Investor Relations Department. São Paulo, SP

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1 Public Public

January/2016 X

Investor Relations Department

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Forward Looking Statements

This presentation may contain certain statements that express the management’s expectations, beliefs and assumptions about future events or results. Such statements are not historical fact, 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 other similar verbs 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 as of 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 Commission CVM Instruction 400 of 2003, as amended.

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REGULATION, HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE

Safety, resilience and transparency

BRAZILIAN MARKET OPPORTUNITIES

Main growth drivers

MAIN GROWTH INITIATIVES

Building an State-of-the-art platform

OPERATIONAL PERFORMANCE

Notable global exchange

FINANCIAL HIGHLIGHTS

Cost discipline and capital return to shareholders

3Q15 RESULTS

APPENDIX

MAIN GROWTH INITIATIVES

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Exchange sector

Safety and market integrity as priorities

Capital and derivatives markets in Brazil

Stable and solid regulation

CVM – Trade and post-trade

BACEN – Post-trade , banks and

intermediaries

Main participants

Intermediaries – local and international

brokers (linked to bank and independent)

Listed companies

Investors – institutional, foreign and

individual (retail)

Exchange market characteristics in Brazil

BVMF is the sole exchange, despite the

market being open for competitor since 2007

Stocks exclusively traded through an exchange

(Dark pools, MTFs and internalization prohibit)

Identification of the final beneficial owner in

the entire trading and post-trading chain

Derivatives are predominantly listed and OTC

derivatives must be registered mandatorily

Securities lending mandatorily through a

central counter-party (CCP)

The exchange is responsible for oversight and

self-regulation of the markets in which it

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5 “State-of-the-art” trading and post-trading

systems: ~R$1.6 billion invested in resilience, strength and safety

Solid market position: dominant position in the domestic market and significant presence in the

global exchanges industry

Reference in corporate governance standards: cutting edge in adopting best practices

to the market

High dividend payer¹: +80% of the net income

and R$5,9 billion on distributed earnings since 2008

Revenue diversification: trading and

post-trading services for stocks, derivatives, fixed income and OTC

Constantly seeking operational efficiency:

investments in technology and cost growth below inflation²

Why invest in BM&FBOVESPA?

A global exchange

1890: Foundation of Bolsa Livre (Bovespa's predecessor) Aug 2007: Bovespa Hld demutualization Oct 2007: Bovespa Hld IPO (BOVH3) 1967: Bovespa’s Mutualization 1986: Start of BM&F activities Sep 2007: BM&F

demutualization Nov 2007: BM&F IPO

(BMEF3)

May 2008:

Merger between BM&F and Bovespa Hld and creation of BM&FBOVESPA

(BVMF3)

¹ Practice of the period and amount distributed from Jan/2008 to Jun/2015;

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Services for the whole chain

Trading Platform: equities, derivatives, government and corporate bonds, funds, spot FX, among others

Post-trading Platform:

 Central counterparty (CCP)

 Settlement System (SSS)

 Central Depository (CSD)

Services for Issuers and Participants:

 Listing

 Trading access (brokers)

 Securities lending

 Custody for clubs and foreign investors (2689)

 Market Data (vendors)

 Indices Licensing

 Software Licensing

 OTC (derivatives and fixed income)

COMMODITIES

FX

INTEREST

CREDIT

EQUITY

CCP, SSS and CSD POST-TRADE CASH FUTURE OPTIONS FORWARD SWAP

Multi-asset and vertically integrated model

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DTCC

BRAZIL

(Internalization of orders is forbidden)

USA

(Internalization of orders is allowed)

POST-TRADING

CCP

SSS

CSD

TRADING

Brokers A and B Investors Investors Brokers A and B Investors Investors Broker A Broker B

Model 100% vertical: clearing, settlement and central depository at the FINAL BENEFICIAL OWNER LEVEL

Clearing, settlement and depository occur at the brokerage houses

Trading venues

Multi-asset and vertically integrated model

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8 7% 7% 6% 5% 5% 2% 67% Oppenheimer Funds

Vontobel Asset Management Capital World Investors BlackRock Funds

Capital Group International, Inc Treasury stock

Others

(update in Aug. 2015) (update in Out. 2015)

Listed in Novo Mercado (voting shares only and

other shareholders’ rights, transparency, etc.)

