Conference Call Transcript - Changes in Cash Equity Fee Structure

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Last updated 2013-03-19T15:44:55
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        International Conference Call
          Announcement to the Market
               March 5th, 2013

Operator: Good morning, ladies and
gentlemen, and welcome to the audio
conference call about the changes in the fee
structure announced by BM&FBOVESPA.

At this time, all participants are in a
listen-only mode. Later we will conduct a
question and answer session and instructions
to participate will be given at that time.
If you should require assistance during the
call, please press the star key followed by
zero (*0).

As a reminder, this conference is being

I would now like to turn the conference over
to Mr. Eduardo Refinetti Guardia, CFO of

Mr. Guardia: Thank you. Hello everyone,
thank you for joining us today. The reason
for this call is to discuss the changes in
our fee structure that we have announced
this morning.

I will try to be brief to leave more time
for the Q&A.

You know we have been working to improve the
efficiency of our fee structure. It is a
continuous process and since 2010 we have
announced important changes particularly the
reduction of costs subsidy through fee
rebalance of trading and post-trading.

The changes we are announcing  today  aim  to
rebalance cash equities trading fee and post-
trading fees for institutional investors  and
daytraders to promote  volume  incentives  by
giving discounts to investors with  a  higher
price  elasticity  and  to  introduce  a  fee
policy  based  on   cash   equities   trading