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3Q11 EARNINGS
November 9
th
, 2011
3Q11 EARNINGS
November 9
th
, 2011
1
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Forwardlooking Statements
This presentation may contain certain statements that express the management's expectations, beliefs and assumptions
about future events or results, Such statements are not historical facts, being based on currently available competitive,
financial and economic data, and on current projections about the industries BM&FBovespa works in,
The verbs "anticipate," "believe," "estimate," "expect," "forecast," "plan," "predict," "project," "
target" and the like are
intended to identify these forwardlooking statements, which involve risks and uncertainties that could cause actual results
to differ materially from those projected in this presentation and do not guarantee any future BM&FBovespa performance,
The factors that might affect performance include but are not limited to: (i) market acceptance of BM&FBOVESPA services;
The factors that might affect performance include, but are not limited to: (i) market acceptance of BM&FBOVESPA services;
(ii) volatility related to (a) the Brazilian economy and securities markets and (b) the highlycompetitive industries
BM&FBovespa operates in; (iii) changes in (a) domestic and foreign legislation and taxation and (b) government policies
related to the financial and securities markets; (iv) increasing competition from new entrants to the Brazilian markets; (v)
ability to keep up with rapid changes in technological environment, including the implementation of enhanced functionality
y
p p
p
g
g
,
g
p
y
demanded by BM&FBovespa customers; (vi) ability to maintain an ongoing process for introducing competitive new
products and services, while maintaining the competitiveness of existing ones; (vii) ability to attract new customers in
domestic and foreign jurisdictions; (viii) ability to expand the offer of BM&FBovespa products in foreign jurisdictions,
All forwardlooking statements in this presentation are based on information and data available on the date they were
made, and BM&FBovespa undertakes no obligation to update them in light of new information or future development,
This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be
any sale of securities where such offer or sale would be unlawful prior to registration or qualification under the securities
law, No offering shall be made except by means of a prospectus meeting the requirements of the Brazilian Securities and
Commission (CVM) Instruction 400 of 2003 as amended
Commission (CVM) Instruction 400 of 2003, as amended,
2
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3Q11 highlights
Focus on cost control and return to shareholders
Financial and Operational highlights
Volumes growth (3Q11 vs. 3Q10): 15.5% higher in BM&F seg and 11.7% in
Net Revenues: R$494MM(3Q10: R$489MM)
(up 0.9%)
BOVESPA seg
HFT hits alltime high on record: 7.8% in BM&F seg and 10.3% in BOVESPA seg
Shareholder return: 9M11 dividends and buybacks reached R$1.3 bn
(
$
h
)
(up 0.9%)
Adj Expenses.
1
: R$136MM (3Q10: R$146MM)
(down 6.6%)
(~ R$0.65 per share). In 3Q11:
·
Dividends: R$233.6 million, 80% of 3Q11 net income
·
Buybacks: R$250 million (27.3 million shares)
Adj Net Income.
2
: R$400MM (3Q10: R$389MM)
(up 2.7%)
Budgeted OPEX and CAPEX for 2011 revised down
Strategic Projects
New fee structure eliminates previous crosssubsidies strengthens
Adj EBITDA
3
: R$356MM(3Q10: R$344MM)
(up 3.4%)
New fee structure eliminates previous cross subsidies, strengthens
competitive position and aligns with international peers
Derivatives module for the new multiasset platform (PUMA Trading System)
successful implementation of the derivatives module
l
i
i
i
d
l
f h
h
l
f
Adj EBITDA Margin: 72.1% (3Q10: 70.4%)
Adj EPS R$0 205(3Q10 R$0 194)
Clearing integration: development of the technology infrastructure
Market making for options on single stocks: ongoing market making for
options on four single stocks and options on IBOVESPA
Adj EPS: R$0.205(3Q10: R$0.194)
(up 5.9%)
3
1
Excludes stock options plan, depreciation, allowance for doubtful accounts, and tax on dividends from CME Group.
2
Excludes deferred liability recognized in correlation
with temporary differences from amortization of goodwill for tax purposes, the impact of the stock options plan and the investment in associate (CME Group) accounted for
under the equity method of accounting, net of taxes.
3
Excludes stock option plans costs .
