BVMF Presentation - September 2009

7/30/2019 BVMF Presentation - September 2009

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11

1

BM&FBOVESPASeptember 2009



22

2

Forward Looking Statements

This presentation may contain certain statements that express the management’s expectations, beliefsand assumptions about future events or results. Such statements are not historical fact, being based oncurrently available competitive, financial and economic data, and on current projections about theindustries BM&F Bovespa 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 risksand uncertainties that could cause actual results to differ materially from those projected in thispresentation and do not guarantee any future BM&F Bovespa performance.

The factors that might affect performance include, but are not limited to: (i) market acceptance of BM&Fservices; (ii) volatility related to (a) the Brazilian economy and securities markets and (b) the highly-competitive industries BM&F Bovespa operates in; (iii) changes in (a) domestic and foreign legislationand taxation and (b) government policies related to the financial and securities markets; (iv) increasingcompetition from new entrants to the Brazilian markets; (v) ability to keep up with rapid changes intechnological environment, including the implementation of enhanced functionality demanded by BM&Fcustomers; (vi) ability to maintain an ongoing process for introducing competitive new products andservices, while maintaining the competitiveness of existing ones; (vii) ability to attract new customers indomestic and foreign jurisdictions; (viii) ability to expand the offer of BM&F Bovespa products in foreign

jurisdictions.All forward-looking statements in this presentation are based on information and data available as of thedate they were made, and BM&F Bovespa undertakes no obligation to update them in light of newinformation 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 registrationor qualification under the securities law. No offering shall be made except by means of a prospectusmeeting the requirements of the Brazilian Securities Commission CVM Instruction 400 of 2003, asamended.



33

3

MACRO ENVIRONMENT

EXCHANGES INDUSTRY

IT DEVELOPMENTS

OPERATIONAL HIGHLIGHTS

TRENDS AND STRATEGIES

FINANCIAL HIGHLIGHTS



44

4

Macroeconomic ExpectationsBrazil from the perspective of market experts

“Brazil will not only overcome the current crisis earlier and better than the othercountries, but will make part of a selected group of nations which, in the next decade,

will grow in a path similar to that showed before the US Financial System collapse,after the bankruptcy of the Investment Bank Lehman Brothers in Sept/08. I believethat Brazil can grow 5% annually in the long term.”

Kenneth Rogoff (Harvard Department of Economics)

“We didn’t have any credit booms and neither a leveraging spur. For this reason, the

crisis in Brazil is much more benign, and, in some way, we are better than themajority, what explains the attractiveness even of our Exchange”

Arminio Fraga Neto (Former Chairman of Central Bank of Brazil and Chairman of BM&FBOVESPA)

“ I believe that, in the medium term, the Brazilian currency (Real) will be strongerthan the US Dollars”

Raghuran Rajan (Former IMF Chief Economist)

“Among the last to fall into recession, Brazil should be among the firsts to leave fromit”

The Economist

Note: Free translation.



55

5

30

33

36

39

42

45

Sep-08 Nov-08 Jan-09 Mar-09 May-09 Jul-09 Sep-09

Public Sector Net Debt to GDP Ratio (%)

2009 2010

(1,0)

0,0

1,0

2,0

3,0

4,0

5,0


GDP Annual Growth (%)

2009 2010

4,1

4,4

4,7

5,0

5,3


Brazilian CPI (%)

2009 2010

0

50

100

150

200

250

International Reserves (actual) - USD billions

Macroeconomic Environment

Source: Central Bank Focus survey and Central Bank statistics.

40.95

42.50

4.30

4.30

4.00

-0.16

207



66

6

-

200

400

600

800

1.000

1.200

Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09

Brazil China Russia Mexico Korea

Macroeconomic ExpectationsEmerging Markets CDSs Spreads – 5 years

Standard & Poor’sInvestment Grade

04.30.08

FitchInvestment Grade

05.29.08

Moody’sUnder review to be

upgraded toInvestment Grade

07.06.09(for 90 days)

BRAZIL’S CREDIT RISK IS BACK TO THE PRE-CRISIS LEVEL WHEN THE COUNTRYRECEIVED THE INVESTMENT GRADE FROM S&P AND FITCH

Source: Bloomberg.



Foreign Investments and the NewBrazil’s Oil Perspectives

PRE-SALT OIL RESERVES

Positive perspectives in terms of investments in Brazil

Petrobras´s Current Production: 2,050thousand barrels per day

Pre-Salt Oil Production (barreals/day–ths)2013: 2192015: 5822017: 1,3362020: 1,815

Source: Petrobras

NEW INVESTMENT’S PERSPECTIVES IN BRAZIL WITH THE EXPLOITATION OF OILRESERVES IN THE PRE-SALT

Source: Central Bank Focus survey

15

19

23

27

31

35


Net Foreign Direct Investments (USD Billions)

2009 2010



PROMOTE ROBUST SUPERVISION AND REGULATON OF FINANCIAL FIRMS

Stronger capital and other financial regulators to identify emerging systemic risks and improve

agency cooperation

ESTABLISH COMPREHENSIVE SUPERVISION OF FINANCIAL MARKETS

Enhanced regulation of securitization markets, including new requirements for markettransparency

Comprehensive regulation of all OTC derivatives

PROTECT CONSUMERS AND INVESTORS FROM FINANCIAL ABUSE

Improvement of the transparency, fairness and appropriateness of consumers and investorsproducts

PROVIDE THE GOVERNMENT WITH THE TOOLS IT NEEDS TO MANAGE FINANCIAL CRISES

A new regime to resolve nonbank financial institutions whose failure could have serioussystemic effects

RAISE INTERNATIONAL REGULATORY STANDARDS AND IMPROVE INTERNANTIONALCOOPERATION

Strengthening the capital framework

US Financial Regulatory ReformFive key objectives



MACRO ENVIRONMENT

EXCHANGES INDUSTRY

IT DEVELOPMENTS






Listed Exchanges Business Model

Diversified and IntegratedExchanges

Integrated DerivativesExchanges

Diversified but NotIntegrated Exchanges



Listed Exchanges

Date: 09/11/2009

Diversified and integratedDerivatives Diversified but not integrated

Share EBITDA Margin

Share Index12M4 12M4 $ Local Date $ Local Date

1 / HK Ex. and Clearing / China / HS Index 145,80 0,8% 0,4% 3,8% 5,3% 104,1% 48,7% 60,5% 9,1% 2,59 26/ 06/ 00 244,83 02/11/07 77,1%

