Brazilian Mercantile and Futures Exchange

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The Brazilian Mercantile and Futures Exchange (Bolsa de Mercadorias & Futuros, BM&F)[1] is Brazil's derivatives exchange, based in São Paulo. It was formed in 1991 with the merger of the São Paulo Commodities Exchange, created in 1971, and the Brazilian Mercantile and Futures Exchange (BM&F) established in 1985. In 1997 a second merger joined BM&F and the Rio de Janeiro-based Brazilian Futures Exchange.

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[edit] Operations and structure

BM&F trades US dollar denominated futures on feeder cattle, robusta coffee, cotton, crystal sugar, and futures and options on live cattle, Arabica coffee, corn, and soybeans. Gold futures and options are also traded. Spot price contracts are traded on Arabica coffee. Forward contracts are traded on 250-gram gold, and spot contracts on 10-gram and 0.225-gram gold. Futures and options are traded on the Ibovespa stock market index, and options on the flexible Ibovespa. BM&F trades US dollar futures and options, flexible US dollar options, and an array of interest rate futures and options. In 2000, the exchange joined the GLOBEX Alliance,[2] and BM&F acquired the French NSC screen trading system. Some agricultural products continue to be traded by open outcry. Trading is conducted from Monday to Friday, from 9 a.m. to 5 p.m. with after-hours sessions from 2:45 p.m. to 8 p.m. After-hours transactions are cash settled on T + 2.

[edit] Performance and financial information

The average volume of contracts traded daily at BM&F during 2006 is 1.043 million, in contrast to an average of 794.9 thousand in 2005 – a growth of 31.31%. In January 2006, 1.057 million contracts were traded daily, on average, (during the same period in 2005, the average was 661.1 thousand); in February this year, the average was 1.028 million contracts traded every day (in February 2005, the average was 670.7 thousand). An increase was also registered in open interest: the volume rose from 10.278 million on the last day of 2005 to 10.859 million on the last trading day in February of 2006, a 5.65% growth.

Also in 2006, 4,309 agricultural derivative contracts were traded daily, on average, in contrast to 4,264 in 2005 – a growth of 1.06%. The number of open interests in this segment rose 13.23%: from 44,559 open interests at the end of 2005 to 50,453 at the end of February 2006.[3]

[edit] External links

[edit] Notes

Prose contains specific citations in source text which may be viewed in edit mode.

  1. ^ Bolsa is the Portuguese and Spanish term for "stock exchange". In French the term is bourse and in Italian, borsa
  2. ^ Globex Alliance - worlds first electronic trading network for futures and options; partners in the alliance include Euronext Paris, Matif, Monep, MEFF, among others
  3. ^ BM&F Press Release

[edit] See also

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