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July 2012
July 2012
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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&FBovespa works in.
The verbs "anticipate," "believe," "estimate," "expect," "forecast," "plan," "predict," "project," "target" and other similar
verbs 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
performance.
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
p
p
; ( )
g
( )
g
g
( ) g
p
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&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 as of 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
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.
2
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BVMF STOCK PRICE
Recent Performance
Recent Performance
3
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BVMF3 ­ recent performance
BVMF3 YTD:
+4,6%
Ibovespa YTD:
-4.2%
IOFs
130
140
BM&FBOVESPA
IBOVESPA
p
10/17
R$14.97
Goodwill
11/30
Competition
News
120
130
11/30
R$13.01
News
01/05
R$13.10
Remo al of
110
Change of
IOF on
foreign
Rumors
about IOF
Reductions of Volumes
Estimates by the Market
Removal of
IOF on Equities
12/01
R$10,54
90
100
foreign
exchange
transactions
06/14
Exchanges Mergers
02/08
R$11.18
BATs
02/15
R$11.43
New IOF on
Di
Ed
80
Derivatives
07/26
R$9.55
Direct Edge
11/21
R$10.11
60
70
Oxera's Report
Release
06/18
Updated until 06/29/2012.
4
60
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BRAZILIAN MARKET OPPORTUNITIES
5
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Equity Market (BOVESPA Segment)
Low penetration in the Brazilian market
Clients base: huge potential in retail and pension funds segments
Clients base: huge potential in retail and pension funds segments
Number of custody accounts (thousands)
Pension funds portfolio
Low penetration of equity and
R$574 billion
Jun'12
608.5
p
q
y
derivatives in the main
investors' portfolios
Stable and "low" interest rate
environment encourage more
Equity
Fixed Income and Others
R$574 billion
69.9%
jan'05
608.5
environment encourage more
exposure in equities
Recent growth in the number of
retail investors, but still low
compared to other markets
2002
2011
R$168 billion
30.1%
27.7%
72.3%
jan 05
128.6
a
n