2 / Chicago Merc. Exc. / EUA / Nasdaq Comp 274,79 -0,3% -0,1% -3,4% 2,6% 39,2% 34,2% -17,0% -7, 9% 32,37 05/ 12/ 02 682,03 21/12/07 67,2%

3 / Deutsche Boerse / Alemanha / DAX 55,58 1,3% 0,5% 3,5% 1,9% 13,1% 16,9% -9,0% -9,0% 13,00 22/ 03/ 01 127,96 28/12/07 59,1%

4 / BM&FBOVESPA / Brasil / Ibovespa 11,90 0,0% -0,3% -0,9% 1,2% 102,5% 55,4% 39,3% 13,8% 3,92 27/10/08 12,63 12/08/09 68,0%

5 / Nyse Euronext / EUA / Dow Jones 27,78 -0,5% -0,2% -1,3% 0,6% 11,2% 10,8% -24,1% -16,0% 14,53 05/ 03/ 09 100,94 22/11/06 48,4%

7 / Sing. Exc. / Cingap. / Straits Times Index 8,73 -1, 4% 0,0% 1,9% 1,4% 72,0% 51,4% 55,6% 5,5% 0,49 18/09/01 15,18 08/10/07 64,9%

6 / Intercontinental Exchange / EUA / Dow Jones 88,19 -1,3% -0,2% -5,6% 0,6% 10,1% 10,8% -4,6% -16,0% 26,00 15/ 11/ 05 194,50 26/12/07 68,4%

8 / Australia Exchange / Austrália / All Share 33,30 5,0% 0,5% -1,1% 2,2% 7,7% 28,0% 0,7% -5,6% 2,58 14/10/98 54,44 28/12/07 84,0%

9 / Nasdaq OMX Group / EUA / Nasdaq Comp 20,87 -0,6% -0,1% -2,2% 2,6% -11,7% 34,2% -33,3% -7, 9% 5,25 16/04/03 50,00 26/12/07 50,2%

10 / LSE / Inglaterra / FTSE 100 810,50 0,7% 0,5% 0,6% 2,1% 56,6% 14,1% 7,5% -5,8% 240,70 27/03/03 1.861,77 31/12/07 63,2%

11 / Bolsa Merc. Esp. / Espanha / IBEX 35 25,05 0,4% 1,0% 3,1% 0,1% 49,3% 24,5% 38,7% 2,8% 12,73 06/03/09 44,09 08/11/07 70,8%

12 / TMX Group / Canadá / TSX Composite 33,00 -0,2% 0,9% -6,5% 2,5% 39,5% 27,4% -5,1% -10,8% 6,49 05/11/02 53,03 07/12/07 52,5%

15.797,07

(US$ MM)

Historical Prices5

Ranking (Mkt. Cap.) / Exchange / Index

Low HighIndex

Daily Variation

Index Index

Year-to-Date3

Share Share

Month-to-Date2

2008

12 Months

4.231,20

2.275,44

$ Loca l Sha re

Mkt. Cap.1

3.052,96

4.921,76

6.452,77

7.222,80

18.252,65

3.655,31

20.243,94

13.380,15

6.565,75



Fully Integrated Business Model

Listing(stocks, bonds, funds,

asset-backed securities,among others)

CommoditiesCertification

Trading(stocks, derivatives, corporate and government

bonds, funds, spot US Dollar, among others)

Central Counterparty (CCP)Clearing and Settlement

(for all the products)

Services for Issuers andCommodities trading

Trading, Clearing and Depository Activities

Central Depository(stocks and corporate bonds)

Securities Lending(stocks and corporate bonds)

Custody(services provided for

funds, and other marketparticipants)

Market Data

Indices Licensing

Software Licensing(used by brokeragehouses and other

market participants)

Other Services



Central Depository

Clearing (CCP)

Trading on theExchange

BRAZIL USA

BVMF

BVMF

BVMF

DTCC

DTCC

NYSE Nasdaq

BATS Direct Edge

TRF Dark Pools

Equity Market Settlement StructureBrazil compared with USA

Beneficial Owner Level

Broker Level

All the tradesmust bematched onan exchangeenvironment

BrokerBrokers can internalize

orders



US Exchanges and Trading VenuesMarket share

US CONSOLIDATED EQUITIES VOLUME BREAKDOWN (JUL’09)

Source: Rosenblatt Securities Inc. – Trading Talk

27,8%

22,3%15,8%

11,8%

10,8%

9,5%

2,0%

NYSE (Arca + Classic)

Nasdaq + BX

Nasdaq TRF (Adjusted)

Direct Edge

BATS

Dark Pools

Other



Brokerage House

Stock Exchange

BRAZIL – BM&FBOVESPAServices offered to investors

US TRADING VENUESServices offered to investors

Services Offered by the Exchange to InvestorsBM&FBOVESPA X US Trading Venues

• Trading

• Clearing

• Central Counterparty (CCP)

• Central Depository

• Securities Lending

• Trading

• Intermediary in the trading

activity

• Clearing,

• Securities Lending´s activity

• Counterparty risk on the

Internalization of orders*

• Intermediary in the trading

activity

* Not allowed according to Brazilian regulation

PROVIDER



Brazilian’s Stock Trading Breakdown

28.3%

29.1%

11.1%

31.5%

Aug’09

Source: Bloomberg (in USD traded value of 36 companies with ADRs programs Level 2 and Level 3.

Novo MercadoLaunching

End of CPMF(Financial

Transaction Tax)Sarbanes-Oxley Act

(SOX)

2001 2002 2003 2004 2005 2006 2007 2008 2009* TotalIPOs - 1 - 7 9 26 64 4 1 112 Follow ons 14 5 8 8 10 16 12 8 7 88 Total 14 6 8 15 19 42 76 12 8 200

Dual Listings - - - 2 1 1 - - - 4

Public Offerings in Number of Companies

*Updated until August 2009.

