bvmf presentation - december 2010
TRANSCRIPT
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December 2010
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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&FBovespa works in.
The verbs anticipate, believe, estimate, expect, forecast, plan, predict, project, target and other similarverbs 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&FBovespa
performance.
The factors that might affect performance include, but are not limited to: ( i) market acceptance of BM&FBOVESPA services;
(ii) volatility related to (a) the Brazilian economy and securities markets and (b) the highly-competitive industries
BM&FBovespa 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&FBovespa 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&FBovespa 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&FBovespa 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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BRAZILIAN MARKET OPPORTUNITIES
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Brazil represents a unique investment opportunity
New growth
cycle andinvestments in
infra-structure
Pre-salt Oil Exploration
Development of
Mortgage Market
Expansion of Middle
Class
Entrepreneurial StimulusGreater Internal
Demand
Rio Olympics 2016
and World Cup 2014
Increase in Income
Levels
Interest Rate
Decline
Brazil will
have the 6th
highest world
purchasingpower
by 2013
(Price
Coopers) (1)
Brazilian per
capita income
will rise fromUS$7,900 to
US$10,900
in 2011 (Bank
of America
Merrill Lynch)(1)
(1) As of Jan/10.
4
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jan/05 jul/05 jan/06 jul /06 jan/07 jul/07 jan/08 jul/08 jan/09 jul /09 jan/10 jul/10
35-40%
35-40%
5-10%
US EUR BR
(1) Updated until Oct/2010;(2) HFT: High Frequency Trading - Source: Rosemblatt Securities Inc.; Source: WFE
Low penetration of equity and derivatives in the main
investors portfolios Stable and low interest rate environment would
encourage exposure in securities
Recent growth in the number of retail investors,but still low compared to other markets
Low number of listed companies compared toother countries
Nov10644,055
128,615
66%
35%
5-10%
US EUR BR
Equities Futures
5
6,4085,179
3,700 3,4723,019 2,792
2,335 1,966 1,788
386
ndia USA Canada Spain China /HK London Japan Australia Korea Brazil
Brazilian Capital Markets: high growth potential
High Growth Potential Number of Custody Accounts(1)
HFT to Total Volume Traded(2) 2009 Listed Companies (28th in the World)
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MAIN INITIATIVES TO INCREASE GROWTH
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Brings the concept quer ser scio? (wanna be a
shareholder?) as a differential to attract new investors. Thecampaign will be released in mass medias
All the pieces will have a reference to the campaign web
site www.quersersocio.com.br
Main Strategies to Attract Retail Investors2010 launching of the campaign Quer ser Scio?
New Campaign Quer ser Scio?
Other Popularization and Education Initiatives
Launching of the on line (web) version of the DesafioBM&FBOVESPA
Launching of the Turma da Bolsa, a financial education
web site for kids;
Beginning of the second season of the Educao
Financeira program, with 42 episodes to be exhibitedfrom March to December 2010
ENEF printing and distribution of books for the
schools which participate of the pilot project, and
beginning of the development of the contents for school
Fica Mais mileage and member get memberprogram
for investors7
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BOVESPA Segment: capital raising activity
Public Offerings (BRL billions)
Public Offerings in 2009/2010
24 public offerings in 2009 (6 IPOs and 18 Follow-Ons), raised more than BRL 46.0 bi
20 public offerings in 2010 (10 IPOs and 10 Follow-Ons), raised BRL 72.9 bi*
Pipeline
Also, there are 6 additional offerings in the pipeline
IPOs (5): Sonae Sierra Brasil S/A, Autometal, Raia, Desenvix Energias Renovveis and QGEPParticipaes
Follow-Ons (1): Anhanguera Educacional Participaes
8
Increasing the Sales Activity: attracting more companies to be listed
Separate Listing from Issuer Development activities (regulation and sales)
* Updated until Dec 6th excluding capitalization with barrels reserves by federal government.
