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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
The Brazilian Securities, Commodities and Futures Exchange
QUARTERLY
FINANCIAL
REPORT
Three-month period ended June 30, 2013
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M A N A G E M E N T'S
D I S C U S S I O N
A N D
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2Q13
2
Dear Shareholders,
We are pleased to present to you this discussion and analysis of the financial condition and results of operations
of BM&FBOVESPA S.A. (BM&FBOVESPA or Company or us) for the quarter ended June 30, 2013 (2Q13).
OPERATING PERFORMANCE
EQUITIES
AND
EQUITY
DERIVATIVES
(BOVESPA
SEGMENT)
The average daily trading value (ADTV) in the quarter to June 2013 set a renewed historical record at R$8.3 billion jumping
8.5% from the quarter to June 2012 (2Q12) and 10.3% from the quarter to March 31, 2013 (1Q13). The year-on-year climb is due
primarily to the performance of the cash market, which accounts for 96.0% of the overall volume for the segment and presented
a 9.6% year-on-year volume rise.
Average Daily Trading Value (ADTV)
(In R$ millions, unless otherwise indicated)
Source: BM&FBOVESPA
Good cash market performance mainly reflects an increase in turnover velocity
1
, which in the second quarter reached 81.6%
(versus 75.1% in the year-ago second quarter), a climb pushed mainly by foreign investors and local institutional investors, in
particular high frequency traders (HFTs), as discussed in further detail elsewhere herein. Additionally, the equity average market
capitalization
2
rose by slight 1.7% from the second quarter one year earlier.
Average stock market capitalization and Turnover velocity
Source: BM&FBOVESPA
In contrast, the ADTV in the options market for single stocks and stock indices fell 7.9% from the year-ago second quarter due
to overarching volume decline. For example, the ADTV of options on Vale stocks, the most liquid across the options market,
having accounted for 37.4% of the overall quarterly volume, declined 10.1% year-on-year. On the bright side, the volume
traded in options on Petrobras stocks over the second quarter rose 24.2% year-on-year. Options on Petrobras stocks are the
second most liquid options and accounted for 29.8% of the overall quarterly volume.
Moreover, the average daily number of trades spiked 21.0% from the year-ago second quarter due mainly to a build-up in high
frequency trading, where these investors typically engage in strategies which generate a large number of trades.

1
Turnover velocity for the quarter is defined as the ratio of annualized turnover (value) of stocks traded on the cash market over a three-month period
average market capitalization for the same period.
2
Equity market capitalization is a measure of the size of the stock market given by the total market capitalization of all listed issuers, where the market
capitalization by issuer is calculated as stock price multiplied by the number of shares outstanding of each listed issuer (Bovespa segment) .
2Q13
2Q12
2Q13/2Q12
(%)
1Q13
2Q13/1Q13
(%)
Stocks and Equity Deriv.
8,287.8
7,634.4
8.6%
7,514.3
10.3%
Cash market
7,916.8
7,223.0
9.6%
7,187.6
10.1%
Derivatives
371.0
411.4
-9.8%
326.6
13.6%
Forward market
89.7
105.9
-15.3%
91.5
-2.0%
Options market (stocks / indices)
281.3
305.5
-7.9%
235.2
19.6%
Fixed income and other spot securities
0.8
2.2
-63.3%
2.3
-65.1%
TOTAL
8,288.6
7,636.6
8.5%
7,516.6
10.3%
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2Q13
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Average Daily Number of Trades
(In thousands, unless otherwise indicated)
2Q13
2Q12
2Q13 vs. 2Q12
(%)
1Q13
2Q13 vs. 1Q13
(%)
Stocks and Equity Derivatives
982.5
812.1
21.0%
846.5
16.1%
Cash market
850.8
676.2
25.8%
726.6
17.1%
Derivatives
131.7
135.9
-3.1%
120.0
9.7%
Forward market
0.9
1.1
-20.5%
0.9
-7.5%
Options market (stocks / indices)
130.8
134.8
-3.0%
119.0
9.9%
Fixed income and other spot securities
0.010
0.011
-10.6%
0.012
-14.2%
TOTAL
982.5
812.2
21.0%
846.6
16.1%
Source: BM&FBOVESPA
As a percentage of the overall value traded over the second quarter on markets comprising the Bovespa segment, foreign
investors and local institutional investors topped the volume rank, having accounted for 43.5% and 32.5% of the total,
respectively. The volume traded by foreign investors and local institutional investors jumped 13.9% and 9.6% from the prior year
second quarter, respectively.
ADTV by investor category
(In R$ billions)
Source: BM&FBOVESPA
The abovementioned build-up in high frequency trading has been an important driver of growth within Bovespa segment.
The high frequency trading volume for the quarter soared 23.8% year-on-year hitting R$1.8 billion (buy and sell sides), and
accounted for 10.7
3
% of the overall volume for the segment (versus 9.4% in the year-ago second quarter).
The second quarter net flow of foreign investments into the markets for equities and equity derivatives amounted to positive
R$2.6 billion, with R$6.9 billion worth of inflows directed to equity offerings (the highlight being the BB Seguridade offering
which amassed R$11.5 billion in gross offering proceeds) and R$4.3 billion worth of secondary market outflows. The second
quarter registered eight equity offerings (four IPOs and four follow-on offerings), which raised R$16.0 billion in aggregate
proceeds.











3
In calculating high frequency volume for either of the BOVESPA or BM&F segments, we take into account both the buy and sell sides of the trade (a division of
total volume by two).
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Net flow of foreign investments into the equities markets
(In R$ billions)
Source: BM&FBOVESPA
The volume of trading in ETFs over the quarter to June 2013 hit ADTV of R$115.4 million, a 26.0% tumble from the year-ago
second quarter, when trading in ETFs hit a record high. Despite this fall, the volume traded in ETFs over the quarter reached the
second highest peak historically.
ETFs ­ ADTV
(In R$ millions)

Source: BM&FBOVESPA
The ADTV of real estate funds (locally known as FIIs, or Fundos de Investimento Imobiliário) over the second quarter hit R$41.3
million, surging 369.88% from the earlier year when the daily average was at R$8.8 million. After consecutive quarters of
consistent increases in trading volume, the total market capitalization for all currently listed FIIs soared 81.6% year-on-year, to
R$29.3 billion from R$16.1 billion in the quarter to June 2012.
Exchange-Traded Real Estate Funds ­ ADTV
Source: BM&FBOVESPA


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FINANCIAL AND COMMODITY DERIVATIVES (BM&F SEGMENT)
The average daily volume (ADV) traded in financial and commodity derivatives (BM&F segment) over the quarter to June 2013
climbed 8.7% year-on-year to yet another record high of 3.6 million contracts. In addition, the average rate per contract (RPC)
went up 1.6% from the year-ago quarter, exponentially increasing the segment revenues.
Average daily volume (ADV)
(In thousands of contracts, unless otherwise indicated)
2Q13
2Q12
2Q13 vs. 2Q12
(%)
1Q13
2Q13 vs. 1Q13
(%)
Brazilian-interest rate contracts
2,549.7
2,260.4
12.8%
2,115.3
20.5%
FX contracts
533.6
542.4
-1.6%
485.9
9.8%
Index-based contracts
143.5
204.0
-29.7%
102.4
40.1%
U.S. dollar-denominated interest rate contracts
160.0
151.0
6.0%
134.4
19.0%
Commodity derivatives
8.6
11.6
-25.5%
7.5
14.8%
Mini-sized contracts
237.1
177.5
33.6%
175.4
35.2%
OTC derivatives
15.8
9.0
74.5%
5.5
186.7%
TOTAL
3,648.3
3,356.0
8.7%
3,026.5
20.5%
Source: BM&FBOVESPA
Brazilian-interest rate contracts are the top traded group of derivatives contracts and accounted for 69.9% of the quarterly overall
trading volume, leading the upward volume trend for the segment in the second quarter. May 2013 saw an all-time high at an ADV
of 2.9 million contracts. The quarterly volume for these contracts surged 12.8% from the prior year second quarter and 20.5%
sequentially. This outstanding performance is due primarily to a combination of factors, prime among which are an expansion in
credit availability, particularly through fixed-rate lending; increasingly diverse market expectations about the direction and future
changes in monetary policy, since in April the Central Bank made a turnabout move, and in an effort to curb the inflationary
pressures, shifted toward tightening the monetary policy by increasing the benchmark rate (Selic rate) to 8.5% per year from the
historical low of 7.25%. Another factor influencing performance is the fact that the larger portion of the volumes traded in the
quarter has been concentrated on longer-term contracts.
Additionally, with a 33.6% year-on rise in volume and a 35.2% jump sequentially, mini-sized contracts were the other highlight.
These climbs correlate increased high frequency volumes as these traders pursue arbitrage opportunities dealing in mini- and
full-sized contracts as well as on the stock market. E-mini stock index futures accounted for 97.0% of the overall volume traded
in mini-sized contracts, whereas e-mini currency contracts accounted for the remaining 3.0% of the volume.
The ADV of FX contracts decreased 1.6% year-on-year. The removal of tax on financial transaction (IOF tax) took place in last
June, just as the quarter was coming to a close, and had little impact on the ADV traded in all of the second quarter.
In June 2013 regulatory changes were made by the government to remove the 1% IOF tax levied on increases in short dollar
exposures first introduced in July 2011; the government also reduced down to zero the 6% IOF tax on foreign investments in
government bonds and other fixed-income securities; and effective from July 1, 2013, it removed the mandatory deposit on
short dollar exposures of banks. Data thus far available to us suggest these moves had a positive impact on the volumes traded
in FX contracts, as we observed similar volatility in June 2012 (after some of these measures) and in June 2013 (after the
taxation removal), having registered a rise of about 21.9% in ADV of FX contracts (to 634.5 thousand contracts from 520.4
thousand earlier).
Brazilian real to U.S. Dollar rate volatility (%)
(R$:US$)
0%
5%
10%
15%
20%
25%
30%
35%
J
u
l
-
11
Au
g-
11
Se
p
-
11
Oct-
11
N
o
v
-
11
De
c-
1
1
J
an
-
12
Fe
b
-
12
Ma
r-
12
Ap
r-
12
Ma
y
-
1
2
J
u
n
-
12
J
u
l
-
12
Au
g-
12
Se
p
-
12
Oct-
12
N
o
v
-
12
De
c-
1
2
J
an
-
13
Fe
b
-
13
Ma
r-
13
Ap
r-
13
Ma
y
-
1
3
J
u
n
-
13
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The quarterly average RPC for financial and commodity derivatives contracts went up 1.6% from the year-ago second quarter
due mainly to year-on climbs of 20.6% in average RPC for Stock Index contracts, 16.6% for FX contracts, 12.0% for U.S. dollar-
denominated interest rate contracts and 20.9% commodity derivatives contracts, as the fees we charge for the last three group
of contracts are denominated in U.S. dollars, and the currency appreciated 6.8% against the Brazilian real over the 12-month
period to June 2013
4
.
Average rate per contract (RPC)
(In Brazilian reais)
2Q13
2Q12
2Q13 vs. 2Q12
(%)
1Q13
2Q13 vs. 1Q13
(%)
Brazilian-interest rate contracts
0.944
0.961
-1.9%
1.027
-8.1%
FX contracts
2.422
2.077
16.6%
2.316
4.6%
Stock Index contracts
1.748
1.450
20.6%
1.663
5.1%
U.S. dollar-denominated Interest rate contracts
1.108
0.990
12.0%
1.111
-0.2%
Commodities derivatives
2.497
2.065
20.9%
2.414
3.4%
Mini-sized contracts
0.118
0.116
1.2%
0.120
-1.9%
OTC derivatives
1.432
1.357
5.5%
2.021
-29.1%
TOTAL
1.151
1.133
1.6%
1.212
-5.0%
Source: BM&FBOVESPA
An analysis of the distribution of overall average daily trading volume for the segment by investor category shows local
institutional investors at the top of the rank (share of 2Q13 overall volume rose to 34.8% from 33.3% in the comparative
quarter) followed by financial institutions (up to 34.0% from 33.9% earlier).
Distribution of Average Daily Volume by Investor Category
(As a percentage)
Source: BM&FBOVESPA
Moreover, HFTs accounted for 6.0% of the overall volume for the segment (versus 6.3% in 2Q12), a drop explained mainly by
more active trading in Brazilian-interest rate contracts, which HFTs barely trade.
Securities lending
The average financial value of open interest positions in our securities lending facility at the second quarter-end hit a new
historical high of R$44.8 billion, surging 53.4% from the year-ago quarter. This growth in securities lending volume reflects the
increasing sophistication of traders that develop and implement arbitrage and other stock market strategies.










