4Q10 EARNINGS

February 18th, 2011

Forward-looking Statements

This presentation may contain certain statements that express the managements expectations, beliefs and assumptions
about future events or results, Such statements are not historical facts, being based on currently available competitive,
financial and economic data, and on current projections about the industries BM&FBovespa works in,
The verbs anticipate, believe, estimate, expect, forecast, plan, predict, project, target and the like are
intended to identify these forward-looking statements, which involve risks and uncertainties that could cause actual results
to differ materially from those projected in this presentation and do not guarantee any future BM&FBovespa performance,
The factors that might affect performance include, but are not limited to: (i) market acceptance of BM&FBOVESPA services;
(ii) volatility related to (a) the Brazilian economy and securities markets and (b) the highly-competitive industries
BM&FBovespa operates in; (iii) changes in (a) domestic and foreign legislation and taxation and (b) government policies
related to the financial and securities markets; (iv) increasing competition from new entrants to the Brazilian markets; (v)
ability to keep up with rapid changes in technological environment, including the implementation of enhanced functionality
demanded by BM&FBovespa customers; (vi) ability to maintain an ongoing process for introducing competitive new
products and services, while maintaining the competitiveness of existing ones; (vii) ability to attract new customers in
domestic and foreign jurisdictions; (viii) ability to expand the offer of BM&FBovespa products in foreign jurisdictions,
All forward-looking statements in this presentation are based on information and data available on the date they were
made, and BM&FBovespa undertakes no obligation to update them in light of new information 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 registration or qualification under the securities
law, No offering shall be made except by means of a prospectus meeting the requirements of the Brazilian Securities and
Commission (CVM) Instruction 400 of 2003, as amended,

2010 Developments and

2011 Priorities

ADTVs Records
All time highs for both segments, continuing long-term growth trend
ADTV BM&F Segment (millions of contracts)
64.7%

67.8%

2009-2010

4Q09-4Q10

2.6

2.5
0.8

0.8

2004

2005

1.7

1.6

1.5

2007

2008

2009

1.2

2006

1.6

2010

4Q09

4Q10

ADTV BOVESPA Segment (BRL billions)

1.2

1.6

2.4

2004

2005

2006

22.7%

- 0.7%

2009-2010

4Q09-4Q10

4.9

5.5

5.3

2007

2008

2009

6.5

6.8

6.8

2010

4Q09

4Q10

Strong Earnings and Revenues Growth

30% annual increase in Adjusted Net Income
Net Revenues (BRL millions)

424.8

Net Revenues (BRL millions)

470.1
10.7%

4Q09

1,502.5

4Q10

25.8%

2009

1,889.8

2010

Adjusted Net Income (BRL millions)

Adjusted Net Income (BRL millions)

EPS: 0.185

EPS: 0.801
EPS: 0.610

EPS: 0.157
16.7%

368.0

1,223.8

4Q10

2009

29.6%

1,586.4

315.3

4Q09

Adjusted EBITDA (BRL millions) /

Adjusted EBITDA Margin (%)
66.3%
68.7%
311.8
291.9
6.8%

4Q09

4Q10

2010

Adjusted EBITDA (BRL millions) /

Adjusted EBITDA Margin (%)
71.2%
68.9%
1,034.7

2009

30.1%

1,346.0

2010

Revenues 4Q10 vs. 4Q09

39% volume growth at BM&F
BOVESPA Segment BRL millions
In BRL thousands
261.8

258.7
-1.2%

4Q09

4Q10

BM&F Segment BRL millions

180.9
130.3

38.9%

4Q09

4Q10

Other revenues BRL millions

83.7

81.8
2.3%

4Q09

4Q10

Gross operating revenues

BOVESPA Trd. / Sttmnt.
BM&F Trd. / Sttmnt.
Other operating revenues
Depository, custody and back-office
Vendors
Securities lending
Listing
Trading access (Brokers)
Settlement Bank
Bolsa Brasileira de Mercadorias
Other

Operating performance
BM&F ADTV (in thousands)
BM&F RPC (in BRL)
BOVESPA ADTV (in BRL millions)
BOVESPA Margin (in bps)

