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1
BM&F BOVESPA PRESENTATION
Mar 2009
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2
Forward Looking 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 fact, being based on
currently available competitive, financial and economic data, and on current projections about the
industries BM&F Bovespa S.A. works in.
The verbs "anticipate," "believe," "estimate," "expect," "forecast," "plan," "predict," "project," "target"
and other similar verbs are intended to identify these forward-looking 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 of BM&F Bovespa S.A. performance.
The factors that might affect performance include, but are not limited to: (i) market acceptance of BM&F
Bovespa SA services; (ii) volatility related to (a) the Brazilian economy and securities markets and (b)
the highly-competitive industries that BM&F Bovespa S.A. 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
demanded by BM&F Bovespa SA 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&F Bovespa S.A. products in foreign jurisdictions.
All forward-looking statements in this presentation are based on information and data available as of the
date they were made, and BM&F Bovespa SA 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 Commission CVM Instruction 400 of 2003, as
amended.
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3
FINANCIAL DATA
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4
Financial Highlights
2008 Adjusted and 2007 Pro Forma
Net Revenues
(R$ Millions)
360.8
434.2
404.7
3Q07
2Q08
3Q08
962.4
1,231.6
9M07 9M08
12.2%
28.0%
EBITDA Margin
(%)
8.5 bp
62.0%
68.0% 68.1%
3Q07
2Q08
3Q08
59.6%
9M07
9M08
6.1 bp
Adjusted Net Income
(R$ Millions)
Excludes goodwill amortization and non-recurring expenses
44.8%
54.6%
204.3
218.7
315.9
3Q07
2Q08
3Q08
528.3
764.9
9M07 9M08
68.1%
Net Income
(R$ Millions)
Excludes non-recurring expenses
19.5%
14%
204.3
165.2
3Q07
2Q08
3Q08
528.3
631.1
9M07 9M08
232.9
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Revenues Breakdown
Bovespa Segment
(R$ millions)
232.5
309.3
264.6
3Q07
2Q08
3Q08
577.4
844.4
9M07 9M08
13.8%
6.2%
Other Revenues
(R$ millions)
14.4%
31.2%
12.1
12.9
15.8
3Q07
2Q08
3Q08
35.8
40.9
9M07 9M08
BM&F Segment
(R$ millions)
19.5%
8.3%
157.4
161.3
3Q07
2Q08
3Q08
528.3
631.1
9M07 9M08
170.4
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6
Pricing policy for BM&F and Bovespa
segments - Schedule
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7
Operating Expenses Breakdown
Total
(R$ millions)
145.6
146.7
137.2
3Q07
2Q08
3Q08
414.2
416.4
9M07 9M08
-5.8%
0.5%
Third Party Services
(R$ millions)
5.7%
12.1
10
11.5
3Q07
2Q08
3Q08
29
9M07
9M08
-5.3%
Data Processing
(R$ millions)
10.6%
1.1%
36.5
41.6
36.8
3Q07
2Q08
3Q08
103.1
114
9M07 9M08
30.7
Personnel
(R$ millions)
2.4%
-4.4%
57.9
57
3Q07
2Q08
3Q08
163.4
167.3
9M07 9M08
55.4
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Main Impacts on the Income Taxes
(1)
Refers to the tax loss used to compensate the taxable income obtained in September 2008
R$ Millions
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Deferred Asset
(1)
There will be additional deferred tax credits, to be registered considering the goodwill
amortization for Bovespa Holding for the period of October and November/08, of R$ 27.9 million
(2)
Related to the 30% of the forecasted pre tax income of BVSP (former Bovespa Holding) for
October and November/08
(3)
Due to provisions created for employee's compensation and third party expenditures
(4)
Credits generated during the fiscal year of 2007
R$ Millions
Event
Deferred Asset
Goodwill Amortization
(1)
202.8
68.9
Tax Loss carry forward - Bovespa
Holding
(2)
33.5
11.4
Temporary Provisions
(3)
17.1
5.8
Impact on 2008 earnings
253.4
86.2
Others
(4)
10.6
3.6
Total Deferred Tax Assets
264.0
89.8
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Interest Income Breakdown
NOTE: The loan obtained with Bradesco Bank was entirely paid in November 11
th
, 2008.
