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BM&FBOVESPA S.A. ANNOUNCES RESULTS FOR THE SECOND QUARTER 2012
All-time high volumes for equity and derivatives segments
Second consecutive quarter of record revenues
Adjusted OpEx budget range for 2012 revised downwards
Săo Paulo, Brazil, August 07, 2012 ­ BM&FBOVESPA S.A. (BVMF3) today reported second
quarter earnings ending June 30, 2012. Higher volatility and foreign investor activity coupled
with diverse interest rate expectations generated record volumes in both Bovespa and BM&F
segments. Expense control in the quarter also drove strong growth in EBITDA compared to
2Q11.
BM&FBOVESPA lowered its 2012 budget range for adjusted OpEx to R$560 million ­ R$580
million, from R$580 million ­ R$590 million. Improvements in internal expense tracking
processes, greater operating efficiency and higher capitalization of certain personnel expenses
were the main factors for the revision. The Company will maintain its 2012 CapEx budget range
of R$230 million ­ R$260 million.
2Q12 gross revenues reached R$603.2 million, growing 15.7% over 2Q11 and 7.6% over
1Q12, as all operating segments posted solid gains.
Adjusted expenses
1
were R$127.9 million, down 11% from R$143.7 million in 2Q11 mainly
due to lower personnel, marketing and third party services expenses. 2Q12 adjusted expenses
were in line with those in 1Q12 as the Company maintained a rigorous cost control.
EBITDA grew 28.9%, compared to 2Q11, reflecting a combination of revenue growth and
cost reduction.
Adjusted net income
2
totaled R$422.9 million, growing by 3.4% over 2Q11. Strong revenue
growth was partially offset by a reduction in financial income and higher non-cash taxes.
Adjusted earnings per share rose 4.9%, to R$0.2191.
Operating cash generation reached R$427 million, up 33% over 2Q11.
Average Daily Trading Value (ADTV) of Exchange Traded Funds (ETFs) was up 347.5% year-
over-year and average assets under custody of Tesouro Direto rose by 56.0%.
Record of Average Daily Volume (ADV) of Interest Rates in BRL, stock indices and mini
contracts, 31.4%, 101.2% and 94.6% growth year-over-year, respectively.
R$240.1 million in dividends, comprising 80% of 2Q12 net income.
"Our projects are on track as we continue to diversify our revenue base and unlock the revenue
potential of current markets. We are also innovating our electronic platforms to strengthen the
Company's leadership position and build value for our investor," said BM&FBOVESPA Chief
Executive Officer Edemir Pinto. "For the second half of the year, we are focused on deploying
two important developments ­ the equity module of the PUMA Trading System and the first
phase of our new OTC platform. These investments, along with our new integrated
clearinghouse, will increase market efficiencies and support future growth for the Company."
Chief Financial, Corporate Affairs and Investor Relations Officer, Eduardo Refinetti Guardia,
said: "Our second quarter results reflect growth from new products, consistent improvements
in operating efficiency and our cost control initiatives. These operational advancements are the
reasons we revised downward our guidance for adjusted expenses for this year."
Income Statement Summary
(in R$ millions)
2Q12
2Q11
Change
2Q12/2Q11
1Q12
Change
2Q12/1Q12
Net Revenues
541.2
467.6
15.7%
502.8
7.6%
Expenses
(166.1) (166.8)
-0.4%
(166.2)
0.0%
Operating Income
375.0
300.9
24.6%
336.7
11.4%
Financial Income
54.7
70.8
-22.8%
65.5
-16.6%
Net Income*
300.1
294.2
2.0%
280.4
7.0%
EBITDA
403.8
313.2
28.9%
368.3
9.6%
EBITDA Margin
74.6%
67.0%
764 bps
73.3%
136 bps
Adjusted Net Income
422.9
409.2
3.4%
409.2
3.4%
Adjusted Expenses
(127.9) (143.7)
-11.0%
(125.4)
2.0%
*Attributable to BM&FBOVESPA shareholders.
1
Expenses adjusted to Company´s depreciation, stock options plan costs, tax on dividends from the CME Group
and provisions.
2
Net income adjusted to eliminate deferred liability recognized in correlation with temporary differences from
amortization of goodwill for tax purposes, the impact of the stock options plan, the investment in associates (CME
Group) accounted for under the equity method net of taxes and taxes paid overseas to be compensated.

