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32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
32nd Annual International FuturesIndustry Conference
32nd Annual International FuturesIndustry Conference
Info ExchangeThe Brazilian Mercantile & Futures Exchange - BM&F
Info ExchangeThe Brazilian Mercantile & Futures Exchange - BM&F
Boca Raton – March 14th 2007Boca Raton – March 14th 2007
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
• Improved Macroeconomic Fundamentals
Brazilian Business Environment is Attractive toInternational Capital Flows
Brazilian Business Environment is Attractive toInternational Capital Flows
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
Enhanced Performance of Brazilian EconomyReflects Upon the Decrease of Sovereign Risk Enhanced Performance of Brazilian Economy
Reflects Upon the Decrease of Sovereign Risk
EMBI BR - Spread Over US Treasury
Source: JP Morgan Securities WC, Emerging Markets Research and Bloomberg
100
200
300
400
500
600
700
800
900
Feb-04 Jul-04 Jan-05 Jun-05 Nov-05 Apr-06 Sep-06 Feb-07
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
Building Up International Reserves Protectsthe Brazilian Economy Against External Turbulences
Building Up International Reserves Protectsthe Brazilian Economy Against External Turbulences
Source: Brazilian Central Bank
Brazilian Central Bank International Reserves
0
15
30
45
60
75
90
105
Feb-04 Jun-04 Oct-04 Feb-05 Jun-05 Oct-05 Feb-06 Jun-06 Oct-06 Feb-07
US
$ B
illion
s
101.1
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
0
500
1,000
1,500
2,000
00 01 02 03 04 05 06
US
$ B
illion
0%
4%
8%
12%
16%
Traded Contracts % of Total Contracts of BM&F
Non-Residents Investors at BM&F
Helping to Attract Non-Resident InvestorsHelping to Attract Non-Resident Investors
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
• Improved Macroeconomic Fundamentals
• Strong Base to Build Derivatives Business
Brazilian Business Environment is Attractive toInternational Capital Flows
Brazilian Business Environment is Attractive toInternational Capital Flows
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
• World class derivatives exchange and self–regulatory organization
• Markets are supervised by the Brazilian Securities Commission (CVM) and Clearinghouses are regulated by the Brazilian Central Bank (BCB)
• Provides hedge and asset allocation related to the main exposures of the Brazilian economy and exports commodities prices
• The number of traded contracts grew 42.2% in 2006 to USD 283.6 million
• The financial volume increased 38.9% in 2006 to USD 10.6 trillions
• More than 90% of BM&F clients are qualified investors buyers
BM&F HighlightsBM&F Highlights
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
Source: FIA’s Monthly Volume Reports
199,900,022
155,511,862
104,586,832
84,707,576
New York Mercantile Exchange (Nymex)
National Stock Exchange of India (NSE)
Dalian Commodity Exchange (DCE)
ICE Futures
7th
8th
9th
10th
235,862,979Bolsa de Mercadorias & Futuros (BM&F)6th
1,010,066,878
890,077,317
630,869,854
397,660,221
265,881,288
Chicago Mercantile Exchange (CME)
Eurex Deutchland (EUREX)
Chicago Board of Trade (CBOT)
Euronext
Mercado Mexicano de Derivados (MexDer)
1st
2nd
3rd
4th
5th
Traded Contracts
Jan – Nov 2006
Traded Contracts
Jan – Nov 2006ExchangeExchangeRankRank
One of the Top 10 Futures Exchanges in the WorldOne of the Top 10 Futures Exchanges in the World
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
BM&F is an Institutional Investor ArenaBM&F is an Institutional Investor Arena
Institutional Investor 23.06%
Financial Institutions
52.25%
Private Individuals6.66%
Foreign Investors 16.30%
Others1.72%
Breakdown by Financial Volume
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
BM&F Business Model Guarantees the Safetyand Soundness of Brazilian Financial MarketsBM&F Business Model Guarantees the Safetyand Soundness of Brazilian Financial Markets
BM&FTrading and Registration Systems
BM&FTrading and Registration Systems
GOVERNMENTBONDS
Electronic platform SISBEX – trading
OTC registrationplatform
DERIVATIVES
Open outcry
Electronic platform GTS and WebTrading (E-mini)
OTC registration platform
FOREIGN EXCHANGE
OTC registration platform
Open outcry