05
ul

05
a
n

06
ul

06
a
n

07
ul

07
a
n

08
ul

08
a
n

09
ul

09
a
n

10
ul

10
a
n

11
ul

11
a
n

12
compared to other markets
Listed Companies
Dec'11 Listed Companies (27
th
in the World)
2002
2011
J
a
J
J
a
J
J
a
J
J
a
J
J
a
J
J
a
J
J
a
J
J
a
Low number of listed companies compared to
other countries
Lack of important economic sectors in the
exchange for instance: oil & gas infrastructure
Dec 11 Listed Companies (27 in the World)
6.752
4.988
exchange, for instance: oil & gas, infrastructure,
retail, IT and pharmaceutical,
Investment cycle may bring new companies and
sectors to the exchange
3.945 3.838
3.520 3.276
2.886
2.079 1.816
373
Source: ABRAPP, WFE and BM&FBOVESPA
6
Currently, SMEs are not able to raise money
through equity easily
373
India
USA
Canada China/HK Japan
Spain
UK
Australia
Korea
Brazil
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Derivatives Market (BM&F Segment)
Growth in the credit level will favor volumes
Credit: very low credit level and even lower in the case of mortgage transactions
Credit: very low credit level and even lower in the case of mortgage transactions
Credit to GDP
Trade Flow (total Imports + Exports in USD billions)
50.1%
229
281
371
281
384
482
27.4%
Mortgage
Total Credit
229
4.5%
5.4%
Interest Rate in BRL contracts
: growth in credit levels, specially in fixed rates, support the increase the activity of
financial institutions
2006
2007
2008
2009
2010
2011
financial institutions
FX contracts
: growth in the amount of foreign trading and change in the culture of the Brazilian entrepreneurs can
push up volumes in this group of contracts, mainly in currencies other than US$
Indexbased contracts
: growth in cash equity market, the launching and development of ETFs and the growth of
exposure to equity by institutional investors can drive the growth of these contracts
7
Commodities contracts
: cash settled contracts and the change in the behavior of farmers that are becoming more
sophisticated
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MAIN INITIATIVES
8
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Launching of new products
Product diversification strengthens revenues and competitive position
· 14 ETFs currently traded
Growth in ETFs
· Bidding process initiated to select equity options market
makers for 10 companies and for the IBOVESPA
Market maker for
options
makers for 10 companies and for the IBOVESPA
options
· Crosslisting of futures contracts with CME Group (stock index
Crosslisting of
g
p (
based and commodities contracts) and BRICS exchange (stock
indexbased contracts)
derivatives with CME
and BRICS
· A platform for retail investors to trade in government bonds
through the Internet
· Incentives granted to brokerage firms
Tesouro Direto
· Serves demand from trading or arbitrage strategies and
borrowing demand to avoid settlement fails
Securities Lending
borrowing demand to avoid settlement fails
9
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Consistent Growth
Historic record of volumes keeping long term growth trend
ADTV
(in R$ millions)
ETFs ­ Exchange Traded Funds
Tesouro Direto
Average Number of Investors ­ Retail Investors
(in thousands)
19.5 23.8
27.5
36.3 42.3
64.4
77.1 79.1 80.5 81.7 83.0
18.6
28.5
48.7
97.6
155.8
Average Assets under Management*
$
Average Assets under Custody
(in R$ billions)
2009
2010
2011
1Q12
2Q12
(in R$ millions)
(in R$ billions)
1.0
1.3 1.8 2.9
3.9
6.1
7.6 7.9 8.1 8.5
8.8
271
579
1,032
1,140
1,296
*Excluded PIBB11.
10
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Consistent Growth
Historic record of volumes keeping long term growth trend
Average Open interest ­ Stock Index Futures Contracts
Options with Market Maker ­ ADTV*
(ITUB4, OGXP3, USIM5, IBOV, BVMF3, BBDC4, GGBR4, BBAS3 PDGR3, CSNA3, CYRE3)
(in thousands of contracts)
(in R$ millions)
879
1,044
+85%
287
290
269
256
528
2007
2008
2009
2010
2011
1Q12
2Q12
48.8
90.3
Securities Lending: open interest (average year)
(in R$ billions)
*Considering the period between Jan'11 and May'12 , with speciific starting dates for
the market maker.
Options with Market Maker ADTV: 1Q11 vs. 1Q12
(in R$ millions)
ADTV Before
ADTV After
(
$
)
1Q11
1Q12
(
$
)
Options with market maker take
18 5
16 9
20.5
30.2
34.0
29.2
248
1Q11
261
1Q12
84
place in 91% of this amount
18.5
16.9
12.7
2007
2008
2009
2010
2011
1Q12
2Q12
11
1Q11
34
84
Petro and Vale
Other Stocks
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Revenue Diversification
1Q12 Revenue
l
d
(
)
$
Securities lending (BTC):
~R$21.1 million
Stock Indices Fut.:
~R$12.3 million
Tesouro Direto:
~R$4.7 million
Options with market maker:
~R$6.4 million
Exchange Traded Funds (ETFs):
~R$2.6 million
~R$47.1 million
~R$47.1 million
(
(8.4
8.4% of total revenue)
% of total revenue)
12
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Strategic Projects
Multiasset trading platform (PUMA Trading System)
State of the art in trading technology and technological independency
Derivates module successfully implemented in 2H11
Licensing TRADExpress Real Time Clearing system
Equities market to be concluded in 2H12
Objective: integrating and modernizing our existing clearing facilities should proceed over 2012.
Integrated tests with the market and implementation of the systems scheduled to take place in 2013/2014
Partnership advantages:
Li
t
th
ft
License to use the software
Access to the source code
Selling rights over our new clearing platform
Registration systems for OTC derivatives