57.4%

42.6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

1 9 9 6

1 9 9 7

1 9 9 8

1 9 9 9

2 0 0 0

2 0 0 1

2 0 0 2

2 0 0 3

2 0 0 4

2 0 0 5

2 0 0 6

2 0 0 7

J a n - 0 8

F e b - 0 8

M a r - 0 8

A p r - 0 8

M a y - 0 8

J u n - 0 8

J u l - 0 8

A u g - 0 8

S e p - 0 8

O c t - 0 8

N o v - 0 8

D e c - 0 8

J a n - 0 9

F e b - 0 9

M a r - 0 9

A p r - 0 9

M a y - 0 9

J u n - 0 9

J u l - 0 9

A u g - 0 9

Other USA Venues - Brazilian ADRs NYSE - Brazilian ADRs

BM&FBOVESPA - companies with ADRs BM&FBOVESPA (except companies with ADRs)



MACRO ENVIRONMENT

EXCHANGES INDUSTRY

IT DEVELOPMENTS






Customer DistributionIntermediary

(CM / Broker)BM&FBOVESPA

TraditionalDMA

(Aug 08)

DMA Via

Provider(Dec 08)

Access Via

Broker

DMA Via

Co-location(Jun 09)

Open Outcry

GTS

GTSFIX Gateway

GLOBEX – GTS

Order routing(Sep 08)

NET

GLOBEX

NETDMAProvider

NET

Remote access – monitoring

and maintenance

Application for Co-locationNET

Marco PoloBloombergCedro

BM&F SegmentDirect Market Access (DMA) Development

(ended on June 30th, 2009)



Structure where the equipment is installed

(switches and servers)

CO-LOCATION ACCESS COST (monthly basis)

Co-location Development

Co-location Service:

BM&F Segment – Jun’09

BOVESPA Segment – Oct’09

Contracting Modalities:

Brokerage House Co-location

Only the broker can access the rack where itsservers are installed

Investor Co-location

Only the investor can access the rack where itsserver s are installed

1/2 rack 1 rack

Electrical Capacity: 2.0 kVA Electrical Capacity: 4.0 kVA

BM&F R$ 10,000.00 R$15,000.00

Bovespa R$ 10,000.00 R$15,000.00

Both R$15,000.00 R$25,000.00

Segment



CME-Globex Order Routing Evolution

BM&F SegmentDMA and CME Order Routing Evolution

Algotraders Evolution

DMA Evolution

337

3641 40

82

161

227199 190 195 177 195

-

11

14 3245

58703

453 47

48

0.1%

1.2% 1.2%1.9% 1.8%

3.0%

6.4% 6.8%6.9%

7.7%7.8%

10.1%11.3%

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

-

50

100

150

200

250

300

350

Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09

Traditional DMA CME Globex DMA Provider % of DMA in overall ADTV

12 14

23 23

3336

410

1214

10

11

13

19

0.3%0.4%

1.1%

1.2%

2.1%

2.5%

0,0%

0,5%

1,0%

1,5%

2,0%

2,5%

3,0%

0

10

20

30

40

50

60

70

80

Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09

FX ( Thousands) Equities (Thousands) Web Tr ading (Thousands) % in Overall Volume

11 1423 23

31

46411

12

17

3 5

4 2

7

11

12

18

0.1%0.2%

0.4% 0.5%

1.2%

1.2%

2.0%

3.1%

0,0%

0,5%

1,0%

1,5%

2,0%

2,5%

3,0%

3,5%

0

10

20

30

40

50

60

70

80

90

Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09

FX ( Thousands) Equitie s (Thousands) W eb Tr ading (Thousands) % in Ov er all Volume



212121

NSC V900

New Multi Gateway

MEGABOLSA STATION

SLE

SCOM, SNEG, SCOT

User DistributionIntermediary

(CM/Broker)BM&FBOVESPA

BVMF / HP

NYSE EuronextGL Trade

Traditional

DMA

Via DMA

Provider

Access Via

Intermediary

Via DMA

Co-location

Bloomberg TradeBook

Others

Homebroker

GLWIN

Any ISV

NETWORK

NETWORK NETWORK

RTT –

YE09e 1 1016 50

HUB

NETWORK

DMA Provider

Remote access – tracking and

maintenance

Application of Co-location (ATS)NETWORK

268454299RTT – Jan’09 135

Bovespa SegmentTrading system development

2H09

RTT – May’09 54 10153 584

(May,2009)

(September, 2009)

(October, 2009)

(October, 2009)



222222

GTS

Investor

SingleTradingScreen

ONE FRONT ENDSOLUTION

(To be delivered in4Q09)

Single FIX Protocolinterface: cost

reduction for market

participants

Trading Systems

(Mega Bolsa and GTS)

BM&FBOVESPAClearing House

CLEARING HOUSESINTEGRATION

(Kick-off of theproject)

The integration willallow cross marginingand improvement of

risk and cashmanagement

New IT DevelopmentsTrading and Post Trading Integrations

Mega BolsaGTS

Investor

Mega Bolsa

GTS / Sisbex

FX

Mega Bolsa

SecuritiesDerivativesEquities

CURRENTLY AFTER

Trading

Clearing



232323

MACRO ENVIRONMENT

EXCHANGES INDUSTRY

IT DEVELOPMENTS




O i l i hli h



242424

1Q08 2Q08 3Q08 4Q08 J-09 F-09 M-09 A-09 M-09 J-09 J-09 A-09 S-09

Interest Rates in BRL 1,102 1,064 1,264 1,155 0,796 0,939 0,923 0,921 1,076 0,877 1,030 1,085 0,977

FX Rates 1,850 1,785 2,050 2,686 2,183 2,397 2,653 2,543 2,347 2,134 2,094 2,017 1,757

Stock Indices 2,132 2,460 2,159 1,792 1,323 1,792 1,564 1,901 1,569 1,838 1,505 1,745 1,383

Interest Rates in USD 1,078 1,057 0,955 1,767 1,417 1,469 1,790 1,859 1,691 1,331 1,282 1,208 1,230

