| Brazilian Securities, Commodities and Futures Exchange | |
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| Bolsa de Valores, Mercadorias & Futuros | |
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| Type | Stock and Futures Exchange |
| Location | São Paulo, Brazil |
| Owner | BM&FBovespa S.A. (BM&FBovespa: BVMF3) |
| Key people | Edemir Pinto (CEO) Arminio Fraga (Chairman) |
| Currency | R$ |
| No. of listings | SAO |
| MarketCap | USD 1.5 trillion (2008) |
| Indexes | Ibovespa |
| Website | [1] [2] |
The BM&FBOVESPA (Portuguese pronunciation: [boˈvespa]; in full, Bolsa de Valores, Mercadorias & Futuros de São Paulo) is a São Paulo-based stock and futures exchange. It is the fourth largest exchange in the The Americas in terms of market capitalization, behind the New York Stock Exchange, NASDAQ, and Toronto Stock Exchange. It is also the thirteenth largest in the world in terms of market capitalization (see list of stock exchanges). On May 8, 2008, the São Paulo Stock Exchange (Bovespa) and the Brazilian Mercantile and Futures Exchange (BM&F) merged, creating BM&FBOVESPA.[1]. The benchmark indicator of BM&FBOVESPA is the Índice Bovespa. There were 450 companies traded at Bovespa as of April 30, 2008[2].
On May 20, 2008 the Ibovespa index reached its 10th consecutive record mark closing at 73,516 points, with a traded volume of USD 4.2 billion or BRL 7.4 billion.[3]
BM&FBOVESPA has offices in New York, Shanghai and London.
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History
Founded on August 23, 1890 by Emilio Rangel Pestana, the "Bolsa de Valores de São Paulo" (São Paulo Stock Exchange, in English) has had a long history of services provided to the stock market and the Brazilian economy. Until the mid-1960s, Bovespa and the other Brazilian stock markets were state-owned companies, tied with the Secretary of Finances of the states they belonged to, and brokers were appointed by the government.
After the reforms of the national financial system and the stock market implemented in 1965/1966, Brazilian stock markets assumed a more institutional role. In 2007, the Exchange demutualized and become a for-profit company.
Through self-regulation, Bovespa operates under the supervision of the "Comissão de Valores Mobiliários" (CVM or Commission of Movable Assets, in English), analogous to the American SEC. Since the 1960s, it has constantly evolved with the help of technology such as the introduction of computer-based systems, mobile phones and the internet. In 1972, Bovespa was the first Brazilian stock market to implement an automated system for the dissemination of information online and in real-time, through an ample network of computer terminals.
At the end of the 1970s, Bovespa also introduced a telephone trading system in Brazil; the "Sistema Privado de Operações por Telefone" or "SPOT" (Private System of Telephone Trading, in English). At the same time, Bovespa developed a system of fungible safekeeping and online services for brokerage firms.
In 1990, the negotiations through the Sistema de Negociação Electrônica - CATS (Computer Assisted Trading System) was simultaneously operated with the traditional system of "Pregão Viva Voz" (open outcry). Currently, BM&FBOVESPA is a fully electronic exchange.
In 1997, a new system of electronic trading,known as the Mega Bolsa, was implemented successfully. The Mega Bolsa extends the potential volume of processing of information and allows the Exchange to increase its overall volume of activities.
With the goal to increase popular access to the stock markets, Bovespa introduced in 1999 the "Home Broker", an internet-based trading systems that allows individual investors to trade stocks. The system enables users to execute buy and sell orders online.
On May 8, 2008, Bovespa Holding announced the merger of the São Paulo Stock Exchange (Bovespa) and the Brazilian Mercantile and Futures Exchange (BM&F), creating the world's third largest stock exchange.[4]
As a result of an early 2008 stock swap, Chicago's CME Group owns an approximate 5% stake in BM&FBovespa, and in turn, BM&FBovespa owns a 1.7% stake in CME Group. The agreement has also created an order routing trading system between both exchanges. [3]
Hours
The exchange has a pre-market session from 09:45am to 10:00am, a normal trading session from 10:00am to 5:00pm and a post-market session from 5:30pm to 7:00pm weekdays and holidays declared by the Exchange in advance.[5]
References
- BM&FBovespa: Official Press Release about the merger of Bovespa and BM&F
- http://www.latinforme.com/articles/la-crisis-financiera-internacional-de-paso-por-brasil/2969
On the News
See also
- Índice Bovespa (Bovespa Index)
- List of companies traded at Bovespa
External links
- BM&FBOVESPA's Official Home Page (in English)
- Bovespa's Official Home Page (in English)
- History
- List of all companies listed on Bovespa
- CMEGroup and BM&FBOVESPA's Joint Website
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