BM&FBOVESPA
From MarketsWiki
| BM&FBOVESPA S.A. | |
| |
| Founded | 2008 by merger |
|---|---|
| Headquarters | Sao Paulo, Brazil |
| Key People | Chairman Gilberto Mifano, CEO Edemir Pinto |
| Products | Exchange trading in equities, securities, financial assets, indices, interest rates, agricultural commodities, and foreign exchange futures and spot contracts. |
| Web site | http://www.bmfbovespa.com.br |
| This page needs a sponsor. |
| Put your logo here! |
| Email us for information on how to support MarketsWiki. |
The Brazilian trading-exchange giant BM&FBOVESPA was formed in early 2008 through the merger of Brazil's leading equities and derivatives exchanges and is now Latin America's largest exchange by market value. BM&FBOVESPA recently reported a rise in quarterly profits but its shares have fallen since as its listed trading has slowed.
History
BM&FBOVESPA was formed in March 2008 by the merger of Sao Paulo-based equities exchange BOVESPA and commodities/derivatives exchange BM&F and is now the world's third-largest exchange by market value.[1] The exchange handles about 80 percent of stock trades in Latin America and more than $67 billion in daily futures derivatives and recently posted a Q3 2008 profit of $106 million.[2]
Products and Services
BM&FBOVESPA offers trading in 22 regular-sized and four mini contracts (live cattle, coffee, dollar and stock index Ibovespa) plus OTC forwards, swaps and flexible options contracts and a range of government bonds and interest rates.[3]
Key People
Two months after the merger, former BOVESPA CEO Gilberto Mifano was named Chairman of BM&FBOVESPA S.A. and former BM&F CEO Edemir Pinto was appointed the group's new CEO after serving as co-CEOs following the merger.[4] Mifano served as BOVESPA CEO from 1994 until 2007 and is also Vice-Chairman of the Board of the Brazilian Institute for Corporate Governance (IBGC). Pinto joined BM&F in 1986 and served as CEO from 1999 to May 2008 after previously serving as Derivatives Clearinghouse Officer from 1987.
Latest news
BM&FBOVESPA shares have sagged recently as trading volumes on the exchange for both equities and derivatives has fallen off in the wake of the credit crisis. Stock and derivatives trading on BM&FBOVESPA fell more than 35% while currency trading dropped by 50% in the first week of November as ther crisis fallout spread.[5] The BOVESPA Index itself dropped 24% in October 2004, pushing trading volumes higher, but they have collapsed since then.
References
- ↑ About BM&FBOVESPA. BM&FBOVESPA. Retrieved on December 2, 2008.
- ↑ Brazil's BM&F Bovespa posts Q3 profit. Reuters. Retrieved on November 28, 2008.
- ↑ Markets. BM&FBOVESPA. Retrieved on November 30, 2008.
- ↑ BM&FBOVESPA S.A. Board of Directors Elects New Chairman and Chief Executive Officer. BM&FBOVESPA. Retrieved on November 28, 2008.
- ↑ BM&FBovespa Declines After Trading Slows in November. Bloomberg. Retrieved on November 28, 2008.