Commodities 3,283 3,892 3,814 3,069 1,622 2,298 2,344 2,411 2,372 2,299 2,264 2,528 3,220

Web Trading 0,155 0,160 0,160 0,173 0,171 0,189 0,192 0,206 0,186 0,197 0,181 0,181 0,169

OTC 2,057 2,322 2,580 2,421 1,646 2,358 3,175 1,588 2,118 1,522 1,460 2,059 1,317

Total RPC 1,401 1,381 1,593 1,778 1,213 1,484 1,361 1,440 1,547 1,230 1,374 1,440 1,228

931 952716

563795

614

1,128911

740

1,215

772 689 775

571 564

570

434

353

401

384

415491

452

427 494 434

92 88

87

8359

81

80

8473

83

60 77 64

161 161

170

156155

164

158146

159

129

133 116 121

1Q08 2Q08 3Q08 4Q08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Set-09

BRL Int. Rate (Thousands) FX (Thousands) Index (Thousands) Others (Thousands)

Operational HighlightsBM&F Segment

Average Daily Traded Volume - ADTV (thousands of contracts)

Rate per Contract - RPC (BRL)

1,756 1,765

1,550

1,2201,362

1,260

1,750

1,555 1,463

1,879

1,392 1,3771,394*

* Updated until Sep 11,2009

*

O i l Hi hli h



252525

205 230 245

296266 280 288 296

345 335 319 344 330

1Q08 2Q08 3Q08 4Q08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09

5.96.5

5.3

4.3 3.6 4.1 4.04.9 5.4 5.4 4.9 5.4 5,1

1Q08 2Q08 3Q08 4Q08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09

508

540 551 559 548 543 544 544

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 Jul 09 Aug´09

Operational HighlightsBovespa Segment

Average Daily Traded Value - ADTV (BRL Billions)

Daily Average Number of Trades (Thousands)

Number of Investors (Thousands) Turnover Velocity* (annualized)

*Relation of the trading value in the cash market and the market cap of the exchange

30.8% 29.4%

36.8% 37.6% 38.7%42.3%

56.4%63.2%

68.5%

2001 2003 2004 2005 2006 2007 2008 2009

* Updated until Sep 11,2009

*

*



262626

51% 49% 49% 49% 47% 44% 49% 48% 47% 46% 47% 44% 45% 43%

25%23% 23% 22% 23%

22%21% 19% 23% 24% 22% 26% 25% 27%

15% 17% 17% 18% 19% 21% 19% 19% 18% 19% 20% 19% 20% 19%

7% 9% 8% 7% 8% 9% 8% 10% 9% 9% 9% 8% 7% 9%2% 2% 3% 3% 3% 3% 3% 3% 3% 2% 3% 3% 3% 2%

2006 2007 1Q08 2Q08 3Q08 4Q08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09

Financial Institutions Institutional Investors Foreign Investors Individuals Companies Central Bank

Operational Highlights

Bovespa Segment (Investor’s Participation in Total Value)

BM&F Segment (Investor’s Participation in Total Volume)

25% 23% 25% 26% 25%31% 34% 33% 34% 31% 32% 29% 29% 31%

27% 30% 29% 27% 28%24%

24% 23% 24% 25% 24% 26% 26%27%

36% 35% 35% 35% 35% 36% 34% 35% 34% 36% 37% 37% 38% 33%

2% 2% 2% 4% 2% 3% 2% 2%2%

2% 2% 3% 2%2%

10% 10% 8% 8% 9% 6% 6% 7% 7% 6% 5% 6% 5% 6%

2006 2007 1Q08 2Q08 3Q08 4Q08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09Individuals Institutional Investors Foreign Investors Companies Financial Institutions Others

B S t



272727

Bovespa SegmentForeign investment flow

*Includes regular trades and public offering; updated until September 9th, 2009.

-1.0

0.9

-0.6

6.0

2.9

-2.8

-7.3

5.3

-1.8

-4.7

-1.2-0.4 -0.6

0.51.4

5.7 6.1

-1.1

8.8

2.9

-0,2

Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09

Monthly Net Flow of Foreign Investments* (in BRL billions)



282828

MACRO ENVIRONMENT

EXCHANGES INDUSTRY

IT DEVELOPMENTS




BM&F S t



292929

Main initiatives to increase volumes

Back Office: support in FCMs back and middle office solutions development (to be deployed in 1Q10)

CFTC: authorization for US investors to trade in Ibovespa future contracts (approved on August 26th, 2009)

Collaterals abroad: pending authorization by the Central Bank for the Ibovespa Future

BM&F SegmentGrowth Drivers

GLOBEX ORDER ROUTING AGREEMENT AND ALGOTRADERS

20

25

30

35

40

45

Federal Public Debt Average Term - in days

0

5

10

15

20

25

30

35

40

45

50

Loans vs GDP Ratio - %

Free Funding Dedicated Funding Housing Loans Total

Higher demand for hedging due to:

Increase in loans levels related to the drop ininterest rates

Growth of fixed income market

Growth of equities cash market will bring morearbitrage opportunities and demand for hedge

0

100

200

300

400

500

600Loans Average Term - in days

Total Companies Individuals

DRIVERS

Source: Central Bank statistics.