2Q12



MARKET CAPITALIZATION
R$20.3 bi (Jun. 30, 2012)


WEIGHTED AVERAGE SHARE
COUNT
1,930,357,074 (2Q12)


RATINGS
Standard & Poor´s
BBB+
(counterparty credit rating)
A-2
(issuer)


Moody´s
A1
(global scale issuer)
A3
(Brazilian local currency issuer)
Baa1
(global notes)




STOCK PERFORMANCE
Quarter to Jun. 2012: -8.8%



CONFERENCE CALL (English)
Date: Aug. 08, 2012
Hour: 10 a.m. (NYT)
11 a.m. (BrT)
USA Toll Free +1 (866) 262-4553
International +1 (412) 317-6029
Brazil +55 (11) 4688-6361
Password: BMFBOVESPA







www.bmfbovespa.com.br/ir
ri@bmfbovespa.com.br

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2
ANALYSIS OF 2Q12 FINANCIALS
REVENUES
BM&FBOVESPA posted another strong quarter with gross revenues rising 15.7% to R$603.2 million in 2Q12, compared to
R$521.3 million in 2Q11. Record volumes traded in the Bovespa and BM&F segments generated higher revenues which,
combined with growth from other revenues (not related to trading and settlement), contributed to the total increase.
This solid operating performance is explained by higher volume traded from foreign investors, increase in volatility and
the diversity of expectations related to changes in the local interest rate (Selic). Net revenues also grew by 15.7% year-
over-year, reaching R$541.2 million in 2Q12.
Bovespa segment revenues reached R$268.7 million (44.5% of gross revenues), up 11.7% year-over-year, in part due
to higher volumes traded by foreign investors in 2Q12. Revenues from trading and post-trading (transactions) totaled
R$260.3 million, up 15.4% over 2Q11. This gain reflects a 23.0% growth of the value traded in the segment, which was
partially offset by a reduction in average margin. Trading margins fell to 5.498 bps in 2Q12 from 5.862 bps in 2Q11,
due to increased participation of HFT (High Frequency Traders) and day trades, which are charged lower fees. Other
revenues reached R$8.4 million in 2Q12 compared to R$15.0 million in 2Q11, due to the settlement of a special
auction in May 2011 that contributed to gains in the prior year.
Trading and settlement revenues from the BM&F segment totaled R$239.6 million (39.7% of gross revenues), a 25.4%
increase compared to 2Q11. Record volumes were traded in the derivatives segments, showing a 25.7% increase over
the prior year. This growth reflects the high volumes traded in Brazilian Real-denominated interest rate, stock indices
and mini contracts, which grew 31.4%, 101.2% and 94.6%. RPC was almost flat, up 0.5%.
Stocks and Derivatives Trading and Post-trading were the main components of revenues, also with consistent growth
in other areas. Trading and post-trading of cash equities represented 8.5% and 28.5% of gross revenues, respectively.
Gross Revenues ­ 2Q11 over 2Q12
(in R$ millions)
2Q12 Revenues Breakdown
Other revenues (not related to trading and settlement) were R$94.9 million (15.7% of gross revenues), rising 5.9% year-
over-year. Securities lending and depository services were key contributors to revenue growth.
Securities lending: Revenues in 2Q12 rose by 9.0% over 2Q11, reaching R$18.7 million (3.1% of the gross revenues). This
growth is attributed mainly to the higher level of activity in securities lending services, measured by the average financial
value of open interest positions which rose 3.1% year-over-year.
Depository, custody and back office services: Revenues from these services reached R$25.2 million (4.2% of the gross
revenues), a 9.7% increase compared to 2Q11. The Tesouro Direto product continues to perform well with revenues
reaching R$5.5 million, a 59.4% year-over-year increase, mainly reflecting incentives introduced by BM&FBOVESPA for
the market participants. Revenues from central securities depository services fell by 4.5% to R$17.0 million from
R$17.8 million, following a 4.4% decrease in the average number of custody accounts.
Market data sales (Vendors): Revenues for this segment reached R$17.4 million (2.9% of the gross revenues),
representing a 6.6% gain year-over-year. This increase is primarily explained by the 23% depreciation in the Brazilian Real
against the U.S. Dollar between 2Q12 and 2Q11. Roughly 45% of market data sales revenues are collected from foreign
investors and are denominated in U.S. Dollars.
36.7%
39.7%
46.1%
44.5%
17.2%
15.7%
2Q11
2Q12
Trd/Sttlmnt BM&F Segment
Trd/Sttlmnt Bovespa Segment
Other Revenues
R$603.2
+15.7%
R$ 521.3
8.5%
28.5%
1.6%
4.1%
1.9%
15.2%
23.8%
0.7%
15.7%
Cash Market (Trading)
Cash Market (Post-Trading)
Equities Derivatives (Trading)
Equities Derivatives (Post-Trading)
Other Revenue - BOVESPA Seg.
Financial Derivatives (Trading)
Financial Derivatives (Post-Trading)
Other Revenue - BM&F Seg. (FX and securities)
Other Revenues
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3
EXPENSES
BM&FBOVESPA remains focused on rigorous cost control measures in 2Q12. Expenses totaled R$166.1 million in 2Q12,
flat compared to 2Q11 and 1Q12.
The Company has revised downward its budget for 2012 adjusted OpEx, now ranging from R$560 million to R$580 million
(compared to the previous range of R$580 million - R$590 million). This change demonstrates the Company's effort to
reduce expenses through improvements in its tracking processes and the introduction of stricter internal policies that
result in R$7 million reduction. Additionally, the improvements on methodology for capitalizing certain personnel costs
contributed with other R$8 million, amounting to R$15 million reduction (difference between the mid-ranges of previous
and the new 2012 guidance).
Adjusted expenses were R$127.9 million in 2Q12, in line with the Company's new budget range for 2012 (R$560.0 million
to R$580.0 million). The Company reduced adjusted expenses by 11.0% compared to 2Q11, primarily due to reduced
personnel costs, reprioritization of marketing and promotion campaigns, and capture of higher efficiency in certain
expense lines.
Reconciliation of Adjusted Expenses
Personnel: Personnel expenses totaled R$79.6 million in 2Q12, falling 9.8% year-over-year mainly due to improved
