivity, pushing leveraging and diminishing risk aversion
313131
Bovespa SegmentScenarios and Perspectives
Algotraders
INVESTORS GROWTH DRIVERS IN BRAZILIAN CAPITAL MARKET
Retail and Institutional Investors Foreigner investors
Systems: over 95% latency reduction in 2009 and offering of co-Location services
Price: lower charges for non
Intensification of Capital Market Popularization Program with a TV program
Improved economic outlook and
DMA Provider implementation (Bloomberg) and Co-location
Strengthened sales teams in the US Europe and AsiaPrice: lower charges for non
matched tradesImproved economic outlook and lower interest rates should push stock trading by retail and institutional investors
US, Europe and Asia
IPO AND FOLLOW ON OFFERINGS RETAKING
8 Offerings in 2009 (IPOs and Follow-on), raised BRL 19.6 billion
Increase in companies’ free float with positive impact in the ADTVIncrease in companies free float with positive impact in the ADTV
56.4%63.2%
67.6%
TURNOVER VELOCITY GROWTH
Growth in algotrading, retail trading and additional offerings should drive further increases in turnover velocity
30.8% 29.4%36.8% 37.6% 38.7%
42.3%
56.4%
323232
increases in turnover velocity
2001 2003 2004 2005 2006 2007 2008 2009
Bovespa SegmentRetail Investors
HOME BROKER PARTICIPATION TREASURY DIRECT EVOLUTION
35%
160
180
3 000
3,500
0%
15%
20%
25%
30%
60
80
100
120
140
160
1,000
1,500
2,000
2,500
3,000
0%
5%
10%
Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09
% traded value % number of trades
0
20
40
0
500
1,000
Feb-08 Apr-08 Jun-08 Aug-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09
Assets Value (BRL millions) Investors (thousands)
Trades via Home Broker (Internet based DMA for retail investors) represented 16.5% from the total volume traded in 2Q09 versus 11.5% in 2Q08
Allows DMA access (via Internet) to retail investors
Integration with HomeBroker scheduled for Oct’09
ETFs EVOLUTION– AVERAGE DAILY VOLUMEINVESTOR ACCOUNTS
300
400
500
600BRL millionsThousands
Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09
11.2 8.8 5.3
11.4
20.3 22.0 23.5 21.7
0
100
200
300
J 05 J l 05 J 06 J l 06 J 07 J l 07 J 08 J l 08 J 09 J l 09
333333
Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09
The educational programs sponsored by BM&FBOVESPA have already reached over half a million people in more than 7 years
Launch of Exchange Traded Funds (ETFs) in partnership with BNDES (Brazilian Development Bank – also participated in the conception of PIBB Index) and with Barclays Bank (responsible for managing the IShares)
PUBLIC OFFERINGS
2009 OFFERINGSIPOs (1)
Visanet – largest offering in the history of Brazilian capital market – Visanet listed only on BM&FBOVESPA
FOLLOW ON OFFERINGS (7)FOLLOW-ON OFFERINGS (7)Redecard, MRV, BR Malls, Light, Hypermarcas, Brasil Foods and Natura
IN THE PIPELINE (3)Banco Santander – this offering may represent 15% of the capital stock (preliminary data)TIVIT (IPO)GVT (Follow-on)
70 1BRL Billions
14.5
IPO Follow‐On 70.1
55.6 15.1 26.8
13.9
30.434.3
19.6
8.8
2004 2005 2006 2007 2008 U til J l'09
4.5 5.4 15.4
7.5 8.4 4.3 8.5
26.8 11.2
343434
2004 2005 2006 2007 2008 Until Jul'09# of IPOs/FOs
15 19 42 76 12 8
FINANCIAL HIGHLIGHTSFINANCIAL HIGHLIGHTS2Q09 EARNINGS
353535
2Q09 Highlights versus 2Q08 (Pro Forma)
GAAP EPS: BRL 0.09 in 2Q09 and Adjusted EPS: BRL 0.16 compared with BRL 0.12 in 2Q08 (Pro forma)
2Q09 EARNINGSNet Income (BRL millions)
165.2 188.1 246.3 325.4
2Q08 2Q09 2Q08 2Q09
Adjusted Net Income (adjusted by non-cash items)*: increased by 32.1% compared with 2Q08