4Q10
523,299
258,685
180,911
83,703
23,656
15,830
13,864
11,199
11,040
2,106
1,737
4,271

4Q10
2,616.5
1.099
6,793.9
6.110

4Q09
473,890
261,792
130,259
81,839
21,629
16,876
10,533
10,034
11,494
2,073
955
8,245

4Q09
1,559.2
1.333
6,841.3
6.130

% Change
4Q10 x 4Q09
10.4%
-1.2%
38.9%
2.3%
9.4%
-6.2%
31.6%
11.6%
-3.9%
1.6%
81.9%
-48.2%

% Change
4Q10 x 4Q09
67.8%
-17.6%
-0.7%
-0.02bp

BOVESPA Segment
Recovery in volumes in 4Q10 vs. 3Q10 driven by foreign investors
Revenue share

Average Daily Traded Value (ADTV)

Virtually flat volumes

Short reduction of the markets turnover
October ADTV: All time high of BRL7.8 billion
15% growth in comparison to the 3Q10 due to the end of the

-0.7%

Petrobras offering overhang

49%

Trading and Settlement Margin

Due

-0.02bps

mainly to the change in the mix of investors

participation (growth of local institutional investors)

Breakdown of the ADTV by investors (total in BRL billions)

7.8
6.8
0.8

6.6

6.7

0.7

0.7

2.2

1.8

1.9

1.9

2.0

6.8
5.9

0.9

0.8

0.5

6.5

6.8

6.3

6.3

0.6

0.8

2.2

2.1

2.3

2.4

0.6

0.6

2.6
2.3

1.7

2.3

2.1

2.2

2.5

2.0

2.2

2.2

2.2

2.0

2.1

1.7

1.5

1.5

1.8

1.5

1.3

1.4

1.6

4Q09

1Q10

2Q10

3Q10

4Q10

Oct-10

Nov-10

Dec-10

Jan-11

Feb-11*

* Preliminary data updated until February 15th, 2011

Individuals

Local Institutionals

Foreign Investors

Others

BM&F Segment
BM&F trading volumes have reached consistently higher levels
Revenue Share

Average Daily Traded Volume - ADTV

All time high: 2.6 million contracts in 4Q10

67.8%

128.8% growth in the ADTV of Interest Rates in BRL contracts

35%

Revenue per Contract - RPC

Growth

in the participation of interest rate in BRL

contracts (short maturity)

-17.6%

Higher volumes (progressive discounts according to the

traded volume)
Growth in the volume traded in the derivatives market (ADTV in millions of contracts)
3.1

2.9

2.7

2.4

2.0

2.1

3.0

2.6

2.7

2.5
2.0

Feb-11*

Jan-11

4Q10

Dec-10

Nov-10

Aug-10

Jul-10

Jun-10

May-10

Apr-10

Mar-10

2009

2.1

Oct-10

2.5

2.2

Feb-10

2008

1.9

Jan-10

2007

1.6

4Q09

1.5

YTD*

1.6

2010

1.7

3.1

2.6

Sep-10

2.5

8
* Preliminary data updated until February 16th, 2011

High Frequency Trading (HFT)

HFT are playing an important role at both BM&F and BOVESPA segments
HFT BM&F Segment
(ADTV in thousands of contracts)**

HFT BOVESPA Segment

(ADTV in BRL billions)**

6.0%
4.8%
93

4.5%

4.4%

42

3.8%
4.8%
2.8%

50
77
41

44

0.3%

4
4

20

1Q09

2Q09

FX

93

18
41

50

69

3Q09

4Q09

1Q10

17

15
91

68

53

22

1.0%

90

3.5%

155

43

38

74

77

3Q10

4Q10

29

50

65

59

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

6.8%

Equities

Mini contracts

Interest Rates

6,0%

5,0%

4.0%

0.9

0.7

0.6

0.5

4,0%

3,0%

2,0%

1,0%

0,0%

Nov-10
2Q10

7,0%

5.7%
4.5%

8,0%

Jan-11 Feb-11*

Dec-10

Jan-11

ADTV - Day Trade (in BRL billions)

Feb/11*

% of overall market

% in Overall Volume

Co-location**
BM&F Segment (thousands of contracts)