methodology for capitalizing certain personnel costs and decreased stock option expenses.
Adjusted personnel expenses: Excluding the impact of stock option expenses, adjusted personnel expenses declined by
8.5% year-over-year to R$71.4 million. This reduction reflects the Company's improved methodology for capitalizing
certain personnel costs. In 2Q12 this capitalization was R$7.2 million higher than in 2Q11.
Data processing: Data processing expenses totaled R$24.9 million, a 7.5% increase over 2Q11, mainly due to higher
software maintenance costs for the PUMA Trading System, which demands improvements in technology infrastructure.
Depreciation and Amortization: Depreciation and amortization totaled R$24.0 million, growing 137.5% over 2Q11 due to
an increase in the Company's IT investments and an R$6.8 million credit to depreciation and amortization of certain IT
expenses in 2Q11.
Communications: Communications expenses were R$4.5 million in 2Q12, falling 23.6% year-over-year. This is primarily
the result of the Company's efforts to reduce postal service costs by shifting investor access of custody statements and
trade notices from paper to online and consolidating information sent by mail into one single statement.
Marketing: Marketing expenses reached R$4.8 million, a 55.4% decrease year-over-year, reflecting strategic
reprioritization of marketing campaigns and lower advertising campaigns costs.
Taxes: Tax expenses totaled R$5.8 million, a 55.1% increase year-over-year as a result of higher taxes related to dividends
received from the CME Group, which were R$4.7 million, reflecting an increase in CME Group´s payout in early 2012.
OTHER FINANCIAL HIGHLIGHTS
Cash and cash equivalents: Short- and long-term cash, cash equivalents and financial investments at the end of the
quarter ending June 30, 2012, amounted to R$4.1 billion. Of this, R$1.4 billion is mainly related to third-party collateral
pledged to the Company's clearing facilities and R$340.1 million consists of restricted financial resources tied to the
clearinghouses safeguard structure. Unrestricted cash and cash equivalents available at the end of the quarter totaled
R$2.0 billion.
Indebtedness: At the end of 2Q12, the Company had R$1.3 billion in interest-bearing and principal debt outstanding,
primarily comprising senior unsecured notes issued in July 2010.
Equity-method investment: The Company's share of gain from investment in the CME Group, applying the equity-
method, totaled R$42.4 million in 2Q12, of which R$17.5 million is attributed to the provision for tax benefits related to
(in R$ millions)
2Q12
2Q11
Change
2Q12/2Q11
1Q12
Change
2Q12/1Q12
Total Expenses
166.1
166.8
-0.4%
166.2
0.0%
Depreciation
(24.0)
(10.1)
137.5%
(21.9)
9.5%
Stock options plan
(8.2)
(10.1)
-19.5%
(8.4)
-2.8%
Tax related to CME dividends
(4.7)
(2.2)
112.1%
(9.8)
-51.4%
Provisions
(1.4)
(0.6)
138.8%
(0.7)
85.8%
Adjusted Expenses
127.9
143.7
-11.0%
125.4
2.0%
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4
taxes paid abroad by the CME Group. Net of this provision, this line totaled R$24.8 million, increasing 12.3% year-over-
year primarily due to the depreciation of the Brazilian Real against the U.S. Dollar.
Net interest income: Net interest income for 2Q12 was R$54.7 million, a 22.8% decline year-over-year. Financial
revenues fell to R$77.2 million in 2Q12, down 12.2% mainly due to lower interest rates. Financial expenses rose to R$22.5
million from R$17.1 million in 2Q11, resulting mainly from the depreciation of the Brazilian Real against the U.S. Dollar.
Income tax and social contribution: Income tax and social contribution totaled R$172.1 million in 2Q12. Current taxes
and social contribution amounted to R$36.7 million, including R$1.0 million in cash taxes, a R$17.5 million offset against
the above mentioned provision for taxes paid abroad by the CME Group and a R$18.2 million offset against tax credits
accumulated by the Company. Deferred taxes and social contribution of R$135.4 million were recognized in 2Q12,
composed of R$134.8 million from temporary differences from amortization of goodwill for tax purposes and R$0.6
million in tax credits reversal by the Company. Deferred income tax and social contribution have no cash impact.
Income tax and social contribution grew 72.8% year-over-year (R$72.5 million), mainly due to: i) a 19.9% increase in
earnings before taxes (R$78.3 million); ii) a R$17.5 million offset against provision for taxes paid abroad by the CME
Group that was not recognized in 2Q11; and iii) the recognition of deferred tax credits of R$26.1 million in 2Q11 mainly
from the payment of interest on shareholders' equity declared over that quarter.
Net income and adjusted net income: Net income and adjusted net income grew 2.0% and 3.4% year-over-year,
respectively. The 24.6% increase in the operating income was partly offset by the above mentioned reduction in net
interest income and by higher income tax and social contribution, even though only R$1 million of the last one has cash
impact.
Capex: Investments of R$45.2 million were capitalized in 2Q12, of which R$44.1 million consisted of investments in
technology and R$1.1 million were investments in facilities and equipment. CaPex of R$71.9 million for 1H12 is within the
Company's 2012 budget (R$230.0 million to R$260.0 million).
Dividends: On August 7, 2012, the Company's Board of Directors approved R$240.1 million as dividend distribution to be
paid on October 31, 2012, based on shareholders' registration dated August 09, 2012.
Share buyback program: From July 2011 to June 2012, the Company repurchased 31.28 million shares at an average price
per share of R$9.22. This represents 52.1% of total approvals for the Share Buyback Program ending on June 30, 2012. On
June 26, 2012, the Board of Directors approved a new Share Buyback Program ending on June 28, 2013, authorizing
acquisition of up to 60 million shares.