Bo espa Segment



303030

Algotraders

Systems: over 95% latencyreduction in 2009 and offeringof co-Location services

Price: lower charges for nonmatched trades

Bovespa SegmentGrowth Drivers

INVESTORS GROWTH DRIVERS IN BRAZILIAN CAPITAL MARKET

Retail and Institutional Investors

Intensification of Capital MarketPopularization Program with a TVprogram

Improved economic outlook andlower interest rates should pushstock trading by retail andinstitutional investors

IPO AND FOLLOW ON OFFERINGS RESUMING

8 Offerings in 2009 (IPOs and Follow-on), raised BRL 20.5 billion

Increase in companies’ free float with positive impact in the ADTV

TURNOVER VELOCITY GROWTH

Growth in algotrading, retail trading andadditional offerings should drive furtherincreases in turnover velocity

Foreigner investors

DMA Provider implementation(Bloomberg) and Co-location

Strengthened sales teams in theUS, Europe and Asia

30.8% 29.4%36.8% 37.6% 38.7%

42.3%

56.4%63.2%

68.5%

2001 2003 2004 2005 2006 2007 2008 2009



313131

2004 2005 2006 2007 2008 2009*

4.5 5.415.4

55.6

7.5 8.44,38,5

15,1

14,5

26,812,1

IPO Follow-On

2009 OFFERINGSIPOs (1) Visanet – largest offering in the history of Brazilian capital market – Visanet listed only on BM&FBOVESPA

FOLLOW-ON OFFERINGS (7) Redecard, MRV, BR Malls, Light, Hypermarcas, Brasil Foods and Natura

IN THE PIPELINE (9) IPOs (5): Banco Santander, TIVIT, Direcional Engenharia, Cetip and Brazilian FR FOLLOW-ON (4): Gol, Multiplan, PDG and Rossi

PUBLIC OFFERINGS

13.9

30.4

70.1

34.3

20.5

# of IPOs/FOs

15 19 42 76 12 8

BRL Billions

8.8

*Updated until August 31th, 2009.

Bovespa Segment



323232

Bovespa SegmentRetail Investors

Trades via Home Broker (Internet based DMA for retailinvestors) represented 16.5% from the total volume traded in2Q09 versus 11.5% in 2Q08

Allows DMA access (via Internet) to retail investors

Integration with HomeBroker scheduled for Oct’09

HOME BROKER PARTICIPATION TREASURY DIRECT EVOLUTION

The educational programs sponsored by BM&FBOVESPA have

already reached over half a mill ion people in more than 7 years

ETFs EVOLUTION– AVERAGE DAILY VOLUMEINVESTOR ACCOUNTS

Launch of Exchange Traded Funds (ETFs) in partnership with

BNDES (Brazil ian Development Bank – also participated in theconception of PIBB Index) and with Barclays Bank (responsiblefor managing the IShares)

BRL millionsThousands

0%

5%

10%

15%

20%

25%

30%

35%

Jan-03Jul-03 Jan-04Jul-04 Jan-05Jul-05 Jan-06Jul-06 Jan-07Jul-07 Jan-08Jul-08 Jan-09Jul-09

% traded value % number of trades

Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09

11.28.8

5.3

11.4

20.3 22.0 23.5 21.7 21,5

0

20

40

60

80

100

120

140

160

180

0

500

1.000

1.500

2.000

2.500

3.000

3.500

Feb-08 Apr-08 Jun-08 Aug-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09

Assets Value (BRL millions) Investors (thousands)

0

100

200

300

400

500

600

Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09

Bovespa Segment



333333

62%73%

30%19%

7% 8%

Total Total without Previ

Fixed Income Equity Others

Bovespa SegmentInstitutional Investors – Pension Funds

Pension Funds Investments Breakdown – 2Q09

In Brazil, pension funds are allowed to invest up to 50% of their total portfolio in stocks

BRL 455 billion BRL 327 billion

Source: ABRAPP.



343434

Possible Partnership with Nasdaq

INITIATION OF DISCUSSIONS ON A EXCLUSIVE BASIS. THE EXCLUSIVITY SHALL BE INEFFECT THROUGH SISTY DAYS PERIOD, STARTING FROM 26th AUGUST, 2009.

POSSIBLE PARTNERSHIP MAY COMPRISE:

The development of an order routing system between the exchanges;

The development of a commercial agreement providing for BM&FBOVESPA to offer, to

publicly traded Brazilian companies, products and services developed by NASDAQ OMX,which are designed to support and facilitate the activities of publicly traded companies, suchas those related to investors relations (IR), structuring and management of board of directors, issuance of press-releases and communications to the market and analysts;

The development of a commercial agreement providing for NASDAQ OMX to distribute

internationally, on a non exclusive basis, the prices of the securities (market data) traded inBM&FBOVESPA, and for BM&FBOVESPA to distribute, on a non exclusive basis, the prices of the securities traded in NASDAQ OMX; and

The evaluation of technology cooperation opportunities for the two exchanges.



353535

MACRO ENVIRONMENT

EXCHANGES INDUSTRY

IT DEVELOPMENTS






363636

148.3128.2 140.4

104.9

2Q08 2Q09 2Q08 2Q09

302.9 259.9

2Q08 2Q09

68.6% 68.7%

165.2 188.1246.3

325.4

2Q08 2Q09 2Q08 2Q09

GAAP EPS: BRL 0.09 in 2Q09 and Adjusted EPS: BRL 0.16compared with BRL 0.12 in 2Q08 (Pro forma)

Adjusted Net Income (adjusted by non-cash items)*: increasedby 32.1% compared with 2Q08

Net revenues: dropped 14.7% from 2Q08

EBITDA Margin: 68.7% in 2Q09 vs. 68.6% in 2Q08

Cost savings: adjusted expenses decreased by 25.3% between

2Q09 and 2Q08 (excluding depreciation and stock option plan costs)

2Q09 Highlights versus 2Q08 (Pro Forma)

Interest on Shareholders’ Equity / Dividends: BRL 175 million

Deferred Liabilities: BRL 159.3 million derived from recognition of deferred liabilities related to tax amortization of goodwill (BRL 79.6million in 1Q09 and BRL 79.6 million in 2Q09)

Co-location Services: BM&F Segment since Jun’09 and BOVESPASegment in Oct’09

Globex and Algotraders: over 2 million contracts traded viaGlobex; Algotraders represented 2.1% of Total ADTV in the BM&Fsegment and 9.6% of Index-based contracts in Jul’09

2Q09 EARNINGS

HIGHLIGHTS

Operational Expenses (BRL millions)

* i) Adjusted net income in 2Q09 excludes stock options plan and impacts from deferred liabilities tax and

tax credits. In 2Q08, adjusted net income excludes the goodwill amortization expense; and ii) Adjustedexpenses excludes depreciation and stock options plan costs

Net Income (BRL millions)

EBITDA (BRL millions)/ EBITDA Margin (%)

2Q08 Pro Forma / 2Q09 GAAP

2Q08 Adjusted* Pro Forma / 2Q09 Adjusted* GAAP



373737

Revenues

Gross Revenues breakdown – 2Q09

Trading/ Settlement:

BM&F Segment: 7% drop vs. 2Q08 as a result of lower ADTV, which retreated 7.4% in the period.