Objetive: modernize, improve and expand the range of our registration services for OTC
derivatives, while offering our customers a streamlined, quality solution and thorough
regulatory reporting tool
regulatory reporting tool
One of the most flexible and complete engines for registration, price discovery, risk
assessment, capture and lifecycle processing of these transactions
Threemodule implementation: the first one is schedule to 2H12, the second one for
1H13 and third module of the platform will be announced in due course
13
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International Projects
Creating a global market
Strengthening the
sales force in other countries
Offices in New York, London and Shanghai
Partnerships with
international exchanges
Strategic partnership with CME Group
Asia: MoU and discussions with HKEx, Shanghai
,
g
and Shenzhen Exchanges
Latam: MoU with Chile and Colombia exchange
and discussions with Peru and Colombia
Crosslisting agreements signed with CME
Group and BRICS exchanges
14
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BUSINESS MODEL AND REGULATORY
FRAMEWORK
FRAMEWORK
15
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Possible Competition
Important considerations
EASING REGULATION IS NOT EXPECTED
Main requirements: pretrade controls, selfregulatory (SRO), off exchange trades are not permitted (internalization
of orders and OTC), CCP for stocks trading, posttrading at the beneficial owner level
Competition in other exchanges was intensified after easing regulation
THE EXCHANGE FEES (TRADING AND POSTTRADING) ARE PAID BY THE FINAL INVESTOR
Differently from USA and Europe, the final investors is the one who pays the exchange fees
Brokers couldn't increase their share in the allin trading cost pie in case of reduction on the exchange fees
STOCKS TRADING ALLIN COST IN BVMF IS COMPETITIVE
Despite the misleading perception, allin cost in BVMF is competitive compared to other markets
Comparing only the trading fees among exchanges is misleading. BVMF provides higher portion of services than the
peers
peers
IT INFRASTRUCTURE MOVING TO STATE OF THE ART
There is no gap of IT infrastructure
There is no gap of IT infrastructure
Increasing participation of HFT via Colocation (moving to sub millisecond latency)
RECENT BM&FBOVESPA INITIATIVES (REBALANCING OF FEES STRUCTURE)
RECENT BM&FBOVESPA INITIATIVES (REBALANCING OF FEES STRUCTURE)
Shift between trading and posttrading fees
16
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Equity Market Settlement Structure Brazil Compared with USA
Two different regulatory frameworks
BRAZIL
(All the trades must be matched on an
exchange environment)
USA
(Brokers can internalize orders)
BVMF
Trading
Trading Venues
DTCC
BVMF
Brokers
A and B
Brokers
A and B
Post trading
Broker
A
Broker
B
Post trading
Clearing (CCP)
Settlement
Central Depository
Investors
Investors
Investors
Investors
100% vertically integrated: clearing, settlement and
central depository at the beneficial owner level
Brokers control their clients' portfolios and settle
DTCC does the clearing, settlement and central
depository of securities at the brokers' level
Each broker (prime broker) has its own structure to
positions through BVMF's infrastructure (this
impacts the posttrade fees charged by BVMF)
control their clients' portfolios and settle positions
(this impact the prime broker's costs)
17
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Business Model
Listed Exchange Business Model
Diversified and Integrated
Integrated Derivatives
Diversified but Not Integrated*
Updated until: 06/30/2012
Market Capitalization (US$ billions) and EBITDA Margin (%)
* Do not provide posttrading services for the equity market
Source: Bloomberg
p
/
/
65.5%
77.9%
58.6%
61.6%
69.7%
78.1%
62.2%
47 6%
59.4%
72.0%
0 6
0,7
0,8
20
25
30
17.8
15.3
10.4
10.1
9.9
6.5
5.3
5.3
4.3
3.9
3.4
1.7
42.3%
42.1%
47.6%
0
0,1
0,2
0,3
0,4
0,5
0,6
5
10
15
20
Diversified and integrated
Derivatives
Diversified but not integrated
18
* 12 months ended on Jun/11
CME
HKEx
Deutsche
Boerse
BVMF
ICE
Nyse
Euronext
ASX *
SGX *
LSE
Nasdaq
TMX
BME
EBITDA Margin 2010
EBITDA Margin 2011
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Brazilian Market Regulatory Framework
Legal requirements: resilience, transparence, clear rules....
Brokers &
investors
Regulation prohibits internalization of orders, dark pools
and ATS/MTFs, stocks trading in both exchange and OTC
simultaneously
Settlement and clearing of stocks trading must be done
through a CCP
through a CCP
Settlement and clearing at the beneficial owner level
make the Brazilian market safer and more resilient
Trading
Under the regulation in place, potential competitors
would be obliged to provide the same integrated
solution, with the same rules and transparency
PosTrading
solution, with the same rules and transparency
The final investor pays the exchange fee
Other exchanges have been seeking integrated models
g
g
g
(self clearing models)
Naked access is not allowed
Naked short selling is not possible
19
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Brazilian´s stock trading breakdown
Jun´12
End of CPMF
(Financial
Transaction Tax)
SarbanesOxley Act
(SOX)
Novo Mercado
Launching
End of IOF Tax (2%) for
foreign investors
10 3%
24.3%
34.6%
23.6%
10.3%
65.4%
41.8%
Source: Bloomberg (in USD
traded value of 35 companies
with ADRs programs )
1
996
1
997
1
998
1
999
2
000
2
001
2
002
2
003
2
004
2
005
2
006
2
007
2
008
2
009
2
010
2
011
Ap
r