PERFORMANCE BY SEGMENT
In 2Q12, both the Bovespa and BM&F segments posted all-time highs for average daily traded value (ADTV) and average
daily volume (ADV), respectively.
BOVESPA SEGMENT
The Bovespa segment posted an ADTV of R$7.6 billion in 2Q12, growing a solid 23.0% year-over-year and 6.7% over
the previous quarter. This increase is mainly due to higher turnover velocity in comparison to 2Q11 and 1Q12
activity, which was driven by higher foreign investor activity and expiration of options on Ibovespa in April and June.
As the Company continues to diversify its revenue base, areas of growth include:
HFT: HFT posted a growth of 35.7% year-over-year with an ADTV of R$1.2 billion in 2Q12. The ADTV for HFT
represented 9.4% of the total volume in 2Q12, compared to 7.4% in 2Q11.
ETFs: The ADTV for ETFs rose by 347.5% year-over-year, totaling R$155.8 million in 2Q12 (2.0% of the overall cash
market).
Tesouro Direto: The average number of investors accessing this product grew by 36.2% year-over-year and
average value under custody rose by 56.0%.
BM&F SEGMENT
The BM&F segment posted record ADV with 3.4 million contracts in 2Q12, increasing 25.7% year-over-year and
23.7% over the previous quarter. This growth is mainly due to higher volumes traded in Brazilian Real-denominated
interest rate, stock indices and mini contracts, which grew 31.4%, 101.2% and 94.6%, respectively, over 2Q11.
RPC was almost flat, up 0.5% year-over-year, due to the mix of contracts traded. A higher participation of Brazilian
Real-denominated interest rate contracts that have below-average RPC offset the RPC increase from FX futures and
U.S. Dollar-denominated interest rate contracts with above-average RPC.
HFT represented a 6.3% share in the total volume traded in the BM&F segment in 2Q12, compared to 5.0% in 2Q11.
The ADTV for HFT was 442.5 thousand contracts in 2Q12, growing 76.3% year-over-year.
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5
UPDATE ON STRATEGIC INITIATIVES
BM&FBOVESPA focus on technological innovation is aligned with the Company's strategy to diversify its revenue base,
provide better service to its current and potential customers, strengthen its leadership position in Brazil, and attract new
investors and issuers. To this end, the Company made the following advances in its product strategy in 2Q12:
Equity Module of the PUMA Trading System multi-asset trading platform: IT development of the stock trading
module is concluded and testing phase started in 1H12. Integrated tests with market participants to replace the
Mega Bolsa trading platform for the PUMA Trading System will occur over 2H12, with delivery of the equities
module scheduled for the end of the year.
OTC and Fixed Income Project: In 2H12 we will launch our over-the-counter platforms for registration of fixed
income securities (time deposits, or CDBs, and real estate letter of credit, or LCIs) and financial derivatives, such as
non-deliverable forwards. The new platforms are designed to provide flexibility, quality and agility to the customers.
Options Market Maker Program: BM&FBOVESPA's market maker program currently covers options of the 10 most
liquid stocks (excluding shares of Petrobras and Vale) and the Ibovespa index. In 2Q12, the ADTV of these options
was R$114.7 million, a 160.8% increase over 2Q11.
Cross-listing of derivatives between BM&FBOVESPA and the Chicago Mercantile Exchange (CME): The trading of
S&P 500 and light sweet crude oil (WTI) futures contracts will be authorized in October 2012. In addition, the new