2004 2005 2006 2007 2008 2009 2010*
4.5 5.415.4
55.6
7.5
23.810.54.3
8.5
15.1
14.5
26.8
22.2
62.4
IPO Follow-On
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New Products Pipeline
9
Equity Order Book in Foreign Currencies
BM&FBOVESPA and Chi-X Global Term Sheet for jointdevelopment of software
Trading of stocks listed in Brazil with simultaneous FXexecution - allows non residents to match stocks in US$ andother currencies
Legal requirements to invest in Brazil keep unchanged
ETFs BRL million
New DevelopmentsCompany focus on becoming a global marketplace
Only 7 ETFs listed on the Exchange
Financial Index ETF to be launched in 4Q10
Other ETFs under development: Dividends,Utilities and IBRX-20
8.8
5.3
11.4
20.322.0
23.521.721.5
26.625.6
18.316.9
22.2
27.1
25.3
33.1
29.1
24.526.7
27.2
30.832.7
33.1
Jan
-09
Feb
-09
Mar-09
Apr-09
May
-09
Jun
-09
Jul-09
Aug
-09
Sep
-09
Oct-09
Nov
-09
Dec
-09
Jan
-10
Feb
-10
Mar-10
Apr-10
May
-10
Jun
-10
Jul-10
Aug
-10
Sep
-10
Oct-10
Nov
-10
Non-Sponsored BDR Level 1
Deutsche Bank will be the first depository institution and willlist 10 large cap stocks listed in the US (Start of trading inOctober 5, 2010)
Citibank was chosen to list 10 other large cap stocks (Start oftrading in October 5, 2010)
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Globally preferred strategic partners
Development of new multi-class trading platform
Reciprocal participation in CME and BVMF Board of Directors
Increase of BVMF stake in CME from 1.8% to 5.0%
Order routing
International market data distribution
Nasdaq OMX product licensing to Brazilian companies
High frequency international link and greater capability to support trading
Exploring global partnership initiatives
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IT DEVELOPMENT, DMA EVOLUTION AND HIGH
FREQUENCY TRADING ACTIVITY
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Excellence in IT Solutions and Post-Trading Services
12
Market Access
Co-location
Capacity: phase II implemented in Jul10; Bovespa Segment: launched in Sep10
Market Data Distribution: Unified Market Data Feed - UMDF for both segments (by 4Q10)
EntryPoint: unified order entry interface for both segments (by 2Q11)
ISVs: Trading Technologies (TT) will provide screens for BM&F Segment in 1Q11
Brazil Easy Investing (partnership with Chi-X): order book in USD and other currencies
Trading Systems (Mega Bolsa and GTS) New Trading System: project commenced in Feb10
Schedule: Derivatives and cash FX (1Q11), Equities (1Q12) and Fixed income (2Q12)
Capacity Increasing
BOVESPA Segment: from 1.5 million to 3 million trades / day (by 4Q10)
BM&F Segment: from 200 thousand to 400 thousand trades / day (completed in the 3Q10)
Performance: improving performance in both systems (one digit latency by YE10)
Post-trading Developments
Data Center: rent of a facility for the new back up site and the construction of the main site
Clearing Integration: ongoing delivery of some integration basics and project planning for2011 new clearing infrastructure
Sungard/GMI (back office for FCMs): to be implemented in 4Q10
IT DevelopmentsInitiatives to support future growth
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Managed growth to support retail and high frequency trading:
DMA Implementation (Direct Market Access)
Trading Systems: reduce latency and increase capacity
RCB Development (new BM&FBOVESPA Communication Network)
Via DMACo-location
TraditionalDMA
Via DMAProvider
DirectConnection
NET
NET
NET
NET
Remote accesstracking and maintenance
Application ofCo-location
NET
Providerof DMA
Excellence in IT solutions and Post-Trading services
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* Updated until November 30, 201014
BM&F Segment: DMA Order Routing Evolution
DMA ADTV in thousands of contracts
157 195 197216
327 380 337451 416
276367 353 290 350
551
4 3071
129
156148
44
161 214
7048 40
4651
47
51
92
176223
240
279 204
189
254262
204270
317
20
3
13
21
138
156
84 164
162
151 156162
203
161
5.5%
7.5%11.3%
14.4%
13.9%
17.6%
16.0%
16.0% 20.1%
16.9%
13.5% 16.6%
17.7%
20.4%
19.7%
0%
4%
8%
12%
16%
20%
-100
