presentation - lunch merrill lynch - november 2009
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7/30/2019 Presentation - Lunch Merrill Lynch - November 2009
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BM&FBOVESPANovember 2009
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Forward Looking Statements
This presentation may contain certain statements that express the managements 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 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-competitive 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
services, 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 weremade, 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 amended.
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1. MACRO ENVIRONMENT
2. EXCHANGES INDUSTRY
3. IT DEVELOPMENTS
4. OPERATIONAL HIGHLIGHTS
5. TRENDS AND STRATEGIES
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4
(1,0)
0,0
1,0
2,0
3,0
4,0
5,0
Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09
GDP Annual Growth (%) - Expectation
2009 2010
4,1
4,4
4,7
5,0
5,3
Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09
Brazilian CPI (%) - Expectation
2009 2010
Macroeconomic Environment
Source: Central Bank Focus survey and Central Bank statistics.
231
4.46
4.27
4.83
0.2
44.0
42.0
30
33
36
39
42
45
Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09 Nov-09
Public Sector Net Debt to GDP Ratio (%)
Expectation
2009 2010
0
50
100
150
200
250
Dec-98
May-99
Oct-99
Mar-00
Aug-00
Jan-01
Jun-01
Nov-01
Apr-02
Sep-02
Feb-03
Jul-03
Dec-03
May-04
Oct-04
Mar-05
Aug-05
Jan-06
Jun-06
Nov-06
Apr-07
Sep-07
Feb-08
Jul-08
Dec-08
May-09
Oct-09
International Reserves (actual) -USD billions
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5
Standard & Poors
Investment Grade
04.30.08
Fitch
Investment Grade
05.29.08
Moodys
Investment Grade with
positive outlook
09.22.09
Source: Bloomberg.
Macroeconomic EnvironmentEmerging Markets CDSs Spreads 5 years
BRAZILS CREDIT RISK IS BACK TO THE PRE-CRISIS LEVEL WHEN THE COUNTRY RECEIVED THE INVESTMENT
GRADE FROM S&P AND FITCH
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PRE-SALT OIL RESERVES
Positive perspectives in terms of investments in Brazil
Petrobrass Current Production: 2,050 thousand
barrels per day
Pre-Salt Oil Production (barrels/dayths)
2013 . 219
2015 . 582
2017 . 1,336
2020 . 1,815
Source: Central Bank Focus survey
35.0
25.0
Source: Petrobras
77 93 77
-150
102
2004 2005 2006 2007 2008
Trade Balance
Net Imports/Exports
ThousandBarrels/day
1.855
2.680
3.920
1.945 2.257
2.876
1.779
2.270
3.012
2008 2013 2020
Oil Production - Brasil Domestic Demand - Oil Derived
Processed Oil
Growth on domestic production will drive more exports
NEW INVESTMENTS PERSPECTIVES IN BRAZIL WITH THE EXPLOITATION OF OIL RESERVES IN THE PRE-SALT
Foreign Investments and the New
Brazils Oil Perspectives
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1. MACRO ENVIRONMENT
2. EXCHANGES INDUSTRY
3. IT DEVELOPMENTS
4. OPERATIONAL HIGHLIGHTS
5. TRENDS AND STRATEGIES
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Diversified and Integrated
Exchanges
Integrated Derivatives
Exchanges
* Do not provide pos-trading services for the equity market
Listed Exchanges Business Model
Diversified but Not
Integrated Exchanges*
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20.819.6
16.915.2
7.9 7.1 6.3 5.4
4.1 3.9 2.9 2.0
67.2%
77.1%
59.1%
68.0% 68.4%
48.4%
64.9%
84.0%
63.2%
50.2%
70.8%
52.5%
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
80,0%
-
5
10
15
20
25
30
CME HExK Deutsche
Boerse
BVMF ICE Nyse
Euronext
SGX ASX LSE Nasdaq BME TMX
Market Capitalization (US$ billions) and 2008 EBITDA Margin (%)
EBITDA Margin 2008
Listed Exchanges
Date: 11/11/2009
Diversified and integrated Derivatives Diversified but not integrated
Majority of Integrated Exchanges above 60% EBITDA Margin
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Listing
(stocks, bonds, funds,
asset-backed securities,
among others)
CommoditiesCertification
Trading
(stocks, derivatives, corporate and government
bonds, funds, spot US Dollar, among others)
Central Counterparty (CCP)
Clearing and Settlement
(for all the products)
Services for Issuers and
Commodities tradingTrading, Clearing and Depository Activities
Central Depository(stocks and corporate bonds)
Securities Lending
(stocks and corporate bonds)
Custody
(services provided for
funds, and other market
participants)
Market Data
Indices Licensing
Software Licensing
(used by brokerage
houses and other
market participants)
Other Services
OTC Derivatives
Registration and
Collateral Management
Fully Integrated Business Model
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Central Depository
Clearing (CCP)
Trading on the Exchange
BRAZIL USA
BVMF
BVMF
BVMF
DTCC
DTCC
NYSE Nasdaq
BATS Direct Edge
TRF Dark Pools
Beneficial Owner Level
Broker Level
All the tradesmust be
matched on an
exchange
environment
BrokerBrokers can internalize
orders
Equity Market Settlement StructureBrazil compared with USA
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US Exchanges and Trading VenuesMarket share
US CONSOLIDATED EQUITIES VOLUME BREAKDOWN (OCT09)
Source: Rosenblatt Securities Inc. Trading Talk
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83.3%
56.3%
15.0%
32.1%
0.1%
11.6%
1.56%
NYSE BVMF
Broker Commission Exchange / Trading fee Clearing/ Settlement and Custody Regulatory Fees
Trading
Clearing
CCP
Central Depository
Securities Lending
By Broker:
Intermediary in the
trading activity
By Broker:
Intermediary in the
trading activity
Clearing
Securities Lendings
activity
Counterparty risk on the
Internalization of
orders*
Trading
* Not allowed according to Brazilian regulation
ASSUMPTIONS:
1.COMPANY X S.A. (ADR) 1MM Shares Price: USD 16.00 exchange rate as of 7/7/2009
2.Brokerage commissions reflect different types of electronic executions
All-in Transaction Cost ComparisonBRAZIL x USA
Services offered to investors: Services offered to investors:
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28.9%
25.1%
13.5%
32.5%
Oct09
Source: Bloomberg (in USD traded value of 35 companies with ADRs programs Level 2 and Level 3.