11
Ma
y

11
Ju
n

11
Ju
l

11
Au
g

11
Se
p

11
Oc
t

11
No
v

11
De
c

11
Ja
n

12
Fe
b

12
Ma
r

12
Ap
r

12
Ma
y

12
Ju
n

12
Other USA Venues Brazilian ADRs
NYSE Brazilian ADRs
BM&FBOVESPA companies with ADRs
BM&FBOVESPA (except companies with ADRs)
Public Offerings in Number of Companies*
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
Total
IPOs
1
7
9
26
64
4
6
11
11
3
142
Follow ons
14
5
8
8
10
16
12
8
18
11
11
4
125
*Updated until 06/30/2012
20
Total
14
6
8
15
19
42
76
12
24
22
22
7
267
Dual Listings
2
1
1
1
5
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OPERATIONAL HIGHLIGHTS
21
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BOVESPA Segment: operational highlights
Average Daily Traded Value ADTV (BRL billions)
Average Daily Traded Value ­ ADTV (BRL billions)
Updated until 06/30/2012.
8 3
8 2
4.9
5.5 5.3
6.5 6.5
7.4
6.1 5.9 5.7
7.7
6.3
7.1
5.9 6.2 6.3
8.3
7.0
7.3 7.4
8.2
1.2 1.6
2.4
2004
2005
2006
2007
2008
2009
2010
2011
2012
M
11 J
11 J l 11 A
11 S
11 O t 11 N
11 D
11 J
12 F b 12 M
12 A
12 M
12 J
12
Number of Custody Accounts (Thousands)
Turnover Velocity** (12 months average)
2004
2005
2006
2007
2008
2009
2010
2011
2012
May11 Jun11 Jul11 Aug11 Sep11 Oct11 Nov11 Dec11 Jan12 Feb12 Mar12 Apr12 May12 Jun12
36 8%
37 6% 38 7%
42.3%
56.4%
63.2%
66.6%
63.8%
64.2%
68.1%
70.0%
559
576
640
626
632
622
611
598
605
30.8% 29.4%
36.8%
37.6% 38.7%
**Relation of the trading value in the cash market and the market cap of the exchange.
Updated until 06/30/2012.
22
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2008
2009
2010
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
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BOVESPA Segment: capital raising activity
Public Offerings (BRL billions)
Updated until 06/30/2012.
70.1
74.4
FollowOn
63.2
55.6
7.5
23.8
11.2
13 9
30.4
70.1
34.3
46.0
18 0
IPO
4.3
8.5
15.1
14.5
26.8
22.2
10.8
4.0
4.5
5.4
15.4
7.5
7.2
4.0
8.8
13.9
18.0
8.0
2004
2005
2006
2007
2008
2009
2010*
2011
2012
Pipeline: already announced to the market
There are 7 offerings in the pipeline:
IPO (5): CPFL Energias Renováveis S.A.; VIX Logística S.A.; BIOSEV S.A.; Manabi Holding S.A.; Empreendimentos
Pague Menos S.A.;
F ll
(2) C l l
I
i S A TAESA T
i
Ali
d E
i Elét i
S A
23
* Excludes the capitalization with barrels reserves by federal government BRL74.8 billion ­ in Petrobras offering.
Followon (2): Celulose Irani S.A.; TAESA Transmissora Aliança de Energia Elétrica S.A.
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Market Capitalization to GDP (%)*
BOVESPA Segment
Potential to increase the number of listed companies
130%
170%
129 %
126%
168%
166%
138%
137%
118%
2008
2009
2010
Hong Kong :
617% 1,095%
1,208%
Market Capitalization to GDP (%)*
78%
95%
70%
67%
82%
53%
53%
62
53%
66%
36%
6%
107%
100%
85%
100%
75%
67%
73%
39%
118%
107%
93%
81%
75%
75%
74%
44%
21%
Chile
Singapore United Kingdom Canada
USA
Korea
India
China
France
Japan
Brazil
Mexico
Market Capitalization by Economic Sector
* Source: World Bank
15,2%
26,4%
15,7%
22,4%
Market Capitalization by Economic Sector
Dec'11
Dec'05
14,1%
1,8%
10,4%
21,6%
11,5%
4,7%
16,2%
3,9%
0,6%
6,8%
2,5%
3,6%
8,6%
2,6%
0,3%
11,1%
Oil, Gas and Biofuels
Basic Materials
Capital Goods and Services
Construction and Transportation
Consumer Non Cyclical
Consumer Cyclical
Information Technology
Telecommunications
Public Utilities
Financial
,
24
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BM&F Segment: operational highlights
Average Daily Traded Volume ADTV (Thousands of contracts)
3 518
3,904
Average Daily Traded Volume ­ ADTV (Thousands of contracts)
541
496
539
501
586
544
487
541
524
509
593
520
89
123
170
114
195
120
184
148
123
166
123
205
245
158
191
285
330
292
286
340
350
289
292
245
315
334
285
308
385
350
1,740 1 573 1 521
2,505
2,701
3,035
2,430
2,107
3,418
2,831
2,606 2,716
2,065
2,615 2,497
2,994
3,518
2,590
422
501
711
988
789
843
1,684 1,797 1,995
1,493 1,220
2,383
1,774 1,589 1,789
1,234
1,636 1,452
2,061
2,497 2,681
1,561
110
168
266
473
535
447
541
531
491
544
438
541
545
520
86
74
68
112
88
80
110
148
187
109
124
167
162
150
286
245
805 852
1,167
1,573 1,521
2004
2005
2006
2007
2008
2009
2010
2011
2012
jun/11 jul/11 ago/11 set/11 out/11 nov/11 dez/11 jan/12 fev/12 mar/12 abr/12 mai/12 jun/12
BRL Int. Rate (Thousands)
FX (Thousands)
Index (Thousands)
Others (Thousands)
R t
C
t
t RPC (BRL)
*
*
Rate per Contract RPC (BRL)
2006
2007
2008
2009
2010
2011
2012*
J11
J11
A11
S11
O11
N11
D11
J12
F12
M12
A12
M12
J12*
Interest rates in BRL
0.906
0.950
1.141
0.979
0.889
0.918
0.978
1.053
1.092
0.910
0.991
0.927
0.843
1.086
1.045
1.064
0.926
0.948
0.922
1.059
FX rates
2 244 1 859 2 065 2 161 1 928 1 894 2 024
1 813 1 801 1 691 1 826 1 991 1 870 2 082 2 106 1 929 1 876 1 991 2 015 2 237
FX rates
2.244 1.859
2.065
2.161 1.928 1.894 2.024
1.813 1.801 1.691 1.826
1.991 1.870 2.082 2.106 1.929 1.876 1.991 2.015 2.237
Stock Indices
1.419
1.501
2.145
1.620
1.564
1.614
1.451
1.864
1.410
1.616
1.350
1.635
1.518
1.719
1.316
1.674
1.328
1.502
1.233
1.708
Interest rates in USD
1.094
0.965
1.283
1.357
1.142
0.941
0.939
0.944
0.844
0.847
0.914
1.066
0.836
0.930
0.958
0.804
0.911
0.991
1.021
0.955
Commodities
4.749
3.195
3.587