contracts for soybean futures traded on the Chicago Board of Trade (CBOT), a company owned by CME Group,
started trading in June.
Exchange Traded Funds: The number of ETFs rose to 14 in June, following the trading of ETF ECOO11, referenced in
the Carbon Efficient Index (ICO2). Additionally, in May, Caixa Econômica Federal won the bidding process for the
creation of a new ETF referenced in the Ibovespa index.
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6
CONSOLIDATED INCOME STATEMENT (In R$ thousands, unless otherwise indicated)
2Q12
2Q11
Change
2Q12/2Q11
1Q12
Change
2Q12/1Q12
Gross Revenues
603,245
521,324
15.7%
560,420
7.6%
Trading / Settlement - BM&F
239,634
191,148
25.4%
201,647
18.8%
Derivatives
235,351
186,909
25.9%
197,585
19.1%
Foreign Exchange
4,277
4,177
2.4%
4,054
5.5%
Securities
6
62
-90.3%
8
-25.0%
Trading / Settlement - Bovespa
268,701
240,574
11.7%
263,431
2.0%
Trading fees
63,765
168,915
-62.3%
62,641
1.8%
Clearing fees
196,550
56,668
246.8%
199,560
-1.5%
Others
8,386
14,991
-44.1%
1,230
581.8%
Other Revenues
94,910
89,602
5.9%
95,342
-0.5%
Securities Lending
18,747
17,202
9.0%
21,113
-11.2%
Listing
11,748
11,617
1.1%
11,716
0.3%
Depositary, custody and back-office
25,157
22,937
9.7%
23,697
6.2%
Trading access (Brokers)
13,072
12,078
8.2%
12,195
7.2%
Vendors
17,380
16,301
6.6%
15,694
10.7%
Brazilian Commodities Exchange
839
1,343
-37.5%
894
-6.2%
BM&F Bank
5,358
5,096
5.1%
5,287
1.3%
Others
2,609
3,028
-13.8%
4,746
-45.0%
Revenue deductions
(62,094)
(53,685)
15.7%
(57,599)
7.8%
PIS and Cofins
(54,627)
(46,912)
16.4%
(50,661)
7.8%
Service tax
(7,467)
(6,773)
10.2%
(6,938)
7.6%
Net Revenues
541,151
467,639
15.7%
502,821
7.6%
Expenses
(166,111)
(166,762)
-0.4%
(166,171)
0.0%
Personnel
(79,552)
(88,172)
-9.8%
(78,477)
1.4%
Data processing
(24,905)
(23,169)
7.5%
(24,695)
0.9%
Deprec. and Amortization
(23,986)
(10,101)
137.5%
(21,911)
9.5%
Third Party Services
(9,299)
(11,732)
-20.7%
(8,061)
15.4%
Maintenance
(2,629)
(2,559)
2.7%
(2,716)
-3.2%
Communications
(4,501)
(5,895)
-23.6%
(4,589)
-1.9%
Marketing
(4,775)
(10,700)
-55.4%
(4,921)
-3.0%
Taxes
(5,789)
(3,733)
55.1%
(10,939)
-47.1%
Board Compensation
(1,679)
(1,572)
6.8%
(1,647)
1.9%
Others
(8,996)
(9,129)
-1.5%
(8,215)
9.5%
Operating Income
375,040
300,877
24.6%
336,650
11.4%
Equity account
42,351
22,091
91.7%
37,525
12.9%
Financial Income
54,678
70,815
-22.8%
65,544
-16.6%
Financial Revenues
77,202
87,886
-12.2%
86,719
-11.0%
Financial Expenses
(22,524)
(17,071)
31.9%
(21,175)
6.4%
Income before Taxes
472,069
393,783
19.9%
439,719
7.4%
Income Tax and Social Contribution
(172,072)
(99,593)
72.8%
(159,298)
8.0%
Current
(36,722)
(966)
3,701.4%
(19,200)
91.3%
Deferred
(135,350)
(98,627)
37.2%
(140,098)
-3.4%
0
0
0.0%
0
0.0%
Net Income
299,997
294,190
2.0%
280,421
7.0%
Net Margin
55.4%
62.9%
-747 bps
55.8%
-33 bps
Attributable to:
BVMF´s Shareholders
300,082
294,171
2.0%
280,426
7.0%
Net Margin
55.5%
62.9%
-745 bps
55.8%
-32 bps
Minority Interest
(85)
19
-547.4%
(5)
1600.0%
EBITDA
403,771
313,216
28.9%
368,328
9.6%
EBITDA Margin
74.6%
67.0%
764 bps
73.3%
136 bps
Sharecount
1,930,357,074
1,958,140,957
-1.4%
1,930,492,956
0.0%
EPS attributable to BVMF´s Shareholders (R$)
0.155454
0.150230
3.5%
0.145261
7.0%
Adjusted Net Income
422,942
409,150
3.4%
409,190
3.4%
Adjusted Expenses
(127,859)
(143,725)
-11.0%
(125,370)
2.0%
Adjusted EBITDA
411,928
323,342
27.4%
376,716
9.3%
Adjusted EBITDA Margin
76.1%
69.1%
698 bps
74.9%
120 bps
Adjusted EPS (R$)
0.219100
0.208948
4.9%
0.211962
3.4%


