![[B]3](https://handbook.fiabnet.org/wp-content/uploads/logo-B3.jpg){kind=logo}
[B]3
Corporation listed on BM&FBOVESPA
- Authorities
- Main products and markets
- Main shareholders
- Brokerage firms
- Trading hours
- Market data
- Market capitalization split by economic sector
- Brief history
- Organization chart
- Financial indicators
- Clearing, settlement and depositary services
- Central counterparty - CCP
- Member of the following organizations
- Agreements with other Exchanges
Gilson Finkelsztain - CEO
Authorities
Chairman
Pedro Pullen Parente
Vice-Chairman
Antonio Carlos Quintella
Board Members
Denise Pauli
Pavarina Eduardo
Mazzilli De Vassimon Edgar
Da Silva Ramos Florian
Bartunek Guilherme Affonso
Ferreira José
De Menezes Berenguer Neto José Lucas
Ferreira De Melo José Roberto
De Machado Filho Laércio José
De Lucena Cosentino Luiz Antonio
De Sampaio Campos Luiz Fernando
Figueiredo Luiz Nelson
Guedes De Carvalho
CEO
Gilson Finkelsztain
Rúa XV de Novembro 275, (SP01013-011) Sao Paulo, Brasil
Phone: (5511) 2565-4000 www.b3.com.br/en_us/
Main products and markets
- Shares
- Depository receipts (BDR)
- Fund units
- Exchange traded funds – ETFs
- Corporate bonds
- Real estate receivable certificates (CRI)
- Promissory notes
- Receivable investment funds (FIDC)
- FIDC’s units
- Derivatives on commodities
- Financial derivatives
- OTC Market
Main shareholders
| Capital World Investors | 9.65% |
| OppenheimerFunds | 6.5% |
| BlackRock | 4.49% |
| Otros | 78.27% |
| Acciones en Tesorería | 1.09% |
Trading hours
Market data
(Additional information at www.fiabnet.org)
Market capitalization split by economic sector
Brief history
![» [B]3](https://handbook.fiabnet.org/wp-content/uploads/2012/07/foto-fachada-BMFBOVESPA.jpg "» [B]3")
BM&FBOVESPA is the Brazilian equities, commodities and futures Exchange. BM&FBOVESPA is the outcome of the merger of the old São Paulo Stock Exchange (Bovespa Holding) and the old Brazilian Mercantile and Futures Exchange (“BM&F”). At present, BM&FBOVESPA operates as a multi-asset Exchange, as well as a central securities depository (CSD), securities settlement system (SSS), and central counterparty (CCP) for all instruments and products traded or settled on its trading platforms. BM&FBOVESPA Timeline
- 3T2007 – Demutualization
- 10/26/2007 – BOVESPA’s IPO
- 11/30/2007 – BM&F’s IPO
- 2T2008 – Merger approved
- 2008 – Operational integration of BM&FBOVESPA
- 2009 – Merger completed
Organization chart
Financial indicators
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Clearing, settlement and depositary services
At present, BM&FBOVESPA keeps four different sets of accounts:
- Equities and corporate debt securities (T +3);
- Financial derivatives and commodities (T +1);
- Foreign exchange market; and
- Public (government) debt.
Transactions are captured at real time directly from the various trading platforms. Payments resulting from the settlement of any transaction registered with BOVESPA are made in bank reserves and, therefore, BM&BOVESPA has four settlement accounts with the Central Bank of Brazil, where payments credited to such accounts are final and freely available. Each BM&F settlement system follows specific time frames. On settlement date, BM&FBOVESPA interacts with market participants who, in turn, interact with one another and with their clients for purposes of complying with their settlement obligations. Time frames vary depending on securities settlement systems and specific market features. Net Settlement System Cycles
| Market | Transaction | Settlement |
| Equities | Cash/Spot | T+3 |
| Forward | T+n – maturity date | |
| Futures | T+3 – maturity date | |
| Options* and Futures** | T+1 | |
| Fixed income | Cash/Spot | T+0 |
| Corporate bonds | T+1 |
* Settlement of traded premiums ** Settlement of daily position adjusted values Depository services are performed by CBLC.
Central counterparty - CCP
BM&FBOVESPA acts as a CCP, thus being exposed to credit risk in case of default of member participants or issuers of collateral assets deposited with clearing houses. For purposes of mitigating its exposure, clearing houses require that their participants deposit collateral, and track risks affecting the positions of clearing house participants. For purposes of mitigating liquidity and market risk during the collateral enforcement period, the clearing house applies margins to the securities admitted as collateral. Margin values are defined by the Market Risk Technical Committee. The clearing house may impose restrictions on total assets deposited as collateral for a specific type of security. BM&FBOVESPA has a 3-tier clearing and settlement structure: investor, broker-dealer, and settling agent, which act together as protective defenses of the trading system in case of default.
Member of the following organizations
- Federación Iberoamericana de Bolsas (FIAB) – 1973
- World Federation of Exchanges (WFE)
- Futures Industry Association (FIA)
- International Organization of Securities Commissions (IOSCO) – 1974
- International Securities Services Association
- Americas’ Central Securities Depositories Association (ACSDA) – 1999
- Global Association of Central Counterparties (CCP-12) – 2001
Agreements with other Exchanges
- CME Group – Strategic Alliance.
- Bolsa de Shanghai – Memorandum of Understanding.
- Bolsa de Santiago – Memorandum of Understanding.
- Bolsa de Colombia – Memorandum of Understanding.
- BRICS – Cross listing of index futures contracts among the Exchanges of Brazil, Russia, India, Hong Kong, and South Africa.