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2011 Budgets
Commitment to cost control
CAPEX ­ 2011 Budget
Adjusted Operating Expenses 2011 Budget
(In R$ millions)
(In R$ millions)
635
544
590
580
615
635
268
255
235
180
210
2010
2011
2011
2010
2011
(previously)
2011e
(revised)
2010
2011
(previously)
2011e
(revised)
2011 budget: revised interval down to R$180210MM
2011 budget: revised interval down to R$580590MM
2011 budget: revised interval down to R$180210MM
change of schedule of the construction of the new Data
Center
projects that require technology transfer and must be
approved by the INPI
2011 budget: revised interval down to R$580 590MM
Improved expenses tracking processes
Reprioritized activities
More stringent expenses allocation policies
4
approved by the INPI
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BOVESPA Segment Performance
Higher Volumes: increased market volatility and HFT activity growth
ADTV and Margin
3Q11 Volumes
ADTV surged 11.7% over 3Q10
6.16
6.11
6.02
5.86
5.71
8,00
10,00
Greater HFTs share of overall volume
(mainly foreigners, 3Q11 volume soared
87% from 2Q11)
Market volatility positively impacted
5.9
6.8
6.7
6.2
6.6
2 00
4,00
6,00
Market volatility positively impacted
trading volumes
0,00
2,00
3Q10
4Q10
1Q11
2Q11
3Q11
ADTV (R$ billions)
Margin in bps
9.8 p.p.
HFT: ADTV and share of trading volume
Average market capitalization and Turnover velocity
69 5%
7
3 5
48%
60.1%
61.8%
62.1%
59.7%
69.5%
3
5
7
2,0
2,5
3,0
3,5
87%
835.1
4.3%
6.1%
7.4%
10.3%
814.5
898.6
1,329.1
100,0%
120,0%
140,0%
160,0%
00 0
00,0
00,0
00,0
2.3
2.5
2.5
2.5
2.2
1
3
0,5
1,0
1,5
87%
191.4
290.8
267.2
319.3
181.5
205.0
184.1
174.6
160.0
318.6
447.3
532.9
0,0%
20,0%
40,0%
60,0%
80,0%
00,0
00,0
00,0
00,0
5
3Q10
4Q10
1Q11
2Q11
3Q11
Average Market Capitalization (BRL trillions)
Turnover Velocity
NovDec/10
1Q11
2Q11
3Q11
retail day trading (BRL millions)
local institutions day trading (BRL millions)
fgn inv day trading (BRL millions)
% of overall market
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BM&F Segment Performance
Well positioned to capture growth opportunities
1.17
1.10
1.04
1.13
1.11
1,00
1,10
1,20
1,30
ADTV in (thds of contracts) and RPC (in R$)
3Q11 Volumes
Overall ADTV up 15.5% over 3Q10
1 810
1 720
2,127
1 833
1 661
525
543
422
491
481
469
407
317
293
286
0,60
0,70
0,80
0,90
1,00
2,428
2,616
2,866
2,670
2,805
Higher volumes in BRL interest rate contracts
Record HFTs volumes, surged 67% from 2Q11
Volumes traded in minisized contracts and
t k i d
d i ti
d 71%
d 41%
1,810
1,720
,
1,833
1,661
0,40
0,50
3Q11
2Q11
1Q11
4Q10
3Q10
Interest Rates in BRL
FX Rates
Others
RPC
stock index derivatives soared 71% and 41%
from 2Q11, respectively)
HFT: ADTV (thds of contracts) and share of ADTV (%)
ADTV : Minisized and stock index (in thds of contracts)
156
101
143
BRL Interest rate contracts
FX contracts
Indexbased contracts
Minisized contracts
% in total ADTV
7.8%
420.3
77
78
77
91
84
89
88
0
77 3
148 3
39 3
37.7
43.5
45.3
68.2
82.7
93.4
83.6
94.8
178.7
4.6%
3.9%
5.0%
5.0%
251.4
251.3
197.7
211.5
67%
3Q10
4Q10
1Q11
2Q11
3Q11
Mini Contracts
Stock Indices
4.9
42.5
17.1
9.8
24.4
70.5
77.3
67.0
101.1
148.3
39.3
43.5
3Q10
4Q10
1Q11
2Q11
3Q11
6
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Revenues and Expenses Details
Consistent growth of "other revenues" and focus on costs controls
Revenues Breakdown ­ 3Q11
Other
revenues
17%
Expenses Breakdown ­ 3Q11
l
M k ti
Other
14%
Trd. /Sttmnt
­ Bovespa
seg.
revenues
17%
45%
38%
Personnel
Third Party
Serv.