4
As measured by the fluctuation in the average selling rate compiled by the Central Bank (PTAX selling rate) for the last business day of each of the months of
March, April and May 2012 as compared to average selling rate for the last business day of each of the months of March, April and May 2013 (which served as
the basis on which we calculated the RPC for the months of April, May and June 2012 and 2013, respectively).
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Average financial value of open interest positions at the securities lending facility
(in R$ billions)
Source: BM&FBOVESPA
Tesouro Direto platform (Treasury Direct)
Tesouro Direto is a platform we offer for the trading of government bonds and debt securities through the Internet. The average
financial value of government bonds under custody at our central securities depository hit R$9.7 billion at the quarter-end
(versus R$8.8 billion in the prior-year second quarter), a 10.4% increase, whereas the average number of investors dealing
through the platform rose 12.2% to 93.1 thousand from 83.0 thousand one year earlier.
Tesouro Direto platform
Source: BM&FBOVESPA
DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL PERFORMANCE
MAIN LINE ITEMS OF THE CONSOLIDATED STATEMENT OF INCOME
REVENUES
The historical record volumes traded across markets coupled with increase in volume-unrelated revenues made for a sound
operating performance from both our Bovespa and BM&F segments and an overall jump in second quarter revenues
5
.
The combined volume-related revenues earned in both segments hit R$558.3 million and accounted for 83.5% of our total
revenues for the quarter to June 2013, a 9.8% climb from the year-ago second quarter.
Revenues from trading and clearing fees - Bovespa Segment. The revenues earned within our Bovespa segment totaled
R$289.5 million, a new record which accounted for 43.3% of total revenues and a 7.7% year-on rise. The volume-related
revenues (trading and clearing fees earned on trading and post-trade transactions) reached R$277.5 million, up 6.6% from the
same quarter one year earlier. The 8.5% quarterly growth in average daily trading volume has been somewhat dampened by a
3.4% drop in margin for the segment, which in the second quarter fell to 5.314 basis points (bps) from 5.498 bps one year
earlier, primarily as a result of changes in our pricing policy for cash market transactions from April 1, 2013. These changes were
designed to rebalance trading and clearing fees for institutional investors and day traders, and included a 0.2 bps cut in trading
fees charged from other investor categories to 0.5 bps from 0.7 bps. Also, lower participation of equity derivatives in the overall
volume negatively impacted trading margins.
5
Trading days in 2Q13 were 63 versus 62 in 2Q12 with a positive impact on volumes-related revenues.
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Additionally, segment revenues recorded under the `other revenues' line item hit R$12.0 million, surging 43.3% when compared
to the second quarter one year earlier, due mainly to an increase in revenues gleaned from fees charged on equity offerings, the
highlight being the April IPO of BB Seguridade, which amassed R$11.5 billion in gross offering proceeds.
Revenues from trading and clearing fees - BM&F Segment. The revenues derived from fees charged on trading and post-trade
transactions within the BM&F segment hit record R$268.8 million, which accounted for 40.2% of total revenues and a 12.2%
increase from the prior year second quarter due mainly to (i) 8.7% climb in average daily volume pushed mainly by higher
volumes traded of Brazilianinterest rate contracts; and (ii) a 1.6% climb in average RPC spurred primarily by the appreciation of
the U.S. dollar against the Brazilian real, which positively influenced the average fee rate we charge for trades in U.S. dollar-
denominated interest rate contracts and FX futures contracts, coupled with a rise in average RPC for stock index derivatives
contracts.
Other revenues. The volume-unrelated revenues hit R$110.5 million, up 16.4% from the prior-year second quarter, and
accounted for 16.5% of our overall quarterly revenues.
Securities lending. Revenues of R$29.5 million from the operation of our securities lending facility accounted for 4.4% of
total revenues, in a 57.4% year-on surge from the year-ago second quarter due mainly to a 53.4% rise in average financial
value of open interest positions.
Depository, custody and back office. Quarterly revenues of R$29.0 million accounted for 4.3% of total revenues, having
soared 15.3% year-on-year due mainly to an increase in average financial value of assets under custody at our central
securities depository and to a sound performance of the registration services for transactions in agribusiness credit bills
(locally known as LCAs, Letras de Crédito do Agronegócio) whose revenue climbed to R$3.1 million from R$0.9 million in the
year-ago second quarter.
Net revenue. The quarterly net revenue of R$599.8 million is up 10.8% from the second quarter one year ago.
EXPENSES
The expenses for the quarter to June 2013 totaled R$176.8 million, up 6.4% from one year ago. Set forth below is a discussion of
the expense highlights for the quarter to June 2013.
Personnel. The quarterly personnel expenses amounted to R$86.6 million, up 8.8% year-on-year due primarily to a wage
increase called for under our August 2012 annual collective bargaining agreement; ii) and a decrease in capitalized personnel
costs related to ongoing projects in 2Q13 compared to 2Q12.
Data processing. Data processing expenses for the quarter totaled R$25.9 million, up 4.0% from the prior-year second
quarter due primarily to an increase in expenses with outsourced providers of technology services and software
maintenance services.
Depreciation and amortization. The quarterly depreciation and amortization expenses totaled R$28.8 million, a 20.2% year-
on surge due to increased information technology investments implemented in recent years, particularly the April 2013
implementation of the equities module of our new PUMA Trading System that started being depreciated in 2Q13.
EQUITY IN RESULTS OF INVESTEES
Our net share of quarterly gain from the equity-method investment in CME Group shares totaled R$51.4 million, where R$18.3
million were provisioned as recoverable tax paid abroad by the investee (CME Group).
INTEREST INCOME, NET
Net interest income for the quarter to June 2013 hit R$43.1 million, down 21.2% from the year-ago second quarter due primarily
to a 44.9% surge in interest expenses (R$32.6 million for 2Q13) attributable mainly to appreciation of the U.S. dollar against the
Brazilian real, since our interest expenses largely correlate to the payment of debt owing under our global senior notes issued in
a July 2010 cross-border bond offering, as well as a 1.9% year-on fall in interest revenue (R$75.7 million for 2Q13) resulting from
a decline in the interest rates paid on our financial investments.
INCOME TAX AND SOCIAL CONTRIBUTION
The line item comprising income tax and social contribution plus deferred income tax and social contribution for the quarter
totaled R$166.5 million, where current income tax and social contribution amount to R$27.1 million, which include R$0.8 million
in taxes with impact on cash paid by BM&FBOVESPA bank, as well as R$18.3 million recorded in the line item `recoverable tax
provision' related to tax paid overseas and. In addition, deferred income tax and social contribution totaled R$139.4 million,
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comprised mainly of R$138.9 million in quarterly recognition of temporary differences from the amortization of goodwill for tax
purposes. Deferred income tax and social contribution have no impact on cash flow.
NET INCOME
The quarterly net income attributable to BM&FBOVESPA shareholders totaled R$350.8 million, a 16.9% increase from the year-
ago second quarter due primarily to growth in operating income.
MAIN LINE ITEMS OF CONSOLIDATED BALANCE SHEET STATEMENT AS OF JUNE 30, 2013
MAIN LINES ITEMS UNDER ASSETS
As determined in our audited consolidated balance sheet statement as of June 30, 2013, total assets of R$24,690.2 million
were up 2.2% from total assets at December 31, 2012. Cash and cash equivalents, including short- and long-term financial
investments, totaled R$3,932.4 million and accounted for 15.9% of total assets. Non-current assets amounted R$21,151.2
million, where long-term receivables amount to R$922.8 million (including long-term financial investments of R$651.2
million), the investments amount to R$3,235.4 million, property and equipment amount to R$363.2 million and intangible
assets amount to R$16,629.8 million.
Intangible assets consist primarily of goodwill related to expectations of future profitability in connection with the
acquisition of Bovespa Holding. Goodwill has been tested for impairment pursuant to a supporting valuation report prepared
by a specialist firm, which found no adjustments were required to the carrying value of goodwill as of December 31, 2012. We
have reviewed that assessment at this time (2Q13) and have not identified any internal or external factors that would change
the previous findings; thus, in the absence of impairment indicators as of June 30, 2013, no further measurements of carrying
value are required.
MAIN LINES ITEMS UNDER LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities of R$1,735.3 million accounted for 7.0% of total liabilities and shareholders' equity, a 4.5% climb from
total liabilities as of December 31, 2012,
and is composed, mainly, by collaterals received from participants (R$ 1,010.8
million) and other liabilities (R$461.5 million), specially the demand deposit maintained in the Banco BM&FBOVESPA's clients
and the repurchase transactions made by it.
Noncurrent liabilities of R$3,517.2 million consist primarily of R$1,348.1 million
worth of debt issued abroad plus deferred income tax and social contribution amounting to R$ 2,017.4 million.
Shareholders' equity of R$19,437.6 million at June 30, 2013, kept a steady line from end-2012 and consists mainly of
capital stock totaling R$2,540.2 million and capital reserves of R$16,04 7.2 million.
OTHER FINANCIAL INFORMATION
CAPITAL EXPENDITURES
We capitalized investments on the order of R$78.6 million in the quarter to June 2013, including R$75.9 million related to
investments in technology infrastructure and IT resources and R$2.7 million related to investments in facilities and equipment,
totaling R$120.4 million in 1H13. Our capital expenditure budget sets an interval between R$260.0 million and R$290.0 million
for investments in 2013, while the capital expenditures for 2014 have been set at an interval between R$170.0 million and
R$200.0 million.
PAYOUTS; SHARE BUYBACK PROGRAM
On August 8, 2013, out of GAAP earnings for the three-month period ended June 30, 2013, our board of directors declared
interim dividends amounting to R$280.7 million. The dividend is set to be paid on September 30, 2013, based on the book
closure date of August 21, 2013, which will determine the ownership structure pursuant to which holders of record will be
entitled to dividends.
In the three-month period ended June 30, 2013, we have repurchased 20.9 million shares, at the average price of R$12.61 per
share, in connection with our share buyback program ended June 28, 2013, which contemplated repurchases up to 60 million
shares. And on June 25, 2013, our board of directors approved a new share buyback program which is set to end on June 30,
2014, and contemplates repurchases up to 60 million shares. Under this new buyback program, in the three-month period
ended June 30, 2013, we have repurchased 3.35 million shares at the average price of R$12.33 per share.
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OTHER HIGHLIGHTS
CENTRAL COUNTERPARTY RISK ­ RISK MANAGEMENT
Transactions carried out on markets we operate are secured with collateral pledged by market participants in the form of
cash, government bonds and corporate debt securities, bank letters of guarantee and stocks, among other eligible
collaterals. As of June 30, 2013, the aggregate of pledged collaterals by the participants to our clearing, totaled R$202.2
billion.
Financial value of collaterals pledged to our clearing utilities
(In R$ billions)
June 30, 2013
June 30, 2012
Variation (%)
December 31, 2012
Variation (%)
Equities and Corporate Debt Securities
85.2
67.1
27.0%
77.7
9.6%
Derivatives
111.2
106.9
4.0%
94.1
18.2%
FX
4.8
4.0
20.7%
3.7
30.4%
Bonds
1.0
1.1
-11.2%
1.0
-2.3%
Total
202.2
179.1
12.9%
176.5
14.5%
The balance of collateral pledged by the participants to our clearing facilities at the quarter-end was up 12.9% from the year-ago
second quarter due primarily to a 27.0% surge in volume of collateral pledged as security for transactions in equities and
corporate debt securities, which is explained mainly by the increase in volume of open interest positions at our securities
lending facility.
Where we perform activities as central counterparty clearing house, corporate and operational risk exposures are monitored,
assessed and managed under oversight of our Risk Committee, a standing advisory committee to our board of directors, whose
primary responsibilities include taking a strategic and structural approach to monitoring and assessing exposures to market risks,
liquidity and credit risks and, not least importantly, systemic risk in the markets we operate.
SUSTAINABILITY; SOCIAL INVESTMENTS
On April 4, 2013, the Board of Directors approved our Sustainability Policy. The Policy is based on four pillars ­ Market, the
Environment, Social Investing, and Corporate Governance ­ and a scope of action which encompasses both internal
management and our relationships with a diversity of constituencies.
In June 2013, we completed our Greenhouse Gas Emissions Inventory Report for 2012. According to our Report, emissions by
BM&FBOVESPA totaled 4,303.15 metric tons CO2e, which we have offset by purchasing carbon credits in line with the Clean
Development Mechanism, or CDM, which is one of the sustainable development mechanisms defined in the Kyoto Protocol. In
addition, for the fourth year running, we answered the Greenhouse Gas Emissions Questionnaire of the Carbon Disclosure
Project (CDP).
On May, five new projects of local organizations have been listed on our BVSA platform (
www.bvsa.org.br
). Since 2003, when we
first established our social investing platform, contributions to BVSA-sponsored projects have amassed over R$12.7 million,
which benefitted 109 NGO projects implemented across Brazil. BVSA, the Environmental and Social Investment Exchange (Bolsa
de Valores Socioambientais)
is a pioneering program established by us and member brokers, inspired in the operating model of a
stock exchange, which works as a hub for investors interested in contributing to socially and environmentally responsible
projects (including education and community advancement projects) in search of sponsors and financing. Our BVSA initiative has
earned the support of UNESCO and recognized as a case study by the United Nations.
TECHNOLOGY DEVELOPMENTS; NEW PRODUCT OFFERINGS
PUMA Trading System. On April 8, 2013, we completed the implementation of the equities module of our new multi-asset
electronic trading platform, or PUMA Trading System, a product of our partnership and cooperation with the CME Group. As a
result, the PUMA Trading System is now operational and fully functional in the principal markets BM&FBOVESPA operates,
meaning the equities and derivatives markets (the latter implemented in the second half of 2011). This is an important
milestone of our project. Our PUMA Trading System now offers the equities market a reliably solid, high-performing trading
platform, with far greater throughput capacity, new functionalities and controls. For example, the new platform has brought
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M A N A G E M E N T'S
D I S C U S S I O N
A N D
A N A L I S Y S
­
2Q13
11
the round trip time (RTT) down to less than 1 millisecond from around 15 milliseconds earlier, with standard deviation over 200
times smaller, a significant measure of performance.
Integrated clearing house. In the quarter to June 2013 we advanced further our Integrated Post-Trading Facility Program
(Programa de Integração da Pós-Negociação - IPN)
6
, by which we plan to combine and consolidate the operations of our four
clearinghouses into a single, fully-integrated clearing facility (for transactions in equities, corporate debt securities, equity,
financial and commodity derivatives, forex and government bonds). This integrated clearing facility is set to provide us with a
high performing, multi-asset, multi-market clearing and real-time risk management system, based on CORE, or CloseOut Risk
Evaluation, our new central counterparty multi-asset, multi-market risk management framework, and the lynchpin on which our
risk management system architecture will be based. Moreover, it should give us a competitive edge in terms of risk
management, and the ability to offer unique, highly efficient clearing and settlement services for multiple assets across markets,
and optimized use of cash and collateral allocation. The testing phase of the new Clearing for the derivatives market, started on
July 1, 2013 with conclusion expected for March 2014. Later will start the testing process for the equity module.
iBalcão (OTC platform). We are continuing to work on our project to implement a new, streamlined, state-of-art registration
OTC platform. Starting from July 15 we launched the new platform for registration of transactions in OTC derivatives, which we
called "iBalcão" (or OTC platform), after completing the certification process started in February 2013. At this point, the
platform offers market participants functionalities for the registration and treatment of
Foreign Exchange Non-Deliverable
Forward ­ No Central Counterparty.
Changes to pricing policy for the cash equity market. We continue to implement our strategy of restructuring the pricing
policy. The first phase of this initiative took effect from April 1, 2013, with a reduction to 0.5 bps from 0.7 bps in trading fee rates
and, in addition, a rebalancing of trading and post-trading fee rates charged from local institutional investors and day traders. A
second batch of changes, which is set to be launched in December 2, 2013, contemplates widened discounts by volume tier for
day-traders and progressively reduced fee rates by overall volume traded.
INDEPENDENT AUDITORS
Our Company and subsidiaries have retained the audit firm of Ernst & Young Terco Auditores Independentes to audit our
financial statements.
The policy that governs the engagement of external audit services by us and our subsidiaries is based on generally accepted
auditing standards, which preserve service independence and include the following practices: (i) the auditors must abstain from
holding executive or managerial positions in the Company and its subsidiaries; (ii) the auditors must abstain from performing for
the Company and its subsidiaries operating activities which could compromise the audit function; and (iii) in expressing their
opinion regarding financial statements and reports, the auditors must maintain objectivity (avoiding conflicts of interest and loss
of independence).
In the six-month period ended June 31, 2013, neither the independent auditors, nor any of their related parties provided non-
audit services to us.


6
Implementing the IPN-CORE project is subject to regulatory approval.
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Quarterly Information - ITR
BM&FBOVESPA S.A. ­ Bolsa de
Valores, Mercadorias e Futuros

June 30, 2013
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1
Condomínio São Luiz
Av. Pres. Juscelino Kubitschek, 1830
Torre I - 8º Andar - Itaim Bibi
04543-900 - São Paulo, SP, Brasil
Tel: (5511) 2573-3000
Fax: (5511) 2573-5780
ey.com.br
A member firm of Ernst & Young Global Limited
A free translation from Portuguese into English of Independent Auditors' Review
Report on Quarterly Information prepared in accordance with accounting practices
adopted in Brazil applicable to the preparation of Quarterly Financial Information
(ITR) and in Reais (R$), and presented according to standards issued by the
Brazilian Securities and Exchange Commission.

Independent Auditors' Review Report on Quarterly Information
The Shareholders, Board of Directors and Officers
BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Introduction

We have reviewed the accompanying individual and consolidated interim financial
information of BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
("Company"), included in the Quarterly Information Form ­ ITR for the quarter ended June
30, 2013, which comprise the balance sheet as at June 30, 2013 and the related income
statement and statements of comprehensive income for the three and six-month periods
then ended, and the statements of changes in equity and cash flows for the six-month
period then ended,
including a summary of significant accounting practices and other
explanatory information.

Management is responsible for the preparation of the individual interim financial
information in accordance with Accounting Pronouncement CPC 21 ­ Interim Financial
Reporting, and of the consolidated interim financial information in accordance with CPC 21
and IAS 34 ­ Interim Financial Reporting, issued by the International Accounting
Standards Board ­ IASB, as well as for the fair presentation of this information in
conformity with the standards issued by the Brazilian Securities and Exchange
Commission (CVM) applicable to the preparation of Quarterly Financial Information (ITR).
Our responsibility is to express a conclusion on this interim financial information based on
our review.

Scope of the review

We conducted our review in accordance with Brazilian and International Standards on
Review Engagements (NBC TR 2410 and ISRE 2410 - Review of Interim Financial
Information Performed by the Independent Auditor of the Entity, respectively). A review of
interim financial information consists of making inquiries, primarily of persons responsible
for financial and accounting matters, and applying analytical and other review procedures.
A review is substantially less in scope than an audit conducted in accordance with
International Standards on Auditing and consequently does not enable us to obtain
assurance that we would become aware of all significant matters that might be identified in
an audit. Accordingly, we do not express an audit opinion.
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2
Conclusion on the individual interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the
accompanying individual interim financial information included in the quarterly information
referred to above was not prepared, in all material respects, in accordance with CPC 21
applicable to the preparation of Quarterly Financial Information (ITR), and presented
consistently with the rules issued by the Brazilian Securities and Exchange Commission.
Conclusion on the consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the
accompanying consolidated interim financial information included in the quarterly
information referred to above was not prepared, in all material respects, in accordance
with CPC 21 and IAS 34, applicable to the preparation of Quarterly Financial Information
(ITR), and presented consistently with the rules issued by the Brazilian Securities and
Exchange Commission.

Other matters

Statements of value added

We have also reviewed the individual and consolidated Statements of Value Added for the
six-month period ended June 30, 2013, prepared under the responsibility of Company
management, the presentation of which in the interim information is required by the rules
issued by the Brazilian Securities and Exchange Commission (CVM) applicable to
preparation of Quarterly Financial Information (ITR), and as supplemental information
under the IFRS, whereby no statement of value added presentation is required. These
statements have been subject to the same review procedures previously described and,
based on our review, nothing has come to our attention that causes us to believe that they
were not prepared, in all material respects, consistently with the overall individual and
consolidated interim financial information.


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3


Prior-year and prior-period corresponding figures

The corresponding figures for the year ended December 31, 2012 and quarter and six-
month period ended June 30, 2012, presented for comparison purposes, were previously
audited and reviewed by other independent auditors, who issued unqualified reports
thereon dated February 19, 2013 and August 7, 2012, respectively.

São Paulo, August 8, 2013.