Novo Mercado
Launching
End of CPMF
(Financial
Transaction Tax)Sarbanes-Oxley Act
(SOX)
*Updated until 11/12/2009
54.1%
45.9%
Brazilians Stock Trading Breakdown
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
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-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
Sep-09
Oct-09
Other USA Venues -Brazi lian ADRs NYSE -Brazi lian ADRs BM&FBOVESPA -companies with ADRs BM&FBOVESPA (except companies with ADRs)
2001 2002 2003 2004 2005 2006 2007 2008 2009* TotalIPOs - 1 - 7 9 26 64 4 4 115Follow ons 14 5 8 8 10 16 12 8 16 97Total 14 6 8 15 19 42 76 12 20 212
Dual Listings - - - 2 1 1 - - 1 5
Public Offerings in Number of Companies
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2,208
2,035
1,933
2,201
Sep/01 - Oct/19 Oct/20 - Nov/12
Buys Sells
Foreign Investor Trading (Buys and Sells)
7.8% drop in buys and 13.9% expansion in sells of foreign investors in BOVESPA Segment between
the two periods: Sep/01-Oct/19 and Oct/20-Nov/12
ADRs
ADRs traded volume in US grew more than the same Stocks traded volume in the BOVESPA segment
between Sept/01- Oct/19 and Oct/20 Nov/16
* Includes only dual listed companies except Santander
Average of Foreign Investors Trading*
(Sep-Oct09 BRL millions)
Stocks and ADRs ADTV*
(USD billions)
* Does not include the Santander IPO because it was considered as a FDI
IOF Effects
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ADR terminations have been growing after the IOF implementation
Issuances and Terminations of ADR Programs (BRL billions)
10 Most Traded ADR Programs* Other ADR Programs Less Liquid*
* Does not include Santander ADRs
IOF Effects
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1. MACRO ENVIRONMENT
2. EXCHANGES INDUSTRY
3. IT DEVELOPMENTS
4. OPERATIONAL HIGHLIGHTS
5. TRENDS AND STRATEGIES
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Customer DistributionIntermediary
(CM / Broker)BM&FBOVESPA
Traditional
DMA(Aug 08)
DMA ViaProvider(Dec 08)
Access Via
Broker
DMA Via
Co-location(Jun 09)
Open Outcry
GTS
GTSFIX Gateway
GLOBEX GTS
Order routing(Sep 08)
NET
GLOBEX
NETDMA
Provider
Remote access monitoring
and maintenance
Application for Co-locationNET
Marco PoloBloombergCedro
(ended on June 30th, 2009)
BM&F SegmentDirect Market Access (DMA) Development
Direct
Connection(Oct 09)
NET
NET
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Structure where the equipment is installed
(switches and servers)
Co-location Service:
BM&F Segment Jun09 BOVESPA Segment Nov09
Contracting Modalities:
Brokerage House Co-location
Only the broker can access the rack where its
servers are installed
Investor Co-location
Only the investor can access the rack where its
servers are installed
Co-location Development
Co-location
BM&F Segment (Jun09) and Bovespa
Segment (4Q09)
12 hacks hired e 2 active participants
Average Daily Traded Volume via Co-location(thousands of contracts)
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DMA Evolution CME-Globex Evolution
Algotraders Fast growth
BM&F SegmentDMA and CME Order Routing Evolution
Trading Volumes Evolution Participation per type of contract
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NSC V900
New Multi Gateway
MEGABOLSA STATION
SLE
SCOM, SNEG, SCOT
User DistributionIntermediary
(CM/Broker)BM&FBOVESPA
BVMF / HP
NYSE EuronextGL Trade
Traditional
DMA
Via DMA
Provider
Access Via
Intermediary
Via DMA
Co-location
Bloomberg TradeBook
Others
Homebroker
GLWIN
Any ISV
NETWORK
NETWORK NETWORK
RTT Oct09 1 1016 50
HUB
NETWORK
DMA Provider
Remote access tracking and maintenance
Application of Co-location (ATS)NETWORK
268454299RTT Jan09 135
2H09
RTT May09 54 10153 584
(May,2009)
(Oct09)
(4Q09)
(4Q09)
Bovespa SegmentTrading System Development
l
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GTS
Investor
Single
Trading
Screen
ONE FRONT END
SOLUTION
(To be delivered in
4Q09)
Single FIX Protocol
interface: cost
reduction for market
participants
Trading Systems
(Mega Bolsa and GTS)
BM&FBOVESPA
Clearing House
CLEARING HOUSES