Marketing
48%
14%
7%
4%
Trd. /Sttmnt
­ BM&F seg.
38%
38%
Depr./ Am.
15%
12%
R$ millions
3Q11 3Q10
Change %
3Q11 x 3Q10
Costs Control
P j
i i i
i
Data
processing
(In R$ millions)
15.1
18.9
22.3
10.1
20.7
5.5
9.4
24.5
10.1
8.5
Q
Q
Gross Operating Revenues
547.1 544.1
0.6%
BOVESPA Seg. (trd. and sttmnt.)
248.6 274.8
9.5%
Fees from trading and sttmnt. transactions 244.9 232.9
5.2%
Other (including public offering sttmnt.)
3.7
41.9
91.1%
BM&F Seg (trd and sttmnt)
205 2 186 8
9 9%
167.6
188.7
188.7
166.8
Projects re prioritization
169.6
(In R$ millions)
145.8
159.0
140.6
143.7
136.3
BM&F Seg. (trd. and sttmnt)
205.2 186.8
9.9%
Other operating revenues:
93.3
82.5
13.1%
Depositary and custody
22.9
21.4
6.6%
Securities Lending
19.8
12.7
56.1%
Market data sales
16.2
15.4
5.7%
3Q10
4Q10
1Q11
2Q11
3Q11
Adjusted Operating Expenses
Depreciation
Stock option
Others
Listings
11.2
10.9
2.6%
Other
23.1
22.0
5.0%
7
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Depreciation & Personnel Expenses
Focus on cost control and improvements in processes
Adj. Personnel
Stock Options
3Q11 vs. 3Q10: up 12.9%
Annual bargain with union of around 7%
Personnel Expenses
(In R$ millions)
5.5
9.4
24.5
10.1
8.5
g
15% increase in average headcount (mainly in IT and
business development, in line with growth strategy)
There was no headcount increase over 2011
81.0
71.7
90.3
97.5
88.2
66.2
80.9
72.9
78.0
72.4
3Q11 vs. 2Q11: 8.2% lower
Advances in the allocation of personnel expenses related
to projects increased the amount capitalized in 3Q11 to
R$8.4MM (R$5.5MM in 1Q11 and R$5MM in 2Q11); in
3Q10
4Q10
1Q11
2Q11
3Q11
(
)
addition to reversal of R$3.2MM recorded over 1H11
Reduction in Profit sharing provisions of around
R$2.9MM due mainly to market conditions
Depreciation
6.8
22.3
(In R$ millions)
3Q11 vs. 3Q10: up 37.3%
Growth resulting from higher CAPEX in 2010/11
15.1
18.9
15.5
10 1
20.7
6.8
g
g
3Q11 vs. 2Q11: up 104.8%
Due to improvements in projects accounting processes
(R$6.8MM reversion reduced 2Q11 depreciation
expenses)
10.1
3Q10
4Q10
1Q11
2Q11
3Q11
8
expenses)
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Financial Highlights
Commitment to shareholder returns
284
R$82.7 million in 3Q11: up 10.3% over 3Q10
Financial Income: R$102 0 million a 9 9% increase
Cash and Financial Investments
Financial Income
(in R$ millions)
1,270
468
269
1,487
3Q11
3,508
Financial Income: R$102.0 million, a 9.9% increase
over 3Q10, due to higher average interest rates paid
on interestearning investments
Financial Expenses: R$19.4 million, compared to
959
496
1,712
4Q10
Market participants cash collateral and others*
Restricted funds
3,435
p
p
R$17.9 million in the 3Q10, due mainly to the debt
interest
Restricted funds
Subsidiaries**
Available funds
Shareholder Returns (Payouts and Buyback Program
)
Investments (CAPEX) ­ 9M11: R$115MM
(in R$ millions)
(in R$ millions)
216.6
235.3
233 6
685.5
BuyBack
Payout
(
$
)
(in R$ millions)
1Q11
227.7
106.1
250.4
584.2
233.6
R$1,269.7
~R$0.65 per share
29
44
42
1Q11
2Q11
3Q11
9M11
*Includes collaterals pledged by participants in the form of cash, receivables and rights in securities under custody , as well as payouts still undisbursed
** Includes third party collaterals (R$142 million in the 4Q10 and R$119 million in the 3Q11) and restricted funds (R$11 million in the 4Q10 and in the 3Q11) at Banco BM&F
9
1Q11
2Q11
3Q11
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Strategic Projects
Growth initiatives and business model strengthening
Multiasset trading platform (PUMA Trading System):
State of the art in trading technology and technological independency
Derivates module successfully implemented in 2H11
Derivates module successfully implemented in 2H11
Equities market to be concluded in 2H12
Improvement to Fee Structure
Improvement to Fee Structure
Strengthening the competitive position, eliminating crosssubsidies and aligning with international
peers
Delivered: i) HFT discount policies in 2010; ii) rebalancing of trading and posttrading fees in 2011
Integration of the four BM&FBOVESPA Clearinghouses ­ efficiency and competitive advantage
Pos trading at the beneficial owner level ­ unique model among the major international markets.