(1)
Composed mainly of the remuneration of BM&FBOVESPA's total cash, including both proper and collaterals
deposited in cash.
(2)
Payment of taxes regarding Interest on Capital received by BM&FBOVESPA from BOVESPA HOLDING
(3)
Payment of taxes regarding Interest on Capital received by BOVESPA HOLDING from BVSP and CBLC
R$ Millions
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11
Pro Forma Income Statements
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Total amount of shares Fully
Diluted (thousands)
Earnings per Share Calculation Pro Forma
Earnings per share (R$)
3Q08
0.116
9M08
0.310
Adjusted earnings per share (R$)
Total amount of shares (thousands)
2,044,014
2,044,014
Earnings per share (R$)
0.115
0.309
Adjusted earnings per share (R$)
0.155
0.375
0.154
0.374
2,038,073
2,038,073
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Reconciliation of 9M08 Consolidated
Adjusted Results
Minority Interest
(961)
(961)
Reported
Income Before Taxes
Operating Result
Adjusted Net Margin by Goodwill
Adjusted Net Income by Goodwill
Income Tax and Social Contribution
Non-Operating Income
Financial Income, net
Goodwill Amortization
EBITDA Margin
EBITDA
Operating Margin
Operating Expenses
Net Revenues
815,167
672,277
838,897
696,007
68.1%
56.5%
(304,445)
(262,438)
14,922
14,922
222,993
222,993
(202,763)
(416,408)
(559,298)
1,231,574
1,231,574
R$ Thousands
54.6%
66.2%
(202,763)
707,428
850,318
Non Recur.
Adjusted
Net Margin
Net Income
51.2%
43.1%
631,090
530,206
66,243
90,405
66,243
(24,162)
90,405
90,405
90,405
90,405
90,405
90,405
(24,162)
66,243
147,348
Deferred Tax Credits
(86,177)
(86,177)
(24,162)
(24,162)
142,890
142,890
142,890
(42,007)
100,884
100,884
664.030
764.914
53.9%
62.1%
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-6.5%
39.7%
-37.3%
-22.7%
9.5%
Board Compensation
Taxes
Marketing
Supplies
Communication
Maintenance
Third Party Services
Depreciation & Amortization
Data Processing
Personnel
Leases
2Q08
Var%
3Q08x2Q08
Others
Total
56,966
1,685
3,270
2,020
7,824
1,200
4,984
9,962
41,618
1,096
8,152
146,700
7,923
-14.0%
-9.1%
15.1%
1.3%
-12.0%
-2.8%
-213.7%
-32.0%
Expenses Pro Forma
BRL thousands
1,200
3Q08
11,389
137,158
55,364
36,843
11,470
2,972
4,287
928
5,324
(1,916)
1,267
8,030
Var%
3Q08x3Q07
-5.8%
18.5%
-
-19.4%
30.0%
21.2%
-17.0%
-5.3%
-6.4%
1.1%
-4.4%
-176.2%
-42.2%
2,513
9,216
1,151
3,538
3,580
12,111
8,580
36,456
57,895
3Q07
-
9,609
923
145,572
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Consolidated Corporate Earnings
Minority Interested
Net Income Before Tax
Operating Result
Income Tax and Social Cont.
Non Operating Result
Financial Result
Goodwill Amortization
EBITDA Margin
EBITDA
Operational Margin
Operating Expenses
Net Revenues
R$ Thousands
Net Margin
Net Income
Deferred Income and Soc Cont.