2.307
2.168
2.029
1.998
2.131
1.948
1.757
1.969
2.645
2.302
2.385
1.688
2.033
2.183
2.228
1.945
2.099
Mini contracts
0.034
0.054
0.162
0.176
0.128
0.129
0.122
0.140
0.132
0.125
0.111
0.128
0.122
0.132
0.131
0.130
0.130
0.122
0.113
0.116
25
OTC
1.571
2.111
2.355
1.655
1.610
1.635
1.620
1.535
1.606
1.830
1.575
1.234
2.051
2.444
2.438
1.515
1.822
1.880
1.203
1.321
Total RPC
1.247
1.224
1.527
1.365
1.134
1.106
1.150
1.220
1.216
1.027
1.129
1.166
1.040
1.293
1.236
1.227
1.079
1.100
1.074
1.272
*Updated until 06/30/2012.
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Interest Rate in BRL Contracts
Structural changes behind the growth in volumes
Interest Rate in BRL Contracts Breakdown by Maturity (thousands of contracts)
Uncertainty in consensus impacts short term contracts
2007
2008
2009
2010
2011 Jan11 Feb11 Mar11 Apr11 May11 Jun11 Jul11 Aug11 Sep11 Oct11 Nov11 Dec11 Jan12 Feb12 Mar12 Apr12 May12 Jun12
1st. Maturity
2nd. Maturity
3rd Maturity
4th. Maturity
5th Maturity
Fixed Rate Credit ­ in BRL billions
Public Debt / Fixed Rate in BRL billions
1st. Maturity
2nd. Maturity
3rd Maturity
4th. Maturity
5th Maturity
May'12:
BRL 719.3
May'12:
BRL 784.9
Jan'05:
BRL 151.4
Jan'05:
BRL 180.0
26
Source: Brazilian Central Bank
Jan05 Jan06 Jan07 Jan08 Jan09 Jan10 Jan11
Jan12
Jan05
Jan06
Jan07
Jan08
Jan09
Jan10
Jan11
Jan12
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Interest Rate in BRL Contracts
Sustainable growth revenue from contracts with long term maturities
Revenue (in R$ millions)
ADTV (in thousands of contracts)
1st4th. Maturity
CAGR:+16%
46 4
1st4th. Maturity
CAGR:+25%
963
1,274
617
CAGR:+16%
33.8
46.4
29.9
CAGR:+25%
397
617
15.3
5th Maturity
1Q09
1Q10
1Q11
1Q12
5th Maturity
1Q09
1Q10
1Q11
1Q12
853
1,113
5th. Maturity
CAGR:+34%
63.0
77.4
5th Maturity
CAGR:+35%
464
642
31.3
47.0
Note: 1st-4th maturity: up to 84 business day and 5th maturity: above 84 business day (limited to 105 business day)
1Q09
1Q10
1Q11
1Q12
1Q09
1Q10
1Q11
1Q12
27
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High Frequency Trading (HFT)
HFT will play an important role in both cash and derivatives markets
BM&F S
Bovespa Segment
BM&F Segment
HFT
(ADTV in thousands of contracts and mkt. share)
Bovespa Segment
HFT
(ADTV in BRL billions and mkt. share)
%
8% 6 0%
5 0%
8 0%
%
9%
7 0%
289
24
101
30
2.2
%
4
.8% 6.0%
3.9% 5.0% 7.8%
8.0%
7.2%
5.9% 5.8% 7.0%
306
251
420
335
413
391 442
496
400
500
600
CAGR*:
112.8
%
0.2
1.7
1.3
1.5
1.3
1.4
1.4
1.5 1.5
8.7% 7.6% 8.6% 11.4% 10.4% 10.3%11.5% 9.3% 8.7% 8.4% 8.4% 9.0% 10.3% 8.8%
17
43
52
44
45
68
51
47
58
73
75
29
94
110
67
101
148
120
129
144
144
131
21
88
125
84
95
179
140
135
158
225
289
13
19
17
10
25
101
30
68
238
211 251
100
200
300
0.5
0.5
0.6
1.1
0.8
1.0
0.9
0.8
0.8
1.0
0.9
1.1
1.2
1.2
0.3
0.3
0.3
0.4
0.3
0.3
0.3
0.2
0.3
0.4
0.3
0.3
0.3
0.2
0.2
0.2
0.2
0.2
0.2
0.2
0.1
1.0
0.9
1.0
1.3
1.1 1.1
1.2
Colocation
Colocation
2009
2010
2011
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 Apr/12May/12Jun/12
Equities
FX
Mini contracts
Interest Rates
% in Overall Volume
May11 Jun11
Jul11 Aug11 Sep11 Oct11 Nov11 Dec11 Jan12 Feb12 Mar12 Apr12 May12 Jun12
ADTV (Foreigners)
ADTV (Individuals)
ADTV (Institutionals)
% of overall market
Colocation
(ADTV in thousands of contracts and mkt. share)
Colocation
(ADTV in BRL billions and mkt. share)
1Q12: 60.4% of HFT trading is via co-location
1Q12: 76.7% of HFT trading is via co-location
6 6%
6.5%
6.9%
8.6%
6.8%
223
371
267
316
437
2.7% 3.2%
3.1% 2.6%
4.2%
6.6%
5.4%
5.8%
726
681
791
711
661
620
743
799
1,014
1,275
1.104
1 4%
2.0% 1 6% 1 8% 2.1%
2.6%
4,.%
5.4%
5.6%
6.0%
5.3% 5.0%
4.5%
5.7%
28
3
13
21
138
156
162
149
223
0.1% 0.4%
0.4%
3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
126
211
257
218
218
248
301
620
1.0%
1.4%
1.6% 1.8%
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FINANCIAL HIGHLIGHTS
29
background image
2012 Budgets
Commitment to cost control
2012 Budget: between R$580 million and R$590 million
Adjusted Operating Expenses 2012 Budget
CAPEX ­ 2012 Budget
2012 budget: between R$230 million and R$260 million
2012 Budget: between R$580 million and R$590 million
Maintenance of headcount
Steadily effort to reduce other expenses lines
2012 budget: between R$230 million and R$260 million
Continuity of IT investments
Equities segment of PUMA Trading System
New Data Center
$
ll
2012 budget in the same
range of 2011
New Data Center
Clearings integration
New OTC platform
Improvements in infrastructure
Maintenance expenses adjusted¹ to 2012
R$ millions
p
R$ millions
590
580
543.9
584.5
268
204
260
230
2010
2011
2012e
2010
2011
2012e
2010
2011
2012e
1
Adjusted Expenses exclude depreciation, stock option program, provisions and tax on dividends from CME.
30
2010
2011
2012e
background image
1Q12 revenues breakdown
Diversification of revenues is clear after revenues rebalancing
1Q12 revenues: BRL560 million
9.2%
17.0%
C h M k (T di
)
0.7%
Cash Market (Trading)
Cash Market (PostTrading)
Equities Derivatives (Trading)
30.4%
21.6%
Equities Derivatives (PostTrading)
Other Revenue BOVESPA Seg.
Financial Derivatives (Trading)
21.6%
Financial Derivatives (PostTrading)
Spot FX
Other Revenue
2.0%
5.2%
13.7%
Other Revenue
31
0.3%