INTEGRATION
(Kick-off of theproject)
The integration will
allow cross margining
and improvement of
risk and cash
management
Mega BolsaGTS
Investor
Mega Bolsa
GTS / Sisbex
FX
Mega Bolsa
SecuritiesDerivativesEquities
CURRENTLY AFTER
Trading
Clearing
New IT DevelopmentsTrading and Post Trading Integrations
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Main developments in 3Q09
BM&FBOVESPA Communication Network (RCB): complement to the RCCF services
BM&F Segment: Cedro authorization as a DMA Provider
Main developments and concluded projects in 4Q09
MegaDirect (Oct09): will allow the hiring of ISVs (independent software vendors) and will reduce
latency to 16 milliseconds
Increased capacity at the equities clearing center (Nov09): from 770 thousand to 1.5 million trades
IT Projects
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1. MACRO ENVIRONMENT
2. EXCHANGES INDUSTRY
3. IT DEVELOPMENTS
4. OPERATIONAL HIGHLIGHTS
5. TRENDS AND STRATEGIES
O ti l Hi hli ht
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931 952 716563
795614
1,128
911 740
1,215
772 689 805 822 648
571 564
570
434
353
401
384
415
491
452
427 494470 520
416
92 88
87
83
5981
80
8473
83
60 7772
135
86
161 161
170
156155
164
158
146159
129
133 116154
174
154
1Q08 2Q08 3Q08 4Q08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09*
BRL Int. Rate (Thousands) FX (Thousands) Index (Thousands) Others (Thousands)
Average Daily Traded Volume - ADTV (thousands of contracts)
Rate per Contract - RPC (BRL)
1,756 1,765
1,550
1,220
1,3621,260
1,7501,555
1,463
1,879
1,392 1,3771,500
1,651
Operational HighlightsBM&F Segment
1,304
*Updated until November 17, 2009
1Q08 2Q08 3Q08 4Q08 J-09 F-09 M-09 A-09 M-09 J-09 J-09 A-09 S-09 O-09 N-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 1,085 1,092 1,044 0,980
FX Rates 1,850 1,785 2,050 2,686 2,183 2,397 2,653 2,543 2,347 2,134 2,094 2,017 1,986 1,921 1,673
Stock Indices 2,132 2,460 2,159 1,792 1,323 1,792 1,564 1,901 1,569 1,838 1,505 1,745 1,406 1,575 1,286
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 1,208 1,062 0,979 0,959
Commodities 3,283 3,892 3,814 3,069 1,622 2,298 2,344 2,411 2,372 2,299 2,264 2,528 2,554 2,764 1,970
Web Trading 0,155 0,160 0,160 0,173 0,171 0,189 0,192 0,206 0,186 0,197 0,181 0,181 0,164 0,151 0,142
OTC 2,057 2,322 2,580 2,421 1,646 2,358 3,175 1,588 2,118 1,522 1,460 2,059 1,282 1,432 0,908
Total RPC 1,401 1,381 1,593 1,778 1,213 1,484 1,361 1,440 1,547 1,230 1,374 1,440 1,363 1,340 1,191
O ti l Hi hli ht
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Average Daily Traded Value - ADTV (BRL Billions)
Daily Average Number of Trades (Thousands)
Number of Custody Accounts(Thousands) Turnover Velocity** (12 months average)
**Relation of the trading value in the cash market and the market cap of the exchange
Operational HighlightsBovespa Segment
30.8% 29.4%36.8% 37.6% 38.7%
42.3%
56.4%63.2%
66,4%
2001 2003 2004 2005 2006 2007 2008 2009
*Updated until November 17, 2009
508
540 551 559 548 543 538579
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 Oct'09
5.96.5
5.34.3
3.6
4.1 4.04.9 5.4 5.4 4.9 5.4
5.6
7,3 7,0
1Q08 2Q08 3Q08 4Q08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09*
205 230245 296 266 280 288 296
345 335 319 344 340
436 408
1Q08 2Q08 3Q08 4Q08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09*
B S t
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0
100
200
300
400
500
600
700
Trades via Home Broker (Internet based DMA for retail investors)
represented 20.0% from the total volume traded in Oct/09
Allows DMA access (via Internet) to retail investors
Integration with HomeBroker
HOME BROKER PARTICIPATION TREASURY DIRECT
The educational programs sponsored by BM&FBOVESPA have already
reached over half a million people in more than 7 years
ETFs ADTVINVESTOR ACCOUNTS
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)
BRL millionsThousands
Bovespa SegmentRetail Investors
0%
5%
10%
15%
20%
25%
30%
35%
Jan-03 Oct-03 Jul-04 Apr-05 Jan-06 Oct-06 Jul-07 Apr-08 Jan-09 Oct-09
% traded value % number of trades
Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09
8.8
5.3
11.4
20.3
22.023.5
21.7 21.5
26.6 25.6
0
20
40
60
80
100
120
140
160
180
0
500
1.000
1.500
2.000
2.500
3.000
3.500
Assets Value (BRL mill ions) Investors (thousands)
Bo espa Segment
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Bovespa SegmentCapital Raised Activity
Public Offerings in 2009
21 public offerings in 2009 (5 IPOs e 16 Follow-On)*, raised more than BRL 43.7 bi, as follow
In 3Q09, 7 public offerings were executed (1 IPO and 6 Follow Ons), adding up to BRL 10.6 bi
In 4Q09, 10 offerings were settled (3 IPOs and 7 Follow Ons), representing BRL 20.9 bi
Pipeline
Also, there are 6 additional Offers (5 IPOs and 2 Follow Ons) in the pipeline
IPOs (4): Brazilian FR, Aliansce, Fleury and IMC
Follow-On (2): EDP and Anhanguera Educacional
IPOs (4)
Visanet (BRL 8.4 bi),
Tivit (BRL 575 mi),
Direcional* (BRL 250 mi)
FOLLOW-ON OFFERINGS (16)
Redecard (BRL 2.2 bi),
MRV (BRL 722 mi),
BR Malls (BRL 836 mi),
Light (BRL 772 mi),
Hypermarcas (BRL 794 mi),
Brasil Foods (BRL 5.3 bi),
Natura (BRL 1.5 bi),
Multiplan (BRL 792 mi),
Bco Santander (BRL 13.2bi)
Cetip* (BRL 766 mi)
PDG (BRL 1.1 mi),
Rossi (BRL 928 mi),
Gol (BRL 1 bi),
Brookfield (BRL 665 mi),
CCR* (BRL 1.1 bi),
Iguatemi* (BRL 388 mi) e
Cyrela* (BRL 1 bi)
Marfrig* (BRL 1.4 bi)
Until November 18th, 2009. * Preliminary Data
Public Offerings (BRL billions)
Operational Highlights
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25% 23% 25% 26% 25%31% 34% 33% 34% 31% 32% 29% 29% 31% 31% 31%
27% 30% 29% 27% 28%24%
24% 23% 24% 25% 24% 26% 26%27% 26% 25%
36% 35% 35% 35% 35% 36% 34% 35% 34% 36% 37% 37% 38%33%
33% 34%
2% 2% 2% 4% 2%3% 2% 2% 2%
2% 2% 3% 2% 2% 2% 2%10% 10% 8% 8% 9% 6% 6% 7% 7% 6% 5% 6% 5% 6% 8% 9%
2006 2007 1Q08 2Q08 3Q08 4Q08 Jan -09 Feb-09 Mar-09 Apr-09 May-09 Jun -09 Jul-09 Aug -09 Sep -09 Oct-09Individuals Institutional Investors Foreign Investors Companies Financial Institutions Others
51% 49% 49% 49% 47% 44% 49% 48% 47% 46% 47% 44% 45% 43% 44% 42%
25%23% 23% 22% 23%
22% 21% 19% 23% 24% 22% 26% 25% 27% 27% 27%
15% 17% 17% 18% 19% 21% 19% 19% 18% 19% 20% 19% 20% 19% 20% 22%
7% 9% 8% 7% 8% 9% 8% 10% 9% 9% 9% 8% 7% 9% 7% 7%
2% 2% 3% 3% 3% 3% 3% 3% 3% 2% 3% 3% 3% 2% 2% 2%
2006 2007 1Q08 2Q08 3Q08 4Q08 Jan -09 Feb-09 Mar-09 Ap r-09 May-09 Jun -09 Jul-09 Aug -09 Sep -09 Oct-09
Financial Institutions Institutional Investors Foreign Investors Individuals Companies Central Bank
Bovespa Segment (Investors Participation in Total Value)
BM&F Segment (Investors Participation in Total Volume)
Operational HighlightsInvestors Participation in Total Volume
Bovespa Segment
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* Updated until November 10, 2009 (includes regular trades and public offering).
Bovespa SegmentForeign Investment Flow
-1.0
0.9
-0.6
6.0
2.9
-2.8
-7.3
5.3
-1.8
-4.7
-1.2-0.4 -0.6
0.51.4
5.7 6.1
4.2
5.5
2.5
5.2
6.3
0.8
Monthly Net Flow of Foreign Investments* (in BRL billions)
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1. MACRO ENVIRONMENT
2. EXCHANGES INDUSTRY
3. IT DEVELOPMENTS
4. OPERATIONAL HIGHLIGHTS
5. TRENDS AND STRATEGIES
BM&F Segment
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Main initiatives to increase volumes
Back Office: support in FCMs back and middle office solutions development (to be deployed in 1Q10)
Potential to increase the number of foreign investors trading BM&F contracts
Collaterals abroad: pending authorization by the Brazilian Central Bank for the Ibovespa future contracts
It is included in the agenda of discussions with the government
High-frequency traders: fast growth in the last months
12 algotraders are already trading and responded for 6.0% in the overall volume in Oct09
CFTC Authorization: authorization for US investors to trade Ibovespa future contracts (approved on
August 26th, 2009)
Increase in the ADTV of Ibovespa futures contracts
BM&F SegmentDrivers
Bovespa Segment
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Bovespa SegmentDrivers
* Until October 2009.