Contract signed with Cinnober for new clearing system
The project development will occur throughout 2012. Integrated market testing and the start of
implementation of the new system in production are forecasted to occur in 2013
Market Making for Options on Single Stocks: 4 stocks and Ibov index already launched
Index cross listing arrangements with the CME Group and BRICS countries 'exchanges
ETFs: two new ETFs recently launched (totaling 10) growth in trading volumes
OTC: development of a new platform (contract signed with Calypso)
10
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Recent Projects
...showing results
30.7
HFTs and Colocation arrangements: ADTV
BOVESPA Segment
Market Making for Options on Single Stocks: ADTV
Single stocks: OGXP3 and ITUB4
(in R$ millions)
574
HFT via other connection models
HFT via Colocation
1,329
15.4
30.7
(in R$ millions)
613
671
755
56
199
228
574
812
899
812
899
533
JanAug 2011
Average (Sept Oct 2011)
ETFs: ADTV
Treasury Direct
477
613
671
NovDec/10
1Q11
2Q11
3Q11
50 2
ETFs: ADTV
Treasury Direct
4.000
5.000
6.000
7.000
8.000
30
40
50
60
70
Value under custody (R$ millions)
# of investors (in thousands)
(in R$ millions)
18.6
28.5
50.2
2009
2010
2011 (up to Oct 31)
1.000
2.000
3.000
10
20
30
Mega Bolsa
GTS
PUMA (2012)
Trading system performance and throughput capacity
Latency or roundtrip time (milliseconds) inside BVMF
1015
1015
<1
Processing peak (in million messages per day)
7.5
6
200*
11
* Refers to the system capacity
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Delivering Strategic Priorities
· Capture macro growth opportunities
· Despite challenging shortterm macro conditions, the Brazilian
Consistently increasing
d
capital markets offer good opportunities from which BVMF can
benefit in the long term
revenues and net income
· New trading System : PUMA Trading System (State of the art in
IT): Derivatives module implemented
· Increasing capital efficiency by integrating clearing facilities
· Rebalancing the fee structure for trading and post trade activities ­
Strengthening
competitive position
first stage completed; further studies ongoing
· Establish a diversified product mix as a driver of long term growth
I
i
i
d
d
· Establish a diversified product mix as a driver of long term growth
· Partnership with CME delivers innovation
· New Products: market makers, cross listing, ETFs and HFT
Investing in products and
partnerships
· Focus on OpEx Control ­ 2011 Opex Budget revised down
· Maximizing shareholder returns: high return combining payouts
Consistently delivering
d fi
i l
lt
g
g
g p y
and stock buybacks
sound financial results
12
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APPENDIX
13
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Income Statement Summary
R$ millions
3Q11
3Q10
Change
3Q11 / 3Q10
2Q11
Change
3Q11/2Q11
Operating Revenues Gross
547.1
544.1
0.6%
521.3
5.0%
Net Operating Revenues