BOVESPA Segment (thousands of BRL)

4.8%
203
4.1%
3.3% 3.2%
2.9%
3.2%
3.0%
161
164 162 2.6% 156 162
152
151
2.1%
2.1%
125 112
1.4%

190,660

125,620

71,952

84
39,280

12

15 13 17

* Updated until February 11th, 2011

20 25

22,128

18,397

Sept/10

Oct/10

Nov/10

Dec/10

Jan/11

Feb/11*

**Considers both buy and sell sides of the trade

Other Revenues Lines

Consistent Growth in depository and custody, securities lending, listing revenues

11,6%

-3,9%

Vendors

15,830

4Q10

4Q10
4Q09

10,533
11,199

4Q09

16,876
13,864

Listing

31,6%

21,629

4Q09

Securities
lending

-6,2%

23,656

4Q10

4Q10

Trading
Access
(Broker)

9,4%

Depository
and custody

(in BRL thousands)

4Q10

11,040

4Q09

11,494

4Q09

The average number of custody accounts 11.5%

higher

15.3% increase in the amount under custody

(excluding foreign investors and ADR positions)

New Pricing Policy implemented in Aug/10,

lowering market data access fees for Home Brokers
users

BRL appreciation: negative impact

Higher Securities lending activity

40.3% increase in the average value of the open

positions

Newly listed companies

New pricing policy reduced market access fees

Annual fees discounts reduction

10,034

10

Operating Expenses Breakdown

Continued investments in IT Personnel, Marketing to support our growth strategy
Expenses breakdown
In BRL thousands
4Q10

12%

Operating Expenses

6%

9%
48%

10%
15%

Data processing

Dep. and Amort.

Third party serv.

Marketing

Other

4Q09
4%

17.6%

Personnel

(90,331)

(74,124)

21.9%

Data processing

(28,382)

(31,186)

-9.0%

Deprec, and amortization

(18,925)

(12,012)

57.6%

Outsourced services

(16,046)

(17,303)

-7.3%

(6,756)

(6,969)

-3.1%

(11,406)

(5,947)

91.8%

Maintenance

(2,676)

(2,865)

-6.6%

Board compensation

(1,456)

(1,367)

6.5%

(12,687)

(8,599)

47.5%

Marketing

In BRL thousands

11%

4Q10

4Q09

46%

Adjusted Operating Expenses

8%
19%

% Change
4Q10/4Q09

(160,372)

Other

12%

4Q09

(188,665)

Communication
Personnel

4Q10

Adjusted Personnel

% Change
4Q10/4Q09

(159,035)

(133,669)

19.0%

(80,910)

(58,630)

38.0%

11

Operating Expenses
Shift in costs from Data Processing to Personnel due to internalization of
outsourced IT personnel

21.9%

Personnel

BRL thousands

58,630

4Q09

Marketing

Data Processing

Adj. Personnel

91.8%

28,382

4Q10

31,186

4Q09

4Q10

Collective bargaining agreement: 6% annual salary

increase

9,421

Increase of 26.6% in the average headcount

(specially in IT, marketing and business
development areas);

Profit-sharing distribution to employees;

Internalization of 143 formerly outsourced IT

personnel over 2010

Increase in consumption of hours from

outsourced personnel in investment projects

Migration of expenses to the Personnel line

Intensification of marketing activities

Strengthening of Financial Education campaigns

80,910

4Q10

15,494

-9.0%

90,331

11,406

74,124

Stock Options

4Q09 5,947

12

Capital Expenditures and Operating Expenses

Focused on cost control while ensuring BVMFs technology platform is world-class

Investments over 2010-2011: will put the BVMF

in the state-of-the art in technology

Realigning the size of the company to support

future growth

Main projects - CAPEX

OPEX

Realigning personnel

New trading systems

New data-center
Integration of clearinghouses
Infrastructure improvement

focusing the core

business area

Markets and Products developments

Intensification of promotion and
publicity activities

CAPEX Evolution (BRL millions)

Operating Adjusted Expenses x Budget (BRL millions)