Net revenues: dropped 14.7% from 2Q08
68.6%68.7%
EBITDA Margin: 68.7% in 2Q09 vs. 68.6% in 2Q08
Cost savings: adjusted expenses decreased by 25.3% between 2Q09 and 2Q08 (excluding depreciation and stock option plan costs)
EBITDA (BRL millions)/ EBITDA Margin (%)
302.9 259.9
2Q08 2Q09
Interest on Shareholders’ Equity / Dividends: BRL 175 million
Deferred Liabilities: BRL 159.3 million derived from recognition of d f d li biliti l t d t t ti ti f d ill (BRL 79 6
HIGHLIGHTS
deferred liabilities related to tax amortization of goodwill (BRL 79.6 million in 1Q09 and BRL 79.6 million in 2Q09)
Co-location Services: BM&F Segment since Jun’09 and BOVESPA Segment in Oct’09
Operational Expenses (BRL millions)
148.3 128.2 140.4 104.9
2Q08 2Q09 2Q08 2Q09
Globex and Algotraders: over 2 million contracts traded via Globex; Algotraders represented 2.1% of Total ADTV in the BM&F segment and 9.6% of Index-based contracts in Jul’09
363636
* i) Adjusted net income in 2Q09 excludes stock options plan and impacts from deferred liabilities tax and tax credits. In 2Q08, adjusted net income excludes the goodwill amortization expense; and ii) Adjusted expenses excludes depreciation and stock options plan costs
2Q08 Pro Forma / 2Q09 GAAP
2Q08 Adjusted* Pro Forma / 2Q09 Adjusted* GAAP
Summary of Income Statement
BRL thousands 2Q092Q08
(Pro Forma)% Change
2Q09 / 2Q08 1Q09 % Change
2Q09 / 1Q09 1H091H08
(Pro Forma)% Change
1H09 / 2H08
Gross Operational Revenues 420,581 492,753 ‐14.6% 351,918 19.5% 772,499 934,419 ‐17.3%BM&F Trd. / Sttmnt 146,210 157,274 ‐7.0% 127,170 15.0% 273,380 310,665 ‐12.0%
Bovespa Trd. / Sttmnt 203,931 269,427 ‐24.3% 158,196 28.9% 362,127 499,813 ‐27.5%Bovespa Trd. / Sttmnt 203,931 269,427 24.3% 158,196 28.9% 362,127 499,813 27.5%Other Operational Revenues 67,981 61,504 10.5% 61,181 11.1% 129,162 119,393 8.2%
Dividends 2,459 4,548 ‐45.9% 5,371 ‐54.2% 7,830 4,548 72.2%Net Operational Revenues 378,242 443,307 ‐14.7% 316,548 19.5% 694,790 840,085 ‐17.3%
Operational Expenses (128,198) (148,297) ‐13.6% (148,760) ‐13.8% (276,958) (281,594) ‐1.6%Net Income 188,130 165,206 13.9% 226,980 ‐17.1% 415,110 395,479 5.0%
Net Margin 49.7% 37.3% 12,5p.p. 71.7% ‐22,0p.p. 59.7% 47.1% 12,7p.p.EBITDA 259,931 302,933 ‐14.2% 176,739 47.1% 436,670 574,191 ‐24.0%
EBITDA Margin 68.7% 68.6% 0,1p.p. 55.8% 12,9p.p. 62.8% 68.3% ‐5,6p.p.Adjusted Operational Expenses (104,865) (140,374) ‐25.3% (103,050) 1.8% (207,915) (265,894) ‐21.8%Adjusted Net Income 325,363 246,311 32.1% 245,739 32.4% 571,102 476,584 19.8%
Adjusted Net Income: increased by 32.1% in 2Q09 vs. 2Q08
In 2Q09, adjustments to quarterly net income amounted to BRL 137.2
illi i i th it ith i t h fl
NET INCOME RECONCILIATION
million, comprising three items with no impact on cash flow:
Addition of BRL 159.3 million derived from recognition of deferred
liabilities connected with amortization of goodwill in 1H09 (BRL 79.6
million in 1Q09 and BRL 79.6 million in 2Q09);
BRL Millions2Q09
2Q08(Pro Forma)
% Change2Q09/2Q08
Adjusted Net Income 325.4 246.3 32.1%AdjustmentsD f d li biliti 159 3
Addition of BRL 13.4 million in expenses with the stock options plan;
Deduction of BRL 35.5 million related to credit from taxes losses of
Bovespa Holding.
Deferred liabilities 159.3 Stock Option Program 13.4 Recognition of Tax Losses (35.5) Goodwill Amortization 81.1 GAAP Net Income 188.1 165.2 13.9%
373737
In 2Q08 the adjustment excludes the effects of amortization of goodwill
amounting to BRL 81.1 million.
