July2012

ForwardLookingStatements

Thispresentationmaycontaincertainstatementsthatexpressthemanagementsexpectations,beliefsandassumptions
aboutfutureeventsorresults.Suchstatementsarenothistoricalfact,beingbasedoncurrentlyavailablecompetitive,
financialandeconomicdata,andoncurrentprojectionsabouttheindustriesBM&FBovespaworksin.
Theverbsanticipate,believe,estimate,expect,forecast,plan,predict,project,targetandothersimilar
verbsareintendedtoidentifytheseforwardlookingstatements,whichinvolverisksanduncertaintiesthatcouldcause
actualresultstodiffermateriallyfromthoseprojectedinthispresentationanddonotguaranteeanyfutureBM&FBovespa
performance.
performance
Thefactorsthatmightaffectperformanceinclude,butarenotlimitedto:(i)marketacceptanceofBM&FBOVESPAservices;
(ii)volatilityrelatedto(a)theBrazilianeconomyandsecuritiesmarketsand(b)thehighlycompetitiveindustries
p p
;( )
g
( )
g
g
( )g
p
BM&FBovespaoperatesin;(iii)changesin(a)domesticandforeignlegislationandtaxationand(b)governmentpolicies
relatedtothefinancialandsecuritiesmarkets;(iv)increasingcompetitionfromnewentrantstotheBrazilianmarkets;(v)
abilitytokeepupwithrapidchangesintechnologicalenvironment,includingtheimplementationofenhanced
functionalitydemandedbyBM&FBovespacustomers;(vi)abilitytomaintainanongoingprocessforintroducing
competitivenewproductsandservices,whilemaintainingthecompetitivenessofexistingones;(vii)abilitytoattractnew
customersindomesticandforeignjurisdictions;(viii)abilitytoexpandtheofferofBM&FBovespaproductsinforeign
jurisdictions.
Allforwardlookingstatementsinthispresentationarebasedoninformationanddataavailableasofthedatetheywere
made,andBM&FBovespaundertakesnoobligationtoupdatetheminlightofnewinformationorfuturedevelopment.
This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be
Thispresentationdoesnotconstituteanoffertosellorthesolicitationofanoffertobuyanysecurities,norshallthere
anysaleofsecuritieswheresuchofferorsalewouldbeunlawfulpriortoregistrationorqualificationunderthesecurities
law.NoofferingshallbemadeexceptbymeansofaprospectusmeetingtherequirementsoftheBrazilianSecurities
CommissionCVMInstruction400of2003,asamended.

BVMFSTOCKPRICE
Recent Performance
RecentPerformance

BVMF3 recentperformance
140

130
130

BM&FBOVESPA

IOFs
10/17
R$14.97

120

BVMF3 YTD: +4,6%

Ibovespa
p YTD: -4.2%

Goodwill Competition
News
11/30
R$13.01 01/05
R$13.10

110

ReductionsofVolumes
EstimatesbytheMarket

100
Rumors
aboutIOF

90

80

IBOVESPA

ExchangesMergers BATs
02/15
02/08
R$11.43
R$11.18

70

60
60

Updateduntil06/29/2012.

NewIOFon
Derivatives
07/26
R$9.55

Removalof
Remo
al of
IOFonEquities
12/01
R$10,54

DirectEdge
Di
Ed
11/21
R$10.11

Changeof
IOFon
foreign
foreign
exchange
transactions
06/14

Oxera's Report
Release
06/18

BRAZILIANMARKETOPPORTUNITIES

EquityMarket(BOVESPASegment)
LowpenetrationintheBrazilianmarket
Clients base: huge potential in retail and pension funds segments
Clientsbase:hugepotentialinretailandpensionfundssegments
Numberofcustodyaccounts(thousands)

Pensionfundsportfolio

Jun'12
608.5
608.5

Stableandlowinterestrate
environment encourage more
environmentencouragemore
exposureinequities
Jaan12

J ul11

Jaan11

J ul10

J ul09

Jaan10

Jaan09

J ul08

J ul07

Jaan08

Jaan07

J ul06

J ul05

Jaan06

jan 05
jan'05
128.6

Jaan05

p
q y
Lowpenetrationofequityand
derivativesinthemain
investorsportfolios

Recentgrowthinthenumberof
retailinvestors,butstilllow
compared to other markets
comparedtoothermarkets

R$574 billion
R$574billion

Equity
FixedIncomeandOthers
69.9%
R$168billion
72.3%

30.1%

27.7%
2002

2011

ListedCompanies
Dec11
Dec
11ListedCompanies(27
Listed Companies (27th intheWorld)
in the World)

Lownumberoflistedcompaniescomparedto
othercountries

6.752

Lackofimportanteconomicsectorsinthe
exchange for instance: oil & gas infrastructure
exchange,forinstance:oil&gas,infrastructure,
retail,ITandpharmaceutical,

4.988
3.945 3.838
3.520 3.276

2.886

Investmentcyclemaybringnewcompaniesand
sectorstotheexchange

2.079 1.816
373
373
India

USA

Canada China/HK Japan

Source:ABRAPP,WFEandBM&FBOVESPA

Spain

UK

Australia

Korea

Brazil

Currently,SMEsarenotabletoraisemoney
throughequityeasily
6

DerivativesMarket(BM&FSegment)
Growthinthecreditlevelwillfavorvolumes
Credit: very low credit level and even lower in the case of mortgage transactions
Credit:verylowcreditlevelandevenlowerinthecaseofmortgagetransactions
TradeFlow(totalImports+ExportsinUSDbillions)

CredittoGDP
50.1%
Mortgage

482

TotalCredit

384

371

27.4%

281

281

229
229

4.5%

5.4%
2006

2007

2008

2009

2010

2011

InterestRateinBRLcontracts:growthincreditlevels,speciallyinfixedrates,supporttheincreasetheactivityof
financial institutions
financialinstitutions
FXcontracts:growthintheamountofforeigntradingandchangeinthecultureoftheBrazilianentrepreneurscan
pushupvolumesinthisgroupofcontracts,mainlyincurrenciesotherthanUS$
Indexbasedcontracts:growthincashequitymarket,thelaunchinganddevelopmentofETFsandthegrowthof
exposuretoequitybyinstitutionalinvestorscandrivethegrowthofthesecontracts
Commoditiescontracts:cashsettledcontractsandthechangeinthebehavioroffarmersthatarebecomingmore
sophisticated
7