636

268.4

255.0
235.0

544

635.0
625.0
615.0

447

95.6

2009

2010

2011e

2009

2010

4Q10 Annualized

2011 Budget

2011 Budget in line with the annualized 4Q10

13

Financial Highlights
Solid financial position due to strong cash generation, while returning cash to
shareholders through buybacks and distributions
Cash, cash equivalents and investments (BRL millions)

Financial income

BRL75,4 million in 4Q10: 1.7% higher than 4Q09

Financial revenues: BRL97,8 million, 20% higher than 4Q09

269

due to the increase of the average interest rate

4Q10

993

496

1,677

3,435

Financial expenses: BRL22,4 million, 202.1% higher than

4Q09, mainly due to the cost of debt
Investments( Capex)

BRL128,5 million in 4Q10: BRL95,6 million in IT and BRL32,8

million in other areas

2010: BRL268,4 million

264

3,688
3Q10

1,022

491

1,911

Buyback program

From Aug10 until Feb11, 48,5 million shares were bought

within the program (BRL638,8 million)

The company can buy up to 60 million shares

Earnings distribution (payout)
Market participants cash collateral and others*

Restricted f unds
Subsidiaries**
Available f unds

Recommendation of BRL406 million as dividends in 4Q10

100% Payout in 2010: BRL1.14 billion
Distribution of BRL50 million as interest on capital related to
2011

*Includes market participants cash collateral, earnings and rights on securities in custody and dividends and interest on capital pending payment
** Includes third-party deposits (BRL142 million in 3Q10 and in 4Q10) and restricted funds (BRL10 million in 3Q10 and BRL11 million in 4Q10) from BM&F Settlement Bank,

14

BOVESPA Segment
Growth driven by favorable macro environment
Evolution of the Net Income of the 50 biggest listed
Companies (in BRL billions)

Estimates of GDP continuous growth for the coming years

148
131
117

Year

Estimates of GDP
growth (%)

2010e

7.61

2011e

4.6

2012e

4.5

107

95

Source: Brazillian Central Bank - Boletim Focus

9M06

9M07

9M08

9M09

Employment levels in Brazil

The

Brazillian overall population grew

12,3% between 2000 and 2010, while the
number
of
registered
employees
increased 39% and the unemployment
rate stands at a record low of 5.3%
(Dec10)

9M10

Social Mobility
Expectation of 36 million people migrating to the ABC social
classes within the next 5 years

AB
34%
C

51%

Source: Brazillian Central Bank and IBGE

16%

15%

2 0 2005
0 5
Source: DataFolha and FGV

D-E

49%

35%
2 0 0 2009
9

15

BM&F Segment
Growth driven by favorable macro environment
Trade Flow (total Imports + Exports in USD billions)

383.6

370.9
281.3

280.7

229.2

2006

FX Contracts

Growth in the amount of foreign trading and change

in the culture of the Brazilian entrepreneurs can push
up volumes in this group of contracts, including in
currencies other than US$
2007

2008

2009

2010

Credit to GDP

Interest Rate in BRL contracts

Total Credit
Mortgage

Growth in credit levels, specially in fixed rates,

support the increase the activity of financial
institutions

46.3%

25.7%

1.8%

3.7%

Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

16

BM&FBOVESPA: Recent Developments

CAPEX (BRL500 million) in 2010/11 for the
development of

Full integration with Market Participants:

New trading System

Trading and post-trading systems

Integration of the Clearinghouses

Communication Network

New Data-Center

Back-Office solutions

Expansion of the trading capacity

Co-location

Performance improvement

Agreements with ISVs (TT and FlexTrade)

Block Trading Facility

System for large quantities trading
Exclusively for trading in exchange environment
Depending on CVM approval

17

Final Remarks

Consistent growth in Revenues and Net Income

Year of records
Important steps to internationalization
Optimizing opportunities
Retail
HFTs
New Listings
New Products