Revenues
Gross Revenues breakdown – 2Q09 BRL thousands 2Q092Q08
(Pro Forma) 1Q09% Change
2Q09 / 2Q08% Change
2Q09 / 1Q09
Gross Operational Revenues 420,581 492,753 351,918 ‐14.6% 19.5%BM&F Trd. / Sttmnt 146,210 157,274 127,170 ‐7.0% 15.0%Bovespa Trd. / Sttmnt 203,931 269,427 158,196 ‐24.3% 28.9%
BM&F Trd. / Sttmnt35% Bovespa
Trd. / Sttmnt48%Dividends
Bovespa Trd. / Sttmnt 203,931 269,427 158,196 24.3% 28.9%Other Operational Revenues 67,981 61,504 61,181 10.5% 11.1%Vendors 17,490 10,961 11,521 59.6% 51.8%Depositary and custody 16,214 15,019 16,084 8.0% 0.8%Trading access (Brokers) 10,214 3,359 9,475 204.1% 7.8%Listing 9,332 7,157 10,621 30.4% ‐12.1%
48%Others16%
Dividends1% Securities Lending 7,463 14,367 6,127 ‐48.1% 21.8%
Bank 2,052 874 1,971 134.8% 4.1%Others 5,216 9,767 5,382 ‐46.6% ‐3.1%
Dividends 2,459 4,548 5,371 ‐45.9% ‐54.2%Net Operational Revenues 378,242 443,307 316,548 ‐14.7% 19.5%
Trading/ Settlement:
BM&F Segment: 7% drop vs. 2Q08 as a result of lower ADTV, which retreated 7.4% in the period.
BOVESPA Segment: shrank 24.3% compared with 2Q08 as a result of (i) lower ADTV (-20%) and (ii) lower margins (-3.6%).
Other Operational Revenues: 10.5% higher than 2Q08
Market Data (vendors): grew by 59.6% vs. 2Q08 (new pricing policy starting from Apr’09)
Access fee: reached BRL 10.2 million, 204.1% higher than 2Q08 (new pricing policy started in 1Q09)
Listing: surged 30.4% compared to 2Q08 (new pricing policy since Jan’09)
Securities Lending: decreased 48.1% as compared to 2Q08
383838
Expenses
Operational Expenses– 2Q09 BRL thousands 2Q092Q08
(Pro Forma) 1Q09% Change
2Q09 / 2Q08% Change
2Q09 / 1Q09Operational Expenses (128,198) (148,297) (148,760) ‐13.6% ‐13.8%Personnel (66,337) (56,966) (85,462) 16.5% ‐22.4%Data processing (20,494) (41,618) (26,683) ‐50.8% ‐23.2%
Personnel52%
Dep./Amor.8%
Other24%
ata p ocess g ( 0, 9 ) ( ,6 8) ( 6,683) 50 8% 3 %Deprec. and Amortization (9,887) (7,923) (8,951) 24.8% 10.5%Third Party Services (9,703) (9,962) (9,119) ‐2.6% 6.4%Marketing (5,475) (7,824) (2,292) ‐30.0% 138.9%Communications (5,249) (4,984) (4,991) 5.3% 5.2%Maintenance (2,566) (3,270) (2,826) ‐21.5% ‐9.2%Board Compensation (1 572) (2 020) (1 129) 22 2% 39 2%Data Proc.