MAININITIATIVES

Launchingofnewproducts
Productdiversificationstrengthensrevenuesandcompetitiveposition

GrowthinETFs

Marketmakerfor
options
Crosslistingof
derivativeswithCME
andBRICS
Tesouro Direto

SecuritiesLending

14ETFscurrentlytraded

Biddingprocessinitiatedtoselectequityoptionsmarket
makers for 10 companies and for the IBOVESPA
makersfor10companiesandfortheIBOVESPA

CrosslistingoffuturescontractswithCMEGroup(stockindex
g
p(
basedandcommoditiescontracts)andBRICSexchange(stock
indexbasedcontracts)
Aplatformforretailinvestorstotradeingovernmentbonds
throughtheInternet
Incentivesgrantedtobrokeragefirms

Servesdemandfromtradingorarbitragestrategiesand
borrowing demand to avoid settlement fails
borrowingdemandtoavoidsettlementfails

ConsistentGrowth
Historicrecordofvolumeskeepinglongtermgrowthtrend
TesouroDireto

ETFs ExchangeTraded Funds

ADTV

AverageNumberofInvestors RetailInvestors

(inR$millions)

(inthousands)

155.8
97.6
18.6

28.5

2009

2010

27.5
19.5 23.8

48.7
2011

1Q12

64.4
36.3 42.3

2Q12

AverageAssetsunderManagement*

AverageAssetsunderCustody
(in R$ billions)
(inR$billions)

(inR$millions)
$

1,296
1,032
271

77.1 79.1 80.5 81.7 83.0

1,140

6.1

579

*ExcludedPIBB11.

1.0

8.8
7.6 7.9 8.1 8.5

3.9
1.3 1.8 2.9

10

ConsistentGrowth
Historicrecordofvolumeskeepinglongtermgrowthtrend
AverageOpeninterest StockIndexFuturesContracts

OptionswithMarketMaker ADTV*
(ITUB4,OGXP3,USIM5,IBOV,BVMF3,BBDC4,GGBR4,BBAS3PDGR3,CSNA3,CYRE3)

(inthousandsofcontracts)

(inR$millions)

+85%
879

1,044

90.3

528
287

290

269

256

2007

2008

2009

2010

48.8
2011

1Q12

2Q12
ADTVBefore

ADTVAfter

*Considering the period between Jan11and May12,with speciific startingdatesfor

the market maker.

SecuritiesLending:openinterest(averageyear)

OptionswithMarketMaker ADTV:1Q11vs.1Q12

((inR$billions)
$
)

((inR$millions)
$
)

1Q11

1Q12

Options with market maker take

place in 91% of this amount

30.2
18 5
18.5

16 9
16.9

2007

2008

34.0

248

261

20.5

1Q11
34

12.7
2009

2010

1Q12

29.2

2011

1Q12

2Q12

PetroandVale

84
84

OtherStocks

11

RevenueDiversification

1Q12Revenue
Securitieslending(BTC):
l d (
) ~R$21.1million
$
StockIndicesFut.: ~R$12.3million
Tesouro Direto: ~R$4.7million
Optionswithmarketmaker: ~R$6.4million
ExchangeTradedFunds(ETFs): ~R$2.6million

~R$47.1million(8.4%oftotalrevenue)
8.4%oftotalrevenue)
12

StrategicProjects
Multiassettradingplatform(PUMATradingSystem)
Stateoftheartintradingtechnologyandtechnologicalindependency
Derivatesmodulesuccessfullyimplementedin2H11
Equitiesmarkettobeconcludedin2H12
LicensingTRADExpress RealTimeClearingsystem
Objective:integratingandmodernizingourexistingclearingfacilitiesshouldproceedover2012.
Integrated tests with the market and implementation of the systems scheduled to take place in 2013/2014
Partnership advantages:
License
Li
t use the
to
th software
ft
Access to the source code
Selling rights over our new clearing platform
RegistrationsystemsforOTCderivatives
Objetive: modernize,improveandexpandtherangeofourregistrationservicesforOTC
derivatives,whileofferingourcustomersastreamlined,qualitysolutionandthorough
regulatory reporting tool
regulatoryreportingtool
Oneofthemostflexibleandcompleteenginesforregistration,pricediscovery,risk
assessment,captureandlifecycleprocessingofthesetransactions
Threemoduleimplementation:thefirstoneisscheduleto2H12,thesecondonefor
1H13andthirdmoduleoftheplatformwillbeannouncedinduecourse

13

InternationalProjects
Creatingaglobalmarket
Partnershipswithinternationalexchanges
StrategicpartnershipwithCMEGroup

Strengtheningthesalesforceinothercountries
OfficesinNewYork,LondonandShanghai

Asia:MoU anddiscussionswithHKEx,Shanghai
,
g
andShenzhen Exchanges
Latam:MoU withChileandColombia exchange
anddiscussionswithPeruandColombia
CrosslistingagreementssignedwithCME
Group andBRICS exchanges

14

BUSINESSMODELANDREGULATORY
FRAMEWORK

15

PossibleCompetition
Importantconsiderations
EASINGREGULATIONISNOTEXPECTED
Mainrequirements:pretradecontrols,selfregulatory(SRO),offexchangetradesarenotpermitted(internalization
ofordersandOTC),CCPforstockstrading,posttradingatthebeneficialownerlevel
Competitioninotherexchangeswasintensifiedaftereasingregulation
THEEXCHANGEFEES(TRADINGANDPOSTTRADING)AREPAIDBYTHEFINALINVESTOR
DifferentlyfromUSAandEurope,thefinalinvestorsistheonewhopaystheexchangefees
Brokerscouldntincreasetheirshareintheallintradingcostpieincaseofreductionontheexchangefees
STOCKSTRADINGALLINCOSTINBVMFISCOMPETITIVE
Despitethemisleadingperception,allincostinBVMFiscompetitivecomparedtoothermarkets
Comparingonlythetradingfeesamongexchangesismisleading.BVMFprovideshigherportionofservicesthanthe
peers
ITINFRASTRUCTUREMOVINGTOSTATEOFTHEART
There is no gap of IT infrastructure
ThereisnogapofITinfrastructure
IncreasingparticipationofHFTviaColocation(movingtosubmillisecondlatency)
RECENT BM&FBOVESPA INITIATIVES (REBALANCING OF FEES STRUCTURE)
RECENTBM&FBOVESPAINITIATIVES(REBALANCINGOFFEESSTRUCTURE)
Shiftbetweentradingandposttradingfees
16