ERNST & YOUNG TERCO
Auditores Independentes S.S.
CRC-2SP015199/O-6



Flávio Serpejante Peppe
Partner
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BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros
Balance sheets
June 30, 2013 and December 31, 2012
(In thousands of reais)
Assets
Notes
06/30/2013
12/31/2012
06/30/2013
12/31/2012
Current assets
3,309,495
3,387,845
3,538,984
3,536,282
Cash and cash equivalents
4 (a)
178,276
36,326
187,630
43,642
Financial investments
4 (b)
2,882,291
3,093,547
3,093,569
3,233,361
Accounts receivable
5
58,221
55,093
59,680
56,849
Other receivables
6
16,312
4,654
23,504
4,141
Taxes recoverable and prepaid
19 (d)
157,266
180,442
157,299
180,458
Prepaid expenses
17,129
17,783
17,302
17,831
Noncurrent assets
20,979,723
20,487,000
21,151,199
20,610,832
Long-term receivables
665,714
603,951
922,764
808,868
Financial investments
4 (b)
396,707
371,231
651,239
573,636
Deferred income tax and social contribution
19
164,990
132,286
164,990
132,286
Judicial deposits
14 (g)
102,517
97,510
102,835
97,822
Other receivables
6
-
-
2,200
2,200
Prepaid expenses
1,500
2,924
1,500
2,924
Investments
3,325,365
3,014,319
3,235,429
2,928,820
Investment in associates
7 (a)
3,200,999
2,893,632
3,200,999
2,893,632
Investments in subsidiaries
7 (a)
124,366
120,687
-
-
Investment property
7 (b)
-
-
34,430
35,188
Property and equipment, net
8
358,835
356,579
363,197
360,993
Intangible assets
9
16,629,809
16,512,151
16,629,809
16,512,151
Goodwill
16,064,309
16,064,309
16,064,309
16,064,309
Software and projects
565,500
447,842
565,500
447,842
Total assets
24,289,218
23,874,845
24,690,183
24,147,114
BM&FBOVESPA
Consolidaded
The accompanying notes are an integral part of the quarterly information.
4
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BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros
Balance sheets
June 30, 2013 and December 31, 2012
(In thousands of reais)
(continued)
Liabilities and equity
Notes
06/30/2013
12/31/2012
06/30/2013
12/31/2012
Current liabilities
1,355,399
1,409,279
1,735,295
1,660,609
Collateral for transactions
17
1,010,820
1,134,235
1,010,820
1,134,235
Earnings and rights on securities in custody
10
81,147
43,975
81,147
43,975
Suppliers
31,832
60,333
31,931
60,562
Salaries and social charges
77,285
73,588
78,240
74,492
Provision for taxes and contributions payable
11
26,987
27,502
27,536
28,358
Income tax and social contribution
1,385
-
2,374
2,564
Interest payable on debt issued abroad
12
39,552
36,882
39,552
36,882
Dividends and interest on capital
2,166
1,845
2,166
1,845
Other liabilities
13
84,225
30,919
461,529
277,696
Noncurrent liabilities
3,511,855
3,067,648
3,517,244
3,072,623
Debt issued abroad
12
1,348,120
1,242,239
1,348,120
1,242,239
Deferred income tax and social contribution
19
2,017,425
1,739,644
2,017,425
1,739,644
Provision for contingencies and legal obligations
14
69,819
58,232
75,208
63,207
Obligation with post-retirement health care benefit
18 (c)
28,803
27,533
28,803
27,533
Other liabilities
13
47,688
-
47,688
-
Equity
15
19,421,964
19,397,918
19,437,644
19,413,882
Capital and reserves attributable to shareholders of BM&FBOVESPA
Capital
2,540,239
2,540,239
2,540,239
2,540,239
Capital reserve
16,047,216
16,037,369
16,047,216
16,037,369
Revaluation reserves
21,653
21,946
21,653
21,946
Income reserves
577,884
577,884
577,884
577,884
Treasury shares
(699,335)
(484,620)
(699,335)
(484,620)
Valuation adjustments - other comprehensive income
529,784
316,397
529,784
316,397
Proposed additional dividend
-
388,703
-
388,703
Retained earnings
404,523
-
404,523
-
19,421,964
19,397,918
19,421,964
19,397,918
Non-controlling interests
-
-
15,680
15,964
Total liabilities and equity
24,289,218
23,874,845
24,690,183
24,147,114
BM&FBOVESPA
Consolidated
The accompanying notes are an integral part of the quarterly information.
5
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BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros
Income statements
Quarters and periods ended June 30, 2013 and 2012
(In thousands of reais unless otherwise stated)
BM&FBOVESPA
2013
2012
Notes
2nd Quarter
Accumulated
2nd Quarter
Accumulated
Revenue
20
591,767
1,105,802
533,273
1,028,526
Operating expenses
(171,554)
(339,151)
(160,793)
(322,362)
Administrative and general
Personnel and related charges
(83,239)
(161,674)
(76,567)
(152,175)
Data processing
(24,983)
(47,323)
(24,032)
(47,888)
Depreciation and amortization
(28,391)
(55,038)
(23,551)
(45,022)
Outsourced services
(6,980)
(15,494)
(8,509)
(16,009)
Maintenance in general
(2,653)
(5,259)
(2,426)
(4,958)
Communications
(4,737)
(8,677)
(4,458)
(9,016)
Promotion and publicity
(3,166)
(5,723)
(4,710)
(9,482)
Taxes
(5,841)
(10,843)
(5,683)
(16,529)
Board and committee members' compensation
(2,089)
(3,733)
(1,679)
(3,326)
Sundry
21
(9,475)
(25,387)
(9,178)
(17,957)
Equity pick-up in subsidiaries and associate
7
53,845
92,128
43,891
84,072
Financial result
22
42,459
79,555
54,780
119,644
Financial income
74,764
135,826
76,968
162,651
Financial expenses
(32,305)
(56,271)
(22,188)
(43,007)
Income before income tax and social contribution
516,517
938,334
471,151
909,880
Income tax and social contribution
19 (c)
(165,682)
(320,524)
(171,069)
(329,372)
Current
(26,277)
(39,636)
(35,719)
(53,924)
Deferred
(139,405)
(280,888)
(135,350)
(275,448)
Net income for the period
350,835
617,810
300,082
580,508
Attributable to:
Shareholders of BM&FBOVESPA
350,835
617,810
300,082
580,508
Non-controlling interests
-
-
-
-
The accompanying notes are an integral part of the quarterly information.
6
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BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros
Income statements
Quarters and periods ended June 30, 2013 and 2012
(In thousands of reais unless otherwise stated)
Consolidated
2013
2012
Notes
2nd Quarter
Accumulated
2nd Quarter
Accumulated
Revenue
20
599,820
1,120,839
541,151
1,043,972
Operating expenses
(176,797)
(349,616)
(166,111)
(332,282)
Administrative and general
Personnel and related charges
(86,579)
(168,534)
(79,552)
(158,029)
Data processing
(25,892)
(48,833)
(24,905)
(49,600)
Depreciation and amortization
(28,823)
(55,906)
(23,986)
(45,897)
Outsourced services
(7,485)
(16,510)
(9,299)
(17,360)
Maintenance in general
(2,905)
(5,774)
(2,629)
(5,345)
Communications
(4,793)
(8,792)
(4,501)
(9,090)
Promotion and publicity
(3,190)
(5,874)
(4,775)
(9,696)
Taxes
(6,061)
(11,327)
(5,789)
(16,728)
Board and committee members' compensation
(2,098)
(3,742)
(1,679)
(3,326)
Sundry
21
(8,971)
(24,324)
(8,996)
(17,211)
Equity pick-up in subsidiaries and associate
7
51,364
88,516
42,351
79,876
Financial result
22
43,087
80,216
54,678
120,222
Financial income
75,721
137,209
77,202
163,921
Financial expenses
(32,634)
(56,993)
(22,524)
(43,699)
Income before income tax and social contribution
517,474
939,955
472,069
911,788
Income tax and social contribution
19 (c)
(166,527)
(321,996)
(172,072)
(331,370)
Current
(27,122)
(41,108)
(36,722)
(55,922)
Deferred
(139,405)
(280,888)
(135,350)
(275,448)
Net income for the period
350,947
617,959
299,997
580,418
Attributable to:
Shareholders of BM&FBOVESPA
350,835
617,810
300,082
580,508
Non-controlling interests
112
149
(85)
(90)
15 (h)
Basic earnings per share
0.182365
0.321172
0.155454
0.300791
Diluted earnings per share
0.181487
0.320109
0.155340
0.300284
Earnings per share attributable to shareholders of
BM&FBOVESPA (in R$ per share)
The accompanying notes are an integral part of the quarterly information.
7
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BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros
Statements of comprehensive income
Quarters and periods ended June 30, 2013 and 2012
(In thousands of reais)
BM&FBOVESPA
2013
2012
2nd Quarter
Accumulated
2nd Quarter
Accumulated
Net income for the period
350,835
617,810
300,082
580,508
Valuation adjustments
237,589
213,387
212,974
160,845
Exchange rate variation on investment in foreign associate
289,776
247,828
284,649
209,007
Hedge of net foreign investment
(123,501)
(105,325)
(121,910)
(89,046)
Tax effect on hedge of net foreign investment
41,990
35,810
41,450
30,276
Comprehensive income of foreign associate
29,331
35,110
8,768
10,572
Mark-to-market of available-for-sale financial assets
(7)
(36)
17
36
Total comprehensive income
588,424
831,197
513,056
741,353
Attributable to:
588,424
831,197
513,056
741,353
Shareholders of BM&FBOVESPA
588,424
831,197
513,056
741,353
Non-controlling interests
-
-
-
-
The accompanying notes are an integral part of the quarterly information.
8
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BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros
Statements of comprehensive income
Quarters and periods ended June 30, 2013 and 2012
(In thousands of reais)
Consolidated
2013
2012
2nd Quarter
Accumulated
2nd Quarter
Accumulated
Net income for the period
350,947
617,959
299,997
580,418
Valuation adjustments
237,589
213,387
212,974
160,845
Exchange rate variation on investment in foreign associate
289,776
247,828
284,649
209,007
Hedge of net foreign investment
(123,501)
(105,325)
(121,910)
(89,046)
Tax effect on hedge of net foreign investment
41,990
35,810
41,450
30,276
Comprehensive income of foreign associate
29,331
35,110
8,768
10,572
Mark-to-market of available-for-sale financial assets
(7)
(36)
17
36
Total comprehensive income
588,536
831,346
512,971
741,263
Attributable to:
588,536
831,346
512,971
741,263
Shareholders of BM&FBOVESPA
588,424
831,197
513,056
741,353
Non-controlling interests
112
149
(85)
(90)
The accompanying notes are an integral part of the quarterly information.
9
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BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros
Statement of changes in equity
Period ended June 30, 2013
(In thousands of reais)
Revaluation
Treasury
Equity
Proposed
Capital
reserves
Legal
Statutory
shares
valuation
additional
Retained
Non-controlling
Total
Note
Capital
reserve
(Note 15(c))
reserve
reserves
(Note 15(b))
adjustments
dividend
earnings
Total
interests
equity
Balances at December 31, 2012
2,540,239
16,037,369
21,946
3,453
574,431
(484,620)
316,397
388,703
-
19,397,918
15,964
19,413,882
Exchange rate variation on foreign investment
-
-
-
-
-
-
247,828
-
-
247,828
-
247,828
Hedge of net foreign investment, net of taxes
-
-
-
-
-
-
(69,515)
-
-
(69,515)
-
(69,515)
Comprehensive income of foreign associate
-
-
-
-
-
-
35,110
-
-
35,110
-
35,110
Mark-to-market of available-for-sale financial assets
-
-
-
-
-
-
(36)
-
-
(36)
-
(36)
Total comprehensive income
-
-
-
-
-
-
213,387
-
-
213,387
-
213,387
Effect on non-controlling interests
-
-
-
-
-
-
-
-
-
-
(433)
(433)
Realization of revaluation reserve - subsidiaries
-
-
(293)
-
-
-
-
-
293
-
-
-
Repurchase of shares
15(b)
-
-
-
-
-
(263,397)
-
-
-
(263,397)
-
(263,397)
Disposal of treasury shares - exercise of stock options
18(a)
-
(5,871)
-
-
-
48,682
-
-
-
42,811
-
42,811
Recognition of stock option plan
18(a)
-
15,718
-
-
-
-
-
-
-
15,718
-
15,718
Approval /payment of dividend
15(g)
-
-
-
-
-
-
-
(388,703)
-
(388,703)
-
(388,703)
Net income for the period
-
-
-
-
-
-
-
-
617,810
617,810
149
617,959
Destination of profit:
Dividends
15(g)
-
-
-
-
-
-
-
-
(163,580)
(163,580)
-
(163,580)
Interest on equity
15(g)
-
-
-
-
-
-
-
-
(50,000)
(50,000)
-
(50,000)
Balances at June 30, 2013
2,540,239
16,047,216
21,653
3,453
574,431
(699,335)
529,784
-
404,523
19,421,964
15,680
19,437,644
Attributable to shareholders of the parent company
Income
reserves (Note 15(e))
The accompanying notes are an integral part of the quarterly information.
10
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BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros
Statement of changes in equity
Period ended June 30, 2012
(In thousands of reais)
Revaluation
Treasury
Equity
Proposed
Capital
reserves
Legal
Statutory
shares
valuation
additional
Retained
Non-controlling
Total
Note
Capital
reserve
(Note 15(c))
reserve
reserves
(Note 15(b))
adjustments
dividend
earnings
Total
interests
equity
Balances at December 31, 2011
2,540,239
16,033,895
22,532
3,453
800,572
(521,553)
128,257
233,605
-
19,241,000
16,491
19,257,491
Exchange rate variation on foreign investment
-
-
-
-
-
-
209,007
-
-
209,007
-
209,007
Hedge of net foreign investment, net of taxes
-
-
-
-
-
-
(58,770)
-
-
(58,770)
-
(58,770)
Comprehensive income of foreign associate
-
-
-
-
-
-
10,572
-
-
10,572
-
10,572
Mark-to-market of available-for-sale financial assets
-
-
-
-
-
-
36
-
-
36
-
36
Total comprehensive income
-
-
-
-
-
-
160,845
-
-
160,845
-
160,845
Effect on noncontrolling interest
-
-
-
-
-
-
-
-
-
-
(157)
(157)
Realization of revaluation reserve - subsidiaries
-
-
(293)
-
-
-
-
-
293
-
-
-
Repurchases of shares
15(b)
-
-
-
-
-
(16,303)
-
-
-
(16,303)
-
(16,303)
Disposal of treasury shares - exercise of stock options
18
-
(22,381)
-
-
-
36,594
-
-
-
14,213
-
14,213
Recognition of stock option plan
18
-
16,545
-
-
-
-
-
-
-
16,545
-
16,545
Approval/payment of dividends for 2011
15(g)
-
-
-
-
(226,727)
-
-
(233,605)
-
(460,332)
-
(460,332)
Net income for the period
-
-
-
-
-
-
-
-
580,508
580,508
(90)
580,418
Destination of profit:
Dividends
15(g)
-
-
-
-
-
-
-
79,215
(224,341)
(145,126)
-
(145,126)
Balances at June 30, 2012
2,540,239
16,028,059
22,239
3,453
573,845
(501,262)
289,102
79,215
356,460
19,391,350
16,244
19,407,594
Attributable to shareholders of the parent company
Income
reserves (Note 15(e))
The accompanying notes are an integral part of the quarterly information.
11
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BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros
Statements of cash flow
Periods ended June 30, 2013 and 2012
(In thousands of reais)
BM&FBOVESPA
Consolidated
Accumulated 2013
Accumulated 2012
Accumulated 2013
Accumulated 2012
Cash flows from operating activities
Net income for the period
617,810
580,508
617,959
580,418
Adjustments:
Depreciation and amortization
55,038
45,022
55,906
45,897
Gain/loss on sale of property and equipment
(30)
(12)
(30)
(12)
Deferred income tax and social contribution
280,888
275,448
280,888
275,448
Equity picked-up in subsidiaries and associate
(92,128)
(84,072)
(88,516)
(79,876)
Variation in non-controlling interests
-
-
(366)
(157)
Stock option plan expenses
15,718
16,545
15,718
16,545
Interest expenses
43,558
38,412
43,558
38,412
Provision of impairment of receivables
2,703
849
2,703
849
Variation in financial investments and collateral for transactions
62,365
(384,907)
(61,226)
(473,167)
Variation in taxes recoverable and prepaid
54,824
(15,056)
54,807
(13,612)
Variation in accounts receivable
(5,831)
(8,494)
(5,534)
(8,515)
Variation in other receivables
(7,846)
(2,644)
(15,551)
(7,271)
Variation in prepaid expenses
2,078
(2,774)
1,953
(2,814)
Variation in judicial deposits
(5,007)
1,799
(5,013)
2,489
Variation in earnings and rights on securities in custody
37,172
3,555
37,172
3,555
Variation in suppliers
(28,501)
(37,456)
(28,631)
(37,498)
Variation in provision for taxes and contributions payable
(515)
(7,712)
(822)
(7,669)
Variation in income tax and social contribution
1,385
53,182
(190)
50,694
Variation in salaries and social charges
3,697
13,020
3,748
13,315
Variation in other liabilities
100,994
16,384
231,521
109,400
Variation in provision for contingencies
11,587
(3,132)
12,001
(3,311)
Variation in obligation with post-retirement health care benefit
1,270
-
1,270
-
Net cash provided by operating activities
1,151,229
498,465
1,153,325
503,120
Cash flows from investing activities
Proceeds from sale of property and equipment
342
343
393
395
Payment for purchase of property and equipment
(36,773)
(13,281)
(36,882)
(13,382)
Dividends received
32,336
48,328
32,336
48,328
Acquisition of software and projects
(142,303)
(58,696)
(142,303)
(58,696)
Net cash used in investing activities
(146,398)
(23,306)
(146,456)
(23,355)
Cash flows from financing activities
Disposal of treasury shares - stock options exercised
42,811
14,213
42,811
14,213
Repurchase of shares
(263,397)
(16,303)
(263,397)
(16,303)
Interest paid
(40,333)
(35,331)
(40,333)
(35,331)
Payment of dividends and interest on equity
(601,962)
(459,934)
(601,962)
(459,934)
Net cash used in financing activities
(862,881)
(497,355)
(862,881)
(497,355)
Net increase (decrease) in cash and cash equivalents
141,950
(22,196)
143,988
(17,590)
Cash and cash equivalents at beginning of period
36,326
63,716
43,642
64,648
Cash and cash equivalents at end of period
178,276
41,520
187,630
47,058
The accompanying notes are an integral part of the quarterly information.
12
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BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros
Statements of value added
Periods ended June 30, 2013 and 2012
(In thousands of reais)
BM&FBOVESPA
Consolidated
Accumulated 2013
Accumulated 2012
Accumulated 2013
Accumulated 2012
1 - Revenues
1,233,348
1,147,206
1,249,385
1,163,665
Trading and/or settlement system
1,036,259
973,413
1,036,259
973,413
Other revenues
197,089
173,793
213,126
190,252
2 - Goods and services acquired from third parties
107,863
105,310
110,107
108,302
Expenses (a)
107,863
105,310
110,107
108,302
3 - Gross value added (1-2)
1,125,485
1,041,896
1,139,278
1,055,363
4 - Retentions
55,038
45,022
55,906
45,897
Depreciation and amortization
55,038
45,022
55,906
45,897
5 - Net value added produced by the company (3-4)
1,070,447
996,874
1,083,372
1,009,466
6 - Value added transferred from others
227,954
246,723
225,725
243,797
Equity picked-up in subsidiaries and associate
92,128
84,072
88,516
79,876
Financial income
135,826
162,651
137,209
163,921
7 - Total value added to be distributed (5+6)
1,298,401
1,243,597
1,309,097
1,253,263
8 - Distribution of value added
1,298,401
1,243,597
1,309,097
1,253,263
Personnel and related charges
161,674
152,175
168,534
158,029
Board and committee members' compensation
3,733
3,326
3,742
3,326
Taxes, charges and contributions (b)
Federal
443,503
450,265
446,108
453,179
Municipal
15,410
14,316
15,761
14,612
Financial expenses
56,271
43,007
56,993
43,699
Interest on equity and dividends
213,580
224,341
213,580
224,341
Retained net income for the period
404,230
356,167
404,379
356,077
(a) Expenses (exclude personnel, board and committee members' compensation, depreciation and taxes).
(b) Includes: taxes, PIS and Cofins, taxes on services, current and deferred income tax and social contribution.
The accompanying notes are an integral part of the quarterly information.
13
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14
A free translation from Portuguese into English of Notes to the quarterly Information
prepared in accordance with accounting practices adopted in Brazil applicable to the
preparation of Quarterly Financial Information (ITR) and in Reais (R$), and presented
according to standards issued by the Brazilian Securities and Exchange Commission.

BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)

1
Operations

BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros (BM&FBOVESPA) is a publicly-traded
corporation having its headquarters in the city of São Paulo and whose objective is to carry out or invest in
companies engaged in the following activities:
Management of organized securities markets, promoting the organization, operation and development of free
and open markets for the trading of any types of securities or contracts, that have as reference or objective
financial assets, indices, indicators, rates, goods, currencies, energy, transportation, commodities and other
assets or rights directly or indirectly related thereto, for spot or future settlement;
Maintenance of appropriate environments or systems for carrying out purchases, sales, auctions and special
operations involving securities, notes, rights and assets, in the stock exchange market and in the organized
over-the-counter market;
Rendering services of registration, clearing and settlement, both physical and financial, internally or through a
company especially incorporated for this purpose, assuming or not the position of central counterparty and
guarantor of the definite settlement, under the terms of applicable legislation and its own regulations;
Rendering services of central depository and custody of fungible and non-fungible goods, marketable
securities and any other physical and financial assets;
Providing services of standardization, classification, analysis, quotations, statistics, professional education,
preparation of studies, publications, information, libraries and software on matters of interest to
BM&FBOVESPA and the participants in the markets directly or indirectly managed by it;
Providing technical, administrative and managerial support for market development, as well as carrying out
educational, promotional and publishing activities related to its objective and to the markets managed by it;
Performance of other similar or related activities authorized by the Brazilian Securities Commission (CVM);
and
Investment in the capital of other companies or associations, headquartered in Brazil or abroad, as a partner,
shareholder or member pursuant to the pertinent regulations.


BM&FBOVESPA organizes, develops and provides for the operation of free and open securities markets, for spot
and future settlement. Its activities are carried out through its trading systems and clearinghouses and include
transactions with securities, interbank foreign exchange and securities under custody in the Special System for
Settlement and Custody (Selic).
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
15
BM&FBOVESPA develops technology solutions and maintains high performance systems, providing its
customers with security, agility, innovation and cost effectiveness. The success of its activities depends on the
ongoing improvement, enhancement and integration of its trading and settlement platforms and its ability to
develop and license leading-edge technologies required for the good performance of its operations.

The subsidiary Bolsa Brasileira de Mercadorias is engaged in the registration and settlement of spot, forward and
options transactions involving commodities, assets and services for physical delivery, as well as securities
representing these products, in the primary and secondary markets.

With the objective of responding to the needs of customers and the specific requirements of the market, its
wholly-owned subsidiary Banco BM&FBOVESPA de Serviços de Liquidação e Custódia S.A. provides its
members and its clearinghouses with a centralized custody service for the assets pledged as margin for
transactions.

The subsidiaries BM&FBOVESPA (UK) Ltd. located in London and BM&F (USA) Inc., located in the city of
New York, USA, and a representative office in Shanghai, China, represent BM&FBOVESPA abroad through
relationships with other exchanges and regulators, as well as assisting in the procurement of new clients for the
market.

2
Preparation and presentation of quarterly information

This quarterly information was approved by the Board of Directors of BM&FBOVESPA on August 8, 2013.

The quarterly information has been prepared and is being presented in accordance with accounting practices
adopted in Brazil, in compliance with the provisions contained in the Brazilian Corporate Law, and embodies the
changes introduced through Laws 11.638/07 and 11.941/09, complemented by the pronouncements,
interpretations and guidelines of the Brazilian Accounting Pronouncements Committee (CPC), approved by
resolutions of the Federal Accounting Council (CFC) and of Brazilian Securities Commission (CVM).
Additionally, the quarterly information contains the minimum disclosure requirements prescribed by CPC 21
"Interim Financial Statements", as well as other information considered relevant.

The preparation of quarterly information requires the use of critical accounting estimates and also the exercise of
judgment by management in the process of applying the accounting policies of BM&FBOVESPA. Those areas
that require higher degrees of judgment and have greater complexity, as well as areas where assumptions and
estimates are significant to the consolidated quarterly information are disclosed in Note 3(w).
(a)
Consolidated quarterly information

The consolidated quarterly information has been prepared and is being presented in accordance with accounting
practices adopted in Brazil, including the pronouncements issued by the Brazilian Accounting Pronouncements
Committee (CPC), and in accordance with International Financial Reporting Standards (IFRS) issued by the
International Accounting Standards Board (IASB).

The consolidated quarterly information includes the balances of BM&FBOVESPA and its subsidiaries, as well as
special purpose entities comprising investment funds, as follows:

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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
16


Ownership %
Subsidiaries and controlled entities
Banco BM&FBOVESPA de Serviços de Liquidação e Custódia S.A. ("Banco
BM&FBOVESPA")
100.00
Bolsa Brasileira de Mercadorias
52.32
Bolsa de Valores do Rio de Janeiro ­ BVRJ ("BVRJ")
86.95
BM&F (USA) Inc.
100.00
BM&FBOVESPA (UK) Ltd.
100.00

Investment funds:
Bradesco Fundo de Investimento Renda Fixa Letters
BB Pau Brasil Fundo de Investimento Renda Fixa
HSBC Fundo de Investimento Renda Fixa Longo Prazo Eucalipto
(b) Individual quarterly information

The individual quarterly information of the parent company has been prepared in accordance with accounting
practices adopted in Brazil, as issued by the Brazilian Accounting Pronouncements Committee (CPC), and is
published together with the consolidated quarterly information.

In the individual quarterly information of BM&FBOVESPA, subsidiaries are recorded using the equity method.
The same adjustments are made both to the individual and consolidated quarterly information to achieve the same
profit or loss and net assets attributable to the owners of the parent company.

3
Significant accounting practices
a.
Consolidation
The following accounting practices are applied in preparing the consolidated quarterly information.

Subsidiaries

Subsidiaries are all entities over which BM&FBOVESPA has the power to govern the financial and operating
policies, generally accompanied by a participation of more than half of the voting rights (voting capital). The
existence and effect of potential voting rights currently exercisable or convertible are considered when
assessing whether BM&FBOVESPA controls another entity. Subsidiaries are fully consolidated from the date
on which control is transferred to BM&FBOVESPA. Consolidation is discontinued from the date on which
control ends.

Intercompany transactions, balances and unrealized gains on transactions between group companies are
eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of impairment of the
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
17
assets transferred. The accounting practices of subsidiaries are altered where necessary to ensure consistency
with the practices adopted by BM&FBOVESPA.

Associates

Associates are all entities over which BM&FBOVESPA has significant influence but not control. Investments
in associates are recorded using the equity method and are initially recognized at the cost of each purchase.
BM&FBOVESPA's investment in associates includes goodwill identified on acquisition, net of any
accumulated impairment.