Settlement Bank 2004
Settlement Bank 2004
DerivativesClearinghouse
1986
DerivativesClearinghouse
1986
SecuritiesClearinghouse
2004
SecuritiesClearinghouse
2004
FXClearinghouse
2002
FXClearinghouse
2002
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
Growth of Daily Traded Volume at BM&FGrowth of Daily Traded Volume at BM&F
CAGR = 28%
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
00 01 02 03 04 05 06 Jan-Feb07
Th
ou
san
d C
on
tracts
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
Increasing and Steady Open Interest at BM&FIncreasing and Steady Open Interest at BM&F
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
00 01 02 03 04 05 06 Feb-07
Th
ou
san
d C
on
tracts
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
SWAPS
- INTEREST RATE
- EXCHANGE RATE
- PRICE INDEX
- STOCK INDEX
- GOLD
FLEXIBLE OPTIONS
- STOCK INDEX
- EXCHANGE RATE
- INTEREST RATE
FUTURES & OPTIONS
- STOCK INDEX
- INTEREST RATE
- EXCHANGE RATE
- DOLLAR DENOMINATED DOMESTIC YIELD CURVE
- INTEREST RATE X PRICE INDEX
(PPI/CPI) SPREAD
- PRICE INDEX (PPI/CPI)
- SOVEREIGN DEBT BOND - GLOBAL BOND
- A BOND
- US TREASURY
STRUCTURED PRODUCTS
- SPREAD STRATEGIES
- VOLATILITY TRADING
- STOCK INDEX
- INTEREST RATE
- EXCHANGE RATE
- FORWARD RATE AGREEMENTS
What Can You Trade at BM&F? What Can You Trade at BM&F?
FUTURES & OPTIONS
- - ARABICA COFFEE
- CONILLON COFFEE
- SUGAR
- ETHANOL
- COTTON
- CORN
- SOYBEAN
- LIVE CATTLE
- FEEDER CATTLE
SPOT
- GOLD
- U.S. DOLLAR EXCHANGE RATE
OTCDERIVATIVES
OTCDERIVATIVES
FINANCIALDERIVATIVESFINANCIAL
DERIVATIVESCOMMODITYDERIVATIVESCOMMODITYDERIVATIVES
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
BM&F - Full Fledged Exchange Offering Solutionsto Non-Resident Investors
BM&F - Full Fledged Exchange Offering Solutionsto Non-Resident Investors
Feb’07
BM&F Product Breakdown
Exchange Rates 25.61%
Interest Rates 66.38%
Stock Indices 6.96%
OTC Market 0.63%
Agricultural Commodities
0.42%
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
A Sharp Increaseof Non-Resident Participation at BM&F
A Sharp Increaseof Non-Resident Participation at BM&F
• 41 million traded contracts (05 78.5%)
• Average traded volume of 166 thousand contracts (05 81.4%)
• 14.7% of negotiated contracts (05 25.5%)
• USD 1.6 trillion in financial volume (05 66.0%)
• Average daily financial volume of USD 6.3 billion (05 68.7%)
• 14.8% of the total financial volume negotiated (05 20.3%)
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
7.4
3.11.3
14.1
25.4
12.4
13.3%
7.4%
10.6%
7.7%
18.3%17.7%
Interest Rates Exchange Rates Stock Indexes
2005 2006 Relative Participation 2005 Relative Participation 2006
Million Contracts
Non-Resident Investors Are Trading More Contractsin the Most Liquid Markets
Non-Resident Investors Are Trading More Contractsin the Most Liquid Markets
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
353.8
67.844.5
530.5
993.7
482.2
13.5%
9.5%
20.0%21.3%
22.0%
17.3%
USD Billion
Interest Rates Exchange Rates Stock Indexes
Non-Resident Investors Are Increasing Volumesin the Most Liquid Markets
Non-Resident Investors Are Increasing Volumesin the Most Liquid Markets
2005 2006 Relative Participation 2005 Relative Participation 2006
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
7.514.2
1.13.6
21.5%
4.0%
7.9%
1.9% 1.7%
10.1%
Agricultural Commodities Gold Sovereign Bonds
Thousand Contracts
Non-Resident Investors Are Trading MoreAgricultural Commodities Markets Contracts
Non-Resident Investors Are Trading MoreAgricultural Commodities Markets Contracts
2005 2006 Relative Participation 2005 Relative Participation 2006
105.7
135.5
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
1,196.0
16.9
840.5
75.0
1,447.7
6.5
5.6%5.3%
11.8%11.9%
1.7%0.6%
USD Million
Agricultural Commodities Gold Sovereign Bonds
Non-Resident Investors Participation is Increasing in the Agricultural Commodities Markets
Non-Resident Investors Participation is Increasing in the Agricultural Commodities Markets
2005 2006 Relative Participation 2005 Relative Participation 2006
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
Pledged Collateral by Non-Resident InvestorsWill be Facilitated in New York
Pledged Collateral by Non-Resident InvestorsWill be Facilitated in New York
0%
5%
10%
