Providing Trading Opportunities in a Sound Marketplace

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1 Providing Trading Opportunities in a Sound Marketplace Dec/2013 Classification of the Information Public

2 USD Billion Million Active Market with Liquid Products Equities Market Market Cap of USD 1 trillion and 72% Turnover Vel. 14 companies trade from USD 40 million daily 58 companies trade over BRL 10 million daily 65 companies on IBOV PETR, VALE, BVMF, ITAU, IBM 14.5% is BVMF s market average P/E ratio Derivatives Market 2 nd largest Interest Rate contract in the world Cross-listing contracts with CME (Soybean, S&P, WTI) Development of a BRICS Index and Derivatives Initiatives for improvement of IBOV Fut liquidity Equities futures contracts under development ADTV on Equity v and Breakdown of Participants in Latam ADV Derivatives and Breakdown of Participants in Latam Sep-13 LATAM 24% Brasil 96% Financial Institution 4% Institution al 25% Retail 11% Companies 1% Non resident 35% set-13 LATAM 4% Brasil 96% Companies 1% Institution al Non 31% resident 25% Financial Institution 36% Retail 3% Brazil concentrates 75% of trades in Equities in Latam More than 95% of the derivatives trades in Latam are at BM&FBOVESPA 2

3 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 A Friendly Environment for International Investors Sound Regulation, Investor Protection and Easy Access Level Playing Field Regulation Final Beneficial Owner Identification CVM is the sole regulator for the entire securities market BSM is the self-regulatory body of BM&FBOVESPA All trades intermediated by financial institutions No internationalization of orders Fees charged by volume and paid by the investor Mandatory OTC derivatives registration Centralized Sec. Lending model assures delivery BM&FBOVESPA Clearing Brokers Final Investors IOSCO guideline No commingling of assets and collateral deposited Detailed information provided to the regulators know your client internal procedures Record keeping Alternatives for Collateral Deposit BM&FBOVESPA offers deposit of collateral overseas for financial derivatives DTCC and Euroclear Securities accepted: US T-Bills, bonds or notes Selected ADRs Germand Bonds (Euroclear only) Collateral deposit at Citibank NY when trading commodities (Res. 2687) 1,6 1,4 1,2 1,0 0,8 0,6 0,4 0,2 0,0 Collateral Deposited Overseas (USD billion) EUROCLEAR DTCC 1

4 Expressive Participation of International Investors Investors from over 90 different countries North America USD 164 bi - 30% EMEA USD 308 bi - 57% Asia Pacific USD 15 bi - 3% LATAM USD 56 bi - 10% 2000 USD 41 bi 181 accounts 20 countries 2002 USD 20 bi 183 accounts 23 countries 2004 USD 62 bi 487 accounts 34 countries 2006 USD 198 bi 1,236 accounts 39 countries 2008 USD 416 bi 2,070 accounts 57 countries 2010 USD 566 bi 2,100 accounts 57 countries 2012 USD 716 bi 2,354 accounts 57 countries 2013 YTD USD 545 bi 1,873 accounts 59 countries Source: CVM and BM&FBOVESPA 3

5 Listed Companies and Corporate Governance Breakdown of Sectors by Market Cap Sep/13 Strong Corporate Governance for Companies + Gradual Access Market + Only voting shares + Shareholder rights and arbitration + Better disclosure and free float Initiatives for Small & Medium Enterprises (SME) Establishment of the Technical Committee for Smaller Offerings composed of private sector and government agencies Developing proposals to facilitate capital raising through issuance of shares Public Offering Raising (USD Billion) Sep/2013: 454 listed Cias 7 IPOs 5 Follow-ons Project was presented to the Ministry of Finance in Jul/13 7