(354)
3Q08
215,033
223,063
55.1%
(46,935)
4,080
67,956
(121,658)
(189,642)
404,675
53.1%
165,411
49.7%
200,970
82,848
(961)
9M08
672,277
696,007
56.5%
(262,438)
14,922
222,993
(202,763)
(559,298)
1,231,574
54.6%
707,428
43.1%
530,206
86,177
1H08
(607)
457,243
472,944
57.19%
(215,503)*
10,842
155,037
(81,105)
(369,656)
826,899
55.3%
542,017
39.8%
329,236
3,329
The amount of deferred tax credits ,by the end of 1H08, was aggregated in
the Income Taxes payable
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Balance Sheet as of 09/30/2008
573,722
1,110,351
2,408,035
2,055,229
20,753,426
20,753,426
Other Credits
Total Assets
Permanent
Cash and Cash Equivalent
Long Term Assets
Current
17,759,920
585,471
352,806
Fixed
Investments
242,406
1,317,372
Intangible
16,182,148
Deferred
17,994
Assets
(R$ Thousands)
Short Term Debt
Total Liabilities and Equity
Long Term Liabilities
Cash Collateral
Others
Current
95,923
388,389
148,240
Stockholders' Equity
Minority Interest
19,531,880
15,272
Liabilities and Stockholders' Equity
(R$ Thousands)
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THE NEW COMPANY
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To become an integrated exchange, offering
a full range of services, one stop shop
To offer innovative and multi asset class
products and the state of the art in trading
and clearing
To be a global player and the hub for Latin
America securities
Main Goals
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Market Data
Indices Licensing
Software Licensing
Complete Array of Services
High Competitive Edge
Business Model By Revenues
Cash Market Trading - shares, bonds and FX
Listing
Derivatives Market Trading
Depository
Securities Lending
Clearing and Settlement
Custody
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Regulation in Brazil demands that all trades carried in exchanges
must be matched at the beneficial owner level
Internalization of orders is not allowed
Our clearing houses act as central counterparty agents and we
have the risk management at the investor level with mark to
market (margin variation calls) done on daily basis
All trades must be carried through a brokerage house (clearing
agent), which is responsible for their clients risk and know your
client policies
Current regulation requires settlement, clearing and depository
services to be provided to third parties on a commercial basis
Regulatory Environment
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Risk Calculation and Collateral Pledged
Risk calculation in almost real time (calculated every 15 minutes),
updating the registered transactions and the requirement of
additional collateral whenever necessary.
Risk calculation based on stress testing.
When it comes to the Equities Clearinghouse (CBLC) and
Derivatives
Clearinghouses,
risk
calculation
and
collateral
requirement are performed individually, according to each client or
final beneficial owner.
Collateral pledged in the Clearinghouse's custody account, with
segregation between the different clients.
Legal Protection of Pledged Collateral
Legal protection of the collateral held by clearinghouses against
bankruptcy procedures and judicial blocking attempts by creditors
Risk calculation and Pledge of Collateral
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Risk Management - Collaterals
R$ billions
Clearings
Deposited
Required
Derivatives
93.8
73.5
Cash Equities
22.7
13.5
FX
3.8
1.1
Fixed Income
1.4
0.1
Total in BRL
Date: March 2
nd
, 2009
Public Bonds
Letters of Credit
Others*
85.9
2.6
5.3
70.4
0.7
2.4
Total in USD
121.7
50.5
88.2
36.6
* Collateral deposited in shares of stocks, bank CDs, gold, cash and quotes of funds
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Settlement directly with Central Bank of Brazil
Even though the Clearinghouses are not banks, they have an
exclusive settlement account in the Central Bank of Brazil to settle their
transactions
The direct settlement with the Central Bank of Brazil avoids the
Clearinghouse's exposure of credit risk offered by financial institutions.
Short Selling
When it comes to Equities Clearinghouse (CBLC), short selling occurs
when an investor sells a security lent by another investor. The decision
of lending shares is taken at the beneficiary owner level, who is
entitled to the returns generated by the transaction.
The borrowing of securities is centralized in the Clearinghouse, with
collateral requirement higher than the security value (100%, plus
amount equivalent to the security price variation risk) and daily mark
to market.
The Clearinghouse plays the role of the central counterparty,
guaranteeing the return of borrowed securities.