BOVESPA Segment: shrank 24.3% compared with 2Q08 as a result of (i) lower ADTV (-20%) and (ii)lower margins (-3.6%).

Other Operational Revenues: 10.5% higher than 2Q08

Market Data (vendors): grew by 59.6% vs. 2Q08 (new pricing policy starting from Apr’09)

Access fee: reached BRL 10.2 million, 204.1% higher than 2Q08 (new pricing policy started in 1Q09)

Listing: surged 30.4% compared to 2Q08 (new pricing policy since Jan’09)

Securities Lending: decreased 48.1% as compared to 2Q08

BM&FTrd. /Sttmnt35%

BovespaTrd. /Sttmnt48%

Others16%

Dividends1%

BRL thousands 2Q092Q08

(Pro Forma) 1Q09% Change

2Q09 / 2Q08

% Change

2Q09 / 1Q09

Gross Operational Revenues 420,581 492,753 351,918 -14.6% 19.5%

BM&F Trd. / Sttmnt 146,210 157,274 127,170 -7.0% 15.0%

Bovespa Trd. / Sttmnt 203,931 269,427 158,196 -24.3% 28.9%Other Operational Revenues 67,981 61,504 61,181 10.5% 11.1%

Vendors 17,490 10,961 11,521 59.6% 51.8%

Depositary and custody 16,214 15,019 16,084 8.0% 0.8%

Trading access (Brokers) 10,214 3,359 9,475 204.1% 7.8%

Listing 9,332 7,157 10,621 30.4% -12.1%

Securities Lending 7,463 14,367 6,127 -48.1% 21.8%

Bank 2,052 874 1,971 134.8% 4.1%

Others 5,216 9,767 5,382 -46.6% -3.1%

Dividends 2,459 4,548 5,371 -45.9% -54.2%

Net Operational Revenues 378,242 443,307 316,548 -14.7% 19.5%



383838

Expenses

In 2Q09, the adjusted expenses* were 25.3% lower than 2Q08

The biggest variations derive from the following expenses:

Adjusted Personnel**: 7.2% contraction between 2Q09 and 2Q08

Data Processing: 50.8% reduction between 2Q09 and 2Q08

Marketing: decreased by 30% between 2Q09 and 2Q08

Operational Expenses– 2Q09

* Exclusions: In 2Q09: stock options plan (BRL 13.4 million) and depreciation

In 1Q09: stock options plan (BRL 18.8 million), severance costs (R$ 18 million) and depreciation

** Exclusions: In 2Q09: stock options plan (BRL 13.4 million);

In 1Q09: stock options plan (BRL 18.8 million) and severance costs (BRL 18 million)

Personnel52%

Data Proc.16%

Dep./Amor.8%

Other24%

BRL thousands 2Q092Q08

(Pro Forma)1Q09

% Change

2Q09 / 2Q08

% Change

2Q09 / 1Q09

Operational Expenses (128,198) (148,297) (148,760) -13.6% -13.8%

Personnel (66,337) (56,966) (85,462) 16.5% -22.4%

Data processing (20,494) (41,618) (26,683) -50.8% -23.2%Deprec. and Amortization (9,887) (7,923) (8,951) 24.8% 10.5%

Third Party Services (9,703) (9,962) (9,119) -2.6% 6.4%

Marketing (5,475) (7,824) (2,292) -30.0% 138.9%

Communications (5,249) (4,984) (4,991) 5.3% 5.2%

Maintenance (2,566) (3,270) (2,826) -21.5% -9.2%

Board Compensation (1,572) (2,020) (1,129) -22.2% 39.2%

Leases (665) (1,096) (825) -39.3% -19.4%

Supplies (580) (1,200) (477) -51.7% 21.6%

Taxes (339) (1,685) (495) -79.9% -31.5%

Other (5,331) (9,749) (5,510) -45.3% -3.2%

Adj. Operational Expenses* (104,865) (140,374) (103,050) -25.3% 1.8%

Adj. Personnel** (52,891) (56,966) (48,703) -7.2% 8.6%



393939

511 488 450

53 116

2007 2008 2009e

Cost Reduction Actual (cash expenses)

140.4103.1 104.9

265.9

207.9

2Q08 1Q09 2Q09 1H08 1H09

Adjusted Operational Expenses in 2Q09: BRL 104.9 million (BRL 207.9 million in 1H09,

excluding BRL 18 million in severance costs in 1Q09)

In line with OPEX budget of BRL 450 million for FY09 (excluding depreciation and stock

option plan expenses)

Open Outcry: last session held in June 30th, 2009, anticipating annual synergies of BRL 2.9

million/year

Expenses

Adjusted Operational Expenses* (BRL millions) Cost cuts associated with 2007 expenses** (BRL millions)

* In 2Q09 excludes depreciation and stock options expenses and in 1Q09 excludes depreciation, stock options and severance expenses

** 2007 Operational expenses as adjusted for inflation and OPEX budget excludes depreciation and stock options

541 566

Costs Saving



404040

57.048.7 48.5

18.813.4

18.0

4.4

2Q08 1Q09 2Q09

Recurring Stock Option Serevance

1,3871,163 1,059

2Q08 1Q09 2Q09

Costs SavingPersonnel

Headcount Evolution Personnel Expenses (BRL millions)

Total: 57.0

Total: 85.5

Total: 66.3

Headcount reduction in Mar’09: 23.6% lower than 2Q08

Recurring expenses: provisions and other personnel charges impacts in 2Q09

Stock options expenses: BRL 18.8 million in 1Q09 (recurring and anticipated expenses

related to employee terminations ) and BRL 13.4 million in 2Q09 (recurring expenses, only)

Severance costs: BRL 18 million in 1Q09 and BRL 4.4 million in 2Q09



414141

Capital and Balance Sheet Highlights

CASH POSITION

Cash and cash equivalents (short and long-term) at the end of the quarter to Jun’ 09,

amounted to BRL 2.9 billion, comprised of collaterals worth BRL 789 million deposited withour clearinghouses, and R$ 449.6 million in own financial resources deposited in restrictedfunds.