16%
Board Compensation (1,572) (2,020) (1,129) ‐22.2% 39.2%Leases (665) (1,096) (825) ‐39.3% ‐19.4%Supplies (580) (1,200) (477) ‐51.7% 21.6%Taxes (339) (1,685) (495) ‐79.9% ‐31.5%Other (5,331) (9,749) (5,510) ‐45.3% ‐3.2%
Adj. Operational Expenses* (104,865) (140,374) (103,050) ‐25.3% 1.8%
In 2Q09, the adjusted expenses* were 25.3% lower than 2Q08
The biggest variations derive from the following expenses:
Adj. Personnel** (52,891) (56,966) (48,703) ‐7.2% 8.6%
The biggest variations derive from the following expenses:
Adjusted Personnel**: 7.2% contraction between 2Q09 and 2Q08
Data Processing: 50.8% reduction between 2Q09 and 2Q08
Marketing: decreased by 30% between 2Q09 and 2Q08
* Exclusions: In 2Q09: stock options plan (BRL 13.4 million) and depreciation
393939
In 1Q09: stock options plan (BRL 18.8 million), severance costs (R$ 18 million) and depreciation
** Exclusions: In 2Q09: stock options plan (BRL 13.4 million); In 1Q09: stock options plan (BRL 18.8 million) and severance costs (BRL 18 million)
Expenses
Adjusted Operational Expenses in 2Q09: BRL 104.9 million (BRL 207.9 million in
1H09, excluding BRL 18 million in severance costs in 1Q09)
In line with OPEX budget of BRL 450 million for FY09 (excluding depreciation and stock
option plan expenses)
Open Outcry: last session held in June 30th, 2009, anticipating annual synergies of BRL 2.9
million/year
53 116
Adjusted Operational Expenses* (BRL millions) Cost cuts associated with 2007 expenses** (BRL millions)
541 566
511 488 450
140.4103.1 104.9
265.9207.9
2007 2008 2009e
Cost Reduction Actual (cash expenses)2Q08 1Q09 2Q09 1H08 1H09
* In 2Q09 excludes depreciation and stock options expenses and in 1Q09 excludes depreciation, stock options and severance expenses
404040
** 2007 Operational expenses as adjusted for inflation and OPEX budget excludes depreciation and stock options
Costs SavingPersonnel
Headcount Evolution Personnel Expenses (BRL millions)
Total: 85 5
18.8 13.4
18.0
4.4
1 387
Total: 57.0
Total: 85.5
Total: 66.3
57.0 48.7 48.5
2Q08 1Q09 2Q09
1,387 1,163 1,059
Recurring Stock Option Serevance2Q08 1Q09 2Q09
Headcount reduction in Mar’09: 23.6% lower than 2Q08
Recurring expenses: provisions and other personnel charges impacts in 2Q09
Stock options expenses: BRL 18.8 million in 1Q09 (recurring and anticipated expensesp p Q ( g p p
related to employee terminations ) and BRL 13.4 million in 2Q09 (recurring expenses, only)
Severance costs: BRL 18 million in 1Q09 and BRL 4.4 million in 2Q09
414141
Capital and Balance Sheet Highlights
DEFERRED LIABILITIES
Corresponds to deferral of BRL 159.3 million related to transitory difference of the benefitderived from tax amortization of goodwill (BRL 79 6 million in 1Q09 and BRL 79 6 million inderived from tax amortization of goodwill (BRL 79.6 million in 1Q09 and BRL 79.6 million in2Q09) with no impact on cash flow.
TAX CREDITS
BRL 35 5 million related to tax losses previously recorded by the former Bovespa HoldingBRL 35.5 million related to tax losses previously recorded by the former Bovespa Holding.
CASH POSITION
Cash and cash equivalents (short and long-term) at the end of the quarter toJ ’09 t d t BRL 2 9 billi i d f ll t l th BRL 789 illi d it dJun’09, amounted to BRL 2.9 billion, comprised of collaterals worth BRL 789 million depositedwith our clearinghouses, and R$ 449.6 million in own financial resources deposited inrestricted funds.
INTEREST INCOME, NETINTEREST INCOME, NET
BRL 54.9 million in 2Q09, 29.0% drop as compared to 2Q08, primarily due to year-on-yeardecrease in financial revenues to BRL 68.0 million in 2Q09 from BRL 92.4 million in2Q08, thus reflecting the cut in the interest rates that remunerate our financial investments.