Note: the variations in comparisons for Trading fees and Clearing fees are explained by the changes in the fee structure that rebalanced the trading and
post-trading fees in August 2011.
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7
RECONCILIATION OF ADJUSTED NET INCOME (In R$ millions)
2Q12
2Q11
Change
2Q12/2Q11
1Q12
Change
2Q12/1Q12
Gaap net income*
300.1
294.2
2.0%
280.4
7.0%
Stock options program
8.2
10.1
-19.5%
8.4
-2.8%
Deferred tax liabilities
134.8
124.7
8.1%
134.8
0.0%
Equity accounting (net of taxes)
(37.6)
(19.9)
89.4%
(27.8)
35.5%
Taxes paid overseas to be compensated
17.5
0.0
0.0%
13.4
0.0%
Adjusted net income
422.9
409.2
3.4%
409.2
3.4%
*Attributable to BM&FBOVESPA shareholders.

RECONCILIATION OF ADJUSTED PERSONNEL EXPENSES
(In R$ millions)
2Q12
2Q11
Change
2Q12/2Q11
1Q12
Change
2Q12/1Q12
Personnel Expenses
79.6
88.2
-9.8%
78.5
1.4%
Stock Options
(8.2)
(10.1)
-19.5%
(8.4)
-2.8%
Adjusted Personnel Expenses
71.4
78.0
-8.5%
70.1
1.9%