EquityMarketSettlementStructure BrazilComparedwithUSA
Twodifferentregulatoryframeworks
BRAZIL

USA

(Allthetradesmustbematchedonan
exchangeenvironment)

(Brokerscaninternalizeorders)
TradingVenues

Trading

BVMF

BVMF

DTCC

Brokers
AandB

Brokers
AandB
Broker
A

Post trading
Posttrading
Clearing(CCP)
Settlement
CentralDepository

Investors

Investors

Investors

Broker
B

Investors

100%verticallyintegrated:clearing,settlement and
centraldepositoryatthebeneficialownerlevel

DTCCdoestheclearing,settlement andcentral
depositoryofsecuritiesatthebrokerslevel

Brokerscontroltheirclientsportfoliosandsettle
positionsthroughBVMFsinfrastructure (this
impactstheposttradefeeschargedbyBVMF)

Eachbroker(primebroker)hasitsownstructureto
controltheirclientsportfoliosandsettlepositions
(thisimpact theprimebrokerscosts)

17

BusinessModel
ListedExchangeBusinessModel
DiversifiedandIntegrated

DiversifiedbutNotIntegrated*

IntegratedDerivatives

*Donotprovideposttradingservicesfortheequitymarket

MarketCapitalization(US$billions)andEBITDAMargin(%)
Source:Bloomberg

30
25

Updateduntil:06/30/2012
p
/ /

77.9%
65.5%

58.6%

61.6%

78.1%

69.7%

20
20

72.0%

62.2%
42.3%

59.4%
42.1%

47 6%
47.6%

15
10

17.8

15.3

10.4

10.1

9.9

6.5

5.3

5.3

4.3

3.9

3.4

1.7

Deutsche
Boerse

BVMF

ICE

Nyse
Euronext

ASX*

SGX*

LSE

Nasdaq

TMX

BME

CME

HKEx

Diversifiedandintegrated
*12monthsendedonJun/11

Derivatives

Diversifiedbutnotintegrated

EBITDAMargin2010

0,8
0,7
06
0,6
0,5
0,4
0,3
0,2
0,1
0

EBITDAMargin2011

18

BrazilianMarketRegulatoryFramework
Legalrequirements:resilience,transparence,clearrules.
Brokers&
investors

Regulationprohibits internalizationoforders,darkpools
andATS/MTFs,stockstradinginbothexchangeandOTC
simultaneously
Settlementandclearingofstockstradingmustbedone
through a CCP
throughaCCP
Settlementandclearingatthebeneficialownerlevel
maketheBrazilianmarketsaferandmoreresilient

Trading

Undertheregulationinplace,potentialcompetitors
wouldbeobligedtoprovidethesameintegrated
solution, with the same rules and transparency
solution,withthesamerulesandtransparency
Thefinalinvestorpaystheexchangefee

PosTrading

g
g
g
Otherexchangeshavebeenseekingintegratedmodels
(selfclearingmodels)
Nakedaccessisnotallowed
Nakedshortsellingisnotpossible
19

Braziliansstocktradingbreakdown
EndofCPMF
(Financial
TransactionTax)

NovoMercado
Launching

EndofIOFTax(2%)for
foreigninvestors

SarbanesOxleyAct
(SOX)

Jun12

24.3%

34.6%

10 3%
10.3%

23.6%
65.4%

OtherUSAVenues BrazilianADRs
BM&FBOVESPA companieswithADRs

Jun12

May12

Apr12

Mar12

Feb12

Jan12

Dec11

Nov11

Oct11

Sep11

Aug11

Jul11

Jun11

May11

Apr11

2011

2010

2009

2008

2007

2006

2005

2004

2003

2002

2001

2000

1999

1998

1997

1996

41.8%

Source:Bloomberg(inUSD
tradedvalueof35companies
withADRsprograms)

NYSE BrazilianADRs
BM&FBOVESPA(exceptcompanieswithADRs)

PublicOfferingsinNumberofCompanies*
IPOs
Followons
Total
DualListings
*Updateduntil06/30/2012

2001

14
14

2002
1
5
6

2003

8
8

2004
7
8
15

2005
9
10
19

2006
26
16
42

2007
64
12
76

2008
4
8
12

2009
6
18
24

2010
11
11
22

2011
11
11
22

2012
3
4
7

Total
142
125
267
5
20

OPERATIONALHIGHLIGHTS

21

BOVESPASegment:operationalhighlights
Average Daily Traded Value ADTV(BRLbillions)
AverageDailyTradedValue
ADTV (BRL billions)
Updateduntil06/30/2012.

6.5 6.5

2004

2005

6.3

6.1 5.9 5.7

5.5 5.3
4.9

1.2 1.6

83
8.3

7.7

7.4

7.1

7.0

5.9 6.2 6.3

2006

2007

2008

2009

2010

2011

2012

M 11 Jun11
May11
J 11 Jul11
J l 11 Aug11
A 11 Sep11
S 11 Oct11
O t 11 Nov11
N 11 Dec11
D 11 Jan12
J 12 Feb12
F b 12 Mar12
M 12 Apr12
A 12 May12
M 12 Jun12
J 12

TurnoverVelocity**(12monthsaverage)
63.2%

640

626

632

576

611

598

605

2009

2010

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

70.0%

66.6%

56.4%

622

68.1%
63.8%

64.2%

42.3%
36.8%
36
8%
30.8% 29.4%

2008

82
8.2

2.4

NumberofCustodyAccounts(Thousands)

559

7.3 7.4

2001

2002

2003

38 7%
37 6% 38.7%
37.6%

2004

2005

**Relationofthetradingvalueinthecashmarketandthemarketcapoftheexchange. Updateduntil06/30/2012.

2006

2007

2008

2009

2010

2011

2012

22

BOVESPASegment:capitalraisingactivity
PublicOfferings(BRLbillions)
Updateduntil06/30/2012.