Turnover Velocity
Slight decline in the period (Nov08 Oct09) of the
Turnover Velocity, however it reached 77.7% in
Oct09
Growth in algotrading, retail trading, market makers
and additional offerings should drive further
increases in turnover velocity
Turnover Velocity Evolution* (12 months)
Algotrader: implementation of DMA Models 2, 3 and 4 (DMA via Provider, Direct Link and Co-
location)
Public Offerings: BRL 43.7 bi in capital raised (5 IPOs and 16 Follow-on) and 6 other in the pipeline
Individual Investors: potential to increase the volume traded given the new economic environment
and the marketing campaigns
Institutional Investors: potential to increase due to the migration of savings to equity funds and
raising the limit for Pension Funds to invest in Equity to 70%
Bovespa Segment
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62%73%
30%19%
7% 8%
Total Total without Previ
Fixed Income Equity Others
PENSION FUNDS INVESTMENTS BREAKDOWN 2Q09
In September, 2009, the limit the pension funds are allowed to invest in stocks increased from 50% to 70% of their
total portfolio
BRL 455 billion BRL 327 billion
Source: ABRAPP.
Bovespa SegmentInstitutional Investors Pension Funds
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Nasdaq MOU signed on Oct/23 and valid until Dec/31, comprising:
Order Routing:
The development of an order routing system between the exchanges;
Market Data:
The development of a commercial agreement providing for NASDAQ OMX to distributeinternationally, on a non exclusive basis, the prices of the securities (market data) traded in
BM&FBOVESPA, and for BM&FBOVESPA to distribute, on a non exclusive basis, the prices of the
securities traded in NASDAQ OMX;
Corporate Services:
The development of a commercial agreement providing for BM&FBOVESPA to offer, to publicly
traded Brazilian companies, products and services developed by NASDAQ OMX, which are designed to
support and facilitate the activities of publicly traded companies, such as those related to investors
relations (IR), structuring and management of board of directors, issuance of press-releases and
communications to the market and analysts; and
IT Cooperation:
The evaluation of technology cooperation opportunities for the two exchanges
Latin America Exchanges Partnerships:
Chile
Colombia
Peru
Mxico Argentina
Main Initiatives
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APPENDIX
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373737
279.6 262.0
3Q08 3Q09
68.3% 68.4%
138.1 132.5 130.0109.0
3Q08 3Q09 3Q08 3Q09
235.6 245.8315.9 337.3
3Q08 3Q09 3Q08 3Q09
Historical Record on Trading Volume: the cash market segment registered
BRL 7.3 billion average daily traded volume in Oct09
CME-Globex and Algotraders: Globex routing and Algotraders
represented 4.7% and 6% from BM&F Segments volume in Oct09,
respectively
BOVESPA Segment Trading System: latency reduction to 16 millisenconds
and capacity increase to 1.5MM matches per day in post-trading (Nov09)
Nasdaq conversations: memorandum of understandings until Dec09
HIGHLIGHTS
Net Income (BRL Millions)EPS (GAAP): BRL 0.12 in 3Q09 and Adjusted EPS: BRL 0.165 compared with
BRL 0.155 in 3Q08 (Pro forma)
Adjusted Net Income (adjusted by non-cash items)*: 6.8% higher when
compared with 3Q08
Net revenues: dropped 6.5% from 3Q08
EBITDA Margin: 68.4% in 3Q09 versus 68.3% in 3Q08
Cost Savings adjusted expenses*: decreased by 16.2% between 3Q09 and
3Q08
Dividends: BRL 150 MM, BRL 0.074 per share, payment on Nov/24
* i)Adjusted net income in 3Q09 excludes stock options plan and impacts from deferred
liabilities tax. In 3Q08, adjusted net income excludes the net impact of goodwill amortizationexpenses; and ii) Adjusted expenses excludes depreciation and stock options plan costs
3Q08 Pro Forma and 3Q09 GAAP
3Q08 Pro Forma Adjusted* and 3Q09 Adjusted*
3Q09 EARNINGS
EBITDA (BRL Millions) / EBITDA Margin (%)
Operational Expenses (BRL Millions)
Highlights from 3Q09 and 3Q08 (Pro Forma)
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Trading and Settlement
BM&F Segment: 20.9% drop compared with 3Q08, mainly as a result of lower ADTV, which retreated 8.3%
BOVESPA Segment: 1.6% lower than 3Q08, as a result of a retreat by 2.1% in the ADTV
Other Operational Revenues: 19.9% growth versus 3Q08
Depository: grew by 5.7% vs. 3Q08, mainly as a result of the new pricing policy implementation (May09)
Vendors: 22.5% increase vs. 3Q08 (new pricing policy starting from Apr09)
Access: 91.4% higher than 3Q08 (new pricing policy started in 1Q09)
Listing: 27.6% higher than 3Q08, due to new annual fee pricing (Jan09)
Securities Lending: fell by 28.3% vs. 3Q08
Gross Revenues Breakdown 3Q09
Revenues
BM&FTrd. /
Sttmnt31%
BovespaTrd. /
Sttmnt52%
OtherOperatingRevenues
17%
BRL thousands 3Q093Q08
(Pro Forma)2Q09
% Change
3Q09 /
3Q08
% Change
3Q09 /
2Q09
Gross Operational Revenues 426,505 455,824 420,581 -6.4% 1.4%
BM&F Trd. / Sttmnt 132,707 167,832 146,210 -20.9% -9.2%
Bovespa Trd. / Sttmnt 221,594 225,291 203,931 -1.6% 8.7%
Other Operational Revenues 72,204 60,202 67,981 19.9% 6.2%
Depositary and custody 16,780 15,868 16,214 5.7% 3.5%
Vendors 14,111 11,523 17,490 22.5% -19.3%
Trading access (Brokers) 10,654 5,565 10,214 91.4% 4.3%