The share of BM&FBOVESPA in the post-acquisition profits or losses of associates is recognized in the
statement of income and its share in post-acquisition changes in other comprehensive income recognized in
other comprehensive income. The cumulative post-acquisition changes are adjusted against the carrying value
of the investment. When the share of BM&FBOVESPA in the losses of an associate equals or exceeds its
investment in the associate, including any other receivables, BM&FBOVESPA does not recognize further
losses, unless it has incurred obligations or made payments on behalf of the associate.

Unrealized gains arising from transactions between BM&FBOVESPA and its associates are eliminated to the
extent of the interest of BM&FBOVESPA in the associates. Unrealized losses are also eliminated unless the
transaction provides evidence of impairment of the assets transferred. The accounting practices of associates
are adjusted, where necessary, to ensure consistency with the practices adopted by BM&FBOVESPA.
b.
Revenue recognition
Revenues from the rendering of services and from trading and settlement systems are recognized upon the
completion of the transactions or the provision of the service, under the accrual method of accounting. The
amounts received as annual fees, as in the cases of listing of securities and certain contracts for sale of market
information, are recognized pro rata monthly over the contractual term.

c.
Cash and cash equivalents

The balances of cash and cash equivalents for cash flow statement purposes comprise cash and bank deposits.
d.
Financial instruments
(i) Classification and measurement

BM&FBOVESPA classifies its financial assets in the following categories: at fair value through profit or loss,
loans and receivables and available for sale. The classification depends on the purpose for which the financial
assets were acquired. Management determines the classification of the financial assets on initial recognition.
Considering the nature and objective of BM&FBOVESPA and its financial investment portfolio, these are
classified as financial assets at fair value through profit or loss, designated at inception.

Financial assets measured at fair value through profit or loss
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
18
Financial assets measured at fair value through profit or loss are financial assets held for active and frequent
trading (derivative financial instruments classified as current assets) or assets designated by the entity on
initial recognition as measured at fair value through profit or loss (other financial instruments (Note 4)). Gains
or losses arising from the changes in fair value of financial instruments are recorded in the statement of
income in "financial results" for the period in which they occur.
Loans and receivables
These comprise loans granted and receivables which are non-derivative financial assets with fixed or
determinable payments that are not quoted in an active market. Loans and receivables are included in current
assets, except for those with maturity of more than 12 months after the balance sheet date (which are classified
as non-current assets). The loans and receivables of BM&FBOVESPA mostly comprise customer receivables.
Loans and receivables are recorded at amortized cost using the effective interest rate method less any
impairment losses.
Available-for-sale financial assets
Available-for-sale financial assets are non-derivatives which are classified in this category or not classified in
any other. Available-for-sale financial assets are recorded at fair value. Interest on available-for-sale securities,
calculated using the effective interest rate method, is recognized in the statement of income as finance income.
The amount relating to the changes in fair value is recorded in comprehensive income, net of taxes, and is
transferred to the statement of income when the asset is sold or becomes impaired.
Management periodically monitors its outstanding positions and possible risks of impairment of financial
assets. Therefore, based on the nature of these assets (mostly highly liquid government securities),
BM&FBOVESPA has no significant impairment history.
The carrying amount of financial assets is reduced directly for impairment impacting the results on the
statement of income. Subsequent recoveries of amounts previously written off are recognized in the statement
of income.

Fair value
Fair values of investments with public quotations are based on current market prices. For financial assets
without an active market or public quotation, BM&FBOVESPA determines fair value through valuation
techniques.


(ii) Derivative instruments
Initially, derivatives are recognized at fair value on the date the derivative agreement is signed and,
subsequently, are measured at fair value, with the changes in fair value recognized in the income statement.
(iii) Hedge of net investments
Any gain or loss on the hedging instrument related to the effective portion of the hedge is recognized in other
comprehensive income, net of tax effects. The gain or loss related to the ineffective portion is recognized
immediately in the income statement.
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
19
Any cumulative gains and losses in equity are transferred to the income statement when the hedged foreign
operation is partially disposed of or sold.
(iv) Hedge effectiveness analysis

BM&FBOVESPA adopts the Dollar offset method as the methodology for retrospective effectiveness test on a
cumulative and spot basis. For prospective analysis, BM&FBOVESPA uses stress scenarios applied to the
range of 80% to 125%.
e.
Accounts receivable, other receivables and provision for impairment of receivables
Trade accounts receivable are amounts receivable for fees and services in the normal course of activities of
BM&FBOVESPA. If the collection is expected in one year or less (or another period that meets the normal
cycle of BM&FBOVESPA), the accounts receivable are classified as current assets. Otherwise, they are
presented as non-current assets.
Trade receivables are initially recognized at transaction value and adjusted for a provision for impairment of
receivables, if necessary.
f.
Prepaid expenses
Prepaid expenses mainly relate to software maintenance contracts and insurance premiums, and are amortized
over the life of the contracts.
g.
Non-current assets held for sale
Non-current assets are classified as held for sale when their carrying amount can be recovered principally
through a sale transaction and the sale is highly probable. These assets are measured at the lower of the
carrying amount and the fair value less costs to sell.
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
20
h.
Intangible assets
Goodwill
Goodwill represents the positive difference between the amount paid and/or payable for the acquisition of a
business and the net fair value of assets and liabilities of the acquiree. Goodwill on acquisitions is recorded in
"intangible assets". If the difference is negative, representing a negative goodwill, it is recognized as a gain in
the income statement at the date of acquisition. Goodwill is tested annually for impairment, and indications of
possible impairment are reassessed in shorter periods. Goodwill is stated cost less accumulated impairment
losses. Recognized impairment losses on goodwill are not subsequently reversed.
Goodwill is allocated to Cash-Generating Units (CGUs) for purposes of impairment testing. The allocation is
made to the CGUs that should benefit from the business combination in which the goodwill arose.

Software and projects
Software licenses acquired are capitalized and amortized over their estimated useful life, at the rates mentioned
in Note 9.

Costs of software development or maintenance are expensed as incurred. Expenditures directly associated with
the development of identifiable and unique software, controlled by BM&FBOVESPA and which will probably
generate economic benefits greater than the costs for more than one year, are recognized as intangible assets.

Amortization expense is recognized in the income statement unless it is included in the carrying amount of
another asset. In such cases, amortization of intangible assets used for development activities is included as
part of the cost of the other intangible asset.
Expenditures for development of software recognized as assets are amortized using the straight-line method
over the assets' useful lives, at the rates described in Note 9.
i.
Property and equipment
Recorded at cost of acquisition or construction less accumulated depreciation. Depreciation is calculated under
the straight-line method and takes into consideration the estimated useful lives of the assets and their residual
value. At the end of each year, the residual values and useful lives of assets are reviewed and adjusted if
necessary.

Subsequent costs are included in the carrying amount or recognized as a separate asset, as appropriate, only
when it is probable that future economic benefits will be obtained and the cost of the item can be measured
reliably. All other repairs and maintenance are recorded in the income statement, as incurred.

Depreciation expense is recognized in the income statement unless it is included in the carrying amount of
another asset. Depreciation of fixed assets used for development activities is included as part of the cost of the
related intangible asset.



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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
21
j.
Contingent assets and liabilities and legal obligations
The recognition, measurement, and disclosure of contingent assets and liabilities and legal obligations comply
with the criteria defined in CPC 25/IAS 37.
Contingent assets - These are not accounted for, except when management has full control over their
realization or when there are secured guarantees or favorable court decisions to which no further appeals
are applicable, such that the gain is virtually certain. Contingent assets with realization considered
probable, where applicable, are only disclosed in the quarterly information.
Contingent liabilities - These are recognized taking into account the opinion of legal advisors, the nature
of the lawsuits, similarity with previous cases and prior court decisions whenever the loss is evaluated as
probable, an outflow of resources to settle the obligation is probable, and the amounts involved can be
measured reliably. The contingent liabilities classified as possible losses are not recorded and are only
disclosed in the notes to the quarterly information, and those classified as remote are neither recognized
nor disclosed.
Legal obligations ­ These obligations result from tax lawsuits in which BM&FBOVESPA is challenging
the validity or constitutionality of certain taxes and charges, recognized at the full amount under
discussion.
Other provisions - Provisions are recognized when BM&FBOVESPA has a present obligation, legal or
constructive, as a result of past events, it is probable that an outflow of resources will be required to settle
the obligation, and a reliable estimate of the amount can be made.
k.
Judicial deposits
Judicial deposits are related to tax, civil and labor contingencies and are adjusted for inflation and presented in
non-current assets.
l.
Collateral for transactions
Comprises amounts received from market participants as collateral for default or insolvency. Amounts
received in cash are recorded as liabilities and other collateral are managed off-balance. Both types of
collateral received are not subject to interest or any other charges.
m.
Other assets and liabilities
These are stated at their known and realizable/settlement amounts plus, where applicable, related earnings and
charges and monetary and/or exchange rate variations up to the balance sheet date.
n.
Impairment of assets
Assets that have an indefinite life, such as goodwill, are not subject to amortization and are tested annually for
impairment, and indications of possible impairment are reassessed in shorter periods. The assets subject to
amortization are reviewed for impairment whenever events or changes in circumstances indicate that the
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
22
carrying value may not be recoverable. An impairment loss is recognized at the amount by which the asset's
carrying amount exceeds its recoverable amount. Recoverable amount is the higher of an asset's fair value less
costs to sell and its value in use.

For purposes of impairment testing, assets are grouped at the lowest levels for which there are separately
identifiable cash flows (Cash-Generating Units (CGU)). Non-financial assets other than goodwill that suffered
impairment are reviewed subsequently for possible reversal of the impairment at each reporting date.
o.
Leases
Leases of property and equipment in which BM&FBOVESPA retains substantially all of the risks and rewards
of ownership of the asset are classified as finance leases. These finance leases are recorded as a financed
purchase, recognizing at the inception of the lease a property and equipment item and a financing liability
(lease). Property and equipment acquired in finance leases are depreciated over their useful lives.
A lease in which a significant portion of the risks and rewards of ownership remains with the lessor is
classified as an operating lease. Operating lease payments (net of all incentives received from the lessor) are
charged directly to profit or loss.

p.
Employee benefits
(i) Pension obligations
BM&FBOVESPA maintains a defined contribution retirement plan with voluntary participation open to all
employees. The Company has no obligations to make additional payments as a sponsor. The regular
contributions are included in personnel costs in the period they are due.
(ii) Share-based remuneration (stock options)
BM&FBOVESPA maintains a long-term remuneration plan, structured by options granted to purchase the
Company´s shares under the Stock Option Plan. The objective is to give the employees of BM&FBOVESPA
and its subsidiaries the opportunity to become shareholders of BM&FBOVESPA, obtaining a greater
alignment between its interests and the shareholders' interests as well as allow BM&FBOVESPA and its
subsidiaries to attract and retain their management and employees. The fair value of options granted is
recognized as an expense during the vesting period (the period during which the specific vesting conditions
must be met). At the balance sheet date, BM&FBOVESPA reviews its estimates of the number of options that
will vest based on the established conditions. BM&FBOVESPA recognizes the impact of any changes to the
original estimates, if any, in the income statement, against a capital reserve in equity.
(iii) Profit sharing
BM&FBOVESPA has semi-annual variable remuneration, organized and paid in cash through the Profit
Sharing Program. The program defines the potential multiple of monthly salary, based on individual
performance indicators, which consider factors specific to each function (job level), and indicators of the
overall performance of BM&FBOVESPA, aiming to align the remuneration of employees with the results of
the Company. The provision for the related expense is recognized in income on an accrual basis.
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
23

(iv) Other post-employment obligations

BM&FBOVESPA offers post-retirement healthcare benefit to the employees who have acquired this right
until May 2009. The right to this benefit is conditional on the employee remaining with the Company until the
retirement age and completing a minimum service period. The expected costs of these benefits are
accumulated over the period of employment or the period in which the benefit is expected to be earned, using
the actuarial methodology which considers life expectancy of the group in question, increase in costs due to
the age and medical inflation, inflation and discount rate. The contributions that participants make according to
the specific rule of the Health Care Plan are deducted from these costs. The actuarial gains and losses on the
health care plan for retirees are recognized in the income statement in accordance with the rules of IAS 19 and
CPC 33 - Employee Benefits, based on actuarial calculation prepared by an independent actuary, according to
Note 18(c). These obligations are measured annually by qualified independent actuaries.
q.
Borrowings
Borrowings are initially recognized at fair value, net of transaction costs, and subsequently carried at
amortized cost. Any difference between the funds raised (net of transaction costs) and the amount repayable is
recognized in the income statement over the period of the borrowings, using the effective interest rate method.
r.
Foreign currency translation
The items included in the quarterly information for each of the consolidated companies of BM&FBOVESPA
are measured using the currency of the primary economic environment in which the entity operates
("functional currency"). The quarterly information is presented in Brazilian reais, which is the functional
currency of BM&FBOVESPA.

Transactions in foreign currencies are translated into Brazilian reais using the exchange rates prevailing on the
dates of the transactions or the date of evaluation when items are remeasured. The foreign exchange gains and
losses arising from the settlement of these transactions and from the translation, at the exchange rates at the
end of the year/period, of monetary assets and liabilities in foreign currencies, are recognized in the income
statement, except when deferred in other comprehensive income relating to a hedge of a net foreign
investment.

Exchange differences on the net investments in foreign operations, which have a functional currency different
from that of BM&FBOVESPA are recorded under "Valuation Adjustments" in other comprehensive income of
BM&FBOVESPA, and are only taken to the income statement when the investment is sold or written off. For
the equity method calculation, unrealized gains in subsidiaries and affiliates are eliminated.
s.
Taxes
BM&FBOVESPA is a for-profit business corporation and accordingly its results are subject to certain taxes
and contributions.
(i) Current and deferred income tax and social contribution
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
24
Current and deferred income tax and social contribution are calculated at the rate of 15% plus 10% surtax on
taxable income which exceeds R$240 for income tax and 9% for social contribution and considers the
utilization of tax losses up to a limit of 30% of taxable profit.

Income tax and social contribution expenses for the period comprise current and deferred taxes. Taxes on
income are recognized in the income statement, except to the extent that they relate to items recognized
directly in equity or other comprehensive income. In this case, the tax is also recognized in equity or other
comprehensive income.

Deferred income tax and social contribution are calculated on tax losses and temporary differences between
the tax bases of assets and liabilities and their carrying amounts in the quarterly information.

Deferred tax assets are recognized to the extent that it is probable that sufficient future taxable profit will be
available against which temporary differences and/or tax losses can be utilized, considering projections of
future income prepared based on internal assumptions and future economic scenarios which may, accordingly,
not materialize as expected.

Deferred tax liabilities are recognized in relation to all temporary differences that will result in amounts to be
added to the calculation of taxable income for future years, when the carrying value of the asset or liability is
recovered or settled.
The deferred income tax and social contribution are determined based on tax rates (and tax laws) enacted or
substantively enacted at the balance sheet date, and that are expected to apply to the period when the deferred
tax asset is realized or the deferred tax liability is settled.

The amounts of income tax and social contribution assets and liabilities are offset only when there is a legally
enforceable right to offset current tax assets against current tax liabilities and/or when the income tax and
social contribution assets and liabilities relate to the income tax and social contribution levied by the same tax
authority on the taxable entity or different taxable entities where there is an intention to settle the balances on a
net basis.
(ii) Other taxes
The other taxes charged over trading, clearing and settlement fees and other services were calculated at the
rates of 1.65% for PIS and 7.60% for COFINS, and are recorded as an adjustment to revenue in the income
statement.

Banco BM&FBOVESPA calculates PIS and COFINS at the rates of 0.65% and 4%, respectively, and CSLL at
15%.

The subsidiaries Bolsa Brasileira de Mercadorias and BVRJ are not-for-profit entities and pay PIS at the rate
of 1% on payroll.
BM&FBOVESPA and its subsidiaries pay ISS on the services rendered at rates ranging from 2% to 5%
depending on the nature of the service.

t.
Earnings per share
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
25
For purposes of disclosure of earnings per share, basic earnings per share are calculated by dividing the profit
attributable to shareholders of BM&FBOVESPA by the average number of shares outstanding during the
period. Diluted earnings per share are calculated similarly, except that the quantity of outstanding shares is
adjusted to reflect the additional shares that would have been outstanding if potentially dilutive shares had
been issued for granted stock options (Note 15(h)).
u.
Distribution of dividends and interest on equity
The distribution of dividends and interest on equity to shareholders of BM&FBOVESPA is recognized as a
liability in the quarterly information at the end of the period, based on the Company's articles of incorporation.
Any amount above the mandatory minimum dividend is accrued only on the date it is approved by the
shareholders at a General Meeting. The tax benefit over the interest on equity is recorded in the income
statement.
v.
Segment information
Operating segments are presented in a manner consistent with the internal reports provided to the Executive
Board, which is responsible for making the main operational and strategic decisions of BM&FBOVESPA.

w.
Significant accounting estimates and judgments
i)
Equity method of accounting
BM&FBOVESPA applies the equity method to account for its investments in companies over which it has the
ability to exercise significant influence. The judgment of BM&FBOVESPA regarding the level of influence
over the investment takes into account key factors such as the ownership percentage, representation on the
Board of Directors, participation in defining policies and business strategies and material transactions between
the companies. With respect to the investment in CME Group, its quarterly information is originally prepared
in accordance with the accounting principles generally accepted in the United States (USGAAP) and is
adjusted to the Brazilian accounting practices before applying the equity method.
ii)
Impairment of assets
BM&FBOVESPA tests its assets, specifically goodwill and permanent assets, for impairment annually or
when required, in accordance with the accounting practice described in Note 3(n). The sensitivity analyses are
presented in Notes 7 and 9.
iii)
Classification of financial instruments

BM&FBOVESPA classifies its financial assets into the categories of (i) measured at fair value through profit
or loss and (ii) available for sale. The classification depends on the purpose for which the financial assets were
acquired. Management determines the classification of financial assets at initial recognition. The basis for the
original classification of financial instruments is described in Note 3(d).

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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
26
iv)
Stock option plan
BM&FBOVESPA offers a stock option plan to its management and employees and service providers. The fair
value of these options is recognized as an expense in the period in which the right is vested. Management
reviews the estimated amount of options that will vest and subsequently recognizes the impact of changes in
initial estimates, if any, in the income statement, and in equity, within "Capital reserve", as stated in Note 3(p).

v)
Post-retirement health care
The health care plan obligations depend on actuarial calculations that use a series of assumptions, which are
disclosed in Note 18(c). Changes in assumptions could affect the carrying value of the obligations related to
the health care plan.
4
Cash and cash equivalents and financial investments
a.
Cash and cash equivalents

BM&FBOVESPA
Description
06/30/2013
12/31/2012
Cash and bank deposits in local currency
71
62
Bank deposits in foreign currency
178,205
36,264
Total
178,276
36,326
Consolidated
Description
06/30/2013
12/31/2012
Cash and bank deposits in local currency
3,578
305
Bank deposits in foreign currency
184,052
43,337
Total
187,630
43,642

Cash and cash equivalents are held with top tier financial institutions in Brazil or abroad. Deposits in foreign
currency are primarily in U.S. dollars.
b.
Financial investments
The breakdown of financial investments by category, nature and maturity is as follows:
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
27
More than
More than
Description
Up to 3
months
3 months and
up to 12
months
12 months
and up to 5
years
Financial assets measured at fair value through profit or loss
Financial investment funds (1)
2,434,956 - - - - 2,434,956
2,581,259
Interest-bearing account - Foreign deposits
14,745 - - - - 14,745
34,457
Federal government securities
Financial Treasury Bills
- 191,151 232,522 167,310 229,349 820,332
748,766
National Treasury Bills
- - 19 - - 19
88,549
National Treasury Notes
- - - 48 - 48
49
Other investments (3)
8,898 - - - - 8,898
11,698
Total financial investments
2,458,599 191,151 232,541 167,358 229,349 3,278,998 3,464,778
Short-term
2,882,291 3,093,547
Long-term
396,707 371,231
BM&FBOVESPA
Without
maturity
More than 5
years
06/30/2013
12/31/2012
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
28
More than
More than
Description
Up to 3
months
3 months and
up to 12
months
12 months
and up to 5
years
Financial assets measured at fair value through profit or loss
Financial investment funds (4)
326,995 - - - - 326,995
214,813
Interest-bearing account - Foreign deposits
15,785 - - - - 15,785
34,457
Securities purchased under agreements to resell
(2)
- 2,159,969 35,823 - - 2,195,792
2,235,579
Federal government securities
Financial Treasury Bills
- 225,262 255,293 330,640 234,156 1,045,351
1,139,441
National Treasury Bills
- - 9,580 74,294 - 83,874
112,849
National Treasury Notes
- - - 48 - 48
49
Other investments (3)
8,900 - - - - 8,900
12,691
351,680 2,385,231 300,696 404,982 234,156 3,676,745
3,749,879
Financial assets available for sale
Federal government securities
Financial Treasury Bills
- 48,444 7,518 6,946 4,807 67,715
55,877
National Treasury Bills
- - - 69 - 69
948
National Treasury Notes
- - - 279 - 279
293
- 48,444 7,518 7,294 4,807 68,063
57,118
Total financial investments
351,680 2,433,675 308,214 412,276 238,963 3,744,808 3,806,997
Short-term
3,093,569 3,233,361
Long-term
651,239 573,636
Without
maturity
More than 5
years
06/30/2013
12/31/2012
CONSOLIDATED
(1)
Refers to investments in financial investment funds, whose portfolios mainly comprise investments in federal
government securities and repurchase agreements that have the CDI (interbank deposit certificate rate) as their
profitability benchmark. The consolidated balances of investment funds are presented according to the nature and
maturity of the portfolio in proportion of the net assets.
The net assets of the main investment funds included in the consolidation of the quarterly information are: (i)
Bradesco FI Renda Fixa Letters ­ R$1,657,852 (R$1,820,865 at December 31, 2012); (ii) BB Pau Brasil FI Renda
Fixa ­ R$300,048 (R$201,652 at December 31, 2012); (iii) HSBC FI Renda Fixa Longo Prazo Eucalipto ­
R$150,060 (R$106,947 at December 31, 2012).
(2)
Issued by top-tier banks and backed by federal government securities.
(3)
Refers mainly to investments in gold.
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
29
(4)
The primary non-exclusive investment funds are (i) Bradesco Empresas FICFI Referenciado DI Federal, in the
amount of R$206,010 (R$214,783 at December 31, 2012), (ii) Araucária Renda Fixa FI ­ R$63,415; (v) FI
Jacarandá Renda Fixa ­ R$ 57,543.
The government securities are held in the custody of the Special System for Settlement and Custody (SELIC), the
units of investment funds are held in the custody of their respective managers and the shares are in the custody of
BM&FBOVESPA's Equity and Corporate Debt Clearinghouse.