100
300
500
700
900
1100
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 nov-10
Traditional DMA CME Globex DMA Provider CoLocation % of DMA in overall ADTV
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New Products Pipeline
15
High Frequency Trading - HFTNew pricing policy (both segments)
Main Characteristics
Differentiated fees by tier only for day trades transactions executed by a registered HFT
A HFT Committee created to approve and monitor the HFTs
The new pricing policy is being implemented in two steps: Nov10 and Jan11 (consolidated volume
executed in more than one broker)
Bovespa Segment
In the Bovespa Segment, different tiers were created for individuals and non-individuals HFT investors
Individuals
ADTV tier (BRL millions) Trading Fee (%)
Up to 4 (inclusive) 0.019
From 4 to 12.5 (inclusive) 0.017
From 12.5 to 25 (inclusive) 0.014
From 25 to 50 (inclusive) 0.012Above 50 0.010
Non-individuals
ADTV tier (BRL millions) Trading Fee (%)
Up to 20 (inclusive) 0.019
From 20 to 50 (inclusive) 0.017
From 50 to 250 (inclusive) 0.014
From 250 to 500 (inclusive) 0.012Above 500 0.010
BM&F Segment
In the BM&F Segment, the 70% flat discount was replaced by a volume tiered based discount, only for
day trades
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0 1 3 712 15 13 17
20 25
84
164 162151 156
162
203
161
Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10
3.2%
1.4%
3.3% 3.2% 2.6%4.1%
4.8%
2.9%
Seven active investors
22 active participants in Oct10
16
BM&F Segment: High Frequency Trading (HFT)HFT is playing an important role in derivatives market
Updated until: November 30h, 2010
HFT
(ADTV in thousands of contracts and mkt. share)*
HFT
(participation per group of contracts)
Co-location
BM&F Segment (thousands of contracts)
4 2041 50
69
155
74 92 73 58 7589
518
4441
50
4340
4543
45 38
47
2253
77
93
90 85 87 98125 92
59
0.3%1.0%
2.8%
4.8%3.8%
6.0%
4.4% 4.0% 4.5% 5.7%6.4%
5.3%
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10F X Equi ti es Mi ni contra cts Inte res t R ates % i n Overa ll Vol um e
BM&F Segment: 28 units
Both Segments: 8 units
Pipeline: 40 units
10.3%
23.7%
60.7%
FX contracts Index- based contracts Mini contracts
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Round Trip Time, in milliseconds 2007 2008 2009 2010e
Equity Market 450 300 10 One digit
Derivatives Market 70 25 10 One digit
Throughput in thousands of trades
Equity Market Average Capacity 390 770 1,500 3,000
Daily Average 153 245 332 432
Market peaks 343 414 591 800
Derivatives Market Average Capacity 55 200 200 400eDaily Average 23 29 39 68
Market peaks 42 49 76 152
Network Carrier RCCF`s Sole Provider 8 Networks (RCB)
17
Improving IT Capacity and Performance
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OPERATIONAL HIGHLIGHTS
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Daily Average Number of Trades (Thousands)
Average Daily Traded Value - ADTV (BRL Billions)
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*Updated until: November 30th, 2010 19
BOVESPA Segment: operational highlights
1.21.6
2.4
4.95.5 5.3
6.5 6.8 6.6 6.5 6.97.3
5.8 5.4 5.66.7
7.8
6.3
2.004 2.005 2.006 2.007 2.008 2.009 YTD* jan-10 fev-10 mar-10 abr-10 mai-10 jun-10 Jul-10 Aug-10 Sep-10 Oct-10 nov-10
54 6287
153245
332
431 424 409 393 405
489
399 395 408448
511 463
2.004 2.005 2.006 2.007 2.008 2.009 YTD* jan-10 fev-10 mar-10 abr-10 mai-10 jun-10 Jul-10 Aug-10 Sep-10 Oct-10 nov-10
30.8% 29.4%36.8% 37.6% 38.7%
42.3%
56.4%63.2% 66.6%
64.4%
2001 2002 2003 2004 2005 2006 2007 2008 2009
508540 551 559 548 543 538 576 581 580
661 645 644
1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 Oc t 10 Nov 10
M k O h
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* For the overall market, it is the result of the annualized monthly value traded in the cash market on the average market capitalization. For VALEand PETR , it is the result of the annualized monthly number of shares traded in the Brazilian cash market on the average outstanding sharecount.
20
Market OverhangImpacts from the Petrobrs offering
Petro vs. Vale (Brazil trading)