15%
20%
01 02 03 04 05 06
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
• Clears, guarantees and settle every contract traded at BM&F
• Average daily trading volume: 1.8 million contracts
• Average daily notional financial volume: USD 64 billion
• Open interest: 13.71 million contracts
• Open interest notional financial value: USD 656 billion
• Value deposited as collateral: USD 28.3 billion
Derivatives ClearinghouseCCP to Every Contract Traded at BM&F
Derivatives ClearinghouseCCP to Every Contract Traded at BM&F
Feb’07
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
BM&F’s financial safeguard system is based on self contained layers of protection facilitated by a defaulter, survivor, and third party payment structure
BM&F’s has expertise in dealing with unexpected volatility peaks and a capacity to handle a boost in the settlement volume
BM&F utilizes state-of-the-art risk management procedures to mitigate market and counterparty risk
Why it is Safe to Trade at BM&F?Why it is Safe to Trade at BM&F?
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
CustomerCustomer CustomerCustomer LocalLocal CustomerCustomer
BrokerageHouse
BrokerageHouse
BrokerageHouse
BrokerageHouse
BrokerageHouse
BrokerageHouse
Derivatives Clearinghouse Participant Structure Derivatives Clearinghouse Participant Structure
BM&F Participants StructureBM&F Participants Structure
BM&FBM&F
ClearingMemberClearingMember
ClearingMemberClearingMember
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
CustomercollateralCustomercollateral USD 28.3 billionUSD 28.3 billion
Feb’07
Derivatives Clearinghouse Sound Safeguards System Derivatives Clearinghouse Sound Safeguards System
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
Sturdy and Conservative CollateralizationSturdy and Conservative Collateralization
Feb’07
BM&F Derivatives Clearinghouse Collateral Composition
Gold 0.05%Other Assets
0.87% Stocks 4.15%
Federal Government
Bonds 87.13%
BankCDs
2.56%Letters of
Credit 5.23%
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
Brokerage Houseproprietary collateral
Brokerage Houseproprietary collateral
CustomercollateralCustomercollateral
Clearing FundClearing Fund USD 80 millionUSD 80 million
Clearing Memberproprietary collateral
Clearing Memberproprietary collateral
Joint and severalequity liability
Joint and severalequity liability
USD 28.3 billionUSD 28.3 billion
Mutualized FundsMutualized Funds USD 40 millionUSD 40 million
Clearing MemberClearing Member
BrokerageHouse
BrokerageHouse
CustomerCustomer
Feb’07
USD 469 millionUSD 469 million BM&F equity BM&F equity
Guarantee Fund
Guarantee Fund
USD 45 millionUSD 45 million
Derivatives Clearinghouse Sound Safeguards System Derivatives Clearinghouse Sound Safeguards System
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
BM&F’s financial safeguard system is based on self contained layers of protection facilitated by a defaulter, survivor, and third party payment structure
BM&F’s has expertise in dealing with unexpected volatility peaks and a capacity to handle a boost in the settlement volume
BM&F utilizes state-of-the-art risk management procedures to mitigate market and counterparty risk
Why it is Safe to Trade at BM&F?Why it is Safe to Trade at BM&F?
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
High Standards for Liquidity Risk ManagementHigh Standards for Liquidity Risk Management
Achievement of Lamfallusy Plus Criteria
2002/2003 Event
May 2006 Event
Access to Central Bank Discount Window
Access to Central Bank Discount Window
0
100
200
300
400
500
600
700
800
900
12
/01
06
/02
12
/02
06
/03
12
/03
06
/04
12
/04
06
/05
12
/05
06
/06
12
/06
US
D M
illion
Sum of the two largest clearing members' settlement debts BM&F credit facilities
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
BM&F’s financial safeguard system is based on self contained layers of protection facilitated by a defaulter, survivor, and third party payment structure
BM&F’s has expertise in dealing with unexpected volatility peaks and a capacity to handle a boost in the settlement volume
BM&F utilizes state-of-the-art risk management procedures to mitigate market and counterparty risk
Why it is Safe to Trade at BM&F?Why it is Safe to Trade at BM&F?