FollowOn

74.4

70.1
70.1

11.2

IPO

46.0
55.6

30.4
8.8
4.5 4.3

2004

13 9
13.9
5.4
8.5

15.4
15.1

14.5

2005

2006

2007

34.3
7.5
7.5

23.8

26.8

22.2

2008

2009

63.2

18 0
18.0
7.2
10.8

2010*

2011

8.0
4.0 4.0

2012

Pipeline:alreadyannouncedtothemarket
Thereare7offeringsinthepipeline:
IPO(5):CPFLEnergiasRenovveisS.A.;VIXLogsticaS.A.;BIOSEVS.A.;Manabi HoldingS.A.;Empreendimentos
PagueMenosS.A.;
Followon
F ll
(2) C l l
(2):CeluloseIraniS.A.;TAESA
I i S A TAESA TransmissoraAlianadeEnergiaEltricaS.A.
T
i
Ali
d E
i Elt i S A
* Excludes the capitalization with barrels reserves by federal government BRL74.8 billion in Petrobras offering.
23

BOVESPASegment
Potentialtoincreasethenumberoflistedcompanies
Market Capitalization to GDP (%)*
MarketCapitalizationtoGDP(%)*
HongKong: 617%1,095%1,208%

170%
166%

168%

138%
129%

130%

137%
126%
6%

95%
78%

70%

2008
118%
118%
107%

107%
100%

82%
67%
53%

Chile

Singapore UnitedKingdom Canada

USA

Korea

93%
85%

53%

India

2009

2010

100%
75%
81% 75%
75%
73%74%
66%67%
62
53%
44%
36%
39%
21%

China

France

Japan

Brazil

*Source:WorldBank

Market Capitalization by Economic Sector

MarketCapitalizationbyEconomicSector
Dec11

Mexico

Dec05

15,2%

15,7%
22,4%

26,4%
14,1%

21,6%

11,5%
10,4%

1,8%
4,7%
16,2%

6,8%

8,6%
11,1%

0,6%

0,3%
3,9%

2,5%
3,6%

,
2,6%

Oil,GasandBiofuels

BasicMaterials

CapitalGoodsandServices

ConstructionandTransportation

ConsumerNonCyclical

ConsumerCyclical

Information Technology

Telecommunications

PublicUtilities

Financial

24

BM&FSegment:operationalhighlights
Average Daily Traded Volume ADTV(Thousandsofcontracts)
AverageDailyTradedVolume
ADTV (Thousands of contracts)

3,904
3 518 385
3,518

3,418
2,505

2,701
285
123
496

3,035
330
170
539

187
86
110
422

109
74
168
501

711

988

789

191
89
541
1,521
1
521 541
150
80
447
1,684 1,797 1,995
843

2004

2005

2006

2007

2008

2009

1,740 1,573
1 573

1,167 167
112 162
88

473
805 852 124
535
68
266

2010

2011

BRLInt.Rate(Thousands)

2,994 308 245

340 2,831
2,716
195
2,615 2,497 285 205 593 2,590
2,606
2,430
350
123 509
292 2,065 315
2,107 501 120 289 148
350
334
524
292
123
158
166
114 286
586 184 487 245
286
245 541
541
544
544
520
520
531 110
148
545
491
438
2,497 2,681
2,383
2,061
1,789
1,774 1,589
1,636 1,452
1,561
1,493 1,220
1,234

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*

FX(Thousands)

Index(Thousands)

Others(Thousands)

R t
RateperContract
C t t RPC(BRL)
RPC (BRL)
2006

2007

2008

2009

2010

2011

2012*

J11

J11

A11

S11

O11

N11

D11

J12

F12

M12

A12

M12

J12*

InterestratesinBRL

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
FXrates

2 244 1.859
2.244
1 859 2.065
2 065 2.161
2 161 1.928
1 928 1.894
1 894 2.024
2 024

1 813 1.801
1.813
1 801 1.691
1 691 1.826
1 826 1.991
1 991 1.870
1 870 2.082
2 082 2.106
2 106 1.929
1 929 1.876
1 876 1.991
1 991 2.015
2 015 2.237
2 237

StockIndices

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

InterestratesinUSD

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

Minicontracts

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

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

TotalRPC
1.247

1.224

1.527

1.365

1.134

1.106

1.150
*Updateduntil06/30/2012.

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

25

InterestRateinBRLContracts
Structuralchangesbehindthegrowthinvolumes
InterestRateinBRLContractsBreakdownbyMaturity(thousandsofcontracts)
Uncertaintyinconsensusimpactsshorttermcontracts

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
1st.Maturity

2nd. Maturity
2nd.Maturity

3rd Maturity
3rdMaturity

4th. Maturity
4th.Maturity

PublicDebt/FixedRate inBRLbillions

FixedRateCredit inBRLbillions

May'12:
BRL719.3

May'12:
BRL784.9

Jan'05:
BRL151.4

Jan'05:
BRL180.0

Jan05

5th Maturity
5thMaturity

Jan06

Jan07

Source:Brazilian CentralBank

Jan08

Jan09

Jan10

Jan11

Jan12

Jan05 Jan06 Jan07 Jan08 Jan09 Jan10 Jan11

Jan12
26

InterestRateinBRLContracts
Sustainablegrowthrevenuefromcontractswithlongtermmaturities
ADTV(inthousandsofcontracts)

Revenue(inR$millions)

1st4th.Maturity
46 4
46.4
33.8

1st4th.Maturity
CAGR:+25%

1,274

CAGR:+16%

963

29.9

617
617
15.3

1Q09

397

1Q10

1Q11

1Q12

1Q09

CAGR:+34%

77.4

1Q12

1,113
853

63.0
642

47.0
464

31.3

1Q09

1Q11

5th Maturity
5th.Maturity

5th Maturity
5thMaturity
CAGR:+35%

1Q10

1Q10

1Q11

1Q12

1Q09

1Q10

Note: 1st-4th maturity: up to 84 business day and 5th maturity: above 84 business day (limited to 105 business day)

1Q11

1Q12
27

HighFrequencyTrading(HFT)
HFTwillplayanimportantroleinbothcashandderivativesmarkets
Bovespa Segment
BovespaSegment

BM&F S
BM&FSegment

HFT (ADTVinBRLbillionsandmkt.share)

HFT (ADTVinthousandsofcontractsandmkt.share)

8% 6.0%
6 0%
2.2% 4.8%

420

CAGR*:
112.8%

306
238
68
21
29
17
2009

19

13

125

94
43

110

2010

2011

88

Equities

24

140

135

120

129

67
44

30
30

101
101

10

84

496

225

289
289

148
68

45

51

144
58

47

144
73

131
75

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 Apr/12May/12Jun/12

Minicontracts

InterestRates

1.7

400
300 1.0

158

95
101

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%

600
500

335
25

17

391 442

413

251
211 251
179

52

FX

7 0%
5.9%
9% 5.8% 7.0%

5 0% 7.8% 7.2%
8 0%
% 8.0%
3.9% 5.0%

200 0.2
0.3
100
0.5

0.9

1.0

0.2
0.3

0.2
0.3

0.5

0.6

May11 Jun11

%inOverallVolume

0.2
0.4

1.1

1.3
1.3
0.2
0.3
0.8

1.5
0.2
0.3
1.0

1.3
0.2
0.3
0.9

1.4
1.1 1.1
0.1
0.2

0.3

0.8

0.8

0.3

1.5 1.5
0.3

0.2

1.2

1.2

0.3

1.0

0.9

1.1

Jul11 Aug11 Sep11 Oct11 Nov11 Dec11 Jan12 Feb12 Mar12 Apr12 May12 Jun12

ADTV(Foreigners)