Average Daily Number of Traded Shares (millions)
Average Daily Traded Value (BRL billions)
Overhang in the Market
Turnover Velocity* (%)
Price Level Evolution (Sep09 = 100)
0.7
0.9 0.9
0.7
0.9 0.9 0.9
1.3
0.90.8
0.7
0.91.0
0,80.7 0.8 0.8 0.7
0.8 0.8
0.90.8 0.9
0.7
0.4
0.6
1.3
1.2
0,8
5.4
7.3
6.5 6.7
6.86.6
6.5
6.97.3
5.85.4 5.6
6.7
7.8
6,3
-
1,0
2,0
3,0
4,0
5,0
6,0
7,0
8,0
9,0
-
,2
,4
,6
,8
,0
,2
,4
,6
,8
VALE PETR Overall Volume
1922 20
1620 21 19
21
29
21 2017
20 2016
21 21 21 1822 24
25 2429
22
15
21
47 45
29
VALE PETR
60
80
100
120
140
160
180
Petr3 Petr4 Vale3 Vale5 Ibovespa
0%
20%
40%
60%
80%
100%
120%
140%
160%
Total do Mercado Vale Petr
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30.3.%
26.4%
13.3%
30.0%
Nov10
Source: Bloomberg (in USD traded value of 35 companies with ADRs programs )
End of CPMF
(Financial
Transaction Tax)Sarbanes-Oxley Act
(SOX)
*Updated until 10/29/2010
43.3%
56.7%
Novo Mercado
Launching
21
Brazilians stock trading breakdown
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010* TotalIPOs - 1 - 7 9 26 64 4 6 10 127Follow ons 14 5 8 8 10 16 12 8 18 10 109Total 14 6 8 15 19 42 76 12 24 20 236
Dual Listings - - - 2 1 1 - - 1 - 5
Public Offerings in Number of Companies
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Other USA Ve nue s - B razi li an ADRs NYSE - B razil ian ADRs BM& FBOVESPA - compani es wi th ADRs BM& FBOVESPA (exce pt compani es with ADRs)
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Average Daily Traded Volume - ADTV (thousands of contracts)
Rate per Contract - RPC (BRL)
*Updated until: November 30th, 201022
BM&F Segment: operational highlights
805852
1,167
1,740 1,573 1,521
2,468
1,9062,184
3,1173,054 2,479
2,063
2,863 2,4421,980
2,1382,738
422 501711 988 789 843
1,633
1,135 1,255
2,270 2,171
1,483 1,278
2,1211,669
1,193 1,267
1,988
110 168
266
473535 447
548
525642
603 611
670530
477
479
489 540
467
86
7468
11288 80
90
78106
75 96
106
96
75
97
80104
79
187109
124
167162 150
192
168181
170 176
220
159
189
197
218 228
202
jun-05 jun-05 jun-05 jun-05 jun-05 jul-05 YTD* jan-10 fev-10 mar-10 abr-10 mai-10 jun-10 Jul-10 Aug-10 Sep-10 Oct-10 nov-10
BRL Int. Rate (Thousands ) FX (Thousands) Index (Thousands) Others (Thousands)
2004 2005 2006 2007 2008 2009 YTD* J-10 F-10 M-10 A-10 M-10 J-10 J-10 A-10 S-10 O-10 N-10
Interest rates in BRL 0.887 0.962 0.906 0.950 1.141 0.979 0.907 0.971 0.977 0.722 0.780 0.961 1.044 0.893 0.952 1.054 1.016 0.887
FX rates 4.002 2.858 2.244 1.859 2.065 2.161 1.919 1.968 2.005 1.837 1.872 1.752 1.908 1.983 1.954 2.030 1.926 1.975
Stock Indices 1.561 1.688 1.419 1.501 2.145 1.620 1.536 1.466 1.716 1.372 1.616 1.313 1.643 1.372 1.619 1.466 1.758 1.484
Interest rates in USD 1.999 1.385 1.094 0.965 1.283 1.357 1.150 1.104 1.319 1.239 1.203 1.145 1.137 1.086 1.072 1.071 1.103 1.230
Commodities 7.159 5.693 4.749 3.195 3.587 2.307 2.135 1.711 2.029 1.934 2.281 1.890 2.216 2.021 2.266 2.232 2.544 2.151
Mini contracts - 0.038 0.034 0.054 0.162 0.176 0.127 0.133 0.139 0.129 0.136 0.122 0.133 0.124 0.130 0.121 0.118 0.125
OTC 1.199 1.703 1.571 2.111 2.355 1.655 1.602 1.588 1.408 1.626 1.790 1.646 1.895 1.684 1.973 1.384 1.318 1.384
Total RPC 1.620 1.467 1.247 1.224 1.527 1.365 1.149 1.254 1.308 0.961 1.031 1.171 1.274 1.084 1.167 1.287 1.258 1.092
I t t R t i BRL C t t
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-
200
400
600
800
1.000
1.200
2007 2008 2009 2010 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10
1st. Maturity 2nd. Maturity 3rd Maturity 4th. Maturity 5th Maturity
23
Interest Rate in BRL ContractsStructural changes behind the growth in volumes
Interest Rate in BRL Contracts Breakdown by Maturity (thousands of contracts)
Uncertainty in consensus
impacts short term contracts
Fixed Rate Credit in BRL billions Public Debt / Fixed Rate - in BRL billions
Source: Brazilian Central Bank
0
100
200
300
400
500
600
700
Jan-07 May-07 Sep-07 Jan-08 May-08 Sep-08 Jan-09 May-09 Sep-09 Jan-10 May-10 Sep-10
0
100
200
300
400
500
600
700
Jan-0 7 May-07 Sep-07 Jan-08 May-08 Se p-08 Jan-09 May-0 9 Sep-0 9 Jan-1 0 May-1 0 Sep-10
Bra ilian In estment F nds Ind str