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Expenses Details
Focus on costs controls: delivering efficiency
17%
Expenses Breakdown ­ 1Q12
Adjusted Expenses
Others
(In R$ millions)
-10.8%
47%
5%
3%
140.6
143.7
136 3
163.9
125 4
-23.5%
Personnel
Third Party Serv.
Marketing
15%
13%
140.6
136.3
125.4
1Q11
2Q11
3Q11
4Q11
1Q12
Depr./Am.
140 6
Data Processing
Breakdown of Adjusted Expenses
(in R$ millions)
-10.8%
140.6
2.8
+1.2
1.3
1.8
125.4
8.5
2.1
1Q11 Adj.
Expenses
Personnel
Data processing
Third Party Serv.
Communication
Marketing
Others
1Q12 Adj.
Expenses
32
background image
Appendix
33
background image
Fully integrated Business Model
Diversified sources of revenues
Services for issuers brokers and
Listing
T di
Custody
Services for issuers, brokers and
commodities trading
Trading, Clearing and Depository Activities
Others
Services
g
(stocks, bonds, funds,
assetbacked securities,
Among others )
Trading
(stocks, derivatives, corporate and government
Bonds, funds, spot US Dollar, among others)
y
(services provided for funds
and other market
participants)
Commodities
Certification
Central Counterparty (CCP)
Clearing and Settlement
(for all products)
Market Data
Central Depository
(stocks and corporate bonds)
Indices Licensing
Software Licensing
Trading Access
(Brokers)
(
p
)
Securities Lending
(used by brokerage
Houses and other
market participants)
(
)
g
(stocks and corporate bonds
OTC Derivatives
(registration and collateral
management)
34
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New Products Pipeline
High Frequency Trading HFT
New pricing policy (both segments)
Main Characteristics
Differentiated fees by tier only for day trades transactions executed by a registered HFT
A HFT Committee created to approve and monitor the HFTs
The new pricing policy was implemented in Nov'10
Bovespa Segment
In the Bovespa Segment, different tiers were created for individuals and nonindividuals HFT investors
Individuals
ADTV tier (BRL millions)
Trading Fee
(bps)
Settlement
Fee (bps)
Total
U t 4 (i l i )
0 70
1 80
2 50
Nonindividuals
ADTV tier (BRL millions)
Trading Fee
(bps)
Settlement
Fee (bps)
Total
Up to 20 (inclusive)
0.70
1.80
2.50
Up to 4 (inclusive)
0.70
1.80
2.50
From 4 to 12.5 (inclusive)
0.50
1.80
2.30
From 12.5 to 25
(inclusive)
0.20
1.80
2.00
Up to 20 (inclusive)
0.70
1.80
2.50
From 20 to 50 (inclusive)
0.50
1.80
2.30
From 50 to 250
(inclusive)
0.20
1.80
2.00
From 250 to 500
BM&F Segment
From 25 to 50 (inclusive)
0.05
1.75
1.80
Above 50
0.05
1.55
1.60
(inclusive)
0.05
1.75
1.80
Above 500
0.05
1.55
1.60
35
In the BM&F Segment, the 70% flat discount was replaced by a volume tiered based discount, only for day trades,
divided into trading and registration fees
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BOVESPA Segment: foreign investment flow
Monthly Net Flow of Foreign Investments* (in BRL billions)
9.0
10.0
7 2
0 5
3.4 3.8
6.1
4.2
6.4
1.7
5.2
2.1 1.4
0 3
6.5
1.5
3.73.5
4.4
2.1
0.7
1.7
0 3
3.4
1.9 2.2
0.81.0
7.2
3.9
(0.6)
0.5
(1.6)
0.3
(1.5)
(0.6)
0.7
0.4
(1.3)
0.3
(0.4)(0.2)
0.8
(2.4)
(1.1)(1.3)
(2.3)
(0.7)
*Includes regular trades and public offering. Updated until June 30, 2012.
36
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Operational
highlights: investor´s participation in Total Volume
BM&F Segment (Investor's Participation in Total Volume)
7%
7%
9%
8%
8%
4%
4%
5%
5%
5%
5%
5%
5%
3%
5%
5%
5%
5%
4%
5%
56%
51%
49%
48%
46%
12%
15%
17%
19%
20%
22%
23%
23%
25%
26%
27%
25%
23%
16%
23%
26%
26%
26%
25%
27%
24%
25%
23%
23%
24%
30%
33%
31%
33%
35%
32%
34%
34%
34%
32%
32%
34%
34%
34%
32%
56%
51%
49%
48%
45%
42%
38%
39%
35%
32%
35%
35%
36%
46%
39%
35%
35%
33%
34%
34%
Bovespa Segment (Investor's Participation in Total Value)
Individuals
Institutional Investors
Foreign Investors
Financial Institutions
Companies
Central Bank
33%
36%
35%
35%
34%
30%
35%
34%
34%
35%
33%
37%
34%
36%
35%
39%
37%
40%
38%
40%
42%
42%
12%
10%
10%
8%
7%
8%
9%
10%
8%
9%
8%
10%
8%
9%
8%
9%
7%
9%
8%
9%
8%
8%
25%
25%
23%
27%
31%
26%
21%
21%
22%
21%
24%
20%
23%
20%
22%
18%
21%
19%
21%
18%
17%
15%
27%
27%
30%
27%
26%
33%
33%
34%
33%
33%
35%
32%
34%
33%
33%
32%
33%
31%
32%
33%
32%
32%
37
2005 2006 2007 2008 2009 2010 2011
Apr11 May11 Jun11 Jul11 Aug11 Sep11 Oct11 Nov11 Dec11
Jan12 Feb12 Mar12 Apr12 May12 Jun12
Individuals
Institutional Investors
Foreign Investors
Financial Institutions
Companies
Others
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Investment Funds
AUM Evolution (in BRL billions)
1,703
1,787
1,925
2,073
15%
Equities
Fixed Income
861
899
1,070
1,301
1,513
1,375
1,703
11%
15%
22%
14%
18%
18%
15%
15%
Fixed Income
657
11%
10%
11%
11%
Percent of Equity Fund Assets
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011 Mar12
Worldwide
Brazil
Equity
funds
15%
Equity
15%
q
y
funds
40%
38
Source: ANBIlMA and Investment Company Institute ­ ICI (2T12).
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1Q12 EARNINGS
39
background image
BOVESPA Segment Performance
Increased HFT activity and growth of turnover velocity
ADTV evolution by type of investors and Margin
1Q12 vs. 1Q11
ADTV grew 6.3% and reached R$7.2 bn (all
time high)
6.0
5.9
5.7
5.6
5.9
5 0
5,4
5,8
6,2
6,6
7,0
8,0
9,0
10,0
6 6
6 7
(
in