ADTV(Individuals)

ADTV(Institutionals)

Colocation
Colocation

Colocation
Colocation

(ADTVinthousandsofcontractsandmkt.share)

(ADTVinBRLbillionsandmkt.share)

1Q12: 76.7% of HFT trading is via co-location

1.2

0.4

1.4

%ofoverallmarket

1Q12: 60.4% of HFT trading is via co-location

8.6%

6.5%

6.8%
6.9%

6 6%
6.6%
5.8%

4,.%

5.4%
4.2%
3.1% 2.6%
2.7% 3.2%
0.4%
0.1% 0.4%
13
21
3

138

156

162

149

6.0%

5.3% 5.0%

4.5%

5.7%

437

371
223
223

5.6%
5.4%

267

1,275
1,014

316
1 4%
1.4%

2.0% 1.6%
1 8% 2.1%
1 6% 1.8%

1.0%
126

211

257

218

218

248

1.104

791
2.6% 726
743 799
711 661
681
620
620
301

3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12

28

FINANCIALHIGHLIGHTS

29

2012Budgets
Commitmenttocostcontrol
CAPEX 2012Budget

AdjustedOperatingExpenses 2012Budget

2012budget:betweenR$230millionandR$260million
2012 budget: between R$230 million and R$260 million

2012Budget:betweenR$580millionandR$590million
2012 Budget: between R$580 million and R$590 million

ContinuityofITinvestments

Maintenanceofheadcount

EquitiessegmentofPUMATradingSystem

Steadilyefforttoreduceotherexpenseslines

NewDataCenter
New Data Center

Maintenance expenses adjusted to 2012

Clearingsintegration
NewOTCplatform

2012budgetinthe same
rangeof 2011

Improvementsininfrastructure
p

R$millions
$ ll

590

R$millions

580
268

260

204

543.9

584.5

2010

2011

230

2012e

2010

AdjustedExpensesexcludedepreciation,stockoptionprogram,provisionsandtaxondividendsfromCME.

2011

2012e

30

1Q12revenuesbreakdown
Diversificationofrevenuesisclearafterrevenuesrebalancing
1Q12revenues:BRL560million

17.0%

9.2%
C h M k (T di )
CashMarket(Trading)

0.7%

CashMarket(PostTrading)
EquitiesDerivatives(Trading)
EquitiesDerivatives(PostTrading)
30.4%

OtherRevenue BOVESPASeg.
FinancialDerivatives(Trading)

21.6%

FinancialDerivatives(PostTrading)
SpotFX
Other Revenue
OtherRevenue
13.7%

5.2%
2.0%
0.3%
31

Expenses Details
Focus on costs controls: delivering efficiency
Adjusted Expenses

Expenses Breakdown 1Q12

(In R$ millions)

Others

-10.8%

17%

Marketing

-23.5%
3%

Third Party Serv.

5%

Depr./Am.

47%

Personnel

140.6
140.6

143.7

136 3
136.3

1Q11

2Q11

3Q11

13%

15%

163.9
125 4
125.4

4Q11

1Q12

Data Processing

Breakdown of Adjusted Expenses

-10.8%

(in R$ millions)

140 6
140.6

+1.2
2.8

1.3

1.8
125.4
8.5

1Q11Adj.
Expenses

Personnel

Dataprocessing

ThirdPartyServ.

Communication

Marketing

2.1

Others

1Q12Adj.
Expenses

32

Appendix

33

FullyintegratedBusinessModel
Diversifiedsourcesofrevenues
Servicesforissuers,brokersand
Services
for issuers brokers and
commoditiestrading

Trading,ClearingandDepositoryActivities

Listingg
(stocks,bonds,funds,
assetbackedsecurities,
Amongothers)

TTrading
di
(stocks,derivatives,corporateandgovernment
Bonds,funds,spotUSDollar,amongothers)

Commodities
Certification

CentralCounterparty(CCP)
ClearingandSettlement
(forallproducts)

Others Services
Custodyy
(servicesprovidedforfunds
andothermarket
participants)
MarketData

IndicesLicensing
TradingAccess
((Brokers))

CentralDepository
((stocksandcorporatebonds)
p
)

SecuritiesLendingg
(stocksandcorporatebonds

SoftwareLicensing
(usedbybrokerage
Housesandother
marketparticipants)
OTCDerivatives
(registrationandcollateral
management)

34

HighFrequencyTrading
HFT
NewProductsPipeline

Newpricingpolicy(bothsegments)
MainCharacteristics
DifferentiatedfeesbytieronlyfordaytradestransactionsexecutedbyaregisteredHFT
AHFTCommitteecreatedtoapproveandmonitortheHFTs
ThenewpricingpolicywasimplementedinNov10

Bovespa Segment
IntheBovespa Segment,differenttierswerecreatedforindividualsandnonindividualsHFTinvestors
Nonindividuals

Individuals

TradingFee
(bps)

Settlement
Fee (bps)

Total

Up to 20 (inclusive)
Upto20(inclusive)

0.70

1.80

2.50

0.50

1.80

2.30

0.20

1.80

2.00

1.80

From20to50(inclusive)
From50to250
(inclusive)
From250to500
(inclusive)

0.05

1.75

1.80

1.60

Above 500

0.05

1.55

1.60

TradingFee
(bps)

Settlement
Fee (bps)

Total

ADTVtier (BRLmillions)

U t 4 (i l i )
Upto4(inclusive)

0 70
0.70

1 80
1.80

2 50
2.50

From4to12.5(inclusive)
From12.5to25
(inclusive)

0.50

1.80

2.30

0.20

1.80

2.00

From25to50(inclusive)

0.05

1.75

Above 50

0.05

1.55

ADTVtier (BRLmillions)

BM&FSegment
IntheBM&FSegment,the70%flatdiscountwasreplacedbyavolumetieredbaseddiscount,onlyfordaytrades,
dividedintotradingandregistrationfees
35

BOVESPASegment:foreigninvestmentflow

MonthlyNetFlowofForeignInvestments*(inBRLbillions)

10.0

9.0
6.5
6.1 6.4
5.2
4.2
3.7 3.5
3.43.8
2.11.4
1.7
1.5
05
0.5
0.3
0
3
(0.6)

(1.6)

(1.5)

*Includesregulartradesandpublicoffering.UpdateduntilJune30,2012.