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* Brazilian Hedge Funds
* Others include: Asset backed securities, real estate, FX, off-shore and retirement funds
Source: Anbima
24
Brazilian Investment Funds IndustryRecent development
Investment Funds: Portfolio Breakdown (BRL billions)
Investment Funds: Multimarket and Equities Evolution (BRL billions)
55% 52%63% 54% 47% 48% 44% 45% 45% 44% 44%
28% 29%17%
23% 24% 23%24% 23% 23% 24% 24%
8% 8%8%
10%16%
10%
12% 11% 11%11% 11%
10% 11%12%
13%14%
18%
21% 21% 21% 21% 21%
770 815972
1,190
1,3611,222
1,549 1,604 1,597 1,633 1,654
2003 2004 2005 2006 2007 2008 2009 Jul-10 Aug-10 Sep-10 Oct-10
Fixed Income Multimarkets Equities Others*
212 233
167
270
324286
368 368 363389 400
61 67 81121
211
123
184 179 174 180 181
2003 2004 2005 2006 2007 2008 2009 Jul-10 Aug-10 Sep-10 Oct-10
Multimarkets Equities
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BM&F Segment: open interest
Nov/1041.5MM
Nov/1034.1MM
25
Derivatives Open Interest (millions of contracts)
0,0
5,0
10,0
15,0
20,0
25,0
30,0
35,0
40,0
45,0
Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10
Interest Rates in BRL
Total Open Interest
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BUSINESS MODEL
26
Fully integrated Business Model
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Listing(stocks, bonds, funds,
asset-backed securities,
Among others )
Commodities
Certification
Trading
(stocks, derivatives, corporate and government
Bonds, funds, spot US Dollar, among others)
Central Counterparty (CCP)
Clearing and Settlement
(for all products)
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)
OTC Derivatives
(registration and collateral
management)
Fully integrated Business ModelDiversified sources of revenues
Services for issuers and
Commodities tradingTrading, Clearing and Depository Activities Others Services
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Brokers &
investors
Trading
Pos-Trading
Business Model, regulation and competition
Regulation prohibits internalization of orders, dark pools
and ATS/MTFs, stocks trading in both exchange and OTC
simultaneously
Settlement and clearing of stocks trading must be done
through a CCP
Settlement and clearing at the beneficial owner level
make the Brazilian market safer and more resilient
Under the regulation in place, potential competitors
would be obliged to provide the same integrated
solution, with the same rules and transparency
The final investor pays the exchange fee
Other exchanges have been seeking integrated models(self clearing models)
Naked access is not allowed
Naked short selling is not possible
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Updated until: 12/03/2010
Market Capitalization (US$ billions) and 2009 EBITDA Margin (%)
Listed Exchange Business Model
Diversified and Integrated Integrated Derivatives Diversified but Not Integrated*
* Do not provide post-trading services for the equity market
Diversified and integrated Derivatives Diversified but not integrated
Business Model
29
Source: Bloomberg
25.620.8
16.312.8
8.5 7.6 7.1 6.6 4.5 3.4 2.6 2.1
80.2%
71.3%64.9%
51.9%
62.7%
43.1%
60.8%
74.3%
48.7%
39.0%
56.7%
66.5%
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
80,0%
-
5
10
15
20
25
30
35
HKEx CME BVMF Deutsche
Boerse
ICE Nyse
Euronext
SGX ASX Nasdaq LSE TMX BME
EBITDA Margin 2009
Fully integrated Business Model
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28.6% 27.2%
36.3% 34.4%
11.5% 10.9%
23.7% 27.6%
Broker trading Fee Exchange Trading fee Exchange Clearing fee Exchange Depository fee
Brasil USA
Trading
Trading
Clearing
Central Counterparty (CCP)
Intermediary in the trading activity
Clearing
Securities Lending s activity
Counterparty risk on the Internalization of orders (1)
Intermediary in the trading activity
Central Depository
Securities Lending
Brokerage House
Stock Exchange
All-in TransactionCost Comparison /
Services Offered to
Investors
(1) Not allowed according to Brazilian regulation.
Assumptions: 3 months holding period; Brazilian Investment fund trade; 1.5 Bp Broker Fee; and Securities lending not considered.