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
Intraday riskcalculation
Intraday riskcalculation
Portfolio stresstesting
Portfolio stresstesting
Economic outlookanalysis and
Extreme Value Theory Models
Economic outlookanalysis and
Extreme Value Theory Models
Collateralmarket riskCollateral
market risk
Credit analysisCredit analysis
Concentrationlimits
Concentrationlimits
Additionalmargin callsAdditional
margin calls
Collateralcredit riskCollateralcredit risk
Central Bankdiscount window
and 5 bankingrepo facilities
Central Bankdiscount window
and 5 bankingrepo facilities
Pricevariation
limits
Pricevariation
limits
Achievement ofLamfalussyPlus Criteria
Achievement ofLamfalussyPlus Criteria
Collateralliquidity risk
Collateralliquidity risk
Businessrecovery plan
Businessrecovery plan
Contingencyhot site
Contingencyhot site
Independentinternal and
external audits
Independentinternal and
external audits
ISO 9001complianceISO 9001
compliance
BrazilianPayment System
BrazilianPayment System
Law 10214Law 10214
Finalityand netting
Finalityand netting
InsolvencyprotectionInsolvencyprotection
Market RiskMarket Risk Credit RiskCredit Risk Liquidity RiskLiquidity Risk OperationalRisk
OperationalRisk Legal RiskLegal Risk
BM&F Derivatives Clearinghouse Risk ManagementBM&F Derivatives Clearinghouse Risk Management
Efficient and Modern Risk ManagementEfficient and Modern Risk Management
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
• The world’s first clearing and settlement system for interbank FX market
• 95% market share on T+1 and T+2 BRL/USD FX Transactions
• 72 participating banks
• Average daily registered gross volume: USD 2.5 billion
• Average daily net settled volume: USD 932 million
• 81% of netting power
• The Clearinghouse mitigates principal, volatility, and operational risks through DVP, pre-pledged collateral and deferred net settlement
Foreign Exchange ClearinghouseCCP for Interbank FX TransactionsForeign Exchange Clearinghouse
CCP for Interbank FX Transactions
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
BM&F FXClearinghouse
Central Bank
CorrespondentBank abroad
Bank of America
CorrespondentBank abroad
Citibank
CorrespondentBank abroad
StandardChartered
Foreign currency settlement account
LocalcurrencysettlementaccountCorrespondent
Bank abroad
Wachovia Bank
FX Clearinghouse Settlement AccountsFX Clearinghouse Settlement Accounts
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
• Renders registration, clearing and settlement services for federal government bonds cash transactions on the spot market
• Provides services that contributes to higher liquidity and lower operational and credit risks
• General and specific collateralized repos for the cash driven and securities driven repo markets
• Settlement of primary government auctions
• Securities lending facility
• Average daily volume of USD 6.5 billion (Mar-06 to Feb-07)
• Clearing 41% of the Brazilian repo market, i.e., the “on the run” National Treasury Bills trading (LTN)
Securities ClearinghouseCCP and SSS for government Bonds
Securities ClearinghouseCCP and SSS for government Bonds
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
REAL-TIME QUOTESREAL-TIME QUOTES
REFERENCE PRICESREFERENCE PRICES
NEWSNEWS
AUCTIONSAUCTIONS
Sisbex ScreenSisbex Screen
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
• The business model is based on three pillars
• Risk management mitigation – Access to Brazilian Central Banking reserves accounts, efficiency of margin charge and allocation, and a full platform integrated to the BM&F clearing systems
• Settlement facilities – Real time collateral management and liquidity assistance trough repo transactions and FX services for non-resident investors
• Custody – Pre-matching and post trading reconciliation of securities positions under fiduciary ownership of the CSDs
• A wholly-owned BM&F subsidiary, with capital of USD 11 million
• STP structure not exposed to market and credit risks
• Services 50% of BM&F’s members
Settlement BankEnhances Competitiveness of Brokers and Clearing Members
Settlement BankEnhances Competitiveness of Brokers and Clearing Members
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
Brazilian Business Environment is Attractive toInternational Capital Flows
Brazilian Business Environment is Attractive toInternational Capital Flows
• Improved Macroeconomic Fundamentals
• Strong Base to Build Derivatives Business