Majority of the Board composed of independent

members (regulatory requirement)

Chairman is an independent member

Other Board members are linked to market

participants or strategic partner (CME);

although considered non-independent, are not

connected to controlling group or management

All Board members are not Company’s executive

Well-defined and solid Board of Directors and

Board’s Committees

Executive compensation system aligned with

Company’s performance and strategic

objectives, as well as with shareholders

long-term interests

Solid Governance Practices

Broadly Dispersed Shareholder Base

(update in Feb. 2013)

(update in Oct. 2015)

(update in Oct. 2015)

Note: percentage ownership are estimated but may not represent exact figures due to different information dates about largest shareholders’ positions

Corporate governance

Reference in corporate governance practices

(update in Oct. 2015)

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2015-17 Board of Directors Composition

Independent members

Linked to market participant or strategic partner (CME)

Corporate Governance Profile - Board & Committee Summary

Board

Committees

Audit Nomination

and CG Comp. Risk

Brokerage Industry

# Members 10¹ 6 2 3 4 9

Independent Board 6 2 2 2 2 1

Market participant + Board 4¹ - - 1 2 1

Independent Non-Board - 4 - - - -

Market participant Non-Board - - - - - 7

# of meetings (2014) 13 13 3 8 10 7

Average attendance (2014) 90% 85% 100% 100% 83% 93%

Board Member Age

Years in the Board

Pedro Pullen Parente

Former Minister of State; Former CEO of Media and Commodity Conglomerates

62 4

Claudio Luiz da Silva Haddad

Former CEO of Investment Bank; Founder and CEO of Business School

67 6

Antônio Quintella

Former CEO of CS Brasil and Americas; Portfolio Manager 49 - Luiz Antônio de Sampaio Campos

Former Director of CVM; Lawyer 44 -

Luiz Fernando Figueiredo

Former Governor of the Central Bank; Portfolio Manager 51 2 Luiz Nelson Guedes De Carvalho

Former Central Bank and Sec. Commission Officer; Member of IIRC and CPC/IASB; Professor of Accounting

69 2

Denise Pauli Pavarina

Bradesco executive; Chairwoman of Anbima 51 - Eduardo Mazzilli de Vassimon

Director of Itaú e CRO of Itaú Holding 57 - José Berenguer Neto

CEO of JP Morgan Brazil 48 2

Charles P. Carey

Former Chairman of CBOT; CME Group Board Member 59 3

Highly qualified Board Members and well-functioning

Board’s Committees

Commitment and independence of Board of Directors

and Committees members

Note: in the case of the Advisory Committee for the Securities Intermediation Industry the statistics regarding number of meetings and attendance considered the previous composition with 6 members, including two Board members. This change was implemented in Feb 2015.

Corporate Governance

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10 Board of Directors CEO Edemir Pinto CFO Daniel Sonder COO Cícero Vieira CIO Luis Furtado CPO Eduardo Guardia Management (5 Executives + 25MDs)

Responsible for implementing the guidelines

established by the Board or Directors, executing the strategic plan, monitoring and executing the Company’s operations

Internal Working Groups (budget, products and

services, projects, others)

This internal working groups are important components of the Company’s corporate governance, monitoring the budget process and establishing priorities for products, services and projects development, among other things

Advisory Committees (market and credit risks,

corporate risk, sustainability, code of conduct, business continuity, others)

Multidisciplinary internal groups that address and monitor important business and issues of the Company

Advisory Chambers (commodities, listing, equities,

fixed income, FX, derivatives, others)

Several open channels with investors, market participants and companies which collaborate to develop and improve products and services, as well as to suggest better practices

HR, Marketing and Education Corporate Risk Sustainability and Press Internal Audit¹