Total Cost
5.3 bps
Exchange Cost
3.8 bps
1.3 Bp
0.6 Bp
1.9 Bp
1.5 Bp Broker Cost1.5 bps
USD14.0 Stock Price
All-in cost: USD0.008
USD28.0 Stock Price
All-in cost: USD0.015
Fully integrated Business ModelCompetitive all-in cost
30
E i k l B il d i h USA
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BRAZIL USA
BVMF
BVMF
BVMF
DTCC
DTCC
NYSE Nasdaq
BATS Direct Edge
TRF Dark Pools
Beneficial Owner Level
Broker Level
All the trades
must be
matched on an
exchange
environment
Brokers can internalize
orders
Central Depository
Clearing (CCP)
Trading on the Exchange
Broker
Equity market settlement structure: Brazil compared with USA
31
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US E h d T di V k t h
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Source: Rosenblatt Securities Inc. Trading Talk
33
USA Consolidated Equities Volume Breakdown (Oct10)
US Exchanges and Trading Venues: market share
19.4%
27.4%
18.2%
13.5%
8.9%
10.2%
2.4%Nasdaq + BX
NYSE + Arca
TRF (Adjusted)
Dark Pools
BATS
EDGX + EDGA
Other
Institutional Investors will Broaden their Participation in Capital Market
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R$46.7
bi
R$163.8
bi
2002 May/10
13% 14% 14% 15%16%
17%
15%
17%18%
40%
Brazilian Pension Funds: projected asset growth
(% GDP)
Brazilian Pension Funds: asset evolution
(BRL billions)
Brazilian Pension Funds: equity
investments portfolio*
27.7%30.4%
Source: ABRAPP
59.3%70.8%
33.3%21.1%
7.5% 8.1%
Total Total without Previ
Fixed Income Equity Others
Brazilian Pension Funds Investments
Breakdown Dec 2009
In September, 2009, the limit the pension funds are allowed to invest in stocks increased from 50% to 70% of their total portfolio
34
p pPension Funds
445450 451
458
469
480 479 485
491499 498
506515
504510
515 513 509
Dec-08
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
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On Line Trading
Performance of BOVESPA Segment Individual investors
35
Nov10
15.8%
Nov10
27.1%
0%
5%
10%
15%
20%
25%
30%
35%
Jan-03 Aug-03 Mar-04 Oct-04 May-05 Dec-05 Jul-06 Feb-07 Sep-07 Apr-08 Nov-08 Jun-09 Jan-10 Aug-10
% traded value % number of trades
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*Includes regular trades and public offering; updated until November 30th, 2010.
Monthly Net Flow of Foreign Investments* (in BRL billions)
BOVESPA Segment: foreign investment flow
36
-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
5.76.1
4.2
5.5
2.5
5.2
9.1
2.11.4
-2.1
0.7
5.8
1.5
-1.5
-0.1
7.3
-0.6
10.0
4.4
2.1
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BM&F Segment (Investors Participation in Total Volume)
Bovespa Segment (Investors Participation in Total Value)
Operational highlights: investor s participation in Total Volume
37
25% 25% 23% 27% 31% 31%32% 31% 25% 27% 26% 28% 27% 24% 23% 24%
27% 27% 30% 27%26% 29% 29% 30% 35% 34% 35% 36% 35% 35% 32% 32%
33% 36% 35% 35% 34% 28% 28% 27% 28% 30% 28%28%
28% 31% 33% 35%
12% 10% 10% 8% 7% 9% 9% 9% 9% 7% 8% 7% 8% 7% 9% 8%2% 2% 2% 3% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 3% 2%
2005 2006 2007 2008 2009 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10
Individuals Institutional Investors Foreign Investors Financial Insitutions Companies Others
56%51% 49% 48% 45% 43% 43% 42% 44% 43% 40% 41% 42% 44% 40% 39%
24%25%
23% 23% 24% 27% 26% 30% 26% 25% 29%32% 29% 28% 31% 34%
12% 15%17% 19% 20%
22% 23%22% 24% 26% 25%
22% 23% 22% 22% 22%
7% 7% 9% 8% 8%5% 5% 3% 4% 4% 4%
3%4% 4% 4% 4%
2% 2% 2% 3% 3% 2% 3% 2% 2% 2% 1% 1% 1% 2% 2% 2%
2005 2006 2007 2008 2009 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10
Central Bank Companies Individuals Foreign Investors Institutional Investors Financial Institutions
I S
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Income Statement
38
(in thousands of BRL) 3Q10 3Q09Change
3Q10/3Q092Q10
Change
3Q10/2Q109M10 9M09
Change
9M10/9M09
Operational Revenues 541.609 426.505 27,0% 526.986 2,8% 1.579.255 1.199.004 31,7%
Trading / Clearing Systems - BM&F 186.802 132.017 41,5% 184.139 1,4% 541.154 403.930 34,0%
Trading / Clearing Systems-Bovespa 274.812 219.019 25,5% 259.309 6,0% 790.615 575.534 37,4%
Other Operational Revenues 79.995 75.469 6,0% 83.538 -4,2% 247.486 219.540 12,7%
Revenue deductions (54.743) (43.510) 25,8% (53.365) 2,6% (159.640) (121.219) 31,7%
Net Operational Revenues 486.866 382.995 27,1% 473.621 2,8% 1.419.615 1.077.785 31,7%
Operating Expenses (167.561) (132.502) 26,5% (143.494) 16,8% (444.839) (409.460) 8,6%
Operating Income 319.305 250.493 27,5% 330.127 -3,3% 974.776 668.325 45,9%
Equity account 23.142 - - - - 23.142 - -