6 Increased Market Diversification Fixed Income Market Macroeconomic incentives: lower interest rates and fiscal incentives Diverse Range of Products Government, Corporate and Bank Bonds Debentures Asset-Backed Security Commercial Papers Agribusiness Securities Recent industry in Brazil ETFs Market 15 Listed ETFs 15 listed ETFs: Ibovespa, IBR-X, Small caps, Corporate Governance and others 20% traded by non resident investors Only Brazilian ETFs allowed by CVM Real Estate Investment Trust and Credit Bills Mortgage-Backed Security Fixed Income Offerings (USD billion) ETFs (ADTV in USD Millions) CAGR: +16% CAGR: +54%

7 High growth products Growing sophistication of market participants Options with Market Maker BVMF is the world leader in number of equity options contracts traded Options on 10 stocks, plus options on Ibovespa and S&P500 3 market makers for each underlying asset, selected through a competitive bidding process Real Estate Funds (FIIs) Macroeconomic scenario boosting Real Estate segment Shares can be negotiated via Home Broker No income tax is applied Trades intermediated by a broker Tesouro Direto Direct Treasury Brazilian secondary bonds market Treasury guarantees the Bonds liquidity by reacquiring them every Wednesday System joint developed by the National Treasury and BVMF Evolution of MM Options - ADV (Thousands of Contracts) ADTV Evolution on FIIs (USD million) Tesouro Direto - ADV (Custody in USD billion) Var: +83% CAGR: +23% 639 CAGR: +27% 349 Before MM After MM ** *Data from 12 months before and 6 months after start of MM activities **Updated to Aug. 30,

8 Opportunities at the Brazilian Market BTC the Brazilian model for Sec. Lending Monetizing positions in Brazil Additional revenue via lending of assets with no extra costs Loan operation with a mitigated risk by BVMF as CCP Opportunities Brazilian Centralized CCP Model Guaranteed payment of corporate actions Loan details The lender has no costs, only revenues Flexibility to establish the contract fees Customer A Broker W CCP Broker Y Customer B Sound safeguard structure by BVMF Contract BM&FBOVESPA guarantees the settlement of all loan transactions at the final beneficial owner level Maintenance of records of each beneficial owner s collateral, avoiding commingling of assets. 5

9 Opportunities at the Brazilian Market BEI Brazil Easy Investing BEI is a system that allows buying/selling equities and closing FX transactions simultaneously Exposition to Brazilian Market on your local currency Via a broker based in your country All in just on click! Opportunities BEI Workflow Increased directed access for international small firms and retail investors to Brazilian assets Retail Investor Home Broker (In Local Currency) Foreign Broker Brazilian orders directly in local currency provided by a broker Streamline the process for transmitting orders Foreign Brazil Custodian Bank Local Broker Direct Link System jointly developed by BVMF and Chi-FX Simplification of Tax ID for non-resident investors Local FX Bank FX/BRL BRL/FX BEI Integrates BVMF Market Data (BRL) with FX rate BM&FBOVESPA 6

10 Thank you! Eduardo Guardia BM&FBOVESPA Disclaimer: This presentation shows institutional and economical Brazilian information and does not constitute an offer to sell or the solicitation of an offer to buy any securities. Membership of BM&FBOVESPA is available only to persons in Brazil. Connectivity to BM&FBOVESPA is available only in the UK only to persons that are either authorised persons or exempt persons (in each case as defined in the Financial Services and Markets Act 2000). This information is for distribution only to persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc") of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the exchange and clearing services provided by BM&FBOVESPA may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This information is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this relates is available only to relevant persons and will be engaged in only with relevant persons BM&FBOVESPA is an exchange which offers trading and clearing services on multiple asset classes, including futures, options and securities. The information conveyed herein relates to the Brazilian legal requirements that apply generally to all U.S. investors when investing in Brazil. The information also provides information of a general nature relating to trading futures or options on futures on BM&FBOVESPA and how BM&FBOVESPA may be accessed for trading such instruments. This information is not an offer to buy or sell any security or financial instrument or to participate in any trading strategy. It also is not intended to offer any specific investment advice with respect to trading on BM&FBOVESPA If you have any questions about trading securities or equity options on BM&FBOVESPA, please ask your Broker/Dealer or consult the BM&FBOVESPA website. Asia 2013

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