Focus on IT infrastructure, performance, capacity and cost control

18

APPENDIX

19

4Q10 / 2010 Earnings Results Others Exchanges

In local currency millions

Net Revenues

Operating Expenses

Operating Income

Net Income

EBITDA

4T10

4T09

4T10

4T09

4T10

4T09

4T10

4T09

CME

763

667

14%

305

265

15%

458

402

14%

196

203

-3%

522

ICE

285

257

11%

126

133

-5%

159

124

28%

102

83

23%

NYSE Euronext

613

640

-4%

425

431

-1%

188

209

-10%

120

151

Nasdaq OMX

400

369

8%

225

220

2%

175

149

17%

135

Deutsche Borse*

493

533

-8%

262

263

0%

234

249

-6%

CBOE

117

121

-3%

66

64

2%

52

57

BVMF**

470

425

11%

189

160

18%

282

264

In local currency millions

Net Revenues
2010

2009

Operating Expenses
%

2010

2009

4T10

4T09

466

12%

68%

70%

192

152

26%

67%

59%

-21%

268

275

-3%

44%

43%

129

5%

202

176

15%

51%

48%

392

382

3%

264

302 -13%

54%

57%

-9%

31

35

-10%

60

63

-5%

51%

52%

6%

368

315

17%

302

276

9%

64%

65%

Operating Income
2010

2009

Net Income
2010

2009

3.003 2.612 15% 1.172 1.023 15% 1.831 1.589 15%

952

825 15%

ICE

1.150

NYSE Euronext

2.511 2.478 1%

Nasdaq OMX

1.522 1.453 5%

891

Deutsche Borse*

2.015 2.039 -1%

CBOE
BVMF**

437

426 3%

1.889 1.502 26%

498

4T09

EBITDA

CME

995 16%

4T10

EBITDA Margin

2010

2009

EBITDA Margin
%

2010

2009

14%

70%

70%

624

24%

67%

63%

1.105 1.066

4%

44%

43%

707

4%

48%

49%

1.110 1.206

-8%

55%

59%

2.089 1.840

482 3%

652

513 27%

408

314 30%

1.678 1.676 0%

720

717 0%

548

533 3%

850 5%

631

603 5%

389

263 48%

1.044

981 6%

980 1.052 -7%

871

911 -4%

269

248 8%

167

99

106 -7%

197

205

-4%

45%

48%

1.586 1.223 30%

1.315

975

35%

70%

65%

633

569

11% 1256

178 -6%
932

35%

773
734

* Adjusted by the impairment of ISE

** Adjusted Net Income

20

Income Statement Summary

BRL thousands

4Q10

Change
4Q10 / 4Q09

4Q09

3Q10

Change
4Q10/3Q10

2010

2009

Change
2010 /2009

Operating Revenues

523,299

473,890

10.4%

541,609

-3.4%

2,102,554

1,672,894

25.7%

Net Operating Revenues

470,142

424,759

10.7%

486,866

-3.4%

1,889,757

1,502,544

25.8%

17.6% (167,561)

12.6%

(633,504)

(569,832)

11.2%

Operating Expenses
Operating Income

(188,665) (160,372)
281,477

264,387

6.5%

319,305

-11.8%

1,256,253

932,712

34.7%

Equity account

15,096

23,142

-34,8%

38,238

Financial Income

75,375

74,104

1.7%

77,407

-2.6%

298,024

253,862

17.4%

Income before Taxes

371,948

338,491

9.9%

419,854

-11.4%

1,592,515

1,186,574

34.2%

Net Income*

261,843

220,120

19.0%

293,208

-10.7%

1,144,486

882,069

29.8%

Net Margin

55.6%

51.8%

3.8 pp

60.2%

-4.6 pp

60.6%

58.7%

1.9 pp

302,374

276,399

9.4%

336,375

-10.1%

1,315,046

975,108

34.9%

64.3%

65.1%

-0.8 pp

69.1%

-4.8 pp

69.6%

64.9%

4.7 pp

367,978

315,313

16.7%

388,978

-5.4%

1,586,374

1,223,761

29.6%

0,184677

0,157429

17.3% 0,194131

-4.9%

0,801231

0,610426

31.3%

311,795

291,893

6.8%

341,864

-8.8%

1,345,967

1,034,742

30.1%

66.3%

68.7%

-2.4 pp

70.2%

-3.9 pp

71.2%

68.9%

2.4pp

19.0% (145,846)

9.0%

(543,881)

(446,677)

21.8%

EBITDA
EBITDA Margin
Adjusted Net Income
Adjusted earnings per share (in
BRL)
Adjusted EBITDA
Adjusted EBITDA Margin
Adjusted Operating Expenses