R$

billions)
time high)
Turnover velocity was positively impacted by
market volatility
1Q12 vs. 4Q11
2.3
2.1
2.2
2.1
2.3
2.3
2.1
2.3
2.4
2.8
0.7
0.7
0.7
0.7
0.7
0 2
0,6
1,0
1,4
1,8
2,2
2,6
3,0
3,4
3,8
4,2
4,6
5,0
2,0
3,0
4,0
5,0
6,0
7,0
6.2
6.6
6.7
6.4
(
Increasing in margin driven by growth in
options volumes and reduction of HFT share
1.5
1.3
1.5
1.3
1.4
(1,0
(0,6
(0,2
0,2
0,0
1,0
1Q11
2Q11
3Q11
4Q11
1Q12
Individuals
Institutional Investors
Foreign Investors
Others
Margin in bps
Average market capitalization and Turnover Velocity
HFT: ADTV and share of trading volume
+47%
61.8%
59.5%
69.3%
66.6%
66.2%
52
72
2 0
2,5
3,0
3,5
319.3
249.2
325.3
174.6
146.0
6.1%
7.4%
10.3%
10.3%
8.5%
814 5
898.6
1,329.1
1,311.9
1,199.1
8.6%
10.8%
2.5
2.5
2.2
2.2
2.5
12
32
0,5
1,0
1,5
2,0
318.6
447.3
835.1
916.7
873.9
290.8
267.2
319.3
205.0
184.1
814.5
8,
1Q11
2Q11
3Q11
4Q11
1Q12
Average Market Capitalization (BRL trillions)
Turnover Velocity
1Q11
2Q11
3Q11
4Q11
1Q12
Foreigners
Individuals
Institutionals
% of overall market
40
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BM&F Segment Performance
High growth of stock index and minisized contracts
1.04
1.13
1.11
1.16
1.17
1,10
1,20
1,30
4.0
4.5
5.0
1Q12 vs. 1Q11
5.3% ADTV decrease impacted by 18.6% reduction
ADTV in (thds of contracts) and RPC (in R$)
2 127
536
489
525
543
422
310
275
326
306
229
136
160
143
101
88
0 60
0,70
0,80
0,90
1,00
1.5
2.0
2.5
3.0
3.5
5.3% ADTV decrease impacted by 18.6% reduction
in ADTV of interest rates contracts in R$
RPC rose 12.7%: higher participation of long term
maturity contracts, FX futures, indexbases futures
(27.1% and 55.5%, respectively)
1,730
1,532
1,810
1,720
2,127
0,40
0,50
0,60
500
1.0
1Q12
4Q11
3Q11
2Q11
1Q11
Interest Rates in BRL
FX Rates
Others
Stock Index
RPC
(
,
p
y)
HFTs volumes up 95%
ADTV : Minisized and stock index (in thds of contracts)
HFT: ADTV (thds of contracts) and share of ADTV (%)
95%
40%
0.84
0.93
0.98
0.94
1.00
0 ,5 0
1 ,0 0
2 . 0 0 0 . 0 0 0
2 . 5 0 0 . 0 0 0
2,127
1,720
1,810
1,532
1,730
179
24
25
101
5 0%
7.8%
7.2%
8.0%
420
335
413
300
350
400
450
+95%
17%
19%
31%
18%
16%
23%
5%
6%
13%
4%
10%
6%
7%
4%
8%
6%
13%
46%
57%
51%
64%
(1 ,5 0 )
(1 ,0 0 )
(0 ,5 0 )
5 0 0 . 0 0 0
1 . 0 0 0 . 0 0 0
1 . 5 0 0 . 0 0 0
68
67
101
148
120
129
84
95
179
140
135
17
10
3.9%
5.0%
211
251
50
100
150
200
250
300
17%
19%
15%
9%
11%
5%
(2 ,0 0 )
1Q11
2Q11
3Q11
4Q11
1Q12
1st Maturity
2nd Maturity
3rd Maturity
4th Maturity
5th Maturity
RPC
44
45
68
51
47
50
1Q11
2Q11
3Q11
4Q11
1Q12
Equities
FX
Mini contracts
Interest Rates
% in Overall Volume
41
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Revenues: 1Q12
BOVESPA Segment (47% of total)
Cash market
Market / Product / Service
Fee Model
3%
12%
Cash Market
Cash market
Forward Market
Options Market
In bps
85%
Forward Market
Options Market
BM&F Segment (36% of total)
12%
Interest Rate BRL
Interest Rate
Exchange Rates (FX)
Indices
Commodities
Fee per contract
55%
33%
FX
Others
Other Revenues
Depository and custody: 4%
Securities Lending: 4%
Vendors: 3%
Li ti
2%
Fixed cost: R$6,90 + additional fee
25 bps per year (open interest)
Fixed fee
A
l f
b
d
h
i l
i l
17%
Listing: 2%
Trading access: 2%
Annual fee: based on the social capital
Fixed fee
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Financial Highlights
Strong cash generation
Cash and Financial Investments (in R$ millions)
1,207
383
354
1,714
1Q12
3,658
R$65.5 million in 1Q12, increase of 3.7% over 1Q11
Fi
i l I
f R$86 7
illi
6 3%
i l d
Financial Income
1,551
,
380 270
1,582
,
4Q11
3,782
Financial Income of R$86.7 million, 6.3% up, mainly due
to growth in the Company´s average cash position
Financial Expenses of R$21.2 million increased 15.3%
due to the FX devaluation
Market participants cash collateral and others*
Restricted funds
Subsidiaries**
Available funds
Buyback program
Higher level of market exposure requires more
collaterals
The approved buyback program allows BM&FBOVESPA to
repurchase up to 60 million shares until Jun´12 (29.6mn
bought)
Collateral Deposited in the Clearinghouse (in R$ billions)
+78 7%
143
179
182
Earnings distribution (payout)
+78.7%
102
Approval of R$224.3 million as dividends, 80% Payout
ratio
in 1Q12
Dec/09
Dec/10
Dec/11
Mar/12
43
*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$118 million in the 4Q11 and R$181 million in the 1Q12) and restricted funds (R$12 million in the 4Q11 and 1Q12) at Banco BM&F
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BM&FBOVESPA Financial Highlights
P/E analysis
Since 2009, the goodwill tax benefit has been recognized as deferred liability (being cash
neutral), reducing the GAAP earnings
T
B
k i 1Q12
Si
l ti
GAAP B
k i 1Q12
Si
l ti
Tax Book in 1Q12
BRL millions
Current
Simulation
without goodwill
EBT
402.2
402.2
() goodwill amortization
404.4
0
() Interest on capital
(1)
0
181
GAAP Book in 1Q12
BRL millions
Current
Simulation
without goodwill
EBT
402.2
402
Deferred Tax
137.7
Other taxes
7 3
( ) Interest on capital
0
181
(=) Taxable earnings
2.2
221
Tax
0
75
Other taxes
7.3
Total Taxes
145
75
Net Income ­ GAAP
280.4
327
EPS
0.142
0.165
: 16.6%
EPS
2012e²
P/E³
E ti
t d GAAP EPS (A)
0 62
17 3
Estimated GAAP EPS (A)
0.62
17.3
Earnings without goodwill = (A) x
16.6%
0.72
14.8
Stock price discounted by goodwill NPV (R$1.00
per share) / Earnings without goodwill
0.72
13.4
2530% impact on P/E multiple
Difference between EPS GAAP and
the EPS adjusted to non existence
f
d ill i
l i
Different earnings impact the P/E calculation and distort comparisons and market consensus.
per share) / Earnings without goodwill
Adjusted Earnings
0.84
12.8
of goodwill simulation
The reported adjusted net income reflects better the company´s cash generation
¹ Simulates the Interest on Capital amount that would be approved if there was no goodwill tax benefit; ²EPS market estimative for 2012; ³ Stock at
BRL10.72 (April 30, 2012).
44
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20122013 important technological delivering years
Key investments to support growth
260.0
Investments (CAPEX) 20102013: ~R$1 billion
260.0