There was no reclassification of financial instruments between categories in the period.


Fair value

BM&FBOVESPA applies CPC40/IFRS7 for financial instruments measured at fair value, which requires
disclosure of fair value measurements by level of the following hierarchy:
Quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);
Inputs other quoted prices included within Level 1 that are observable for the asset or liability, either directly
(as prices) or indirectly (derived from prices) (level 2);
Inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3).

The fair value of the main financial instruments is calculated as follows:

Financial investment funds ­ the fair value is determined based on the value of the unit on the last business day to
the balance sheet date, as disclosed by the corresponding fund Manager.

Federal government securities ­ based on the amounts and prices disclosed by the Brazilian Association of
Financial and Capital Market Institutions (ANBIMA) or, when these are unavailable, on the price determined by
management which best reflects the sales value, determined based on information obtained from other
institutions.

Securities purchased under agreements to resell ­ are recorded daily in accordance with the market price of the
security.

Financial assets at fair value through profit and loss and derivative financial instruments are classified as level 1,
i.e. they have quoted prices (unadjusted) in active markets.

During the period no impairment was recorded for the available-for-sale financial instruments.

Derivative financial instruments

Derivative financial instruments comprise future interest rate contracts (DI1) and are stated at their market values.
These contracts are included in the exclusive fund portfolios which were consolidated (Note 2(a)) and are used to
cover fixed interest rate exposures, swapping fixed interest rate for floating interest rate (CDI). Even though
these derivatives are designated for hedge, management has opted not to apply hedge accounting in respect to
them.
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
30

The net result between the derivative transactions and the related financial instrument refers to the short position
in future interest rate contracts, with market value of R$9,382 (R$5,121 at December 31, 2012).

The DI1 contracts have the same maturity dates as the fixed interest rate contracts to which they relate.

Financial risk management policy
BM&FBOVESPA´s policy for cash investments favors alternatives with very low risk, highly liquid and with
sovereign risk, whose overall performance is tied to the Selic rate / CDI, resulting in a significant proportion of
federal government securities in its portfolio, purchased directly, via repurchase agreements backed by
government securities and also through exclusive and non-exclusive funds.

Sensitivity analysis
The table below presents the net exposure of all financial instruments (assets and liabilities) by market risk
factors, classified in accordance with their rates:
Exposure to Risk Factors (Consolidated)
06/30/2013
12/31/2012
Risk Factor
Risk
Percentage
Percentage
Floating interest rate
Lower CDI / Selic rate
97.86%
95.40%
Fixed interest rate
Higher fixed rate
0.25%
3.59%
Foreign exchange
Higher dollar exchange
rate
1.65%
0.68%
Gold price
Lower gold price
0.23%
0.32%
Inflation
Lower inflation rate
0.01%
0.01%
100.00%
100.00%
Interest rate risk

This risk arises from the possibility that fluctuations in future interest rates for the corresponding maturities could
affect the fair value of BM&FBOVESPA's transactions.
Floating-rate position

As a financial investment policy and considering the need for immediate liquidity with the least possible impact
from interest rate fluctuations, BM&FBOVESPA maintains its financial assets and liabilities indexed to floating
interest rates.

We present in the table below the possible impacts on profit or loss of a change of 25% and 50% from the
probable scenario for the CDI/Selic rate, for the next three months.
Effect on profit or loss
Scenario
Scenario
Probable
Scenario
Scenario
Risk factor
-50%
-25%
scenario
25%
50%
Financial investments
CDI/Selic
32,417
48,271
63,899
79,309
94,508
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
31
Index rates
CDI/Selic
4.06%
6.08%
8.11%
10.14%
12.17%


Fixed-rate position

Part of BM&FBOVESPA´s financial investments earn fixed interest rates and this results in a net exposure to
such rates. However, in terms of percentage, in view of the amounts involved, the effects on the portfolio are not
considered material.


Exchange rate risk

This risk arises from the possibility that fluctuations in exchange rates in connection with the acquisition of
services, product sales and financial instruments could have an impact on the related amounts in local currency.

In addition to the amounts payable and receivable in foreign currencies, including interest payments on the senior
unsecured notes in the next six-month period, BM&FBOVESPA has third-party deposits in foreign currency to
guarantee the settlement of transactions by foreign investors and also own funds in foreign currency abroad. At
June 30, 2013, the net foreign currency exposure amounted to R$60,545 (negative) (positive R$26,455 at
December 31, 2012). In view of the amounts involved, the effects on the portfolio are not considered material.

Liquidity risk

The following table shows the main financial liabilities of BM&FBOVESPA by maturity, represented by non-
derivative financial liabilities, on an undiscounted cash flows basis:
Without
maturity
Less than
1 year
From 1 to
2 years
From 2
to 5
years
More
than 5
years

Collateral for transactions
1,010,820
Issuance of debt abroad (1)
75,613
75,613
227,046 1,547,983
(1)
Values converted into R$ using closing rate of R$/USD


Credit risk and capital management
BM&FBOVESPA prefers very low risk investments, where more than 99% of the allocation of assets is linked to
government securities with ratings set by Standard & Poor's and Moody's of "A-" and "Baa2", respectively, for
long-term issues in local currency and characterized as investment grade, in order to obtain high liquidity and
sovereign risk, with overall performance linked to the CDI/Selic rate.

The issue of Senior Notes (Note 12) was linked to increasing our equity interest in CME and the creation of a
strategic partnership between the companies. In addition, it serves as a natural hedge for the USD exposure
generated by the increased investment in CME Group.
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
32

5
Accounts receivable

The breakdown of accounts receivable is as follows:
BM&FBOVESPA
Description
06/30/2013
12/31/2012
Trading and other fees
18,361
13,379
Annual fees
5,498
5,323
Vendors - Signal broadcasting
12,337
11,282
Trustee and custodial fees
22,787
21,588
Other accounts receivable
8,627
10,207
Allowance for doubtful accounts
(9,389)
(6,686)
Total
58,221
55,093
Consolidated
Description
06/30/2013
12/31/2012
Trading and other fees
19,350
14,432
Annual fees
5,498
5,323
Vendors - Signal broadcasting
12,337
11,282
Trustee and custodial fees
22,787
21,588
Other accounts receivable
9,097
10,910
Allowance for doubtful accounts
(9,389)
(6,686)
Total
59,680
56,849

The amounts presented above are primarily denominated in Brazilian reais and approximately 90% falls due
within 90 days. At June 30, 2013, the amounts overdue for more than 90 days totaled R$9,446 (R$6,742 at
December 31, 2012).

The provisioning methodology, as approved by management, is based on the analysis of historical losses.
Therefore, a provision is estimated based on historical loss experience for established thresholds (i.e. a specific
number of days past due) as a percentage of past-due amounts so as to reflect expected future losses.

Changes in the provision for impairment of receivables are as follows:

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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
33
BM&FBOVESPA
and Consolidated
Balance at December 31, 2012
6,686
Additions
3,468
Reversals
(765)
Balance at June 30, 2013
9,389

6
Other receivables

Other receivables comprise the following:
BM&FBOVESPA
06/30/2013
12/31/2012
Current
Advances to employees (1)
7,631
1,986
Amounts receivable from related parties (Note 16)
1,521
2,272
Properties held for sale
3,812
-
Amounts to be refunded - clearing
3,167
-
Other
181
396
Total
16,312
4,654
Consolidated
06/30/2013
12/31/2012
Current
Advances to employees (1)
7,739
2,026
Amounts receivable from related parties (Note 16)
850
975
Foreign exchange transactions (Banco BM&FBOVESPA)
6,443
737
Properties held for sale
3,812
-
Amounts to be refunded - clearing
3,167
-
Other
1,493
403
Total
23,504
4,141
Noncurrent
Brokers in liquidation (2)
2,200
2,200
Total
2,200
2,200
(1)
Refers mainly to advances on the first portion of 13
th
monthly salary made on June 28, 2013.
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
34
(2)
Balance of accounts receivable from brokers in judicial liquidation, which considers the guarantee represented by the
equity certificates pledged by the debtor.
7
Investments
a.
Investments in subsidiaries and associate

Investments in subsidiaries and associate comprise the following:
Investees
Equity
Total shares
Adjusted net
income (loss)
% Ownership
Investment
06/30/2013
Investment
12/31/2012
Subsidiaries
Banco BM&FBOVESPA de Liquidação e
Custódia S.A.
57,315
24,000
2,208
100
57,315
55,143
2,208
2,985
Bolsa Brasileira de Mercadorias
14,885
403
(556)
52.32
7,788
8,079
(291)
(424)
Bolsa de Valores do Rio de Janeiro - BVRJ
65,767
115
1,997
86.95
57,185
55,449
1,736
1,710
BM&F USA Inc.
844
1,000
(158)
100
844
937
(158)
20
BM&FBOVESPA UK Ltd.
1,234
1,000
117
100
1,234
1,079
117
(95)
124,366
120,687
3,612
4,196
Associate
CME Group, Inc. (1)
48,421,062
332,604
1,113,467
5.1
3,200,999
2,893,632
56,868
48,971
Recoverable income tax paid abroad (2)
-
-
31,648
30,905
3,200,999
2,893,632
88,516
79,876
Total
3,325,365
3,014,319
92,128
84,072
Accumulated equity
pickup in subsidiaries
and associate 2013
Accumulated equity
pickup in subsidiaries
and associate 2012
Summary of key financial information of subsidiaries and associate at June 30, 2013:
Description
Banco
BM&FBOVES PA
Bolsa
Brasileira de
Mercadorias
Bolsa de Valores
do Rio de Janeiro -
BVRJ
BM&F US A
Inc.
BM&FBOVES PA
UK Ltd.
CME Group,
Inc.
Assets
430,874
21,243
71,644
854
1,531
103,873,310
Liabilities
373,559
6,358
5,877
10
297
55,452,258
Revenues
4,698
1,169
1,872
354
251
3,400,281
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
35
Changes in investments:
Associate
Investments
Banco
BM&FBOVESPA
Bolsa
Brasileira de
Mercadorias
Bolsa de
Valores do Rio
de Janeiro -
BVRJ
BM&F USA
Inc.
BM&FBOVESPA
UK Ltd.
CME Group,
Inc.
Total
Balances at December 31, 2012
55,143
8,079
55,449
937
1,079
2,893,632
3,014,319
Equity pickup
2,208
(291)
1,736
(158)
117
56,868
60,480
Exchange variation (3)
-
-
-
65
38
247,725
247,828
Comprehensive income (loss) of
associate/subsidiary
(36)
-
-
-
-
35,110
35,074
Dividends received
-
-
-
-
-
(32,336)
(32,336)
Balances at June 30, 2013
57,315
7,788
57,185
844
1,234
3,200,999
3,325,365
Subsidiaries
(1)
In July 2010, with the acquisition of a 3.2% interest in CME Group for the amount of R$1,075,119, increasing the
ownership interest from 1.8% to 5%, BM&FBOVESPA began to recognize the investment using the equity method
in accordance with CPC 18/IAS 28, because management understands that the qualitative aspects of the relationship
between the two companies indicate the existence of significant influence of BM&FBOVESPA over CME Group.

The fair value of the investment at June 30, 2013, based on the market price of shares, was R$2,856,923.
Considering that the market value of the investment in CME Group is lower than the carrying value, the
management of BM&FBOVESPA performed an impairment test for May 31, 2013. The result of the test did not
reveal the need for recognition of impairment on the investment in CME Group.

For the test, management of BM&FBOVESPA adopted the discounted cash flow methodology. Based on expected
growth of the markets in which CME Group operates, cash flow was projected considering revenues and expenses
related to its activities in nominal US dollar amounts.

The operating flows were projected for the period June 2013 to December 2017. Perpetuity was obtained by
extrapolating free cash flow for 2017 considering growth rate equivalent to that expected for nominal US GDP in
the long term, of 4.91% p.a. The discount rate before taxes used in the calculation of present value of cash flows is
of 12.18% p.a.

The two main variables that affect the value in use calculated for the investment are the discount rates and
perpetuity growth. Sensitivity analyses show that an increase of 1 percentage point (100bps) in the discount rate
before tax (12.18% to 13.18% p.a.) reduces the value in use by approximately 12%, while the reduction of 0.25
percentage point (25bps) in the perpetuity growth rate (from 4.91% to 4.66% per year) reduces the value in use by
approximately 5%. The variations of the parameters that affect the value in use for the purposes of this sensitivity
analysis were determined based on a standard deviation of discount rates for the last four years (that best reflect the
current capital structure of the CME Group), for the first, and a standard deviation of the averages of series of 30
years of actual US GDP variation, for the second. The value in use is less sensitive to variations in projected net
revenue. Considering a reduction in the average annual growth in revenue of 10% in the period 2013-2017, the
value in use is reduced by approximately 4%. None of these three sensitivity scenarios above, analyzed separately,
showed lower values than the carrying value of the investment at June 30, 2013.
(2)
Refers to recoverable tax paid by the foreign associate, according to Law 9.249/95 and Normative Instruction
213/02 of the Federal Revenue Secretariat of Brazil.
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
36
(3)
In July 2010, BM&FBOVESPA issued debt abroad to protect part of the foreign exchange risk on the investment in
CME (hedge of net investment) through the designation of a non-derivative financial instrument (debt issuance
abroad) as a hedge, as presented in Note 12. We present below the sensitivity analysis to exchange rate variations
for the non-hedged portion of the investment in CME Group.
-50%
-25%
06/30/2013
25%
50%
Exchange rate
1.1078 1.6617
2.2156
2.7695
3.3234
Exchange rate variation on investment in foreign associate
(776,201)
(6,255)
247,725
1,533,637
2,303,583
Exchange variation on hedge of net foreign investment
341,741
2,754
(105,325)
(675,220)
(1,014,206)
Tax effect on exchnage rate variation on hedge of net
foreign investment
(116,192)
(936)
35,810
229,575
344,830
Net effect
(550,652)
(4,437)
178,210
1,087,992
1,634,207
Impact on equity
Falling dollar
Higher dollar
b.
Investment property

This category comprises properties owned by the subsidiary BVRJ for rent, which are carried at cost and
depreciated at the rate of 4% per year.

Consolidated
Balance at December 31, 2012
35,188
Depreciation
(758)
Balance at June 30, 2013
34,430
Rental income from these properties for the six-month period was R$3,832 (R$3,690 at June 30, 2012).













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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
37
8
Property and equipment
Buildings
Furniture
and fixtures
Computer devices
and equipment
Facilities
Other
Construction
in progress
Total
Balances at December 31, 2012
117,944
17,750
100,503
54,636
30,939
34,807
356,579
Additions
205
1,246
4,845
1,010
1,155
28,312
36,773
Disposals
(3)
-
-
-
(309)
-
(312)
Transfer to assets held for sale
(3,812)
-
-
-
-
-
(3,812)
Depreciation
(1,042)
(1,657)
(22,344)
(3,636)
(1,714)
-
(30,393)
Balances at June 30, 2013
113,292
17,339
83,004
52,010
30,071
63,119
358,835
At June 30, 2013
Cost
213,466
49,394
337,785
79,343
77,666
63,119
820,773
Accumulated depreciation
(100,174)
(32,055)
(254,781)
(27,333)
(47,595)
-
(461,938)
Net book balance
113,292
17,339
83,004
52,010
30,071
63,119
358,835
BM&FBOVESPA
Buildings
Furniture
and fixtures
Computer devices
and equipment
Facilities
Other
Construction
in progress
Total
Balances at December 31, 2012
119,380
17,784
100,598
54,998
33,426
34,807
360,993
Additions
205
1,261
4,873
1,011
1,220
28,312
36,882
Disposals
(3)
(15)
(25)
-
(320)
-
(363)
Transfer to assets held for sale
(3,812)
-
-
-
-
-
(3,812)
Depreciation
(1,086)
(1,663)
(22,360)
(3,672)
(1,722)
-
(30,503)
Balances at June 30, 2013
114,684
17,367
83,086
52,337
32,604
63,119
363,197
At June 30, 2013
Cost
215,802
49,891
338,797
80,383
80,300
63,119
828,292
Accumulated depreciation
(101,118)
(32,524)
(255,711)
(28,046)
(47,696)
-
(465,095)
Net book balance
114,684
17,367
83,086
52,337
32,604
63,119
363,197
Consolidated

In the six-month period, BM&FBOVESPA absorbed as part of the cost of development of projects the amount of
R$2,348 related to the depreciation of equipment used in developing the projects.

Properties with a carrying value of approximately R$39,247 were pledged as collateral in lawsuits.
BM&FBOVESPA is not allowed to assign these assets as collateral for other lawsuits or sell them.

Property and equipment are depreciated over their estimated useful lives. Annual rates of depreciation of property
and equipment items at June 30, 2013 and December 31, 2012 are as follows
:

Buildings
2.5%
Furniture and fixtures
10%
Computer devices and equipment
10 to 25%
Facilities
10%
Telephone system
20%
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
38
Other
11% to 33%
9
Intangible assets

Goodwill

The goodwill of R$16,064,309 is attributed to expected future profitability, supported by an economic and
financial appraisal of the investment.
According to the guidelines of CPC 01/IAS 36, the goodwill must be tested
annually for impairment, or more frequently when there are indicators that impairment may have occurred.
Goodwill is stated at cost less accumulated impairment losses. Impairment losses recognized on goodwill are not
reversed.

The testing supported by the appraisal report issued by experts did not reveal the need for adjustments to the value
of goodwill at December 31, 2012. In the second quarter of 2013, management reviewed the internal and external
indicators and concluded that the assumptions adopted in the previous test remain adequate and then new
calculations for the quarter are not required.