493.7
489.3
0.9%
467.6
5.6%
Operating Expenses
(169.6)
(167.6)
1.2%
(166.8)
1.7%
Operating Income
324.1
321.8
0.7%
300.9
7.7%
Equity accounting
28.3
23.1
22.3%
22.1
28.1%
Financial Income
82.7
74.9
10.3%
70.8
16.7%
Income before Taxes
435 1
419 9
3 6%
393 8
10 5%
Income before Taxes
435.1
419.9
3.6%
393.8
10.5%
Net Income*
292.0
293.0
0.3%
294.2
0.7%
EBITDA
347.5
338.9
2.5%
313.2
10.9%
EBITDA Margin
70 4%
69 2%
113 bps
67 0%
340 bps
EBITDA Margin
70.4%
69.2%
113 bps
67.0%
340 bps
Adjusted Net Income
399.6
389.0
2.7%
409.2
2.3%
Adjusted earnings per share (in R$)
0.205459
0.194071
5.9%
0.208948
1.7%
d
d
Adjusted EBITDA
356.0
344.3
3.4%
323.3
10.1%
Adjusted EBITDA Margin
72.1%
70.4%
174 bps
69.1%
297 bps
Adjusted Operating Expenses
(136.3)
(145.8)
6.6%
(143.7)
5.2%
14
* Attributable to BM&FBOVESPA´s Shareholders
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Reconciliation of GAAP to Adjusted Net Income
(25 7)
124 7
3Q11 GAAP and adjusted net income reconciliation
(in R$ millions)
292.0
(25.7)
399.6
8.5
124.7
Gaap net income
Stock options
Deferred liability
Equity Accounting
Adjusted net
income
R$ millions
3Q11
3Q10
Change
3Q11 / 3Q10
2Q11
Change
3Q11/2Q11
Gaap net income*
292.0
293.0
0.3%
294.2
0.7%
(+) Stock options program
8.5
5.5
55.6%
10.1
15.7%
(+) Deferred tax liabilities
124.7
111.6
11.7%
124.7
(+) Deferred tax liabilities
() Equity accounting (net of taxes)
25.7
21.1
21.4%
19.9
29.2%
Adjusted net income
399.6
389.0
2.7%
409.2
2.3%
15
*Attributable to BM&FBOVESPA shareholders
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Deferred Tax Liabilities Accounting
No impact on cash flow
(in R$ millions)
+18
Deferred tax liabilities
Deferred tax credits
111
99
142
Deffered income tax
and social contribution
124
124,7
124,7
13
26
1Q11
2Q11
3Q11
16
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Reconciliation of Adjusted Operating Expenses
R$ millions
3Q11
3Q10
Change
3Q11 / 3Q10
2Q11
Change
3Q11/2Q11
l
Total Expenses
169.6
167.6
1.2%
166.8
1.7%
() Depreciation
20.7
15.1
37.3%
10.1
104.8%
() Stock options plan
8.5
5.5
55.6%
10.1
15.7%
() Tax related to CME dividends
2.6
2.0
31.9%
2.2
18.1%
() Provision for doubtful account
1.4
0.8
266.7%
0.6
146.4%
Adj t d E
136 3
145 8
6 6%
143 7
5 2%
Adjusted Expenses
136.3
145.8
6.6%
143.7
5.2%
17
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Balance Sheet
In R$ millions
ASSETS
09/30/2011
12/31/2010
LIABILITIES AND SH. EQUITY
09/30/2011
12/31/2010
Current assets
2,198.4
2,547.6
Current liabilities
1,605.2
1,416.2
Cash and cash equivalents
139.5
104.0
Collateral for transactions
1,222.3
954.6
Financial investments
1,861.8
2,264.4 Others
382.9
461.6
Others
197.1
179.2
Noncurrent liabilities
2,254.0
1,798.7
Noncurrent assets
20,946.6
20,086.4
Financing
1,125.4
1,010.1
L
t
i bl
1 683 6
1 216 8
D f
d I
T
d S i l C
ib
1 061 4
732 1
Longterm receivables
1,683.6
1,216.8
Deferred Inc. Tax and Social Contrib.