(0.6)

72
7.2
4.4

3.4
2.1
1.92.2
1.7
0.7
0.7
03
0.3
0.4
(1.3)

3.9
0.81.0
0.8

(0.4)(0.2)
(2.4)

(1.1)(1.3)

(0.7)
(2.3)

36

Operational highlights:investorsparticipationinTotalVolume
BM&FSegment(InvestorsParticipationinTotalVolume)
7%

7%

9%

8%

8%

4%

4%

5%

5%

5%

5%

5%

5%

3%

5%

5%

5%

5%

4%

5%

24%

25%

23%

23%

24%

30%

33%

31%

33%

35%

32%

34%

34%

34%

32%

32%

34%

34%

34%

32%

12%

15%

17%

19%

20%

22%

23%

23%

25%

26%

27%

25%

23%

23%

26%

26%

26%

25%

27%

42%

38%

39%

35%

32%

35%

35%

36%

39%

35%

35%

33%

34%

34%

56%

51%

49%

48%

Individuals

45%

InstitutionalInvestors

ForeignInvestors

16%
46%

FinancialInstitutions

Companies

CentralBank

Bovespa Segment(InvestorsParticipationinTotalValue)

12%

10%

10%

8%

7%

8%

9%

10%

8%

9%

8%

10%

8%

9%

8%

9%

7%

9%

8%

9%

8%

8%

33%

36%

35%

35%

34%

30%

35%

34%

34%

35%

33%

37%

34%

36%

35%

39%

37%

40%

38%

40%

42%

42%

27%

27%

30%

27%

26%

33%

33%

34%

33%

33%

35%

32%

34%

33%

33%

32%

33%

31%

32%

33%

32%

32%

25%

25%

23%

27%

21%

21%

22%

21%

24%

20%

23%

20%

22%

18%

21%

19%

21%

18%

17%

15%

31%

26%

2005 2006 2007 2008 2009 2010 2011

Individuals

Apr11 May11 Jun11 Jul11 Aug11 Sep11 Oct11 Nov11 Dec11

InstitutionalInvestors

ForeignInvestors

FinancialInstitutions

Jan12 Feb12 Mar12 Apr12 May12 Jun12

Companies

Others
37

Investment Funds
AUMEvolution(inBRLbillions)
Equities
Fixed Income
FixedIncome

1,703 1,787
1,703
1,513
1,301

657

861

899

10%

11%

2003

2004

1,070

15%

1,375

22%

14%

2007

2008

18%

18%

2009

2010

1,925
15%

2,073
15%

11%

11%

2002

2005

2006

2011 Mar12

PercentofEquityFundAssets
Worldwide

Brazil

Equity
q y
funds
40%

Source:ANBIlMA andInvestmentCompanyInstitute ICI(2T12).

Equity
funds
15%

38

1Q12EARNINGS

39

BOVESPASegmentPerformance
IncreasedHFTactivityandgrowthofturnovervelocity
ADTVevolutionbytypeofinvestorsandMargin

Turnovervelocitywaspositivelyimpactedby
marketvolatility
1Q12vs.4Q11
Increasinginmargindrivenbygrowthin
optionsvolumesandreduction ofHFTshare

10,0
9,0
8,0
7,0
6,0
5,0
4,0
3,0
2,0
1,0
0,0

(
(inR$billions)

1Q12vs.1Q11
ADTVgrew6.3% andreached R$7.2bn (all
time high)
timehigh)

6.0

5.9

67
6.7

6.2

0.7

66
6.6

6.4

0.7

0.7

2.1

2.3

2.4

2.3

2.1

2.2

2.1

2.3

1.5

1.3

1.5

1.3

1.4

1Q11

2Q11

3Q11

4Q11

1Q12

2.3

Institutional Investors

0.7

ForeignInvestors

7,0
6,6
6,2
5,8
5,4
50
5,0
4,6
4,2
3,8
3,4
3,0
2,6
2,2
1,8
1,4
1,0
0,6
02
0,2
(0,2
(0,6
(1,0

5.9

5.6

0.7

Individuals

HFT:ADTVandshareoftradingvolume

5.7

2.8

Others

Margininbps

AveragemarketcapitalizationandTurnoverVelocity

+47%

7.4%
6.1%
814 5
814.5
205.0
290.8
318.6

898.6

10.3%

10.3%

1,329.1

1,311.9

174.6

146.0

319.3
319.3

249.2

184.1
267.2
835.1

916.7

3Q11

4Q11

447.3

1Q11

2Q11

Foreigners

Individuals

Institutionals

8.5%
3,5

3,0
8.6% 1,199.1
2,5
20
2,0
1,5
1,0
873.9
0,5

61.8%

69.3%
59.5%

%ofoverallmarket

72
52

10.8%

325.3

1Q12

66.2%

66.6%

32

2.5

2.5

2.2

2.2

2.5

12
8,

1Q11

2Q11

3Q11

AverageMarketCapitalization(BRLtrillions)

4Q11

1Q12
TurnoverVelocity

40

BM&FSegmentPerformance
Highgrowthofstockindexandminisizedcontracts
ADTVin(thds ofcontracts)andRPC(inR$)
1,30

1Q12vs.1Q11
5.3% ADTV decrease impacted
impactedby18.6%reduction
by 18.6% reduction
5.3%ADTVdecrease
inADTVofinterestratescontractsinR$
RPCrose12.7%:higherparticipationoflongterm
maturitycontracts,FXfutures,indexbases futures
((27.1%and55.5%,respectively)
,
p
y)
HFTsvolumesup95%

1,20

1.13

1,10

1.16

1.11

5.0
4.5
4.0
3.5
3.0
2.5
2.0
1.5
1.0
500

1.17

1.04

1,00

229 88
422

0,90
0,80
0,70
0 60
0,60

2 127
2,127

0,50

306
543

101

326
525

143
275
489

160

310
536

1,720

1,810

1,532

1,730

2Q11

3Q11

4Q11

1Q12

136

0,40

1Q11

InterestRatesinBRL

HFT:ADTV(thds ofcontracts)andshareofADTV(%)