Software and projects
Cost of software
development
Concluded software
development
Software
Total
Balances at December 31, 2012
258,082
90,496
99,264
447,842
Additions
157,515
-
1,457
158,972
Reallocations
(201,297)
201,297
-
-
Amortization
-
(11,442)
(29,872)
(41,314)
Balances at June 30, 2013
214,300
280,351
70,849
565,500
At June 30, 2013
Cost
214,300
304,415
294,137
812,852
Accumulated amortization
-
(24,064)
(223,288)
(247,352)
Net book balance
214,300
280,351
70,849
565,500
BM&FBOVESPA and Consolidated

The balance comprises costs for the acquisition of licenses and development of software and systems, with
amortization rates of 10% to 33% per year, and expenditures for the implementation and development in progress
of new systems and software.

In the six-month period, BM&FBOVESPA absorbed as part of the cost of development of projects the amount of
R$14,321 related to the amortization of software used in developing the projects.

The ongoing projects refer mainly to the development of a new electronic trading platform for different kinds and
classes of assets and the construction of a new business and IT architecture to support the post-trade infrastructure
and development of a new platform for registration of transactions in OTC derivatives.
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
39
10
Earnings and rights on securities in custody

These comprise dividends and interest on equity received from listed companies, which will be transferred to the
custody agents and by them to their clients, who are the owners of the listed companies' shares.

11
Provision for taxes and contributions payable
Description
06/30/2013
12/31/2012
Taxes and contributions withheld at source
4,534
8,935
PIS and Cofins
19,682
16,426
ISS (municipal service tax)
2,771
2,141
Total
26,987
27,502
BM&FBOVESPA
Description
06/30/2013
12/31/2012
Taxes and contributions withheld at source
4,981
9,607
PIS and Cofins
19,770
16,548
ISS (municipal service tax)
2,785
2,203
Total
27,536
28,358
Consolidated
12
Issuance of debt abroad

BM&FBOVESPA issued senior unsecured notes with a total nominal value of US$612 million priced at 99.635%
of the nominal value, resulting in a net inflow of US$609 million (equivalent at that time to R$1,075,323). The
interest rate is 5.50% per year, payable half-yearly in January and July, and the principal amount is due on July
16, 2020. The effective rate was 5.64% per year, which includes the discount and other costs related to issuance.

The updated balance of the borrowing at June 30, 2013 is R$1,387,672 (R$1,279,121 at December 31, 2012),
which includes R$39,552 (R$36,882 at December 31, 2012) of accrued interest. The proceeds from the offering
were used to purchase shares in the CME Group at that same date.

The notes have a partial or total early redemption clause, allowing the redemption at the option of
BM&FBOVESPA, for the greater of: (i) principal plus interest accrued to date and (ii) interest accrued to date
plus the present value of the remaining cash flows, discounted at the rate applicable to U.S. Treasuries for the
remaining term plus 0.40% per year (40 basis points).
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
40
These notes have been designated as a hedging instrument for the part equivalent of US$612 million (notional) of
the investment in CME Group Inc. (Note 7), in order to hedge the foreign exchange risk. Thus, BM&FBOVESPA
has adopted hedge accounting for net investment in accordance with the provisions of CPC 38/IAS 39.

Accordingly, BM&FBOVESPA prepared the formal designation of the hedges by documenting: (i) the objective
of the hedge, (ii) type of hedge, (iii) the nature of the risk being hedged, (iv) the hedged item, (v) the hedging
instrument, (vi) the correlation of the hedge and the hedged item (retrospective effectiveness test) and (vii) the
prospective test.

The application of the effectiveness tests described in Note 3 (d) (iv) did not reveal ineffectiveness during the
period ended June 30, 2013.

The fair value of the debt, calculated using market data, is R$1,383,568 at June 30, 2013 (R$1,418,205 at
December 31, 2012) (Source: Bloomberg).

13
Other liabilities
BM&FBOVESPA
06/30/2013
12/31/2012
Current
Purchase of shares in treasury payable
22,902
-
Deferred income - Annual fees
12,523
-
Amounts payable to related parties (Note 16)
23,813
15,051
Third-party services
1,042
2,119
Custody agents
5,770
5,348
Preferred shares payable
1,838
1,838
Amounts to be transferred - Direct Treasury
2,899
1,974
Advance received from sale of property
8,192
-
Other
5,246
4,589
Total
84,225
30,919
Noncurrent
Amounts payable to related parties (Note 16)
47,688
-
Total
47,688
-
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
41
Consolidated
Description
06/30/2013
12/31/2012
Purchase of shares in treasury payable
22,902
-
Deferred income - Annual fees
12,523
-
Amounts payable to related parties (Note 16)
23,813
15,000
Third-party services
1,361
2,354
Custody agents
5,770
5,348
Preferred shares payable
1,838
1,838
Amounts to be transferred - Direct Treasury
2,899
1,974
Demand deposits (1)
111,405
62,941
Repurchase agreements (2)
253,491
175,125
Foreign exchange transactions (Banco BM&FBOVESPA)
6,520
6,365
Advance received from sale of property
8,192
-
Other
10,815
6,751
Total
461,529
277,696
Noncurrent
Amounts payable to related parties (Note 16)
47,688
-
Total
47,688
-
(1)
Refer to demand deposits held by corporations at Banco BM&FBOVESPA with the sole purpose for settlement of
clearing operations held within BM&FBOVESPA and the Special System for Settlement and Custody (SELIC)
pursuant to Central Bank Circular Letter No. 3.196 of July 21, 2005.
(2)
Refers to repurchase agreements of Banco BM&FBOVESPA, maturing at July 1, 2013 (January 2, 2013 for December
31, 2012) and backed by Financial Treasury Bills (LFT) and National Treasury Bills (LTN).
14
Provisions, contingent liabilities and contingent assets
a.
Contingent assets

BM&FBOVESPA has no contingent assets recognized in its balance sheet and, at present, no lawsuits which
are expected to give rise to future gains.
b.
Contingent liabilities

BM&FBOVESPA and its subsidiaries are defendants
in a number of judicial and administrative proceedings
involving labor, tax and civil matters arising in the ordinary course of business.

The judicial and administrative proceedings are classified by their probability of loss (probable, possible or
remote), based on an evaluation by BM&FBOVESPA and its legal advisors, using parameters such as
previous judgments and the history of loss in similar cases.

The proceedings in which the loss is evaluated as probable comprise mainly the following:
background image
BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
42
Labor claims mostly relate to claims filed by former employees of BM&FBOVESPA and employees of
outsourced service providers, on account of alleged noncompliance with labor legislation;
Civil proceedings mainly relate to aspects of civil liability for losses and damages of BM&FBOVESPA
and its subsidiaries;
Tax cases mostly relate to PIS and Cofins levied on (i) BM&FBOVESPA revenues and (ii) receipt of
interest on equity.
c.
Legal obligations

These are almost entirely proceedings in which BM&FBOVESPA seeks exemption from additional social
security contribution on payroll and payments to self-employed professionals.
d.
Changes in balances

Changes in provisions for contingencies and legal obligations can be detailed as follows:
BM&FBOVESPA
Civil
Labor
Legal
obligations
Tax
Total
Balances at December 31, 2012
4,961
11,310
27,121
14,840
58,232
Provisions
2,843
4,731
2,180
-
9,754
Provision expenditure
(57)
(80)
-
-
(137)
Reversal of provisions
(2)
(17)
-
-
(19)
Reassessment of contingent risks
-
(53)
-
-
(53)
Price-level restatement
194
812
661
375
2,042
Balances at June 30, 2013
7,939
16,703
29,962
15,215
69,819
Consolidated
Civil
Labor
Legal
obligations
Tax
Total
Balances at December 31, 2012
9,196
12,050
27,121
14,840
63,207
Provisions
2,843
4,734
2,180
-
9,757
Provision expenditure
(57)
(80)
-
-
(137)
Reversal of provisions
(2)
(17)
-
-
(19)
Reassessment of contingent risks
-
(53)
-
-
(53)
Price-level restatement
561
856
661
375
2,453
Balances at June 30, 2013
12,541
17,490
29,962
15,215
75,208
Considering the characteristics of the provisions, the timing of the cash disbursements, if any, cannot be
predicted.


e.
Possible losses
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
43
The proceedings classified as possible loss are so classified as a result of uncertainties surrounding their
outcome. They are judicial or administrative proceedings for which jurisprudence has not yet been established
or which still depend on verification and analysis of the facts, or even involve specific aspects that reduce the
chances of loss.
BM&FBOVESPA and its subsidiaries have tax, civil and labor lawsuits involving risks of loss classified by
management as possible, based on the evaluation of their legal advisors, for which no provision has been
recorded. These proceedings comprise mainly the following:
Labor proceedings mostly relate to claims filed by former employees of BM&FBOVESPA and former
employees of outsourced service providers, on account of alleged noncompliance with labor legislation.
The lawsuits classified as possible losses at June 30, 2013 total R$40,777 in BM&FBOVESPA
(R$41,881 at December 31, 2012) and R$40,777 on a consolidated basis (R$41,917 at December 31,
2012);
Civil proceedings mainly relate to aspects of civil liability for losses and damages. The total amount
involved in the civil lawsuits classified as possible losses at June 30, 2013 is R$86,874 in
BM&FBOVESPA and R$ 87,426 on a consolidated basis (R$95,812 at December 31, 2012 in
BM&FBOVESPA and on a consolidated basis);
The amount at June 30, 2013 and December 31, 2012 is almost entirely related to the possibility of
BM&FBOVESPA being required to deliver its shares (surviving company of the merger with BM&F
S.A.), corresponding to the shares resulting from the conversion of the membership certificate of a
commodities broker in the former BM&F, or indemnify the corresponding amount, if the cancellation of
the certificates in the former BM&F is found to be illegal, as alleged by a commodities broker in
bankruptcy.
The main tax cases of BM&FBOVESPA and its subsidiaries refer to the following matters:
(i) classification of the formers BM&F and Bovespa, in the period prior to the demutualization, as
taxpayers of the Contribution to Social Security Financing ("COFINS"), which is the subject matter of
two declaratory judgment actions pleading the declaration that the plaintiffs have no tax obligations owed
to the federal tax authorities and seeking exemption from Cofins on revenues arising from the exercise of
the activities for which they were established, which revenues do not fall under the concept of revenue.
The amount involved in the aforementioned proceedings as of June 30, 2013 is R$51,834 (R$50,836 at
December 31, 2012).

(ii) collection of Withholding Income Tax (IRRF) relating to the calendar year 2008, since the Federal
Revenue Service of Brazil (RFB) understands that BM&FBOVESPA would be responsible for
withholding and paying income tax levied on the supposed capital gains earned by non-resident investors
in Bovespa Holding S.A., due to the merger of shares of Bovespa Holding S.A. into BM&FBOVESPA.
The amount involved in this administrative proceeding at June 30, 2013 is R$159,933 (R$153,935 at
December 31, 2012).



(iii) as the successor of Bovespa Holding S.A., the deductibility, for purposes of calculating income tax
and social contribution, of expenses paid by Bovespa Holding S.A. in connection with the commission to
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
44
intermediary institutions responsible for the secondary public offering of its shares held in 2007, and the
liability for IRRF on part of the payments made to intermediaries who participated in said public offering.
The amount involved in this administrative proceeding at June 30, 2013 is R$121,763 (R$117,797 at
December 31, 2012), classified as follows: (i) R$113,368 (R$109,676 at December 31, 2012) as possible
loss; and (ii) R$8,395 (R$8,121 at December 31, 2012), relating to isolated fined for the non-withholding
of income tax at source, as remote loss.

(iv) supposed levy of social security contributions on options granted under the Stock Option Plan of
BM&F S.A., assumed by BM&FBOVESPA and exercisable by the beneficiaries of the Plan, in 2007 and
2008, as well as isolated fine due to the non-withholding at source of income tax allegedly due on those
options. The questioning of the Federal Revenue Service of Brazil (RFB) is based on the understanding
that the stock options were granted to employees in the nature of salary as they represent compensation
for services rendered. The amounts involved in these administrative proceedings at June 30, 2013 are (i)
R$83,407 (R$81,118 at December 31, 2012), relating to social security contributions allegedly due,
classified as possible loss, and (ii) R$44,422 (R$43,202 at December 31, 2012), relating to isolated fine
for the non-withholding of income tax, classified as remote loss.

(v) supposed differences in payment of IRPJ and CSLL stemming from questioning the limits of
deductibility of interest on equity paid by BM&FBOVESPA to its shareholders in 2008. The total amount
involved in this administrative proceeding is R$114,936 (R$110,675 at December 31, 2012), including
interest and tax assessment fine.

The total amount involved in tax cases classified as possible loss is R$555,387 in BM&FBOVESPA and
Consolidated (R$537,333 at December 31, 2012).
f.
Remote losses
BM&FBOVESPA, as successor of the former BOVESPA, and the subsidiary BVRJ are defendants in an
action for tangible damages and pain and suffering filed by Naji Robert Nahas, Selecta Participações e
Serviços SC Ltda, and Cobrasol - Companhia Brasileira de Óleos e Derivados, on the grounds of alleged
losses in the stock market sustained in June 1989. The amount attributed to the cause by the plaintiffs is R$10
billion. In relation to the tangible damages and pain and suffering claimed, the plaintiffs ask that
BM&FBOVESPA and BVRJ be sentenced in proportion to their responsibilities. On December 18, 2009, a
sentence was published in which the claims made by the plaintiffs were considered completely unfounded.
The plaintiffs filed for appeal to Superior and Supreme Courts, both of which were denied. Bill of reviews
were filed with the Superior and Supreme Courts and that with Superior Court was accepted for analysis of
the appeal to Superior Court filed by the plaintiffs. The appeal is currently pending judgment.
BM&FBOVESPA believes that the chances of loss in this lawsuit are remote.
BM&FBOVESPA received, on November 29, 2010, an assessment notice from the Federal Revenue Service
of Brazil ("RFB") demanding the payment of income tax (R$301,686 of principal, plus fines and interest) and
social contribution (R$108,525 of principal, plus fines and interest) that, in the opinion of the RFB,
BM&FBOVESPA underpaid in the years 2008 and 2009 with respect to the amortization for tax purposes of
the goodwill generated upon the merger of Bovespa Holding S.A., approved at the General Meeting of
Stockholders on May 8, 2008. In October 2011, the RFB Judgment Office in São Paulo issued a decision on
the challenge presented by BM&FBOVESPA, upholding, in substance, the assessment notice.
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
45
BM&FBOVESPA appealed to the Board of Tax Appeals on November 21, 2011, which will render an
administrative decision on the legality of amortization of goodwill for tax purposes. BM&FBOVESPA
believes that the risk of loss associated with this tax matter is remote and will continue to amortize the
goodwill for tax purposes as provided for by prevailing legislation.

BM&FBOVESPA, as the successor of Bolsa de Mercadorias e Futuros - BM&F ("BM&F") and as disclosed
in its Form of Reference (item 4.3), is a defendant in civil public actions and class actions filed in order to
investigate the practice of possible acts of administrative impropriety, and to receive compensation for
alleged damages to the federal treasury as a result of transactions conducted by the Central Bank of Brazil in
January 1999 in the U.S. dollar futures market run by the former BM&F. On March 15, 2012, the sentences
on those actions at first instance convicted most of the defendants, among them, BM&F. The total amounts of
the penalties reach R$ 7,005 million, from which, according to one of the decisions, may be deducted the
gains that the Central Bank of Brazil obtained by reason of the non-use of international reserves, amounting
to R$ 5,431 million. BM&FBOVESPA was also ordered to pay a civil penalty in the amount of R$ 1,418
million. The figures were measured as of January 1999 and should be adjusted for inflation, plus interest and
plaintiffs' legal fees. BM&FBOVESPA believes that these actions are fully groundless and will not recognize
in its financial statements any provision for such lawsuits as the risk of loss is remote. The parties filed
appeals which have caused the execution of the lower court judgment to be suspended until the Appeal
Court renders a decision on those appeals.
g.
Judicial deposits
BM&FBOVESPA
Consolidated
Description
06/30/2013
12/31/2012
06/30/2013
12/31/2012
Legal obligations
30,113
27,234
30,113
27,234
Tax
63,225
62,129
63,313
62,213
Civil
4,811
4,700
4,811
4,700
Labor
4,368
3,447
4,598
3,675
Total
102,517
97,510
102,835
97,822
Of the total judicial deposits: (i) R$46,012 (R$44,975 at December 31, 2012) relates to the disputes over the
classification of the exchanges as subject to the payment of COFINS, which are assessed as possible loss by
BM&FBOVESPA, as described in item "e" above; and (ii) R$11,102 (R$10,845 at December 31, 2012)
refers to cases regarding PIS and COFINS on interest on equity received. Of the total deposits relating to
legal obligations, R$29,678 (R$26,799 at December 31, 2012) relates to the processes in which
BM&FBOVESPA claims exemption from additional social security contribution on payroll and payments to
self-employed professionals, and challenges the legality of FAT (an index applied to calculate the
occupational accident insurance owed by employers).

Due to the existence of judicial deposits related to tax processes classified as possible losses, the total tax
contingencies and legal obligations are less than the total deposits related to tax claims.

h.
Law No. 11,941/09
background image
BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
46
In November 2009, BM&FBOVESPA enrolled in the Tax Recovery Program established by Law No.
11,941/09 and Provisional Measure (MP) 470/09, with a view to settling the amount of R$2,365, related to a
portion of the amount disputed in the COFINS case, deposited in court and recognized as probable loss
contingency. The amount of R$2,151 will be released to the government and R$214 to BM&FBOVESPA,
representing a discount of 45% in arrears interest, as permitted by the legislation. The provision remains in
effect until the approval of the request to partially withdraw the lawsuit, because this is a condition for the
settlement of the debt pursuant to the Tax Recovery Program.
15
Equity
a.
Capital

The capital of BM&FBOVESPA is R$2,540,239, represented by 1,980,000,000 registered common shares
with voting rights and no par value, of which 1,915,527,448 outstanding at June 30, 2013 (1,931,572,495 at
December 31, 2012).

BM&FBOVESPA is authorized to increase its capital up to the limit of 2,500,000,000 common shares,
through a resolution of the Board of Directors, without any amendment to its articles of incorporation.
b.
Treasury shares
Share buyback program
At a meeting held on June 26, 2012, the Board of Directors approved a new Share Buyback Program, starting
on July 2, 2012 and ending on June 28, 2013. BM&FBOVESPA purchased a total of 20,862,700 shares under
this Program in the 1
st
half of 2013, which represented 34.77% of the Program amounting 60,000,000 of the
ordinary shares.

At a meeting held on June 25, 2013, the Board of Directors approved a new Share Buyback Program, starting
on July 1, 2013 and ending on June 30, 2014. The limit of shares to be repurchased by BM&FBOVESPA
is 60,000,000 common shares, representing 3.13% of the total shares outstanding.

The shares acquired under the Share Buyback Program may be canceled or used to in connection with the
exercise of the stock options by the beneficiaries of the Stock Option Plan of BM&FBOVESPA.

The balance of treasury shares for the six-month period is composed of the following:
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
47
Quantity
Amount
Balance at December 31, 2012
48,427,505
484,620
Shares sold ­ stock options (Note 18)
(2,764,915)
(27,688)
Balance at March 31, 2013
45,662,590
456,932
Purchase of shares - Share buyback program
20,862,700
263,397
Shares sold ­ stock options (Note 18)
(2,052,738)
(20,994)
Balance at June 30, 2013
64,472,552
699,335
Average cost of treasury shares (R$ per share)
10.847
Market value of treasury shares
796,881
c.
Revaluation reserves

Revaluation reserves were established as a result of the revaluation of works of art in BM&FBOVESPA and
of the properties of the subsidiary BVRJ in 2007, based on independent experts' appraisal reports.
d.
Capital reserve

Refer substantially to amounts originated from the merger of Bovespa Holding shares in 2008, and other
corporate events permitted by the Corporation Law, such as (i) capital increase through merger, (ii)
redemption, repayment or purchase of shares, and (iii) events associated with the stock option plan.
e.
Income reserves
(i)
Legal reserve

The legal reserve is established annually by allocating 5% of net income for the year and cannot exceed 20%
of the capital. The legal reserve is intended to ensure the integrity of the capital and can be used solely for
purposes of offsetting losses and capital increase.
(ii)
Statutory reserves

Represents funds and safeguard mechanisms required for the activities of BM&FBOVESPA, in order to
ensure the proper settlement and reimbursement of losses arising from the intermediation of transactions
carried out in its trading sessions and/or registered in any of its trading, registration, clearing and settlement
systems, and from custody services.