Listing 9,562 7,496 9,332 27.6% 2.5%
Securi ties Lending 8,866 12,368 7,463 -28.3% 18.8%
Bol sa Bra si lei ra de Merca dori as 3,535 1,752 1,250 101.8% 182.8%
Bank 2,194 802 2,052 173.6% 6.9%
Others 6,502 4,828 3,966 34.7% 63.9%
Dividends - 2,499 2,459 0.0% 0.0%
Net Operational Revenues 382,995 409,666 378,242 -6.5% 1.3%
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393939
Personnel
48%
Data
processing
18%
Dep. and
Amort. 9%
Other
25%
Adjusted Operational Expenses*: 16.2% contraction vs 3Q08
The biggest variations derive from the following expenses :
Adjusted Personnel**: 6.2% fall between 3Q09 and 3Q08
IT: 34.2% reduction vs. 3Q08
Third Party Services: 18.3% reduction vs 3Q08
Operational Expenses 3Q09
Expenses
* Exclusions: In 3Q09: stock options plan (BRL 11.9 million) and depreciation
In 2Q09: stock options plan (BRL 13.4 million) and depreciation
** Exclusions: In 3Q09: stock options plan (BRL 11.9 million)
In 2Q09: stock options plan (BRL 13.4 million)
BRL thousands 3Q093Q08
(Pro Forma)2Q09
% Change
3Q09 / 3Q08
% Change
3Q09 / 2Q09
Operational Expenses (132,502) (138,068) (128,198) -4.0% 3.4%
Personnel (63,883) (55,364) (66,337) 15.4% -3.7%
Data processing (24,233) (36,843) (20,494) -34.2% 18.2%
Deprec. and Amortization (11,546) (8,030) (9,887) 43.8% 16.8%
Third Party Services (9,370) (11,470) (9,703) -18.3% -3.4%
Communications (6,219) (4,287) (5,249) 45.1% 18.5%
Marketing (5,841) (5,336) (5,475) 9.5% 6.7%
Maintenance (2,750) (2,972) (2,566) -7.5% 7.2%
Board Compensation (1,184) (1,267) (1,572) -6.6% -24.7%
Supplies (713) (928) (580) -23.2% 22.9%
Leases (558) (1,200) (665) -53.5% -16.1%
Taxes (495) 1,916 (339) -125.8% 46.0%
Other (5,710) (12,287) (5,331) -53.5% 7.1%
Adj. Operational Expenses* (109,019) (130,038) (104,865) -16.2% 4.0%
Adj. Personnel** (51,946) (55,364) (52,891) -6.2% -1.8%
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511 488 450
53 116
2007 2008 2009eCost Reduction Actual (cash expenses)
Adjusted Operational Expenses*: BRL 109 million in 3Q09 and BRL 316.9 million in 9M09
In line with OPEX budget of BRL 450 million for FY09: (excluding depreciation and stock option
plan expenses)
Adjusted Operational Expenses* (BRL millions)
Expenses
Cost cuts associated with 2007 expenses** (BRL millions)
* In 3Q09 and 2Q09 excludes depreciation and stock options expenses and in 1Q09 and 9M09 excludes depreciation, stock options and severance expenses
** 2007 Operational expenses as adjusted for inflation and OPEX budget excludes depreciation and stock options
E
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414141
1,113
1,0591,064
3Q08 2Q09 3Q09
Headcount reduction in Mar09 : 4.4% lower than 3Q08
Stock Options Expenses: BRL 11.9 million in 3Q09
Severances: BRL18 million in 1Q09, BRL 4.4 million in 2Q09 and BRL 1.4 million in 3Q09
Union Bargain: 5% increase in Aug09
Total: 55.4
Total: 85.5
Total: 66.3 Total: 63.9
Personnel Expenses (BRL millions)Headcount
Expenses
Fi i l Hi hli ht
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Cash and Cash Equivalents
Cash and Cash equivalents (short- and long-term) at the end of the quarter to Sep09 amounted
to BRL 3.2 billion (11.3% higher than 2Q09), comprised of third-party collaterals worth BRL 980.0million, deposited with our clearing centers, and BRL 540.4 million in own financial resources of
restricted use for being tied to our clearing structure. This increase in cash position from the
second quarter is due mainly to a 24.2% variation in cash margin deposits made by participants
and the cash flow generation in the period.
Deferred Liabilities
Deferred liabilities are a result of deferral of BRL 79.6 million related to a transitory adjustment ofthe tax benefit derived from amortization of goodwill in the quarter to Sep09, with no impact on
cash flow
Financial Income
BRL 57 million in 3Q09, 16.1% below 3Q08, reflecting the cuts in the interest rates that
remunerate financial investments, falling from BRL 93.7 million in 3Q08 to BRL 65.9 million in
3Q09 Climbed 4.0% when compared to the 2Q09 (BRL 54.9 million)
Cash distributions
Distribution of dividends of BRL 150.0 million, equivalent to BRL 0.07489354 per share. This cash
distribution will be paid to shareholders on November 24th, 2009 based on ownership positions as
of November 12th, 2009
Financial Highlights
Di id d d I t t C it l
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Dividends and Interest on Capital
3Q09 Payout
Payment of BRL 150 million as dividends
9M09 Payout
Payment of BRL 437 million, as dividends and interest on equity capital, representing 66.1% of GAAP
net income
BRL thousands 1Q09 2Q09 3Q09 9M09
Gaap Net Income 226,980 188,130 245,766 660,876
Interest on Capital and Dividends 112,000 175,000 150,000 437,000
% of Net Income 49.3% 93.0% 61.0%
% Accumulated 49.3% 69.1% 66.1%
BVMF3 St k P f
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BVMF3 PARTICIPATES IN 6 INDICES
Ibovespa 4.448%
ITAG 5.433%
IGC 5.735%
MLCX 3.099%
IBRX 2.917%
IBRX-50 3.374%
(*) Turnover velocity refers to the annualized correlation between volume traded on the cash market in the period and market capitalization for the same
period, on a monthly basis.