INTEREST INCOME, NET

BRL 54.9 million in 2Q09, 29.0% drop as compared to 2Q08, primarily due to year-on-yeardecrease in financial revenues to BRL 68.0 million in 2Q09 from BRL 92.4 million in 2Q08,

thus reflecting the cut in the interest rates that remunerate our financial investments.

DIVIDENDS AND INTEREST ON SHAREHOLDERS´ EQUITY

Payout: BRL 175 million (BRL 0.0873 per share, which amounts to BRL0.0767 per share netof withholding income tax) as follow: BRL141.5 million in Interest on Shareholders´ equityand BRL33.5 million in dividends, to be paid on Aug 26, 2009, based on the position as of Aug 14, 2009

PAYOUT RATIO

Payout ratio of 79.4% in 2008 and69.1% in 1H09

645,6

415,1512,8

287,0

4,4%

5,0%

0,0%

1,0%

2,0%

3,0%

4,0%

5,0%

6,0%

-

100,0

200,0

300,0

400,0

500,0

600,0

700,0

2.008 1H09

GA AP Ne t In come ( BRL millions) Payou t (BRL millions) A nnu alize d yie ld (%)



424242

BVMF3 Stock Performance

12M AVERAGE

# of trades: 9 thousands

ADTV: BRL 154.9 million

-

2

4

6

8

10

12

14

-

50

100

150

200

250

Aug-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09 Aug-09

# o f t r a d e s ( t h o

u s a n d s )

A D T V ( B R L m i l l i o n s )

BVMF3 - ADTV and Number of Trades

ADTV (BRL millions) # of trades (thousands)

80

100

120

140

160

180

200

220

Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09

BVMF3 x Ibovespa (Jan'09 = 100)

Ibovespa BVMF3

BVMF3 PARTICIPATES IN 6 INDICES

Ibovespa – 4,448%

ITAG – 5,433%

IGC – 5,735%

MLCX – 3,099%

IBRX – 2,917%

IBRX-50 – 3,374%

d b ( )



434343

Board Members (2009 – 2010)

BOARD MEMBERS

• Armínio Fraga (Chairman)* - Gavea Investimentos

• Marcelo Fernandes Trindade (Vice-Chairman)* - Lawyer

• Claudio Haddad* - Ibmec

• Fabio de Oliveira Barbosa* - Vale

• José Roberto Mendonça de Barros* - Economist and Consultant

• Rene Marc Kern* - General Atlantic

• Renato Diniz Junqueira – Intercap

• Candido Botelho Bracher – Itau BBA

• Luis Stulhberger – Credit Suisse Hedging-Griffo

• Craig Donohue – CME Group

• Julio Siqueira de Araújo – Bradesco

* Independents



444444

APPENDIX

B l Sh t f 06/30/2009



454545

Balance Sheet as of 06/30/2009

06/30/09 % 03/31/09 % Variation

Current assets 2.569.664 12,3% 2.814.573 13,3% -8,7%

Cash and cash equivalents 2.335.424 11,2% 2.592.074 12,2% -9,9%

Other credits 234.240 1,1% 222.499 1,0% 5,3%

Long-term receivables 693.092 3,3% 730.230 3,4% -5,1%

Financial investments 557.641 2,7% 553.643 2,6% 0,7%

Other credits 135.451 0,6% 176.587 0,8% -23,3%

Investments 1.318.238 6,3% 1.318.279 6,2% 0,0%

Property and equipment 255.718 1,2% 246.680 1,2% 3,7%

Intangible assets 16.099.532 76,9% 16.094.517 75,9% 0,0%

TOTAL ASSETS 20.936.244 100,0% 21.204.279 100,0% -1,3%

06/30/09 % 03/31/09 % Variation

Current liabilities 1.215.927 5,8% 1.677.230 7,9% -27,5%

Collateral for transactions 789.011 3,8% 1.135.943 5,4% -30,5%

Others 426.916 2,0% 541.287 2,6% -21,1%

Non-current 146.951 0,7% 47.538 0,2% 209,1%

Minority interest in subsidiaries 15.382 0,1% 15.632 0,1% -1,6%

SHAREHOLDERS' EQUITY 19.557.984 93,4% 19.463.879 91,8% 0,5%

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 20.936.244 100,0% 21.204.279 100,0% -1,3%

ASSETS - CONSOLIDATED (BRL Thousands)

LIABILITIES AND SHAREHOLDERS'EQUITY - CONSOLIDATED (BRL Thousands)

G d ill A ti ti 2008 2009



464646

Goodwill Amortization: 2008 x 2009

Description $ Description $ Description $

Revenues 500 Revenues 500 Pre Tax Income 300

Expenses (200) Expenses (200) (-) Goodwill Amortization (100)

(-) Goodwill Amortization (100) Tax basis 200

Taxes Payable (34%) (68)

Pre Tax Income 200 Pre Tax Income 300

Taxes Payable (68) Taxes Payable (68)

Cash outflow

Provision of deferred

tax liabilities (34%) (34)

Corporate Net Income 132 Corporate Net Income 198

Effective Tax Rate 34% Effective Tax Rate 34%

Positive Impact in 2009

$66

> No tax burden in 2009, as the Corporate Income statement does include recognition of goodwill

Amortization, which is just recorded as a transitory adjustment in a tax book,

thus with zero effect on the bottom line.

> Expense with no cash flow impact. Tax shield fully captured for cash purposes

Until December/2008 Starting from January/2009

Corporate Income Statement Corporate Income Statement Tax Book - Amortization tax shield

S f I St t t



474747

Summary of Income Statement

Adjusted Net Income: increased by 32.1% in 2Q09 vs. 2Q08

In 2Q09, adjustments to quarterly net income amounted to BRL 137.2

million, comprising three items with no impact on cash flow:

Addition of BRL 159.3 million derived from recognition of deferred

liabilities connected with amortization of goodwill in 1H09 (BRL 79.6million in 1Q09 and BRL 79.6 mil lion in 2Q09);

Addition of BRL 13.4 mil lion in expenses with the stock options plan;

Deduction of BRL 35.5 million related to credit from taxes losses of

Bovespa Holding.