Pursuant to the articles of incorporation, the Board of Directors may, when the amount of the statutory
reserve is sufficient to meet the purposes for which it was originally established, propose that part of the
reserve be distributed to the shareholders of the Company.
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
48
f.
Equity adjustments

The purpose of equity adjustments is to record the effects of (i) currency translation adjustments of the
investments abroad, (ii) hedge accounting for net foreign investment (Note 12) and (iii) share of other
comprehensive income of associate and subsidiaries.
g.
Dividends and interest on equity
Pursuant to the articles of incorporation, the shareholders are entitled to dividends and/or interest on equity,
based on a minimum of 25% the net income, adjusted in accordance with the Corporation Law.

At a meeting held on February 19, 2013, the Board of Directors proposed the distribution of supplementary
dividends relating to the year ended December 31, 2012 in the amount of R$388,703, which was approved
by the Shareholders' General Meeting on April 15, 2013.

The dividends and interest on equity approved in relation to income for the six-month period are as follows:
Description
Date approved
Date of
payment
Gross per
share (R$)
Total gross
amount
Dividends
09/05/2013
07/06/2013
0.084638
163,580
Interest on equity
09/05/2013
07/06/2013
0.025870
50,000
Total approved for the period
213,580

The management of BM&FBOVESPA did not set up an income reserve for the difference between the
amount recognized as equity in the results of the associate CME Group and the dividends received from the
investment (Note 7).

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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
49
h.
Earnings per share

Consolidated
Basic
2013
2012
2nd quarter
Accumulated
2nd quarter
Accumulated
Numerator
Profit available to shareholders of BM&FBOVESPA
350,835
617,810
300,082
580,508
Denominator
Weighted average number of shares outstanding
1,923,804,897
1,923,610,563
1,930,357,074
1,929,938,389
Basic earnings per share (in R$)
0.182365
0.321172
0.155454
0.300791

Consolidated
Diluted
2013
2012
2º Trimestre
Acumulado
2º Trimestre
Acumulado
Numerator
Profit available to shareholders of BM&FBOVESPA
350,835
617,810
300,082
580,508
Denominator
Weighted average number of shares outstanding adjusted
for stock option plans
1,933,112,502
1,929,998,686
1,931,773,981
1,933,199,161
Diluted earnings per share (in R$)
0.181487
0.320109
0.155340
0.300284
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
50
16
Related-party transactions
a.
Transactions and balances with related parties

Assets / (liabilities)
Revenue / (expenses)
2013
2012
Description
06/30/2013
12/31/2012
2nd quarter
Accumulated
2nd quarter
Accumulated
Banco BM&FBOVESPA de Serviços de Liquidação e Custódia S.A. (1)
Accounts receivable
657
1,283
Recovery of expenses
1,986
4,081
1,510
3,098
Bolsa Brasileira de Mercadorias (1)
Accounts receivable
14
21
Accounts payable
-
(51)
Minimum contribution on membership certificates
(311)
(632)
(360)
(715)
Property rental
8
12
6
12
Recovery of expenses
24
48
17
35
BM&F USA Inc. (1)
Sundry expenses
-
-
(395)
(747)
(353)
(881)
BM&F UK Ltd. (1)
Sundry expenses
-
-
(375)
(624)
(235)
(561)
CME Group
Accounts payable
(56,494)
-
BM&FBOVESPA Supervisão de Mercados
Accounts receivable
716
826
Accounts payable
(15,000)
(15,000)
Recovery of expenses
679
1,513
711
1,343
Associação BM&F
Accounts receivable
91
115
Recovery of expenses
143
270
91
165
Associação Profissionalizante BM&FBOVESPA
Accounts receivable
32
-
Recovery of expenses
24
37
24
51
Other companies
Accounts receivable
11
27
Accounts payable
(7)
-
Recovery of expenses
15
23
7
14
(1)
Subsidiaries included in the consolidation process.
The main recurring transactions with related parties are described below and were carried out under the following
conditions:

BM&FBOVESPA pays a minimum fee to the Bolsa Brasileira de Mercadorias on a monthly basis. The payment
that BM&FBOVESPA makes to Bolsa Brasileira de Mercadorias is established by the articles of incorporation of
Bolsa Brasileira de Mercadorias, pursuant to which the member (as is the case of BM&FBOVESPA) must
regularly pay fees for membership certificates.
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
51

Bolsa Brasileira de Mercadorias periodically reimburses BM&FBOVESPA for expenses associated with the
resources and infrastructure provided by BM&FBOVESPA to aid in carrying out its activities.

In order to further the development of the market and strengthen the founding member commitment to the
development of markets administered by the Bolsa Brasileira de Mercadorias, BM&FBOVESPA decided to offer,
free of charge, services provided by the Founding Member that may be necessary for the development of markets
administered by the Bolsa Brasileira de Mercadorias, in the amount of R$2,970, for a maximum period of 5 years
starting April 2013, upon the previous approval of the Founding Member.

The amounts owed by Banco BM&FBOVESPA to BM&FBOVESPA refer to the Company's funds used by
Banco BM&FBOVESPA in performing its activities under a formal agreement signed by the parties. Such
amounts are paid upon presentation of a descriptive document prepared by BM&FBOVESPA and approved by
Banco BM&FBOVESPA, according to the terms of the agreement.

Other liabilities to CME Group refer to the remainder payable for the acquisition of the perpetual license of
modules related to the multi-asset class electronic trading platform, the PUMA Trading System, which was
developed along with CME Group.

BSM has entered into an agreement with BM&FBOVESPA for the transfer and recovery of costs which
establishes the reimbursement to BM&FBOVESPA for expenses incurred for resources and infrastructure made
available to BSM to assist it in the performance of its supervisory activities. Such costs are determined on a
monthly basis using the methodology specified in the agreement signed by the parties and also include the
activities related to the Mecanismo de Ressarcimento de Prejuízos (Loss Recovery Mechanism) as this
mechanism is administered by BSM.

BM&FBOVESPA monthly pays BM&F (USA) Inc. and BM&FBOVESPA (UK) Ltd. for representing it abroad
by liaising with other exchanges and regulators and assisting in bringing new clients to the Brazilian capital
market.

Associação BM&F, Associação Bovespa, Instituto BM&FBOVESPA and Associação Profissionalizante
BM&FBOVESPA periodically reimburse BM&FBOVESPA for expenses associated with the resources and
infrastructure provided by BM&FBOVESPA to assist them in performing their activities.

b.
Key management personnel compensation

Key management personnel include Members of the Board of Directors, Executive Officers, Internal Audit
Officer, Corporate Risk Officer, Officer of BM&FBOVESPA Bank and Human Resources Officer.
2013
2012
2nd quarter
Accumulated
2nd quarter
Accumulated
Management benefits
Short-term benefits (salaries, profit sharing, etc.)
6,494
12,914
5,629
11,367
Severence pay
787
787
-
-
Share-based remuneration (1)
2,619
5,525
2,389
4,793
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
52
(1)
Represents the expense calculated for the halfyear in relation to the stock options granted to key management personnel,
which was recognized in accordance with the criteria described in Note 18.
17
Structure of Guarantees
BM&FBOVESPA acting as central counterparty (CCP) manages four clearinghouses considered systemically
important by the Central Bank of Brazil: the Derivatives, Foreign Exchange and Securities Clearinghouses and
the Equity and Corporate Debt Clearinghouse (CBLC).

The activities carried out by the clearinghouses of BM&FBOVESPA are governed by Law No. 10,214 of 2001,
which authorizes the multilateral clearing of obligations, establishes the central counterparty role of the
systemically important clearinghouses and permits the utilization of the collateral obtained from defaulting
participants to settle their obligations in the clearinghouse environment, including in cases of civil insolvency,
agreements with creditors, intervention, bankruptcy and out-of-court liquidation.

Through its clearinghouses, BM&FBOVESPA acts as a central counterparty in the derivatives market (futures,
forward, options and swaps), spot foreign exchange market, federal government securities market (spot, forwards,
repurchase operations, futures and lending of securities), equities (spot, forward, option, futures and lending of
securities) and private debt securities (spot and lending of securities). In other words, by assuming the role of a
central counterparty, BM&FBOVESPA becomes responsible for the proper settlement of trades carried out and/or
registered in its systems, as established in the applicable regulations.

The performance of BM&FBOVESPA as a central counterparty exposes it to the credit risk of the participants
that utilize its settlement systems. If a participant fails to make the payments due, or to deliver the assets,
securities and/or commodities due, it will be incumbent upon BM&FBOVESPA to resort to its safeguard
mechanisms, in order to ensure the proper settlement of the transactions in the established time frame and manner.
In the event of a failure or insufficiency of the safeguard mechanisms of its Clearinghouses, BM&FBOVESPA
might have to use its own equity, as a last resort, to ensure the proper settlement of trades.

The BM&FBOVESPA clearinghouses are not directly exposed to market risk, as they do not hold net long or net
short positions in the various contracts and assets traded. However, an increase in price volatility can affect the
magnitude of amounts to be settled by the various market participants, and can also heighten the probability of
default by these participants. Furthermore, as already emphasized, the clearinghouses are responsible for the
settlement of the trades of a defaulting participant, which could result in losses for BM&FBOVESPA if the
amounts due surpass the amount of collateral available. Accordingly, despite the fact that there is no direct
exposure to market risk, this risk can impact and increase the credit risks assumed.

To mitigate the risks assumed as appropriate, each BM&FBOVESPA Clearinghouse has its own risk management
system and safeguard structure. The safeguard structure of a Clearinghouse represents the set of resources and
mechanisms that it can utilize to cover losses relating to the settlement failure of one or more participants. These
systems and structures are described in detail in the regulations and manuals of each clearinghouse, and have been
tested and ratified by the Central Bank of Brazil, in accordance with National Monetary Council (CMN)
Resolution No. 2882/01 and Central Bank of Brazil Circular No. 3057/01.
The safeguard structures of the clearinghouses are based largely on loss-sharing model called defaulter pays, in
which the amount of collateral deposited by each participant should be able to absorb, with a high degree of
confidence, the potential losses associated with its default. Consequently, the amount required as collateral for
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
53
participants is the most important element in our management structure of the potential market risks arising from
our role as a central counterparty.

For most contracts with assets and operations, the required value as collateral is sized to cover the market risk of
the business, i.e. its price volatility during the expected time frame for settlement of the positions of a defaulting
participant. This time frame can vary depending on the nature of contracts and assets traded.

The models used for calculating the margin requirements are based, in general, on the concept of stress testing, in
other words, a methodology that attempts to measure market risk into account not only recent historical volatility
of prices, but also the possibility of the occurrence of unexpected events that modify the historical patterns of
behavior of prices and the market in general.

The main parameters used for margin calculation models are the stress scenarios, defined by the Market Risk
Committee for the risk factors that affect the prices of contracts and assets traded on our systems. For the
definition of stress scenarios, the Market Risk Committee uses a combination of quantitative and qualitative
analysis. The quantitative analysis is done with the support of statistical models for estimating risk, such as EVT
(extreme value theory), estimation of implied volatilities, Garch-type models, and historical simulations. The
qualitative analysis considers aspects related to domestic and international economic and political conditions and
their impacts on the markets managed by BM&FBOVESPA.

The operations in the BM&FBOVESPA markets are secured by margin deposits in cash, government and
corporate securities, letters of guarantee and equities, among others. The guarantees received in cash, in the
amount of R$1,010,820 (R$1,134,235 at December 31, 2012), are recorded as a liability within "Collateral for
transactions" and other non-cash collaterals, in the amount of R$201,182,046 (R$175,347,681 at December 31,
2012), are recorded in memorandum accounts (off balance sheet). At June 30, 2013, collaterals amounted to
R$202,192,866 (R$176,481,916 at December 31, 2012), as shown below:
a. Safeguard structure of the Derivatives Clearinghouse

i)
Collaterals deposited by derivatives market participants:
Breakdown
06/30/2013
12/31/2012
Federal government securities
103,826,028
85,901,802
Letters of guarantee
2,422,143
2,696,602
Shares
3,179,884
3,532,128
Bank certificates of deposit (CDBs)
1,087,976
933,447
Cash amounts deposited
529,764
741,243
Gold
41,725
67,677
Other
102,573
179,521
Total
111,190,093
94,052,420
ii)
Other collaterals
Joint liability for paying the broker and clearing member that acted as intermediaries, as well as collaterals
deposited by such participants.
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
54
Fundo de Desempenho Operacional, worth R$1,052,338 (R$1,099,786 at December 31, 2012), composed of
funds provided by holders of right of settlement in the Derivatives Clearinghouse (clearing members) and
holders of unrestricted right to bargain with the sole purpose of ensuring the operations. This fund has the
following position:
Breakdown
06/30/2013
12/31/2012
Federal government securities
866,223
919,462
Letters of guarantee
169,500
150,800
Bank certificates of deposit (CDBs)
6,000
4,946
Shares
10,615
11,074
Cash amounts deposited
-
13,504
Amounts deposited
1,052,338
1,099,786
828,000
874,000
Excess collaterals
224,338
225,786
Amounts guaranteeing participation of
clearing member /trader
Fundo de Operações do Mercado Agropecuário, in the amount of R$50,000 at June 30, 2013 and December
31, 2012, intended to hold funds of BM&FBOVESPA to guarantee the proper settlement of transactions
involving agricultural commodity contracts.
Fundo Especial dos Membros de Compensação, in the amount of R$40,000 at June 30, 2013 and
December 31, 2012 , intended to hold funds of BM&FBOVESPA to guarantee the proper settlement of
transactions, regardless of the type of contract.
Fundo de Liquidação de Operações, in the amount of R$404,553 (R$386,803 at December 31, 2012),
composed of collaterals transferred by clearing members, intended to guarantee the proper settlement of
transactions after the resources of the two previous funds have been used up. This fund has the following
position:
Breakdown
06/30/2013
12/31/2012
Federal government securities
362,691
342,942
Letters of guarantee
38,750
36,684
Cash amounts deposited
-
4,000
Shares
3,112
3,177
Amounts deposited
404,553
386,803
Amounts guaranteeing participation of
clearing member /trader
256,000
270,500
Excess collaterals
148,553
116,303
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
55
Special equity, in the amount of R$43,742 (R$42,245 at December 31, 2012), in compliance with the
provisions of Article 5 of Law 10,214 of March 27, 2001 and Article 19 of Central Bank Circular 3,057 of
August 31, 2001.
b. Safeguard structure of the Equity and Corporate Debt Clearinghouse - CBLC

i)
Collaterals deposited by the Equity and Corporate Debt Market (CBLC) participants:
Breakdown
06/30/2013
12/31/2012
Federal government securities
41,239,828
32,749,964
Shares
40,849,635
40,975,737
International securities (1)
1,036,164
2,596,140
Bank certificates of deposit (CDBs)
323,166
522,080
Letters of guarantee
1,201,571
312,288
Cash amounts deposited
338,739
369,910
Outros
206,994
193,705
Total
85,196,097
77,719,824
(1)
American and German government securities as well as ADRs (American Depositary Receipt).

ii)
Other collaterals
Joint liability for paying the broker and clearing member that acted as intermediaries, as well as collaterals
deposited by such participants.
The Settlement Fund, in the amount of R$416,694 (R$421,786 at December 31, 2012), composed of
collaterals transferred by clearing members, intended to guarantee the proper settlement of
transactions.
Breakdown
06/30/2013
12/31/2012
Federal government securities
411,494
416,212
Cash amounts deposited
5,200
5,574
Total
416,694
421,786
Special equity, in the amount of R$46,736 (R$45,138 at December 31, 2012), in compliance with the
provisions of Article 5 of Law 10,214 of March 27, 2001 and Article 19 of Central Bank Circular 3,057 of
August 31, 2001.
c. Safeguard structure of the Foreign Exchange Clearinghouse

i)
Collaterals deposited by the foreign exchange market participants:
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
56
Breakdown
06/30/2013
12/31/2012
Federal government securities
4,691,728
3,662,691
Cash amounts deposited
137,117
4
Total
4,828,845
3,662,695
ii)
Other collaterals
Fundo de Participação, in the amount of R$207,259 (R$214,675 at December 31, 2012), composed of
collaterals (federal government securities) transferred by Foreign Exchange Clearinghouse participants,
intended to guarantee the proper settlement of transactions.
Fundo Operacional da Clearing de Câmbio, in the amount of R$50,000 at June 30, 2013 and December 31,
2012, intended to hold funds of BM&FBOVESPA to cover losses arising from operational or administrative
failures.
Special equity, in the amount of R$43,807 (R$42,295 at December 31, 2012), in compliance with the
provisions of Article 5 of Law 10,214 of March 27, 2001 and Article 19 of Central Bank Circular 3,057 of
August 31, 2001.
d. Safeguard structure of the Securities Clearinghouse

i)
Collaterals deposited by government securities market participants:
Breakdown
06/30/2013
12/31/2012
Federal government securities
977,831
1,046,977
ii)
Other collaterals
Fundo Operacional da Clearing de Ativos, in the amount of R$40,000 at June 30, 2013 and December 31,
2012, intended to hold funds of BM&FBOVESPA to cover losses arising from participants' operational or
administrative failures.
Special equity, in the amount of R$30,801 (R$29,747 at December 31, 2012), in compliance with the
provisions of Article 5 of Law 10,214 of March 27, 2001 and Article 19 of Central Bank Circular 3,057 of
August 31, 2001.

e. Guarantee funds

The subsidiaries Brasileira de Mercadorias and Bolsa de Valores do Rio de Janeiro (BVRJ) also manage
Guarantee Funds, special purpose entities without a legal status. The maximum liability of these Guarantee Funds
is limited to the sum of their net assets.
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
57
18
Employee benefits
a.
Stock options ­ Long-term benefit

BM&FBOVESPA has a Stock Option Plan ("Option Plan") adopted at the Extraordinary General Meeting held on
May 8, 2008, as amended at the Extraordinary General Meeting held on April 18, 2011, by which the employees
of BM&FBOVESPA and its subsidiaries are eligible to receive stock options.

The Option Plan delegates broad powers to the Board of Directors to approve the granting of options and to
manage them through stock option programs ("Programs"), which must determine, among other specific
conditions: (i ) their beneficiaries, (ii) the total number of shares of BM&FBOVESPA to be granted, (iii) the
division of the award in batches, if necessary, (iv) the exercise price, (v) the vesting period and deadline for
exercising the option, (vi) restrictions on transfer of shares received by exercising the option, and (vii) the
resolution of any necessary penalties.

The Plan also allows the Board of Directors to approve the granting of options with different conditions to certain
beneficiaries ("Additional Options"). The granting or exercise of the Additional Options must necessarily be
conditioned to (i) the acquisition by the beneficiary of shares of BM&FBOVESPA, through the use of own
resources and under the percentage, terms and conditions set forth in each Program ("Own Shares"); and (ii) the
observance of a period of restriction on the sale of own shares (lock-up).

Currently there are seven Programs to grant options under the Option Plan, approved by the Board of Directors.

BM&FBOVESPA recognized expenses in the income statement related to grants of the Option Plan in the
amount of R$15,718 in the six-month period (R$16,545 at June 30, 2012) and R$7,841 in the quarter (R$8,157
in 2012) against capital reserves in equity. BM&FBOVESPA considered in this calculation an estimated turnover
between 11% and 20%, i.e. the estimated number of options which will not vest due to employees who opt to
leave the Company or whose employment is terminated before achieving vested rights to exercise the options.

At June 30, 2013, BM&FBOVESPA used 1.83% (1.50% at December 31, 2012) of the total limit of 2.5% of the
share capital for stock option grants, leaving 0.67% of the capital for new programs. When the options are
exercised by the beneficiaries, new shares will be issued, by increasing the capital of BM&FBOVESPA, or
treasury shares will be used.

The exercise price per share is equal to the average closing price of the 20 trading days preceding the date of
grant, subject to vesting periods for its exercise.

The conditions of the programs provide that the option can be exercised after the expiration of each vesting
period, limited to a maximum term set forth in the Program. After the vesting period ends, the option may be
exercised wholly or partly. If the option is exercised in part, the holder may exercise the remainder within the
established exercise period. The option not exercised within the exercise period and under conditions stipulated in
the respective programs shall be forfeited automatically, without right to compensation.