DIVIDENDS AND INTEREST ON SHAREHOLDERS´ EQUITYPayout: BRL 175 million (BRL 0.0873 per share, which amounts to BRL0.0767 per share net of withholding income tax) as follow: BRL141.5 million in Interest on Shareholders´ equity
424242
of withholding income tax) as follow: BRL141.5 million in Interest on Shareholders equity and BRL33.5 million in dividends, to be paid on Aug 26, 2009, based on the position as of Aug 14, 2009
Board Members (2009 – 2010)
BOARD MEMBERS
• Armínio Fraga (Chairman)* - Gavea Investimentos
• Marcelo Fernandes Trindade (Vice-Chairman)* - Lawyer
• Claudio Haddad* - Ibmec
• Fabio de Oliveira Barbosa* - Vale
• José Roberto Mendonça de Barros* - Economist and Consultant
• Rene Marc Kern* - General Atlantic
• Renato Diniz Junqueira – Intercap
• Candido Botelho Bracher – Itau BBA
• Luis Stulhberger – Credit Suisse Hedging-Griffo
• Craig Donohue – CME Group
• Julio Siqueira de Araújo – Bradesco
434343
* Independents
APPENDIX
444444
Balance Sheet as of 06/30/2009
06/30/09 % 03/31/09 % Variation
Current assets 2.569.664 12,3% 2.814.573 13,3% ‐8,7%
Cash and cash equivalents 2 335 424 11 2% 2 592 074 12 2% ‐9 9%
ASSETS ‐ CONSOLIDATED (BRL Thousands)
Cash and cash equivalents 2.335.424 11,2% 2.592.074 12,2% ‐9,9%
Other credits 234.240 1,1% 222.499 1,0% 5,3%
Long‐term receivables 693.092 3,3% 730.230 3,4% ‐5,1%
Financial investments 557.641 2,7% 553.643 2,6% 0,7%
Other credits 135.451 0,6% 176.587 0,8% ‐23,3%
Investments 1.318.238 6,3% 1.318.279 6,2% 0,0%
Property and equipment 255.718 1,2% 246.680 1,2% 3,7%
Intangible assets 16.099.532 76,9% 16.094.517 75,9% 0,0%
TOTAL ASSETS 20.936.244 100,0% 21.204.279 100,0% ‐1,3%
06/30/09 % 03/31/09 % Variation
Current liabilities 1.215.927 5,8% 1.677.230 7,9% ‐27,5%
ll l f
LIABILITIES AND SHAREHOLDERS'EQUITY ‐ CONSOLIDATED (BRL Thousands)
Collateral for transactions 789.011 3,8% 1.135.943 5,4% ‐30,5%
Others 426.916 2,0% 541.287 2,6% ‐21,1%
Non‐current 146.951 0,7% 47.538 0,2% 209,1%
Minority interest in subsidiaries 15 382 0 1% 15 632 0 1% ‐1 6%Minority interest in subsidiaries 15.382 0,1% 15.632 0,1% ‐1,6%
SHAREHOLDERS' EQUITY 19.557.984 93,4% 19.463.879 91,8% 0,5%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 20.936.244 100,0% 21.204.279 100,0% ‐1,3%
454545
Goodwill Amortization: 2008 x 2009
Description $ Description $ Description $
Until December/2008 Starting from January/2009Corporate Income Statement Corporate Income Statement Tax Book ‐ Amortization tax shield
Revenues 500 Revenues 500 Pre Tax Income 300Expenses (200) Expenses (200) (‐) Goodwill Amortization (100)(‐) Goodwill Amortization (100) Tax basis 200
Taxes Payable (34%) (68)P T I 200 P T I 300Pre Tax Income 200 Pre Tax Income 300
Taxes Payable (68) Taxes Payable (68)y ( ) y ( )Cash outflow
Provision of deferredtax liabilities (34%) (34)
Corporate Net Income 132 Corporate Net Income 198
Effective Tax Rate 34% Effective Tax Rate 34%
Positive Impact in 2009p$66
> No tax burden in 2009, as the Corporate Income statement does include recognition of goodwillA i i hi h i j d d i dj i b k
464646
Amortization, which is just recorded as a transitory adjustment in a tax book,thus with zero effect on the bottom line.
> Expense with no cash flow impact. Tax shield fully captured for cash purposes
Margins
BM&F Segment- RPC (in BRL)
BM&F SEGMENT
The RPC presented a steady line in the comparison 2Q09 versus 2Q08
0,4%
2Q09 versus 2Q081,383 1,389
Bovespa Segment (in basis points)
2Q08 2Q09
BOVESPA SEGMENT
The reduction in trading margin in 2Q09 is due to g g Qboth a higher participation of day trades in total traded value and implementation of the new pricing policy, which reduced the trading fees in 0.05bp (started from May’09)
6,76,4
2Q08 2Q09
474747
Globex Routing AgreementGlobex to BM&FBOVESPA flow
US BRAZIL
2MM contracts traded until Jul´09
FCM prop position Investors
CME GroupGlobex
BM&FBOVESPA
GlobexNetwork
position
GTSNetwork
Investors
Investors
Investors
MATCHING
Investors
FCM
Investors
Some FCMs (Futures Commodities Merchant) should offer DMA access to BVMF derivatives to
their clients
484848
their clients
BM&FBOVESPA is helping the main back‐office system providers to adapt their systems
Trading of Future Ibovespa Contracts by US residents pending to be approved by CFTC
BM&F Bovespa Investor Relations
Web page: www.bmfbovespa.com.br/ri
Phone numbers: 55 11 2565 4007 or 3119 3728 / 3729 / 3734 / 2418Phone numbers: 55 11 2565 4007 or 3119 3728 / 3729 / 3734 / 2418
E-mail: [email protected]
494949
Top Related