Financial Income 77.407 57.042 35,7% 77.546 -0,2% 222.649 179.758 23,9%
Income before Taxes 419.854 307.535 36,5% 407.673 3,0% 1.220.567 848.083 43,9%
Net Income 293.208 246.795 18,8% 307.614 -4,7% 882.643 661.949 33,3%
Net Margin 60,2% 64,4% -4.2 pp 64,9% -4.7 pp 62,2% 61,4% 0.8 pp
EBITDA 336.375 262.039 28,4% 341.671 -1,5% 1.012.672 698.709 44,9%
EBITDA Margi n 69,1% 68,4% 0.7 pp 72,1% -3.1 pp 71,3% 64,8% 6.5 pp
Adjusted Net Income 389.205 338.377 15,0% 426.272 -8,7% 1.217.945 909.523 33,9%
Adjusted net Margin 79,9% 88,4% -8.4 pp 90,0% -10.1 pp 85,8% 84,4% 1.4 pp
Adjusted Operational Expenses (145.846) (108.062) 35,0% (124.418) 17,2% (384.846) (313.006) 23,0%
Revenues
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Growth due to the market recovery
In BRL thousands 3Q10 3Q09% Change
3Q10/ 3Q09
Gross operating revenues 541,609 426,505 27.0%
BOVESPA Trd. / Sttmnt 232,890 210.117 10.8%
BOVESPA Others* 41,922 8,902 370.9%
BM&F Trd. / Sttmnt 186,802 132,017 41.5%
Other operating revenues 79,995 75,469 6.0%
Depository and custody 21,447 17,235 24.4%
Vendors 15,352 16,082 -4.5%
Trading access (Brokers) 11,317 11,491 -1.5%
Listing 10,928 9,562 14.3%
Securities lending 12,714 8,866 43.4%
Bolsa Brasileira de Mercadorias 1,762 3,535 -50.2%
Settlement Bank 2,117 2,194 -3.5%
Other 4,358 6,504 -33.0%
Operating performance 3Q10 3Q09% Change3Q10/3Q09
BM&F ADTV (thousands) 2,428.1 1,422.3 70.7%
BM&F RPC (in BRL) 1.167 1.391 -16.1%
BOVESPA ADTV (in BRL million) 5,905.8 5,214.4 13.3%
BOVESPA Margin (in bps) 6.162 6.296 -0.134bp
39
Bovespa segment revenues
BM&F segment revenues
Other revenues
219.0
274.8
3Q09 3Q10
132.0
186.8
3Q09 3Q10
75.580.0
3Q09 3Q10
25.5%
41.5%
6.0%
* It includes the fee from the settlement of the Petrobras Offering
BOVESPA Segment
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13.3%
-0.13bp
gStrong market recovery in the last two months
40
Revenue share Average Daily Traded Value (ADTV)
Average market capitalization 18.0% higher than 3Q09
52.7% growth in the ADTV of local institutional investors
Turnover velocity decreased to 59.2% in 3Q10 from 62.6% in 3Q09(it was 71% in Oct10 )
Trading / Settlement margin
Decrease to 6.16bps from 6.30bps, due mainly to the increase inthe participation of local institutional investors in the overall volume,once this group of investors pay a lower fee in comparison withother investors
Recent recovery in the equity market ADTV (BRL billions)
51%
-11.6%
13.3%
31.7%
5.26.8 6.6 6.7 5.9 5.4 5.6
6.77.8
3Q09 4Q09 1Q10 2Q10 3Q10 Jul-10 Aug-10 Sep-10 Oct-10
BM&F Segment
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1.7 1.6 1.5
2.4
1.4 1.31.7 1.6 1.5
1.91.4 1.4 1.5
1.71.4 1.6
1.92.2
3.13.1 2.5
2.12.9 2.4
2.0 2.10.3
2007
2008
2009
YTD*
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Add itional ADTV from outl ier months - Mar'10, Ap r'10 and Jul'10 (millions)
ADTV excluding outl ier months (millions)
2.1
70.7%
gDespite the reduction of uncertainty in the market, volumes are still high
41
Revenue share Average Daily Traded Volume ADTV
Climb in interest rates in BRL volumes (119.8% growth)
4.0% increase of FX volume and 21.2% increase of index based
contractsAverage Revenue per Contract - RPC
Increase in the participation of interest rates in BRL contracts in theoverall volume, to 68.4% from 53.1%
Negative impact due to FX appreciation (FX, interest rates in USDand commodities contracts)
The higher the volume, the lower the RPC (volume tier based pricing)
Growth of HFT and DMA in the overall volume
Structural growth in the derivatives market (ADTV in millions of contracts)
34%
-16.1%
* Updated until October 2010
Operating Expenses Breakdown
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3Q10
In BRL thousands 3Q10 3Q09% Change
3Q10/ 3Q09
Operating Expenses (167,561) (132,502) 26.5%
Personnel (71,687) (63,883) 12.2%
Data processing (27,400) (24,233) 13.1%
Deprec. and amortization (15,067) (11,546) 30.5%
Outsourced services (12,293) (9,370) 31.2%
Communication (6,622) (6,219) 6.5%
Marketing (15,772) (5,841) 170.0%
Maintenance (2,529) (2,750) -8.0%
Board compensation (1,507) (1,184) 27.3%
Other (14,684) (7,476) 96.4%
3Q09
42
In BRL thousands 3Q10 3Q09% Change3Q10/3Q09
Operating expenses (167,561) (132,502) 26.5%
Depreciation 15,067 11,546
Stock option plans 5,489 11,937
Tax related to equity accounting 2,003 -
Provision for doubtful accounts (845) 957
Adjusted operating expenses (145,846) (108,062) 35.0%
Operating Expenses Breakdown
Expense breakdown
43%
16%9%
7%
10%
15%
Personnel Data processing
Dep. and Amort. Third party serv.