(in R$ millions)
~90% of CAPEX to IT projects to:
1Q12 CapEx totaled R$26.7 million
268.4
230 0
30.0
230.0
·
preserve current revenues
·
catch up technology
·
support growth
204.0
230.0
2010
2011
2012e
·
strengthen market integrity
Key infrastructure investments
PUMA Trading System:
New MultiAsset Trading Platform
· Performance and capacity improvements; crossasset arbitrage promotion; sub
millisecond RTT latency
· State of the art technology
New Multi Asset Trading Platform
Clearing Integration
· Stateoftheart technology
Capital efficiency:
· Cross market risk calculation methodology
· Cross market multilateral netting for settlement purposes
Data Centers
Cross market multilateral netting for settlement purposes
· Scalability and reliability; colocation (additional space)
· Offering of services for market participants and bringing new synergies to the
"BVMF ecosystem"
OTC Platform
· Modernization, improvement and expansion of the range of registration services
· Flexibility to meet specific demands
· Offering to our customers a rationalized quality solution and thorough reporting tool
45
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Prioritizing customer and operational excellence
· PUMA Trading System: equities module in tests
· Increasing capital efficiency by integrating clearing facilities
Guaranteeing excellence
and market integrity
· New OTC platform: building onestopshop
· Improving supervision and market monitoring
Strengthening Institutional
Position
· Well placed to capture Brazilian growth potential
· Leveraging growth through product development (new products
and arbitrage/strategies among markets/products)
· Favored from increasing sophistication of Brazilian market
Consistently increasing
and diversifying revenues
· Favored from increasing sophistication of Brazilian market
· Products development materialized in revenues and broadening
Focus on Clients and
p
g
market sophistication: market maker for options, ETFs, HFTs, cross
listing and Tesouro Direto
· Strengthening ties with investors and participants
Focus on Clients and
market participant
relationship
· Focus on Cost Control ­ adjusted Opex is decreasing in real terms
in 2012, according to the announced budget
Consistently delivering
d fi
i l
l
g
g
· Maximizing shareholders return: high payout
sound financial results
46
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Income Statement Summary
R$ millions
1Q12
1Q11
Change
1Q12 / 1Q11
4Q11
Change
1Q12 / 4Q11
Gross Revenues
560.4
525.5
6.6%
522.0
7.4%
Gross Revenues
560.4
525.5
6.6%
522.0
7.4%
Net Revenues
502.8
472.2
6.5%
471.2
6.7%
Expenses
(166.2)
(188.7)
11.9%
(291.6)
43.0%
Operating Income
336 7
283 4
18 8%
179 6
87 5%
Operating Income
336.7
283.4
18.8%
179.6
87.5%
Equity accounting
37.5
37.5
0.0%
131.5
71.5%
Financial Income
65.5
63.2
3.7%
64.1
2.3%
Income before Taxes
439.7
384.2
14.5%
375.2
17.2%
Net Income*
280.4
270.8
3.6%
191.0
46.8%
EBITDA
368.3
308.1
19.6%
204.4
80.2%
i
3 3%
6 2%
80 b
3 %
2 988 b
EBITDA Margin
73.3%
65.2%
801 bps
43.4%
2,988 bps
Adjusted Net Income
409.2
384.2
6.5%
352.7
16.0%
Adjusted earnings per share (in R$)
0.211962
0.195648
8.3%
0.182885
15.9%
Adjusted EBITDA
376.7
332.6
13.3%
307.1
22.7%
Adjusted EBITDA Margin
74.9%
70.4%
448 bps
65.2%
974 bps
Adjusted Expenses
(125.4)
(140.6)
10.8%
(163.9)
23.5%
47
* Attributable to BM&FBOVESPA´s Shareholders
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Balance Sheet
In R$ millions
ASSETS
03/31/2012
12/31/2011
LIABILITIES AND SH. EQUITY
03/31/2012
12/31/2011
Current assets
2,806.7
2,401.1
Current liabilities
1,853.8
1,929.9
Cash and cash equivalents
34.3
64.6
Collateral for transactions
1,155.8
1,501.0
Financial investments
2,533.3
2,128.7 Others
698.0
428.9
Others
239.1
207.8
Noncurrent liabilities
2,498.5
2,402.5
Noncurrent assets
20,590.6
21,188.8
Financing
1,106.1
1,138.7
Deferred Inc Tax and Social
Longterm receivables
1,247.0
1,767.4
Deferred Inc. Tax and Social
Contrib.
1,338.5
1,204.6
Financial investments
1,090.8
1,589.1 Others
53.8
59.2
Oth
156 1
178 4
Sh
h ld
'
it
19 044 9
19 257 5
Others
156.1
178.4
Shareholders' equity
19,044.9
19,257.5
Capital
2,540.2
2,540.2
I
nvestments
2,627.5
2,710.1 Capital reserve
16,024.2
16,033.9
Property and
equipment
344.5
357.2 Others
464.0
666.9
Intangible assets
16,371.6
16,354.1
Minority interest in
subsidiaries
16.5
16.5
48
subsidiaries
TOTAL ASSETS
23,397.2
23,589.9
TOTAL LIAB. AND
SHAREHOLDERS' EQUITY
23,397.2
23,589.9
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SUSTAINABILITY
49
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BM&FBOVESPA Sustainability Mission
BM&FBOVESPA's Sustainability Mission
y
"Support, promote and practice the concepts and actions towards economic,
social and environmental responsibility with the purpose of contributing to
sustainable development"
Novo Valor BM&FBOVESPA
Novo Valor BM&FBOVESPA
Program created in 2010 to guide sustainability actions of
BVMF.
Goal
Goal
Induce and promote the sustainable development of the
BM&FBOVESPA and the capital market, involving all audiences,
including investors companies and brokerages
50
including investors, companies and brokerages.
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BM&FBOVESPA Sustainability Program
Working in four dimensions
1. Natural Resources Mgt
· GHG Inventory
· Materials recycling program
· Ecoefficiency
· Ecoefficiency
· Green IT
· Member of Carbon Disclosure Project South America
· Board of Empresas pelo Clima, FGV
2. Governance
· Novo Mercado
4. Stakeholder Engagement
· Instituto BM&FBOVESPA
· Novo Mercado
· Advisory Boards
· Sustainability Committee
· Sustainability Comission
· Instituto BM&FBOVESPA
· Stakeholders
· Global Compact Signatory (1
st
exchange)
· PRI Signatory (Principles for Responsible Investment)
· Organization Stakeholder GRI (Global Reporting
3 P d t
d S
i
Initiative); Member of Board for GRI Brazil
3. Products and Services
· Indexes: ISE, ICO2 and IGC/IGCT
· Carbon Market
· Em Boa Companhia (program with companies)
51
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