Settlement and Short Selling
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BSM
CBLC
50%
100%
50%
Brazilian
Commodities
Exchange
BM&F USA
BM&F Settlement
Bank
100%
100%
50%
86%
BVSP
Ex-Bov.Holding
Corporate Structure Evolution
BVRJ
100%
Brazilian
Commodities
Exchange
BM&F BOVESPA
USA
BM&F Settlement
Bank
100%
100%
50%
99%
BVRJ
BSM
86%
Previous Structure
Current Structure
1 Quota
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Simplified the corporate and governance structures, fulfilling the
regulatory requirements
New Accounting law (11,638/07) will bring the BRGAAP closer to the
IFRS, which will be fully required for the financial statements of 2010
2008: The current corporate/accounting law requires the
amortization of the goodwill for P&L purposes
BRL 202.8 million already recorded until Sep. 30
th
,2008
BRL 121.6 million to be recorded until the end of the year, being
deductible R$ 41.2 million correspondent to December/08
TOTAL: BRL 324.4 million
2009 onwards: The company will adopt the IFRS standards
No goodwill amortization for P&L purposes
Purchase Price Allocation of the Goodwill to be divided between:
Market value of the assets ( Tangible / Intangibles ) non tax
deductible
Expectation of future earnings
Corporate Restructuring
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With the incorporation of BVSP and CBLC in BM&FBovespa
(General Meeting held on November 28
th
,2008)
Goodwill became tax deductible recognized in the corporate
book in Dec,2008, and, starting from 2009, registration will
occur in the tax report
Intangibles annually impaired to Market value (2009)
Interest on Equity Capital
Equity basis has been increased after the integration, which
raises the Interest on Equity potential value
Corporate Restructuring
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Recent Acquisitions from comparable
Exchanges
Source: Deloitte Touche Tohmatsu
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Simulation - Goodwill Amortization
according to IFRS
The goodwill expense is not registered for corporate purposes
Goodwill expense runs in the Tax Income Statement, and then goes to the
corporate base
Higher net profit, increasing dividend distribution
Description
Amount
Description
Amount
Revenues
100
Revenues
100
Expenses
(40)
Expenses
(40)
Goodwill Amortization
(50)
Pre Tax Income
60
Pre Tax Income
10
Taxes
(3)
Taxes
(3)
NET PROFIT
57
Effective tax rate
6%
Official tax rate
34%
CORPORATE
TAX
(Base for dividend distribution)
(Base for tax calculation)
INCOME STATEMENT
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INTEGRATION
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Synergy of Headcount
Full employees
Outsourced
Total
-14.3%
May/08
1,388
440
1,828
387
1,427
1,814
298
1,189
1,487
Nov/08
Jul/08
%
-32.3%
-18.7%
341 already dismissed by 11/30/2008
19 will leave the company until 04/04/2009
199
341
Layoffs
142
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Synergy of Processes
Software and hardware
Reduction of the data centers from 4 to 2, and deactivation of the former
technology used for their connection (substituted by newer and cheaper)
Mainframe turn off
Renegotiation of contracts and suppliers
Cancellation of maintenance contracts for routers and servers
Cancellation of the maintenance contract with Euronext platform
Market communication and conferences sponsorships
Marketing programs optimization
Mandatory publications reduction from 2 to 1
Integration and rationalization of the call centers
Renegotiation of telephony contracts
Finance / Corporate
ERPs
Auditing
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Integration of trading platform one front end system
Integration of post-trading platform requires the
approval from Central Bank
Premises
Others (traveling expenses, third party expenses, third
party/other than IT, telecom and advisory)
Additional Synergies
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Alternative for Trading Platforms
Integration
MegaBolsa
GTS/WTR
FRONT END SOLUTION
FIX Connectivity
TRADING SCREEN
Order registration
Order routed through
the three matching
engines
Sisbex
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Trading, Registration & Clearing Model
FX Cash Market