In the event of termination of the beneficiary's relationship with BM&FBOVESPA because of dismissal or
resignation (in the case of a member of management), or upon dismissal or termination of service agreement
without cause or through resignation: (i) vested options can be exercised within the maximum exercise period set
forth in the program, and (ii) unvested options shall be forfeited without right to compensation.
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
58
If the beneficiary dies or becomes permanently disabled from performing his or her normal job in
BM&FBOVESPA, the rights arising from the options can be exercised, as appropriate, by the beneficiary or his
or her heirs and successors, who may exercise such rights, whether or not the initial vesting periods have ended,
for a period of one year from the date of death or permanent disability, after which the rights shall be forfeited
without right to compensation.

Additionally, due to the merger with BM&F S.A., BM&FBOVESPA assumed the Stock Option Plan issued by
the BM&F S.A., approved at the General Meeting of Shareholders of BM&F S.A. in 2007. All the stock options
granted under the plan have vested.
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
59
Total options granted
Plan
Grant date
(dd/mm/yy)
Vesting
period until
Exercise
price (R$
per share)
Granted
Exercised and
cancelled in
prior periods
Canceled and
lapsed in the
1H13
Exercised in
1H13
Outstanding
contracts
06/30/2013
Fair value of
options at
grant date
(R$ per share)
BM&F S.A.
18/12/2007
18/12/2009
1.00 6,652,596 (6,652,596) - - - 21.81
18/12/2007
18/12/2010
1.00 6,329,396 (6,276,896) - (22,500) 30,000 21.54
18/12/2007
18/12/2011
1.00 6,244,396 (6,067,896) - (146,500) 30,000 21.32
19,226,388
(18,997,388)
-
(169,000)
60,000
2008 Program
19/12/2008
30/06/2009
5.174 1,132,966 (1,085,353) (4,400) (15,088) 28,125 3.71
19/12/2008
30/06/2010
5.174 1,132,966 (1,042,128) (3,150) (26,838) 60,850 3.71
19/12/2008
30/06/2011
5.174 1,132,959 (970,897) (625) (74,312) 87,125 3.71
19/12/2008
30/06/2012
5.174 1,132,959 (790,935) (8,025) (163,837) 170,162 3.71
4,531,850
(3,889,313)
(16,200)
(280,075)
346,262
2009 Program
01/03/2009
31/12/2009
6.60 2,486,750 (2,111,527) - (150,563) 224,660 2.93
01/03/2009
31/12/2010
6.60 2,486,750 (1,946,000) - (185,740) 355,010 2.93
01/03/2009
31/12/2011
6.60 2,486,750 (1,569,900) - (448,500) 468,350 2.93
01/03/2009
31/12/2012
6.60 2,486,750 (702,250) (100,000) (959,000) 725,500 2.93
9,947,000
(6,329,677)
(100,000)
(1,743,803)
1,773,520
2010 Program
03/01/2011
03/01/2011
12.91 3,488,000 (796,375) (100,750) (426,500) 2,164,375 4.50
03/01/2011
03/01/2012
12.91 3,488,000 (844,125) (39,875) (390,125) 2,213,875 4.50
03/01/2011
03/01/2013
12.91 3,488,000 (812,375) (42,375) (328,250) 2,305,000 4.50
03/01/2011
03/01/2014
12.91 3,488,000 (881,125) (39,750) - 2,567,125 4.50
13,952,000
(3,334,000)
(222,750)
(1,144,875)
9,250,375
2011 Program
02/01/2012
02/01/2013
10.07 3,180,500 (143,125) - (1,457,400) 1,579,975 2.79
02/01/2012
02/01/2014
10.07 3,180,500 (143,125) (56,250) (7,500) 2,973,625 2.79
02/01/2012
02/01/2015
10.07 3,180,500 (143,125) (56,250) (7,500) 2,973,625 2.79
02/01/2012
02/01/2016
10.07 3,180,500 (143,125) (56,250) (7,500) 2,973,625 2.79
12,722,000
(572,500)
(168,750)
(1,479,900)
10,500,850
Additional
02/01/2012
02/01/2015
5.04 1,336,345 (4,483) (60,083) - 1,271,779 4.19
Program
02/01/2012
02/01/2017
5.04 1,336,345 (4,482) (60,082) - 1,271,781 4.19
2,672,690
(8,965)
(120,165)
-
2,543,560
2012 Program
02/01/2013
02/01/2014
10.78 2,481,509 - (41,250) - 2,440,259 5.55
02/01/2013
02/01/2015
10.78 2,481,509 - (78,750) - 2,402,759 5.55
02/01/2013
02/01/2016
10.78 2,481,509 - (78,750) - 2,402,759 5.55
02/01/2013
02/01/2017
10.78 2,481,509 - (78,750) - 2,402,759 5.55
9,926,036
-
(277,500)
-
9,648,536
2012 Additional
02/01/2013
02/01/2016
6.74 1,098,045 - - - 1,098,045 6.98
Program
02/01/2013
02/01/2018
6.74 1,098,045 - - - 1,098,045 6.98
2,196,090
-
-
-
2,196,090
Total Plans
75,174,054
(33,131,843)
(905,365)
(4,817,653)
36,319,193
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
60
Total options exercised
BM&F S.A. Plan
Exercise month
Average market
price (R$ per
share)
Quantities
exercised
Average market
price (R$ per
share)
Quantities
exercised
Options exercised in the 1st quarter of 2013
13.98
160,000
13.70
2,604,915
Options exercised in the 2nd quarter of 2013
14.05
9,000
13.68
2,043,738
Total options exercised
169,000
4,648,653
BM&FBOVESPA Plan
Consolidated activity during the period
Quantity
Balance at December 31, 2012
29,920,085
Options granted
12,122,126
Options exercised (Note 15(b))
(2,764,915)
Options canceled and lapsed
(224,625)
Balance at March 31, 2013
39,052,671
Options exercised (Note 15(b))
(2,052,738)
Options canceled and lapsed
(680,740)
Balance at June 30, 2013
36,319,193
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
61
Dilution percentage
06/30/2013
BM&F S.A.
TOTAL
Grant date (dd/mm/yy)
18/12/2007
19/12/2008
01/03/2009
03/01/2011
02/01/2012
02/01/2012
02/01/2013
02/01/2013
Outstanding stock options
60,000
346,262
1,773,520
9,250,375
10,500,850
2,543,560
9,648,536
2,196,090
36,319,193
Shares outstanding
1,915,527,448
Dilution percentage
0.00%
0.02%
0.09%
0.48%
0.55%
0.13%
0.50%
0.11%
1.90%
BM&FBOVESPA
12/31/2012
BM&F S.A.
TOTAL
Grant date (dd/mm/yy)
18/12/2007
19/12/2008
01/03/2009
03/01/2011
02/01/2012
02/01/2012
Outstanding stock options
229,000
642,537
3,617,323
10,618,000
12,149,500
2,663,725
29,920,085
Shares outstanding
1,931,572,495
Dilution percentage
0.01%
0.03%
0.19%
0.55%
0.63%
0.14%
1.55%
BM&FBOVESPA


Effects arising from the exercise of options
1H13
1H12
Amount received from the exercise of options
42,811
14,213
(-) Cost of treasury shares disposed of
(48,682)
(36,594)
Effect from disposal of shares
(5,871)
(22,381)
Option pricing model

To determine the fair value of the options granted, BM&FBOVESPA took into account in a consistent manner the
following aspects:
a)
The model of stock options granted by BM&FBOVESPA permits the early exercise from a future vesting
date occurring between the grant date and the expiry date;
b)
The shares underlying the options pay dividends between the grant date and the expiry date.

Accordingly, these options have characteristics of the European model (early exercise is not allowed) until the
vesting date and characteristics of the American model (possibility of early exercise) between the vesting date and
the expiry date. This type of option is known as Bermuda or Mid-Atlantic style options and their price must be
between the price of a European option and the price of an American option with similar characteristics. In
relation to the dividend payment, there are two impacts on the price of this option: (i) the fall in share prices after
the dates on which they become ex-dividend, and (ii) the influence of such payments on the decision to exercise
the option early.

Considering the aspects above, a modified Binomial method (Cox-Ross-Rubinstein) was used to determine the
fair value of the options granted, considering two distinct periods for the possibility of early exercise (before and
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
62
after the vesting dates). This method produces results which are equivalent to the results of the Black & Scholes
model for non-complex European options, having the advantage of combining the characteristics of early exercise
and dividend payment associated with the stock option at issue.

The main assumptions used in pricing the options were:
a)
The options were valued based on the market parameters effective on each of the grant dates of the different
plans;
b)
To estimate the risk-free interest rate, the future interest contracts negotiated for the maximum exercise
period of the options were considered;
c)
Since BM&FBOVESPA was a recently listed entity at the time the BM&F S.A. plan was granted and the
BM&FBOVESPA plan was granted for the first time, historical volatility did not provide sufficient
information on share volatility, considering the contractual term for exercising the options. As a result,
BM&FBOVESPA used the implied volatility of similar entities (international stock exchanges) as a basis for
estimating the volatility of its shares over periods in which liquidity was sufficient to guarantee the quality of
the data gathered;
d)
In order to determine the volatility applied by the pricing model of the second to fifth grants of the
BM&FBOVESPA plan, three measures commonly employed in finance were evaluated: (i) implied
volatility, (ii) volatility estimated via autoregressive model (GARCH) and; (iii) volatility estimated via
exponential weighted moving average (EWMA). Although the exclusive use of implied volatilities, i.e.
volatilities computed based on observable market prices offers more accurate estimates, stock options trading
had low
liquidity on the dates of grant and lower maturities. Thus, BM&FBOVESPA used the average
between the implied volatility observed and the estimated volatility via EWMA model to estimate the
volatility of its shares, since the results obtained from using the GARCH model were not satisfactory;
e)
The share prices were adjusted in order to reflect the impact of dividend payments; and
f)
The maximum period for exercising the options granted was used as expiry date of the options.
Other usual assumptions related to option pricing models, such as inexistence of arbitrage opportunities and
constant volatility over time were also considered in the calculation.
b.
Private pension plan

The private pension plan "Fundo de Pensão Multipatrocinado das Instituições do Mercado Financeiro e de
Capitais (MERCAPREV)" is structured as a defined contribution plan and is sponsored by the following entities:
Ancord, BM&FBOVESPA, Sindival and the brokerage firms Souza Barros and Talarico, with voluntary
participation open to all employees.

The participant's monthly contribution is the sum of 1% contribution of a "Unidade Previdenciária ­ UP"
(equivalent to R$ 3,000.00 and adjusted through bargaining agreement) plus the percentage chosen by the
employee between 1% to 7% of the value above one "UP" up to the limit of the participant's salary. The
sponsor's monthly contribution is a 100% match of the value chosen by the participant. BM&FBOVESPA has no
obligation to make payments in addition to its contribution as a sponsor. In the event of termination of
employment prior to the expected retirement date, the participant may keep the plan under the rules established by
the regulation or request the enrollment cancellation, in which case he or she may opt for: (i) the portability of
100% of the balance of the reserves composed of the participant's contributions and according to the length of
employment, up to 90% of the balance of the reserves composed of contributions from the sponsor, or (ii) the
redemption of 100% of the balance of the reserves composed of contributions from the participant and according
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
63
to the length of employment, up to 50% of the balance of the reserves composed of contributions from the
sponsor. In any of the options above there is no additional cost to BM&FBOVESPA.
c.
Post-retirement health care benefit

BM&FBOVESPA maintains a post-retirement health care plan for a group of former employees.

As of June 30, 2013, the actuarial liabilities related to this plan was R$28,803 (R$ 27,533 at December 31, 2012),
calculated using the following assumptions at December 31, 2012:
Discount rate
4.00% p.a.
Economic inflation
4.50% p.a.
Medical inflation
3.00% p.a.
Mortality table
AT-2000

Average life expectancy in years of a pensioner retiring at age 65 is as follows:
Retirement today (age 65)
20 years
Retirement in 25 years (age 40 today)
20 years

The sensitivity of the actuarial liability of the health care plan at December 31, 2012 to changes in key
assumptions is as follows:
Change in actuarial assumptions
Impact on liabilities
Increase of 1.00%
5,223
Decrease of 1.00%
(4,169)

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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
64
19
Income and social contribution taxes
a.
Deferred income and social contribution taxes

The balances of deferred tax assets and liabilities are as follows:
BM&FBOVESPA and Consolidated
Description
06/30/2013
12/31/2012
Tax, civil and labor contingencies
15,684
12,402
Tax loss carryforwards
25,678
29,107
Exchange rate variation on issuance of debt abroad
94,073
58,262
Other temporary differences
29,555
32,515
Total deferred tax assets
164,990
132,286
Goodwill amortization (1)
(2,017,523)
(1,739,699)
Other
98
55
Total deferred tax liabilities
(2,017,425)
(1,739,644)
Net deferred tax
(1,852,435)
(1,607,358)
(1)
Deferred income tax and social contribution liabilities arising from temporary differences between the tax basis of
goodwill and its carrying value on the balance sheet, considering that goodwill is still amortized for tax purposes, but is
no longer amortized for accounting purposes as from January 1, 2009, resulting in a tax base smaller than the carrying
value of goodwill. This temporary difference may result in amounts becoming taxable in future periods, when the
carrying amount of the asset will be reduced or liquidated, this requiring the recognition of a deferred tax liability.

Changes in deferred tax assets and liabilities during the six-month period:
BM&FBOVESPA and Consolidated
12/31/2012
Debit(credit) to
income statement
Debit(credit) to
comprehensive
income
06/30/2013
Deferred tax assets
Tax, civil and labor contingencies
12,402
3,282
-
15,684
Tax loss carryforwards
29,107
(3,429)
-
25,678
Exchange rate variation on issuance of debt abroad
58,262
-
35,811
94,073
Other temporary differences
32,515
(2,960)
-
29,555
Total deferred tax assets
132,286
(3,107)
35,811
164,990
Deferred tax liabilities
Goodwill amortization
(1,739,699)
(277,824)
-
(2,017,523)
Other
55
43
-
98
Total deferred tax liabilities
(1,739,644)
(277,781)
-
(2,017,425)
Net deferred tax
(1,607,358)
(280,888)
35,811
(1,852,435)
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
65
b.
Estimated realization period

The deferred income and social contribution tax assets arising from temporary differences are recorded in the
books taking into consideration their probable realization, based on projections of future results prepared based on
internal assumptions and future economic scenarios that may, accordingly, not materialize as expected.

Deferred tax assets (including tax loss carryforwards of R$25,678) are expected to be realized in the amount of
R$33,735 within one year and R$131,255 after one year and realization of deferred liabilities is expected to occur
after one year. At June 30, 2013, the present value of the deferred tax assets, considering their expected
realization, is R$125,491.

Since the income and social contribution tax bases arise not only from the profit that may be generated, but also
from the existence of nontaxable income, nondeductible expenses, tax incentives and other variables, there is no
immediate correlation between BM&FBOVESPA net income and the income subject to income and social
contribution taxes. Therefore, the expectation of the use of deferred tax assets should not be considered as the
only indicator of future income of BM&FBOVESPA.

The balance of goodwill that is deductible for income and social contribution tax purposes is R$7,223,167 at
June 30, 2013 (R$8,040,296 at December 31, 2012).

The realization of the deferred tax liabilities will occur as the difference between the tax basis of goodwill and its
carrying amount is reversed, that is, when the carrying value of goodwill in the balance sheet is either reduced or
liquidated.
c.
Reconciliation of income and social contribution tax expense

The reconciliation of income and social contribution tax charges presented in the income statements (individual
and consolidated) with the amount that results from applying the statutory rate is as follows:
background image
BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
66
BM&FBOVESPA
2013
2012
2nd quarter
Accumulated
2nd quarter
Accumulated
Net income before income tax and social contribution
516,517
938,334
471,151
909,880
Income tax and social contribution before additions and
exclusions, computed at the statutory rate of 34%
(175,616)
(319,034)
(160,191)
(309,359)
Additions:
(25,380)
(49,822)
(25,042)
(48,075)
Stock option plan
(2,666)
(5,344)
(2,773)
(5,625)
Non-deductible expenses - permanent (1)
(22,714)
(44,478)
(22,269)
(42,450)
Exclusions:
35,308
48,324
14,922
28,584
Equity pickup
18,308
31,324
14,922
28,584
Interest on equity
17,000
17,000
-
-
Other
6
8
(758)
(522)
Income tax and social contribution
(165,682)
(320,524)
(171,069)
(329,372)
Consolidated
2013
2012
2nd quarter
Accumulated
2nd quarter
Accumulated
Net income before income tax and social contribution
517,474
939,955
472,069
911,788
Income tax and social contribution before additions and
exclusions, computed at the statutory rate of 34%
(175,941)
(319,585)
(160,504)
(310,008)
Additions:
(25,055)
(49,514)
(25,209)
(47,998)
Stock option plan
(2,666)
(5,344)
(2,773)
(5,625)
Non-deductible expenses - permanent (1)
(22,389)
(44,170)
(22,436)
(42,373)
Exclusions:
34,463
47,095
14,399
27,158
Equity pickup
17,463
30,095
14,399
27,158
Interest on equity
17,000
17,000
-
-
Other
6
8
(758)
(522)
Income tax and social contribution
(166,527)
(321,996)
(172,072)
(331,370)
(1)
Refers mainly to R$31,648 of recoverable income tax paid abroad (Note 7).



d.
Taxes recoverable and prepaid
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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
67
Taxes recoverable and prepaid are as follows:
BM&FBOVESPA
Description
06/30/2013
12/31/2012
Prepaid IRPJ/CSLL - current year
-
24,797
IRRF - Short-term investments - current year
22,415
46,924
IRPJ/CSLL tax losses - prior years
102,580
79,425
Taxes paid abroad
17,402
17,402
PIS/Cofins
12,443
11,017
Other taxes
2,426
877
Total
157,266
180,442
Consolidated
Description
06/30/2013
12/31/2012
Prepaid IRPJ/CSLL - current year
-
24,797
IRRF - Short-term investments - current year
22,415
46,924
IRPJ/CSLL tax losses - prior years
102,580
79,425
Taxes paid abroad
17,402
17,402
PIS/Cofins
12,447
11,017
Other taxes
2,455
893
Total
157,299
180,458

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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
68
20
Revenue
BM&FBOVESPA
2013
2012
2nd quarter
Accumulated
2nd quarter
Accumulated
Trading and/or settlement system - BM&F
268,830
490,598
239,634
441,281
Derivatives
263,171
479,460
235,351
432,936
Foreign exchange
5,655
11,130
4,277
8,331
Securities
4
8
6
14
Trading and/or setllement system - Bovespa
289,491
545,661
268,701
532,132
Trading - trading fees
50,031
109,711
63,765
126,406
Transactions - clearing and settlement
227,445
420,813
196,550
396,110
Other
12,015
15,137
8,386
9,616
Other revenues
101,873
197,089
86,522
173,793
Securities lending
29,512
54,130
18,747
39,860
Securities listing
12,351
23,765
11,748
23,464
Depository, custody and back-office
29,017
56,339
25,157
48,854
Trading participant access
12,516
25,743
13,072
25,267
Vendors - quotations and market information
17,233
33,992
17,380
33,074
Other
1,244
3,120
418
3,274
Deductions
(68,427)
(127,546)
(61,584)
(118,680)
PIS and Cofins
(60,137)
(112,186)
(54,240)
(104,512)
Taxes on services
(8,290)
(15,360)
(7,344)
(14,168)
Revenue
591,767
1,105,802
533,273
1,028,526


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BM&FBOVESPA S.A. ­ Bolsa de Valores, Mercadorias e Futuros
Notes to Quarterly Information
at June 30, 2013
(All amounts in thousands of reais unless otherwise stated)
69
Consolidated
2013
2012
2nd quarter
Accumulated
2nd quarter
Accumulated
Trading and/or settlement system - BM&F
268,830
490,598
239,634
441,281
Derivatives
263,171
479,460
235,351
432,936
Foreign exchange
5,655
11,130
4,277
8,331
Securities
4
8
6
14
Trading and/or setllement system - Bovespa (1)
289,491
545,661
268,701
532,132
Trading - trading fees
50,031
109,711
63,765
126,406
Transactions - clearing and settlement
227,445
420,813
196,550
396,110
Other
12,015
15,137
8,386
9,616
Other revenues
110,478
213,126
94,910
190,252
Securities lending
29,512
54,130
18,747
39,860