FXRates

Others

StockIndex

RPC

ADTV:Minisizedandstockindex(inthds ofcontracts)

+95%
95%
2 . 5 0 0 . 0 0 0

7.8%
420
24
5.0%
5
0%
251
10
95

3.9%
211
17
84

179
179

140

101

44

45

68
68

1Q11

2Q11

3Q11

Equities

FX

101

450

Minicontracts

120

0.98

1,720

1,810

0.94

1.00

1 ,0 0

2,127
0 ,5 0

400
350

40%

300
300

1,730

1,532

1 . 5 0 0 . 0 0 0

135

129

51

47

4Q11

1Q12

InterestRates

0.93

0.84

2 . 0 0 0 . 0 0 0

250
200

7%
6%

150

31%

1 . 0 0 0 . 0 0 0

148

67

7.2%
335
25

8.0%
413

46%

100

5 0 0 . 0 0 0

50
50

17%

4%
13%
18%

8%
4%
16%

19%

15%

%inOverallVolume

1Q11

57%

2Q11

64%

51%

(0 ,5 0 )

(1 ,0 0 )

3Q11

6%
10%
23%
9%

13%
6%
5%
11%

4Q11

(1 ,5 0 )

(2 ,0 0 )

1Q12

1stMaturity

2ndMaturity

3rdMaturity

4thMaturity

5thMaturity

RPC

41

Revenues:1Q12
BOVESPASegment(47%oftotal)

FeeModel

Market /Product/Service

3% 12%

CashMarket
ForwardMarket

85%

OptionsMarket

Cashmarket
Cash market
ForwardMarket
Options Market

9 Inbps

InterestRate
ExchangeRates(FX)
Indices
Commodities

9 Feepercontract

Depositoryandcustody:4%
SecuritiesLending:4%
Vendors:3%
Listing:2%
Li ti 2%
Tradingaccess:2%

9
9
9
9
9

BM&FSegment(36%oftotal)
12%

InterestRateBRL
FX
Others

33%

55%

OtherRevenues
17%

Fixedcost:R$6,90+additionalfee
25bpsperyear(openinterest)
Fixedfee
A
Annualfee:basedonthesocialcapital
lf b d
h
i l
i l
Fixedfee

FinancialHighlights
Strongcashgeneration
FinancialIncome

CashandFinancialInvestments(inR$millions)

R$65.5millionin1Q12,increaseof3.7%over1Q11
1Q12

1,207
,

1,551

4Q11

383

354

3,658

1,714
,

380 270

3,782

1,582

Market participants cash collateral and others*

Restricted f unds

Subsidiaries**

Available f unds

CollateralDepositedintheClearinghouse(inR$billions)
Higherlevelofmarketexposurerequiresmore
collaterals

Fi
FinancialIncomeofR$86.7million,6.3%up,mainlydue
i lI
f R$86 7 illi
6 3%
i l d
togrowthintheCompanysaveragecashposition
FinancialExpensesofR$21.2millionincreased15.3%
duetotheFXdevaluation

Buybackprogram
TheapprovedbuybackprogramallowsBM&FBOVESPAto
repurchaseupto60millionsharesuntilJun12(29.6mn
bought)

+78 7%
+78.7%
179

182

Earningsdistribution(payout)

143
102

Dec/09

ApprovalofR$224.3millionasdividends,80%Payout
ratio in1Q12

Dec/10

Dec/11

Mar/12

*Includescollateralspledgedbyparticipantsintheformofcash,receivablesandrightsinsecuritiesundercustody,aswellaspayoutsstillundisbursed
**Includesthirdpartycollaterals(R$118millioninthe4Q11andR$181millioninthe1Q12)andrestrictedfunds(R$12million inthe4Q11and1Q12)atBanco BM&F

43

BM&FBOVESPAFinancialHighlights
P/Eanalysis

Since2009,thegoodwilltaxbenefithasbeenrecognizedasdeferredliability(beingcash
neutral),reducingtheGAAPearnings
TTaxBookin
B k i 1Q12
BRLmillions
EBT
()goodwillamortization
(())Interestoncapital
Interest on capital (1)
(=)Taxableearnings
Tax

Current
402.2
404.4
0
2.2
0

Si l ti
Simulation
withoutgoodwill
402.2
0
181
221
75

GAAPBookin
GAAP
B k i 1Q12
BRLmillions
EBT
DeferredTax
Other taxes
Othertaxes
TotalTaxes
NetIncome GAAP
EPS

Current
402.2
137.7
73
7.3
145
280.4
0.142

Si l ti
Simulation
withoutgoodwill
402

75
327
0.165

:16.6%

EPS
2012e

P/E

E ti t d GAAPEPS(A)
Estimated
GAAP EPS (A)

0 62
0.62

17 3
17.3

2530%impactonP/Emultiple

Earningswithoutgoodwill=(A)x 16.6%

0.72

14.8

Stockpricediscounted by goodwillNPV(R$1.00
per share) / Earningswithoutgoodwill
pershare)/
Earnings without goodwill

0.72

13.4

Difference between EPSGAAPand

theEPSadjustedtononexistence
ofgoodwillsimulation
f
d ill i l i

AdjustedEarnings

0.84

12.8

DifferentearningsimpacttheP/Ecalculationanddistortcomparisonsandmarketconsensus.
Thereportedadjustednetincomereflectsbetterthecompanyscashgeneration
SimulatestheInterestonCapitalamountthatwouldbeapprovediftherewasnogoodwilltaxbenefit;EPSmarketestimativefor2012;Stockat
BRL10.72(April30,2012).