Open outcry
Electronic trading
OTC registration
FX Clearinghouse
Derivatives
Open outcry
Electronic trading
OTC registration
Derivatives
Clearinghouse
Stocks and
Corporate Bonds
Electronic Trading
OTC Registration
CBLC
Government
Bonds
Electronic trading
OTC registration
Securities
Clearinghouse
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PRODUCT DEVELOPMENT
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CME Order Routing Agreement and
DMA Timeline
Aug
3Q08
Sep
traditional DMA
29
th
CME Order Routing
agreement implementation
(Order flow)
Globex GTS
Globex GTS
4Q08
Oct
Nov
Dec
DMA via direct
connection
Q109
2009
DMA via
a provider
FIRST PHASE
SECOND PHASE
THIRD PHASE
FOURTH PHASE
For both Cash and
Derivatives Markets
Co-location
1H09
30
th
The Trading of Brazilian Indices
futures by on shore US Investors has
not been allowed by CFTC
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GTS Center of
Negotiation
System
Open Outcry
Interface
MMTP
GTS / GL-Trade
USER
DISTRIBUTION
INTERMEDIARY
(CM/BROKER)
BM&F
New GTS Center
FIX
Gateway
New center:
Strategic independence
New projects
Speed / Memory processing
Licensing cost
Capacity X "linear" CAPEX
Logical link
CME GLOBEX
World biggest net of distribution of
derivatives
GLOBEX
International
DMA Provider
Network exponential benefit
FIX
Logical link
NETWORK
FIX
Traditional DMA
FIX
Direct Connection DMA
FIX
NETWORK
DMA Development
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Other Initiatives
Bovespa Segment
ETFs
Two new indices (Consumption and Real Estate)
BM&F Segment
Implementation of Treasury Direct
(Tesouro Direto)
Government Bonds through DMA
Options with daily adjustment (cross margining)
Non-Standardized Derivatives platform mark to market and
risk measurement
BRL/EUR future contracts with market makers
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1Q08
2Q08
3Q08
4Q08
BM&F
Segment
Bovespa
Segment
05/19 - New GTS
(end of the process
of migration)
07/08 - GTS
(communication
interface via the
FIX Protocol)
07/14 - U.S. Dollar
on GTS
08/29 - Trading
via DMA
09/30 - Order
Routing System
with CME
(implementation)
2008 IT developments and implementations
12/03 - Order Routing
via DMA Provider
(authorization)
12/13 - GTS > Globex
(first mock trading
session to test the
order routing system)
06/05 Mega Bolsa
(new version 837 and
expansion of
Processing Capacity to
770,000 trades per day)
06/10 Enhancements
in Automated
Connections
12/06 Mega Bolsa
Trading Station
(conclusion of the
migration)
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Main Capex Projects
2009 Total Budget R$ 116 MM
R$ 26.5 MM -> construction of the Contingency Site
R$ 18.5 MM -> Megabolsa upgrade and capacity increase
R$ 11.3 MM -> New Sinacor (ERPs for Brokerage houses)
R$ 7.8 MM -> Information System shared with other market
participants
R$ 6 MM -> Alternative for Broker X Exchange connection
R$ 5 MM -> Development of a Software house
Other R$ 40.5 MM
-
Technological infrastructure
- Software development infrastructure
- Others
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OPERATIONAL DATA
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GDP Annual Growth
(%)
Brazilian CPI
(%)
Macroeconomic Expectations
Net Foreign Direct Investments
(USD Billions)
Public Sector Net Debt to GDP Ratio
(%)
Source: Central Bank Focus survey
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BM&F SEGMENT
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Overall ADTV BM&F segment
Overall ADTV
(Thousands)
1,543
4Q07
3Q08
1,237
4Q08
1,562
-19.9%
1,315
1,548
2M08
2M09
-15.1%
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ADTV of Major Derivatives Contracts
BM&F segment
Interest Rates in BRL
(Thousands)
FX Rates
(Thousands)
Indices
(Thousands)
4Q07 3Q08 4Q08
780
716
563
570
434
4Q07 3Q08 4Q08
87
83
-27.8%
527
4Q07 3Q08 4Q08
Interest Rates in BRL
(Thousands)
FX Rates
(Thousands)
- 17.6%
110
-25.4%
Agro (
Thousands)
4Q07 3Q08 4Q08
17
13
13
0.0%
2M08 2M09
796
711
2M08 2M09
506
-25.9%
2M08 2M09
13
9
-31.4%
2M08 2M09
98
69
-29.5%
10.7%
375
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Rate per Contract BM&F
On August 25, 2008, the discount policy applied to investors that held at least 10.000 stocks BMEF3 was terminated.