In 2Q08 the adjustment excludes the effects of amortization of goodwill

amounting to BRL 81.1 mil lion.

NET INCOME RECONCILIATION

BRL thousands 2Q09

2Q08

(Pro Forma)

% Change

2Q09 / 2Q08 1Q09

% Change

2Q09 / 1Q09 1H09

1H08

(Pro Forma)

% Change

1H09 / 2H08

Gross Operational Revenues 420,581 492,753 -14.6% 351,918 19.5% 772,499 934,419 -17.3%

BM&F Trd. / Sttmnt 146,210 157,274 -7.0% 127,170 15.0% 273,380 310,665 -12.0%

Bovespa Trd. / Sttmnt 203,931 269,427 -24.3% 158,196 28.9% 362,127 499,813 -27.5%Other Operational Revenues 67,981 61,504 10.5% 61,181 11.1% 129,162 119,393 8.2%

Dividends 2,459 4,548 -45.9% 5,371 -54.2% 7,830 4,548 72.2%

Net Operational Revenues 378,242 443,307 -14.7% 316,548 19.5% 694,790 840,085 -17.3%

Operational Expenses (128,198) (148,297) -13.6% (148,760) -13.8% (276,958) (281,594) -1.6%

Net Income 188,130 165,206 13.9% 226,980 -17.1% 415,110 395,479 5.0%

Net Margin 49.7% 37.3% 12,5p.p. 71.7% -22,0p.p. 59.7% 47.1% 12,7p.p.

EBITDA 259,931 302,933 -14.2% 176,739 47.1% 436,670 574,191 -24.0%

EBITDA Margin 68.7% 68.6% 0,1p.p. 55.8% 12,9p.p. 62.8% 68.3% -5,6p.p.

Adjusted Operational Expenses (104,865) (140,374) -25.3% (103,050) 1.8% (207,915) (265,894) -21.8%

Adjusted Net Income 325,363 246,311 32.1% 245,739 32.4% 571,102 476,584 19.8%

BRL Millions

2Q09

2Q08

(Pro Forma)

% Change

2Q09/2Q08

Adjusted Net Income 325.4 246.3 32.1%

Adjustments

Deferred liabilities 159.3

Stock Option Program 13.4

Recognition of Tax Losses (35.5)

Goodwill Amortization 81.1

GAAP Net Income 188.1 165.2 13.9%

M i



484848

BOVESPA SEGMENT

The reduction in trading margin in 2Q09 is due toboth a higher participation of day trades in totaltraded value and implementation of the new pricingpolicy, which reduced the trading fees in 0.05bp(started from May’09)

Margins

BM&F SEGMENT

The RPC presented a steady line in the comparison2Q09 versus 2Q08

BM&F Segment- RPC (in BRL)

Bovespa Segment (in basis points)

0,4%

6,76,4

2Q08 2Q09

1,383 1,389

2Q08 2Q09

Globex Routing Agreement



494949

GlobexNetwork

Investors

Investors

FCM

FCM propposition

GTSNetwork

US BRAZIL

Investors

Investors

Investors

CME GroupGlobex

BM&FBOVESPA

MATCHING

Some FCMs (Futures Commodities Merchant) should offer DMA access to BVMF derivatives to

their clients

BM&FBOVESPA is helping the main back-office system providers to adapt their systems

g gGlobex to BM&FBOVESPA flow

2MM contracts traded until Jul´09

New IT Developments



505050

BOVESPA SEGMENT

2Q09

Implementation of the V900 version of Megabolsa (Cash Market electronic tradingsystem)

Latency lowered to 153 milliseconds, from299 previously

Reduction of the fees charged in the equityoptions market related to orders registered inthe MegaBolsa System but not executed

AGENDA 3Q09

Reduction of the fees charged equity marketrelated to orders registered but not executedin the Megabolsa System

Fee dropped to BRL 0.04 from BRL 0.05

Limit for orders entries increased to 6 from 4earlier

Operating authorization for direct marketaccess via DMA provider (DMA model 2) inthe MegaBolsa trading system (pendingapproval by the CVM (Brazilian SecuritiesCommission).

MegaLine implementation

Pre-trade risk management tool

AGENDA 4Q09

Implementation of the new low latency multi-level communication interface (New Multi-Gateway)

Round trip time – latency reduction toapproximately 16 milliseconds

By year-end, the latency is expected droppnearly to 10 milliseconds.

Offering of Co-Location services for

connectivity to the MegaBolsa

Completion of the project to increase systemcapacity of the equities clearinghouse(Formerly CBLC)

From 770 thousand trades / day to 1.5million trades / day

pAgenda

New IT Developments



515151

pAgenda

BM&F SEGMENT

2Q09

Connection to Bloomberg Tradebook to GlobalTrading System (GTS)

Provides customers with an international orderrouting system.

GTSLine implementation

Pre trade risk management tool for any kind of access to GTS system

Offering of Co-Location services forconnectivity to the GTS Trading System

Shutdown of the Open Outcry

AGENDA 3Q09

Connection from the international order routingSystem of GL Trade (GL Net) to GTS

BM&FBOVESPA

AGENDA 3Q09

Delivery of the BVMF Communication Network(RCB) – addition to the services provided bythe RCCF

Open communication network for connectivitybetween market participants and the Exchangeelectronic trading systems, giving participants theability to choose alternative telecommunicationsproviders, data transmission technologies, networkcapacity and velocity, and contingency resources

AGENDA 4Q09

Implementation of the integrated externalcommunication interface for both theMegaBolsa and the GTS systems

Will allow market data transmission from eithersystem via a single channel



BM&F Bovespa Investor RelationsWeb page: www.bmfbovespa.com.br/ri

Phone numbers: 55 11 2565 4007/4728 / 4729 / 4834 / 4418

E-mail: [email protected]

BVMF Presentation - September 2009

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Transcript of BVMF Presentation - September 2009