• Sound Regulatory Framework for Investments
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
Resolution 2689 – An Efficient Legal Gateway forNon-Resident Investors to Access Brazilian Markets
Resolution 2689 – An Efficient Legal Gateway forNon-Resident Investors to Access Brazilian Markets
• Allows nonresidents investors to invest in the Brazilian capital and financial markets, including BM&F’s products
• Focuses on foreign institutional investors, financial institutions, corporations, and individuals
• Creates a Privileged Taxation Regime for Non-Resident Investors from Non-Tax Havens
• Makes foreign investment more efficient
• Eliminating investment restrictions
• Simplifying procedures
• Creating operational safety
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
Resolution 2689 – A Step by Step Processfor Non-Resident Investors Access to BM&FResolution 2689 – A Step by Step Process
for Non-Resident Investors Access to BM&F
1. Select a legal representative in Brazil
2. Receive a registration number from CVM
3. Select a local custodian
4. Select a BM&F Brokerage House member
5. Provide documents required
6. Select a Brazilian bank FX transactions
7. Starts to trade
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
Brazilian Business Environment is Attractive toInternational Capital Flows
Brazilian Business Environment is Attractive toInternational Capital Flows
• Improved Macroeconomic Fundamentals
• Strong Base to Build Derivatives Business
• Sound Regulatory Framework for Investments
• Following Global Tendencies
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
Volumes are Moving to Our Electronic Trading SystemVolumes are Moving to Our Electronic Trading System
92.9
7.1
87.6
12.4
78.8
21.2
74.9
25.1
66.6
33.4
51.848.2
46.0
54.0
01 02 03 04 05 06 Jan-Feb07
Open Outcry Electronic Trading
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
WebTrading FacilityWebTrading Facility
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
Number of Traded Contracts (WebTrading)
The WebTrading Volume Reached8.8 million Contracts Traded in 2006 The WebTrading Volume Reached
8.8 million Contracts Traded in 2006
0
1,000
2,000
3,000
4,000
1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 Jan-Feb07
0%
2%
4%
6%
8%
10%
Th
ou
san
d C
on
tracts
% of Contracts Traded Electronically (WebTrading + GTS)
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
• Electronic Certified Emission Reduction Auctions• Web based trading system• To be scheduled on demand
• Direct Access to Authorized Participants• BM&F Brokers• Carbon Funds• Carbon Brokers/Traders• Government Entities• Multilateral Organizations
• First Stage• Spot market (already issued CERs)• Clearing:
• Delivery Versus Payment• CER Physical Delivery: CDM Registry UN / EU ETS
• Full integration with BM&F Carbon Facility
Carbon Trading SystemCarbon Trading System
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
BM&F Carbon FacilityBM&F Carbon Facility
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
Demutualization: A Tendency Adopted by the Top ExchangesDemutualization: A Tendency Adopted by the Top Exchanges
• Creates competitive advantages
• Maximizes the value of members’ titles
• Provides access to capital markets to boost investments on new projects
• Creates opportunities to businesses combinations, joint ventures, and strategic alliances with other exchanges and markets participants
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
Demutualization AgendaDemutualization Agenda
• Demutualization approved by General Meeting of Members in December 2006
• Appointment of Rothschild as advisor
• Expected changes on Bylaws and corporate structures in July 2007
• Regulatory approvals
• IPO expected to be conclude at the end of 2007
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
BM&F New York OfficeBM&F New York Office
Phone (1-212) 750-4197Phone (1-212) 750-4197
BM&F Shanghai OfficeBM&F Shanghai Office
Phone (86-21) 5037-2886Phone (86-21) 5037-2886
BM&F HeadquartersSão Paulo
BM&F HeadquartersSão Paulo
Phone (55-11) 3119-2320Phone (55-11) 3119-2320
32nd Annual International Futures Industry Conference
The Brazilian Mercantile & Futures Exchange - BM&F
www.bmf.com.brwww.bmf.com.br
The Brazilian Mercantile & Futures Exchange – BM&F
32nd Annual International Futures Industry Conference
32nd Annual International Futures Industry Conference
Boca Raton – March 14th 2007