R$
* Includes trading fess, clearing fees, clearing fees at maturity and permanence fees
FX Rates
Indices
Commodities
OTC
Web Trading
Total
Interest Rates in BRL
3Q08
R$
Total
4Q07
1.079
1.832
1.999
3.641
2.374
0.104
1.406
4Q08
1.164
2.699
1.805
3.126
2.443
0.173
1.792
1.268
2.057
2.157
3.814
2.587
0.160
1.598
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RPC Evolution
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Overall ADTV
(Thousands)
1.406
1.598
1.792
4Q07
3Q08
4Q08
* Includes Trading Fees, Clearing Fees, Permanence
Fees and Clearing Fees at the Maturity
Volumes Slowdown was partially offset
by the RPC Increase BM&F segment
1,543
4Q07
3Q08
1,237
4Q08
1,562
+ 27.4%
-19.9%
Overall RPC
(R$)
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Overall ADTV Evolution
In Millions of Contracts
1.01
1.13
1.23
1.27
1.45
1.32
1.48
1.76
1.61
1.89
1.89
2.13
1.83
1.95
1.61
1.80
1.48
1.36
1.45
1.66
1.94
1.67
1.69
2.17
Jul-06
Aug-06
Sep-06
Oct-06
Nov
-
06
Dec-06
Jan-
07
Feb-07
Mar-07
Apr-07
May-07
Jun-07
Jul-07
Aug-07
Sep-07
Oct-07
Nov
-
07
Dec-07
Jan-
08
Feb-08
Mar-08
Apr-08
May-08
Jun-08
Jul-08
Aug-08
1.66
1.37
Sep-08
1.61
1.45
Oct-08
Nov
-
08
1.101.11
Dec-08
Jan-
09
1.36
Feb-09
1.26
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50
Overall Open Interest Evolution
In millions of contracts
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51
BM&F Segment Investor Breakdown
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52
Participation of DMA in total ADTV
BM&F Segment
Number of contracts
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53
Breakdown of ADTV through DMA
by commodities - BM&F Segment
Number of contracts
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54
BOVESPA SEGMENT
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55
Trading Activity Bovespa segment
Average Daily Number of Trades
(Thousands)
Annualized Turnover*
Average Daily Trading Value
(R$ Billions)
63.0% 62.1%
74,6%
60.3%
61.1%
4Q07
3Q08
4Q08
2M08
2M09
6.1
5.3
4,3
6.1
3.8
4Q07
3Q08
4Q08
2M08
2M09
198.9
245.6
295.0
273.1
4Q07
3Q08
4Q08
2M08
2M09
-34.7%
12.3%
48,3%
32.6%
11.6 p.p.
0.8 p.p
Average IBOVESPA
(Thousands)
62,9
55,3
61.0
39.8
4Q07
3Q08
4Q08
2M08
2M09
-40.7%
34.7%
37,3
* Relation with the trading value of the cash market and the market cap of the exchange
-37.0%
206.1
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56
ADTV Evolution R$ billions
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57
TRADES PER DAY
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58
Bovespa Segment Investor Breakdown
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59
Market Data and Number of Investors
Accounts Bovespa segment
Number of Investors Accounts
(thousands)
477.9
558.6
491.2
556.4
3Q07
3Q08
Feb 08
Feb 09
13.3%
4Q08
550.5
16.9%
Market Data
Home Broker Number of Clients
(thousands)
244.7
262.5
4Q07
4Q08
7.3%
Vendors Number of Users
(thousands)
59.7
56%
93.1
296.0
108.9
3Q08
3Q07
3Q08
2Q08
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60
Custody investor accounts evolution
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61
Listing and Securities
LendingBovespa segment
Number of Issuers
449
443
439
263
281
278
712
724
717
4Q07
3Q08
4Q08
Companies listed on Stock Exchange Market
Investment Funds and organized OTC issuers
Total
Securities Lending Open Interest - (R$ billions)
23.7
11.9
23.1
9.1
4Q07
3Q08
Feb08
Feb09
4Q08
6.9
-70.9%
-61.1%
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62
Revenue Margin* by Asset Class - Bovespa
* Trading, clearing and settlement fees divide by traded value
6.006
13.673
6.510
Cash
Derivatives
Total
Basis Points
3Q08 Margin
6.050
14.478
6.666
Cash
Derivatives
Total
Basis Points
2Q08 Margin
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63
Special Listing Segments Evolution
36.6% of total listed companies
57.5% of total market capitalization
68.8% of total traded value
159
19
24
31
33
37
36
44
43
7
10
14
20
92
18
3
3
7
2
2
18
44
99
2001
2002
2003
2004
2005
2006
2007
2008
Level 1
Level 2
Novo Mercado
42
18
99
Feb/09
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64
Turnover velocity
(last 12 month basis)
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65
Home Broker Evolution
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66
Bovespa
s Market Share
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67
BM&F Bovespa Investor Relations
Site: www.bmfbovespa.com.br
Phone numbers: 55 11 3119 2007 / 3729 / 3728
E-mail:
ri@bmfbovespa.com.br

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