Marketing Other
48%
18%
9%
7%
5%
13%
2010 Opex and Capex Budget Reviews
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520 540
2010 old 2010e
272 250
2010 old 2010e
2010 Opex and Capex Budget Reviews
Adjusted Opex in 2010 (BRL thousands)
43
Opex Review
Launch of a mass media campaign under the slogan Quer ser Scio? (Wanna be a partner?), which focuses on attractingnew local retail investors
Increase in personnel expenses, especially in IT and business development areas Hiring brought forward to support IT initiatives undertaken by the company (development of new network structure and a
new trading system) and to deal with other initiatives (market popularization programs, international partnership andproducts development)
Also, due to the payment of variable compensation
2010 new Opex and Capex budgets
From BRL540 toBRL545 million
33,270 32,546 36,476
5,328 9,87015,772
21,26624,642
27,400
54,71857,360
66,198
1Q10 2Q10 3Q10
Others Marketing Data processing Adjusted Personnel
124,418
145,846
114,582
Growth in personnel, IT and marketing
Capex Review
Replacement from a single target to a range
From BRL250 toBRL272 million
Opex budget BRL millions
Capex budget BRL millions
Financial Highlights
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BRL44.1 million in 3Q10: BRL36.2 million in IT and BRL7.9million in other areas. The main projects were capacity increase
and the new trading platform 9M10: BRL138.1 million
3,659
3,688
*Includes market participants cash collateral, earnings and rights on securities in custody and dividends and interest on capital pending payment** Includes third-party deposits (BRL175 million in 2Q10 and BRL142 million in 3Q10) and restricted funds (BRL10 million in both 2Q10 and 3Q10) from BM&FSettlement Bank.
Solid financial position with strong cash generation
44
Cash, cash equivalents and investments (BRL millions) Financial income
BRL77.4 million in 3Q10: 35.7% higher than 3Q09
Financial revenues: BRL100.6 million in 3Q10, 52.7%
increase compared to 3Q09, mainly due to the increase of theaverage interest rate
Financial expenses: BRL23.2 million in 3Q10, 162.4% higherthan 3Q09, mainly due to the financial cost of debt
Capex
From Aug10 to Nov10, 26.4 million shares were bought withinthe program (BRL362 million)
The company can buy up to 31 million shares until Dec10
Buyback program
BRL235.9 million as dividends, representing 80% of the GAAPNet income in 3Q10
To be paid on November 25, 2010, based on the ownershipprevailing as of November 11, 2010
Earnings distribution (payout)
939
1,022
487
491
309
264
1,924
1,911
2Q10
3Q10
Market participants cash collateral and o thers*
Restricted f unds
Subsidiaries**
Available funds
Balance Sheet
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In BRL thousands
ASSETS Sep 10 Dec09LIABILITIES AND
SHAREHOLDERS' EQUITYSep'10 Dec09
Current assets 3,143,141 3,474,540 Current liabilities 1,422,836 1,142,076
Cash and cash equivalents 42,890 50,779 Collateral for transactions 984,766 810,317
Financial investments 2,917,792 3,295,356 Others 438,070 331,759
Others 182,459 128,405 Non-current liabilities 1,698,725 352,872
Non-current assets 19,217,204 17,383,299 Financing 1,027,188 2,495
Long-term receivables 1,099,771 973,305 Deferred Inc. Tax and Social Contrib. 616,448 300,930
Financial investments 727,517 605,648 Others 55,089 49,447
Others 372,254 367,657 Minority interest in subsidiaries 15,905 16,356
Investments 1,643,962 39,723
Shareholders' equity 19,238,784 19,362,891
Property and equipment 287,869 241,939 Capital 2,540,239 2,540,239
Capital reserve 16,533,760 16,512,260
Intangible assets 16,185,602 16,128,332 Others 148,880 294,036
TOTAL ASSETS 22,360,345 20,857,839TOTAL LIAB. AND SHAREHOLDERS'
EQUITY22,360,345 20,857,839
Balance Sheet
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