CONSOLIDATED BALANCE SHEET (In R$ millions)
Assets
06/30/2012
12/31/2011
Liabilities and equity
06/30/2012
12/31/2011
Current
3,498.5
2,401.1
Current
2,097.2
1,929.9
Cash and cash equivalents
47.1
64.6
Collateral for transactions
1,388.4
1,501.0
Financial investments
3,180.6
2,128.7
Earnings and rights on securities in custody
42.6
39.0
Accounts receivable
55.0
46.5
Suppliers
18.9
56.4
Other receivables
18.9
11.8
Salaries and social charges
73.3
60.0
Taxes recoverable and prepaid
176.6
132.1
Provision for taxes and contrib. payable
24.1
31.8
Prepaid expenses
20.3
17.4
Income tax and social contribution
55.2
4.5
Non-current
20,762.7
21,188.8
Interest payable on debt issued abroad and loans
36.1
33.6
Long-term receivables
1,095.5
1,767.4
Dividends and interest on own capital payable
149.7
4.2
Financial investments
897.7
1,589.1
Other liabilities
308.8
199.4
Defer. income tax and social contrib.
103.1
80.6
Non-current
2,756.5
2,402.5
Judicial deposits
92.6
95.0
Debt issued abroad and loans
1,228.3
1,138.7
Other receivables
2.2
2.8
Deferred income tax and social contribution
1,472.3
1,204.6
Investments
2,929.4
2,710.1
Provision for conting. and legal obligations
55.9
59.2
Interest in associate
2,893.4
2,673.4
Equity
19,407.6
19,257.5
Interest in subsidiaries
-
-
Capital and reserves attrib. to shareholders of BVMF
Investment properties
35.9
36.7
Capital
2,540.2
2,540.2
Property and equipment
338.9
357.2
Capital reserve
16,028.1
16,033.9
Intangible assets
16,398.9
16,354.1
Revaluation reserves
22.2
22.5
Goodwill
16,064.3
16,064.3
Revenue reserves
577.3
804.0
Software and projects
334.6
289.8
Treasury shares
-501.3
-521.6
Total assets
24,261.2
23,589.9
Carrying value adjustments - other compr. income
289.1
128.3
Additional dividends proposed
79.2
233.6
Retained Earnings
356.5
-
19,391.4
19,241.0
Non-controlling interest
16.2
16.5
Total liabilities and equity
24,261.2
23,589.9
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8
STATISTICAL OPERATING DATA FOR BOVESPA SEGMENT