(159,035) (133,669)

* Net Income attributable to BM&FBOVESPAs Shareholders

21

Reconciliation of GAAP to Adjusted Net Income

4Q10 GAAP and adjusted net income reconciliation (BRL millions)

261.5

Gaap net income

110.2

(13.1)

Deferred liability

Equity Accounting

368.0

9.4

Stock options

In BRL thousands

4Q10

% Change
4Q10 / 4Q09

4Q09

881,050

15,494

30,921

59,634

110,214

79,645

445,155

318,580

35,503

Equity accounting*

(13,124)

(34,263)

Adjusted net income

367,978

315,313

1,586,374

1,223,761

Stock options

Deferred liability
Deferred Assets - Taxes Losses

* CME Group equity accounting net of taxes

220,174

9,421

18.8%

% Change
2010 / 2009

2009

1,144,561

Gaap net income

261,467

2010

Adjusted net
income

16.7%

29.9%

29.6%
22

Reconciliation of Adjusted Operating Expenses

BRL thousands

1Q10

(=) Adjusted Expenses

2Q10

3Q10

114,582 124,418

4Q10

145,846 159,035

2010

4T09

2009

543,881

133,669

446,677*

(-) Stock options plan

9,000

7,011

5,489

9,421

30,921

15,494

59,634

(-) Depreciation

9,302

11,524

15,067

18,925

54,818

12,012

42,396

920

521

(845)

(688)

(92)

(803)

3,125

2,003

1,972

3,975

167,561 188,665

633,504

160,372

569,832

(-) Provision for doubtful accounts

(-) Tax related to equity accounting
Total Expenses

133,804 143,474

* Excludes BRL18 million related to severance expenses

Operational Leverage in BRL Millions

2.200
68.0%

62.9%

1.700

64.9%

1,602

866
700

1,315

1,223
975

544

447

60,0%
50,0%
40,0%

756

513

70,0%

1,586

1,089
910

511

80,0%

69.6%

1,502

1,376

1.200

1,889

30,0%
20,0%

200

10,0%
2007 Pro Forma

Net Income

2008 Pro Forma

Adjusted Expenses

EBITDA

2009

2010

Adjusted Net Income

EBITDA Margin

23

Balance Sheet
In BRL thousands

ASSETS
Current assets
Cash and cash equivalents
Financial investments

Others
Non-current assets
Long-term receivables
Financial investments
Others
Investments
Property and equipment

12/31/2010

2,547,589
104,017
2,264,408
179,164
20,086,386

12/31/2009

LIABILITIES AND
SHAREHOLDERS' EQUITY

3,468,852 Current liabilities

50,779 Collateral for transactions
3,295,356 Others
122,717

Non-current liabilities

17,368,987 Financing

1,216,812

958,993 Deferred Inc. Tax and Social Contrib.

1,066,920

585,648

149,892

373,345

2,286,537
367,134

Others

39,723 Shareholders' equity

241,939 Capital
Capital reserve
Others

Intangible assets
TOTAL ASSETS

16,215,903
22,633,975

16,128,332 Minority interest in subsidiaries

20,837,839

12/31/2010 12/31/2009

1,416,204

1,142,074

954,605

810,317

461,599

331,757

1,798,723

352,872

1,010,059

2,495

732,074

300,930

56,590

49,447

19,419,048 19,342,893
2,540,239

2,540,239

16,523,181 16,492,260
355,628

310,394

16,283

16,358

TOTAL LIAB. AND SHAREHOLDERS'

22,633,975 20,837,839
EQUITY
24

BOVESPA Segment: Operational Performance

ADTV (BRL millions)
Market

4Q10

Stocks and Equity Deriv,

Cash market
Derivatives

6,792.5
6,366.5
426.0
165.9
260.0
1.4
6,793.9

Forward market
Options market (stocks / indexes)
Fixed income and other spot securities

Total

4Q09

6,839.8
6,377.1
462.7
134.8
327.9
1.5
6,841.3

3Q10

5,904.5
5,508.2
396.4
132.0
264.4
1.3
5,905.8

4Q10/4Q09
(%)

4Q10/3Q10
(%)