BVMF3 Stock Performance
57%74%
99%
61% 63% 60% 56%68% 69% 70% 72% 67% 65% 63%
80%
144%
303%
341%
220%
255%
201% 209% 194%
227% 232% 227%
158%
172%
162%
239%
0%
50%
100%
150%
200%
250%
300%
350%
400%Turnover Velocity (Market vs. BVMF3)*
Overall Market BVMF3
B d M b (2009 2010)
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Armnio Fraga (Chairman)* - Gavea Investimentos
Marcelo Fernandes Trindade (Vice-Chairman)* - Lawyer
Claudio Haddad* - Ibmec
Fabio de Oliveira Barbosa* - Vale
Jos Roberto Mendona 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 Arajo Bradesco
* Independents
Board Members (2009 2010)
BOARD MEMBERS
B l Sh 09/30/2009
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Balance Sheet 09/30/2009
09/30/09 % 06/30/09 % Variation
Current assets 2,936,914 1 3.8% 2,569,664 12.3% 14.3%
Cash and cash equivalents 2,701,557 12.7% 2,335,424 11.2% 15.7%
Other credits 235,357 1.1% 234,240 1.1% 0.5%
Non-Current assets 18,355,944 86.2% 18,366,580 87.7% -0.1%
Long-term receivables 664,783 3.1% 693,092 3.3% -4.1%
Financial investments 517,480 2.4% 557,641 2.7% -7.2%
Other credits 147,303 0.7% 135,451 0.6% 8.8%
Investments 1,319,747 6.2% 1,318,238 6.3% 0.1%
Property and equipment 266,010 1.2% 255,718 1.2% 4.0%
Intangible assets 16,105,404 75.6% 16,099,532 76.9% 0.0%
TOTAL ASSETS 21,292,858 100.0% 20,936,244 100.0% 1.7%
09/30/09 % 06/30/09 % Variation
Current liabilities 1,407,729 6.6% 1,215,927 5.8% 15.8%
Collateral for transactions 979,974 4.6% 789,011 3.8% 24.2%
Others 427,755 2.0% 426,916 2.0% 0.2%
Non-current 226,667 1.1% 146,951 0.7% 54.2%
Minority interest in subsidiaries 16,412 0.1% 15,382 0.1% 6.7%
SHAREHOLDERS' EQUITY 19,642,050 92.2% 19,557,984 93.4% 0.4%
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 21,292,858 100.0% 20,936,244 100.0% 1.7%
ASSETS - CONSOLIDATED (BRL Thousands)
LIABILITIES AND SHAREHOLDERS'EQUITY - CONSOLIDATED (BRL Thousands)
Summary of Financial Statements
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In 3Q09, the net impact from the adjustments on the bottom
line amounted to BRL 91.5 million, composed by 2 non-cashitems:
BRL 79.6 million added Recognition of deferred
liabilities related to the goodwill amortization in 3Q09;
BRL 11.9 million - Stock Options Plan;
In 3Q08, the net income was adjusted by the goodwill
amortization expense in BRL 80.3 million.
NET INCOME RECONCILIATION
BRL millions 3Q093Q08
(Pro Forma)
Variation
3Q09/3Q08
Adjusted Net Income 337.35 315.91 6.8%
Adjustments
Deferred Liabilities 79.6
Stock Option Plan 11.9
Goodwill Amortization 80.3
Corporate Net Income 245.8 235.6 4.3%
Summary of Financial Statements
BRL thousands3Q09
3Q08
(Pro Forma)
% Change
3Q09 / 3Q08 2Q09
% Change
3Q09 / 2Q09 9M09
9M08
(Pro Forma)
% Change
9M09 / 9M08
Gross Operational Revenues 426,505 455,824 -6.4% 420,581 1.4% 1,199,004 1,390,243 -13.8%
BM&F Trd. / Sttmnt 132,707 167,832 -20.9% 146,210 -9.2% 406,087 478,497 -15.1%
Bovespa Trd. / Sttmnt 221,594 225,291 -1.6% 203,931 8.7% 583,721 725,104 -19.5%
Other Operational Revenues 72,204 60,202 19.9% 67,981 6.2% 201,366 179,595 12.1%
Dividends - 2,499 - 2,459 - 7,830 7,047 11.1%
Net Operational Revenues 382,995 409,666 -6.5% 378,242 1.3% 1,077,785 1,249,751 -13.8%
Operational Expenses (132,502) (138,068) -4.0% (128,198) 3.4% (409,460) (419,662) -2.4%
Income before Taxes 307,535 217,897 41.1% 304,901 0.9% 848,083 850,319 -0.3%
Income Tax and Social Contribution (544) (68,109) -99.2% 35,173 -101.5% 33,495 (304,445) -111.0%
Def. Inc.Tax and Soc. Contribution (60,196) 86,177 -169.9% (152,195) -60.4% (219,629) 86,177 -354.9%