44

20122013importanttechnologicaldeliveringyears
Keyinvestmentstosupportgrowth
Investments(CAPEX)20102013:~R$1billion
1Q12CapEx totaledR$26.7million

(inR$millions)
260.0
30.0

260.0
230.0

268.4
204.0

2010

2011

PUMATradingSystem:
New MultiAsset
NewMulti
AssetTradingPlatform
Trading Platform

ClearingIntegration

230 0
230.0

2012e

~90%ofCAPEXtoITprojectsto:
preservecurrentrevenues
catchuptechnology
supportgrowth
strengthenmarketintegrity

Keyinfrastructureinvestments

Performanceandcapacityimprovements;crossassetarbitragepromotion;sub
millisecondRTTlatency
Stateofthearttechnology
State of the art technology
Capitalefficiency:
Crossmarketriskcalculationmethodology
Crossmarketmultilateralnettingforsettlementpurposes
Cross market multilateral netting for settlement purposes

DataCenters

Scalabilityandreliability;colocation(additionalspace)
Offeringofservicesformarketparticipantsandbringingnewsynergiestothe
BVMFecosystem

OTCPlatform

Modernization,improvementandexpansionoftherangeofregistrationservices
Flexibilitytomeetspecificdemands
Offeringtoourcustomersarationalizedqualitysolutionandthoroughreportingtool

45

Prioritizingcustomerandoperationalexcellence
Guaranteeingexcellence
andmarketintegrity
StrengtheningInstitutional
Position
Consistentlyincreasing
anddiversifyingrevenues

PUMATradingSystem:equitiesmoduleintests
Increasingcapitalefficiencybyintegratingclearingfacilities
NewOTCplatform:buildingonestopshop
Improvingsupervisionandmarketmonitoring

WellplacedtocaptureBraziliangrowthpotential
Leveraginggrowththroughproductdevelopment(newproducts
andarbitrage/strategiesamongmarkets/products)
FavoredfromincreasingsophisticationofBrazilianmarket
Favored from increasing sophistication of Brazilian market

FocusonClientsand
Focus
on Clients and
marketparticipant
relationship

Productsdevelopmentmaterializedinrevenuesandbroadening
p
g
marketsophistication:marketmakerforoptions,ETFs,HFTs,cross
listingandTesouro Direto
Strengtheningtieswithinvestorsandparticipants

Consistentlydelivering
soundfinancialresults
d fi
i l
l

FocusonCostControl adjustedOpex isdecreasinginrealterms

in2012,accordingtotheannouncedbudget
g
g
Maximizingshareholdersreturn:highpayout
46

IncomeStatementSummary

R$millions

1Q12

Change
1Q12 /1Q11

1Q11

4Q11

Change
1Q12/4Q11

Gross Revenues
GrossRevenues

560.4
560.4

525.5
525.5

6.6%

522.0
522.0

7.4%

NetRevenues

502.8

472.2

6.5%

471.2

6.7%

(166.2)

(188.7)

11.9%

(291.6)

43.0%

Operating Income
OperatingIncome

336 7
336.7

283 4
283.4

18 8%
18.8%

179 6
179.6

87 5%
87.5%

Equityaccounting

37.5

37.5

0.0%

131.5

71.5%

FinancialIncome

65.5

63.2

3.7%

64.1

2.3%

IncomebeforeTaxes

439.7

384.2

14.5%

375.2

17.2%

NetIncome*

280.4

270.8

3.6%

191.0

46.8%

EBITDA

368.3

308.1

19.6%

204.4

80.2%

EBITDAMargin
i

73.3%
3 3%

6 2%
65.2%

80 b
801bps

43.4%
3 %

2 988 b
2,988bps

AdjustedNetIncome

409.2

384.2

6.5%

352.7

16.0%

0.211962

0.195648

8.3%

0.182885

15.9%

376.7

332.6

13.3%

307.1

22.7%

74.9%

70.4%

448bps

65.2%

974bps

(125.4)

(140.6)

10.8%

(163.9)

23.5%

Expenses

Adjustedearningspershare(inR$)
AdjustedEBITDA
AdjustedEBITDAMargin
AdjustedExpenses
*AttributabletoBM&FBOVESPAsShareholders

47

BalanceSheet
InR$millions
ASSETS

Currentassets
Cashandcashequivalents
Financialinvestments
Others

Noncurrentassets
Longtermreceivables

Financialinvestments
Oth
Others

Investments

Propertyand
equipment

03/31/2012
2,806.7
34.3
2,533.3
239.1
20,590.6
1,247.0
1,090.8
156 1
156.1

2,627.5
344.5

12/31/2011

LIABILITIES ANDSH.EQUITY

2,401.1 Currentliabilities

03/31/2012

12/31/2011

1,853.8

1,929.9

1,155.8

1,501.0

698.0

428.9

2,498.5

2,402.5

1,106.1

1,138.7

1,338.5

1,204.6

53.8

59.2

19 044 9
19,044.9

19 257 5
19,257.5

Capital

2,540.2

2,540.2

2,710.1 Capital reserve

16,024.2

16,033.9

464.0

666.9

16.5

16.5

23,397.2

23,589.9

64.6 Collateralfortransactions
2,128.7 Others
207.8 Noncurrentliabilities
21,188.8 Financing
1,767.4

DeferredInc.TaxandSocial
Deferred
Inc Tax and Social
Contrib.

1,589.1 Others
178 4 Shareholders'equity
178.4
Sh h ld '
it

357.2 Others

Intangibleassets

16,371.6

16,354.1

Minorityinterestin
subsidiaries
subsidiaries

TOTALASSETS

23,397.2

23,589.9

TOTALLIAB.AND
SHAREHOLDERS'EQUITY

48

SUSTAINABILITY

49

BM&FBOVESPASustainabilityMission

BM&FBOVESPAsSustainabilityMission
y
Support,promoteandpracticetheconceptsandactionstowardseconomic,
socialandenvironmentalresponsibilitywiththepurposeofcontributingto
sustainabledevelopment

Novo Valor BM&FBOVESPA

NovoValorBM&FBOVESPA
Program created in2010toguide sustainability actions of
BVMF.

Goal
Induceandpromotethesustainabledevelopmentofthe
BM&FBOVESPAandthecapitalmarket,involvingallaudiences,
including investors companies and brokerages
includinginvestors,companiesandbrokerages.

50

BM&FBOVESPASustainabilityProgram
Workinginfourdimensions

1.NaturalResourcesMgt
GHGInventory
Materialsrecyclingprogram
Ecoefficiency
GreenIT
MemberofCarbonDisclosureProjectSouthAmerica
BoardofEmpresas pelo Clima,FGV

4.StakeholderEngagement

2.Governance

Instituto BM&FBOVESPA
Stakeholders
GlobalCompactSignatory(1st exchange)
PRISignatory(PrinciplesforResponsibleInvestment)
OrganizationStakeholderGRI(GlobalReporting
Initiative);MemberofBoardforGRIBrazil

NovoMercado
Novo Mercado
AdvisoryBoards
SustainabilityCommittee
SustainabilityComission

3 P d t
3.ProductsandServices
dS i
Indexes:ISE,ICO2 and IGC/IGCT
CarbonMarket
Em BoaCompanhia (programwithcompanies)

51