-0.7%
-0.2%
-7.9%
23.1%
-20.7%
-1.8%
-0.7%

15.0%
15.6%
7.5%
25.8%
-1.7%
15.6%
15.0%

4Q10/4Q09
(%)

4Q10/3Q10
(%)

2010

6,486.9
6,031.6
455.3
147.4
307.9
1.8
6,488.6

2009

5,285.2
4,943.7
341.5
96.5
245.0
1.6
5,286.8

2010/2009
(%)

22.7%
22.0%
33.3%
52.7%
25.7%
12.9%
22.7%

Average daily number of trades

Market
Stocks and Equity Deriv,
Cash market
Derivatives
Forward market
Options market (stocks / indexes)
Fixed income and other spot
securities

Total

4Q10

4Q09

3Q10

2010

2009

2010/2009
(%)

468,396
385,942
82,454
1,491
80,963

391,793
318,872
72,921
1,821
71,100

416,700
338,481
78,219
1,390
76,829

19.6%
21.0%
13.1%
-18.1%
13.9%

12.4%
14.0%
5.4%
7.3%
5.4%

430,590
349,753
80,837
1,568
79,269

332,343
270,626
61,717
1,325
60,392

29.6%
29.2%
31.0%
18.4%
31.3%

12
468,408

7
391,800

12
416,712

81.1%
19.6%

2.8%
12.4%

12
430,601

7
332,349

77.1%
29.6%

4Q10

4Q09

Trading margins (basis points)

Market

Stocks and Equity Derivatives

Cash Market
Derivatives
Forward Market
Options Market
Total BOVESPA

6.103
5.592
13.737
12.999
14.209
6.110

6.114
5.525
14.233
13.154
14.677
6.130

3Q10

6.147
5.605
13.680
12.998
14.020
6.162

25

BM&F Segment: Operational Performance

ADTV (thousands of contracts)
4Q10

4Q09

3Q10

4Q10/4Q09 4Q10/3Q10
(%)
(%)

2010

2010/2009
(%)

2009

1,832.6

800.8

1,661.0

128.8%

10.3%

1,683.6

843.5

99.6%

490.6

494.1

481.3

-0.7%

1.9%

540.6

447.1

20.9%

88.8

98.4

84.4

-9.8%

5.2%

89.4

80.0

11.7%

100.3

83.2

95.8

20.6%

4.7%

89.7

78.3

14.6%

Commodities

14.9

11.3

15.0

32.4%

-0.2%

12.9

10.2

26.0%

Mini Contracts

78.0

57.6

76.5

35.3%

1,9%

75.6

52.6

43.6%

OTC

11.3

13.8

14.1

-17.8%

-20.0%

12.9

9.3

38.7%

2,616.5

1,559.2

2,428.1

67.8%

7.8%

2,504.7

1,521,0

64.7%

Interest Rates in BRL

FX Rates
Stock Indexes
Interest Rates in USD

Total

RPC (BRL)
4Q10

4Q09

3Q10

4Q10/4Q09 4Q10/3Q10
(%)
(%)

2010

2009

2010/2009
(%)

Interest Rates in BRL

0.860

1.037

0.951

-17.0%

-9.6%

0.889

0.979

-9.1%

FX Rates

1.978

1.927

1.989

2.6%

-0.5%

1.928

2.161

-10.8%

Stock Indexes

1.719

1.577

1.499

9.0%

14.6%

1.564

1.619

-3.4%

Interest Rates in USD

1.134

1.017

1.076

11.5%

5.4%

1.142

1.357

-15.8%

Commodities

2.416

2.349

2.181

2.8%

10.8%

2.168

2.307

-6.0%

Mini Contracts

0.126

0.150

0.125

-15.7%

1.0%

0.128

0.176

-26.9%

OTC

1.462

1.508

1.687

-3.0%

-13.3%

1.610

1.655

-2.7%

Total

1.099

1.333

1.167

-17.6%

-5.8%

1.134

1.365

-16.9%

26

BM&FBOVESPA IR
Website: www.bmfbovespa.com.br/ir
Phone: 11 2565 4007/4728/4729/4418
E-mail: ri@bmfbovespa.com.br