1,061.4
732.1
Financial investments
1,506.8
1,066.9 Others
67.2
56.6
Others
176.8
149.9
Investments
2,618.0
2,286.5
Shareholders' equity
19,285.8
19,419.0
Property and equipment
352.4
367.1
Capital
2,540.2
2,540.2
Capital reserve
16,679.7
16,662.5
Intangible assets
16,292.7
16,215.9 Others
49.4
200.0
Mi
it i t
t i
b idi i
16 4
16 3
Minority interest in subsidiaries
16.4
16.3
TOTAL ASSETS
23,145.0
22,634.0
TOTAL LIAB. AND SHAREHOLDERS'
EQUITY
23,145.0
22,634.0
18
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BOVESPA Segment: Operational Performance
Market
3Q11
3Q10
2Q11
3Q11/3Q10
(%)
3Q11/2Q11
(%)
Stocks and Equity Derivatives
6,597.9
5,904.5
6,205.8
11.7%
6.3%
h
k
%
%
ADTV (R$ millions)
Cash market
6,216.8
5,508.2
5,857.3
12.9%
6.1%
Equities Derivatives
381.1
396.4
348.5
3.8%
9.4%
Forward market
93.4
132.0
121.3
29.2%
23.0%
Options market (stocks / indexes)
287.8
264.4
227.2
8.8%
26.6%
Fixed income and other
1.8
1.3
1.3
40.8%
39.2%
Market
3Q11
3Q10
2Q11
3Q11/3Q10
(%)
3Q11/2Q11
(%)
Total
6,599.7
5,905.8
6,207.1
11.7%
6.3%
Average daily number of trades
(%)
(%)
Stocks and Equity Derivatives
627,727
416,700
503,616
50.6%
24.6%
Cash market
540,584
338,481
422,148
59.7%
28.1%
Equities Derivatives
87,143
78,219
81,467
11.4%
7.0%
Forward market
975
1,390
1,277
29.9%
23.7%
O i
k
(
k / i d
)
86 168
76 829
80 190
12 2%
7 5%
Options market (stocks / indexes)
86,168
76,829
80,190
12.2%
7.5%
Fixed income and other
14
12
13
17.2%
2.7%
Total
627,741
416,712
503,629
50.6%
24.6%
Trading margins (basis points)
Market
3Q11
3Q10
2Q11
Stocks and Equity Derivatives
5.704
6.147
5.857
Cash Market
5.199
5.605
5.395
Equities Derivatives
13.930
13.680
13.627
Forward Market
14.232
12.998
12.998
Options Market
12.998
14.020
13.963
Total BOVESPA
5.708
6.162
5.862
19
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BM&F Segment: Operational Performance
3Q11
3Q10
2Q11
3Q11/3Q10
(%)
3Q11/2Q11
(%)
I t
t R t
i BRL
1 810 3
1 661 0
1 719 8
9 0%
5 3%
ADTV (thousands of contracts)
Interest Rates in BRL
1,810.3
1,661.0
1,719.8
9.0%
5.3%
FX Rates
525.0
481.3
543.4
9.1%
3.4%
Stock Indices
143.4
84.4
101.4
69.9%
41.4%
Interest Rates in USD
142.7
95.8
186.8
49.0%
23.6%
Commodities
17.0
15.0
15.2
13.6%
11.7%
Mini Contracts
155.6
76.5
91.2
103.3%
70.5%
OTC
10.6
14.1
12.3
25.2%
14.4%
Total
2,804.5
2,428.1
2,670.2
15.5%
5.0%
Total
2,804.5
2,428.1
2,670.2
15.5%
5.0%
RPC (R$)
3Q11
3Q10
2Q11
3Q11/3Q10 3Q11/2Q11
3Q11
3Q10
2Q11
(%)
(%)
Interest Rates in BRL
0.981
0.951
0.930
3.1%
5.5%
FX Rates
1.780
1.989
1.847
10.5%
3.6%
Stock Indices
1.500
1.499
1.753
0.1%
14.4%
Stock Indices
1.500
1.499
1.753
0.1%
14.4%
Interest Rates in USD
0.871
1.076
0.893
19.0%
2.4%
Commodities
1.894
2.181
1.948
13.2%
2.8%
Mini Contracts
0.121
0.125
0.137
3.0%
11.2%
OTC
1.658
1.687
1.682
1.7%
1.4%
Total
1.112
1.167
1.127
4.7%
1.3%
20
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BM&FBOVESPA IR
BM&FBOVESPA ­ IR
Website: www.bmfbovespa.com.br/ir
Phone: 55 11 2565
Phone: 55 11 2565
4007/4728/4729/4418/4834
Email: ri@bmfbovespa.com.br