Minority Interest (1,029) (354) 190.7% 251 -510.0% (1,073) (961) 11.7%
Net Income 245,766 235,611 4.3% 188,130 30.6% 660,876 631,090 4.7%
Net Margin 64.2% 57.5% 6.7 bp 49.7% 14.4 bp 61.3% 50.5% 10.8 bp
EBITDA 262,039 279,628 -6.3% 259,931 0.8% 698,709 853,819 -18.2%
EBITDA Margin 68.4% 68.3% 0.2 bp 68.7% -0.3 bp 64.8% 68.3% -3.5 bp
Adjusted Operational Expenses (109,019) (130,038) -16.2% (104,865) 4.0% (316,934) (395,932) -20.0%
Adjusted Net Income 337,348 315,905 6.8% 325,363 3.7% 908,450 764,914 18.8%
Bovespa Segment
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5.9 6.5 5.3 4.4 3.9 5.2 5.27.1 5.9 4.8
205 230 246297 278 326 334
428
228313
-
90
180
270
360
450
-
2,0
4,0
6,0
8,0
10,0
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09* 9M08 9M09Trades(thansands)
ADTV(BRLbillion
s)
ADTV (BRL billions) Number of Trades (thousands)
Traded Volume Evolution and Number of Trades
Trading Margins (basis points)
* Until November 09th, 2009
Average Daily Traded Volume (BRL millions)
p gOperational Highlights
Market 3Q09 3Q08
Variation
3Q09/3Q08
(%)
9M09 9M08
Variation
9M09/9M08
(%)
Stocks and Derivatives 5,212.4 5,321.6 -2.1% 4,783.8 5,901.5 -18.9%
Cash Market 4,885.6 4,970.5 -1.7% 4,481.4 5,498.9 -18.5%
Derivatives 326.8 351.1 -6.9% 302.4 402.6 -24.9%
Forward market 113.0 174.5 -35.2% 84.2 212.6 -60.4%
Options market 213.8 176.6 21.1% 218.2 190.0 14.9%
Fixed income and others 2.1 4.2 -51.4% 1.6 6.1 -73.6%
Total 5,214.4 5,325.8 -2.1% 4,785.4 5,907.6 -19.0%
Market 3Q09 3Q08 9M09 9M08
Stocks and Equities Deriv. 6,6 6,5 6,5 6,6
Cash Equities 6,2 6,0 6,0 6,0
Derivatives 13,8 13,7 14,1 14,1
Forward 13,0 13,0 13,0 13,0
Options 14,3 14,3 14,5 15,3
TOTAL 6,6 6,5 6,6 6,6
BM&F Segment
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1.76 1.77 1.55 1.24 1.47 1.64 1.42 1.57 1.69 1.51
1.402 1.383 1.5991.792
1.345 1.389 1.391 1.316 1.458 1.375
0,00
0,50
1,00
1,502,00
-
1,00
2,003,00
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09* 9M08 9M09
RPC(BRL)
ADTV(mill
ions)
ADTV (millions of contracts) RPC (BRL)
Traded Volume Evolution and Average Revenue per Contract (RPC)
Traded Volume Evolution Revenue per Contract - RPC (BRL)
* Until November 09th, 2009.
gOperational Highlights
Product 3Q09 3Q08
Variation
3Q09/3Q08
(%)
9M09 9M08
Variation
9M09/9M08
(%)
BRL Int. rate contracts 755.6 719.4 5.0% 857.2 864.6 -0.8%
USD Int. rate contracts 64.4 100.3 -35.8% 76.7 96.7 -20.6%
FX contracts 463.0 573.6 -19.3% 431.9 569.5 -24.2%
Index-based contracts 69.6 87.5 -20.4% 74.1 89.3 -17.1%
Commodity contracts 10.1 16.7 -39.2% 9.9 15.6 -36.4%
OTC contracts 8.8 12.5 -29.1% 7.8 13.5 -42.1%
Web Trading 50.7 41.8 21.5% 51.0 40.1 27.3%
Total 1,422.3 1,551.7 -8.3% 1,508.7 1,689.2 -10.7%
Product 3Q09 3Q08
Variation
3Q09/3Q08
(%)
9M09 9M08
Variation
9M09/9M08
(%)
BRL Int. rate contracts 1.068 1.263 -15.4% 0.961 1.135 -15.3%
USD Int. rate contr acts 1.178 1.004 17.3% 1.476 1.074 37.4%
FX contracts 2.031 2.054 -1.1% 2.247 1.901 18.2%
Index-based c ontracts 1.559 2.156 -27.7% 1.638 2.245 -27.0%
Commodity contracts 2.440 3.862 -36.8% 2.292 3.712 -38.3%
OTC contracts 1.485 2.637 -43.7% 1.738 2.336 -25.6%
Web Trading 0.175 0.161 8.9% 0.185 0.159 16.5%
Total 1.391 1.599 -13.0% 1.375 1.458 -5.7%
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BM&F Bovespa Investor RelationsWeb page: www.bmfbovespa.com.br/ri
Phone numbers: (55 11) 2565 4007/4728 / 4729 / 4834 / 4418
E-mail: ri@bmfbovespa.com.br
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