Average Daily Traded Value
(in R$ millions)
2Q12
2Q11
2Q12/2Q11
(%)
1Q12
2Q12/1Q12
(%)
Stocks and Equity Deriv.
7,634.4
6,205.8
23.0%
7,155.1
6.7%
Cash market
7,223.0
5,857.3
23.3%
6,704.9
7.7%
Derivatives
411.4
348.5
18.0%
450.2
-8.6%
Forward market
105.9
121.3
-12.7%
104.4
1.4%
Options market (stocks / indices)
305.5
227.2
34.5%
345.9
-11.7%
Fixed income and other spot securities
2.2
1.3
74.7%
1.7
32.5%
Total
7,636.6
6,207.1
23.0%
7,156.8
6.7%
Average Daily Number Of Trades
2Q12
2Q11
2Q12/2Q11
(%)
1Q12
2Q12/1Q12
(%)
Stocks and Equity Deriv.
812,139
503,616
61.3%
742,516
9.4%
Cash market
676,235
422,148
60.2%
618,881
9.3%
Derivatives
135,904
81,467
66.8%
123,635
9.9%
Forward market
1,082
1,277
-15.3%
994
8.8%
Options market (stocks / indices)
134,823
80,190
68.1%
122,640
9.9%
Fixed income and other spot securities
11
13
-15.5%
12
-4.3%
Total
812,151
503,629
61.3%
742,527
9.4%
Other Operating Statistics
2Q12
2Q11
2Q12/2Q11
(%)
1Q12
2Q12/1Q12
(%)
Average Market Cap. (in R$ billions)
2,369.0
2,451.5
-3.4%
2,491.4
-4.9%
Average Ibovespa
58,094.9
64,378.0
-9.8%
64,263.4
-9.6%
Average value under custody (in R$ billions)
1,130.2
1,190.0
-5.0%
1,226.4
-7.8%
Avg. value under custody - ex ADRs and Forgn. Inv. (in R$ billions)
467.4
494.5
-5.5%
506.9
-7.8%
Number of custody accounts - average
604,996
631,383
-4.2%
598,154
1.1%
Securities Lending - average open interest (in R$ billions)
29.2
28.3
3.1%
34.0
-14.3%
# Listed Companies to Trade Stocks
372
377
-1.3%
372
0.0%
HFTs Participation
9.4%
7.4%
2.0 pp
8.5%
0.9 pp
Turnover Velocity (annualized)
75.0%
59.5%
15.5 pp
66.2%
8.8 pp
Trading Margins (basis points)
Market
2Q12
2Q11
1Q12
Stocks and Equity Derivatives
5.491
5.857
5.896
Cash Market
5.044
5.395
5.333
Derivatives
13.335
13.627
14.290
Forward Market
12.998
12.998
13.020
Options Market
13.452
13.963
14.673
Total BOVESPA
5.498
5.862
5.909

STATISTICAL OPERATING DATA FOR BM&F SEGMENT
ADV (in thousands of contracts)
2Q12
2Q11
2Q12/2Q11
(%)
1Q12
2Q12/1Q12
(%)
Interest Rates in BRL
2,260.4
1,719.8
31.4%
1,730.4
30.6%
FX Rates
542.4 543.4
-0.2%
536.4
1.1%
Stock Indices
204.0 101.4
101.2%
136.5
49.5%
Interest Rates in USD
151.0 186.8
-19.2%
158.0
-4.4%
Commodities
11.6 15.2
-24.0%
11.3
2.6%
Mini Contracts
177.5 91.2
94.6%
133.4
33.1%
OTC
9.0 12.3
-26.8%
7.4
21.8%
Total
3,356.0
2,670.2
25.7%
2,713.4
23.7%
Revenue Per Contract (In R$)
2Q12
2Q11
2Q12/2Q11
(%)
1Q12
2Q12/1Q12
(%)
Interest Rates in BRL
0.961 0.930
3.4%
1.000
-3.8%
FX Rates
2.077 1.847
12.4%
1.971
5.3%
Stock Indices
1.450 1.753
-17.3%
1.454
-0.3%
Interest Rates in USD
0.990 0.893
10.9%
0.891
11.1%
Commodities
2.065 1.948
6.0%
1.930
7.0%
Mini Contracts
0.116 0.137
-14.9%
0.130
-10.6%
OTC
1.357 1.682
-19.3%
1.939
-30.0%
Total
1.133 1.127
0.5%
1.172
-3.3%
Other Operating Statistics
2Q12
2Q11
2Q12/2Q11
(%)
1Q12
2Q12/1Q12
(%)
HFT Participation
6.3%
5.0%
1.3 pp
8.0%
-1.7 pp