Management and Internal Governance

Financial, Legal, IR and Issuer Regulation Trading, Risk Management, Clearing, Settlement, Depository, BVMF Bank and Market Participants Relationship Trading, Post-trading, PMO, New Products, Infrastructure, Mid- Back-Office Systems Products and Business Develop., Commercial Relations, Internat. Offices, Commercial Planning and Project Analysis

Internal Working Groups Advisory Committees Market Advisory Chambers 4 MD´s 6 MD´s 6 MD´s 5 MD´s

Corporate Governance

Multidisciplinary knowledge in conducting business

¹ The Head of the Audit Department reports functionally to the Board of Directors and the Audit Committee. The Audit Committee may periodically assess the performance of the Head of Audit Department, after consulting the Executive Board.

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BM&FBOVESPA’s Sustainability Policy

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REGULATION, HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE

Safety, resilience and transparency

BRAZILIAN MARKET OPPORTUNITIES

Main growth drivers

MAIN GROWTH INITIATIVES

Building an State-of-the-art platform

OPERATIONAL PERFORMANCE

Notable global exchange

FINANCIAL HIGHLIGHTS

Cost discipline and capital return to shareholders

3Q15 RESULTS

APPENDIX

MAIN GROWTH INITIATIVES

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Growth opportunities in the Brazilian

equities and derivatives markets

Opportunities in the Brazilian market

BM&FBOVESPA is ready to capture future growth

EQUITIES MARKET

Portfolio diversification: diversification of institutional investors’ portfolios

with a higher participation of equities

Retail investors: small number of retail investors and growth of the middle

class

Listed companies: low number of listed companies, while important sectors

are not adequately represented on the exchange

DERIVATIVES MARKET

Growth of credit and fixed-rate government debt: higher demand for

hedging from financial institutions and institutional investors

Growth of foreign trade: higher demand for hedging through FX contracts Equities market development: growth in demand for index-based contracts OTC derivatives: capital requirements (Basel) should benefit OTC

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Investors’ exposure to equities is low

Investors’ portfolio opportunities shifting to equities

Funds’ AUM evolution. Global average of 40% for equities

Investment Funds’ AUM (in BRL billions)

Number of Custody Accounts (in thousands) Pension Funds’ AUM (in BRL billions)

Number of retail investors represents only 0.3% of the

population (lower than global average) Participation of equities in the portfolio of pension funds

Investors’ portfolios are highly

concentrated in fixed income

• Historically high interest rates

• Low level of sophistication of pension funds and some asset managers

• Lack of knowledge about the equity market, combined with retail investors’ fixed-income mindset

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REGULATION, HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE

Safety, resilience and transparency

BRAZILIAN MARKET OPPORTUNITIES

Main growth drivers

MAIN GROWTH INITIATIVES

Building an State-of-the-art platform

OPERATIONAL PERFORMANCE

Notable global exchange

FINANCIAL HIGHLIGHTS

Cost discipline and capital return to shareholders

3Q15 RESULTS

APPENDIX

MAIN GROWTH INITIATIVES

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BM&FBOVESPA IT, Risk and Operating Development

Building a state-of-the-art platform to boost market growth

BM&FBOVESPA is investing

more than R$ 1.6 billion (2010 -

2016) to build state-of-the-art

IT, Risk and Operating

infrastructure

Capital efficiency for clients

Attract and retain clients and

strengthen relationship with

intermediaries

Development of markets and

products

Operational leverage for

BM&FBOVESPA

Innovate and enhance market

robustness ahead of regulatory

demands

High performance: high availability,

sub-milliseconds latency, low standard deviation

Operational leverage: easily scalable capacity

OTC MARKET

Capital efficiency for clients: integrated

risk calculation (OTC and Exchange Traded Derivatives)

Customer relationship: strengthening

relationships and adding revenue with little marginal expenses

NEW

DATA CENTER

Long-term IT sustainability: significant

capacity to expand co-location and own systems

Customer relationship: able to host

participants and clients’ infrastructure

Capital efficiency for clients: integrated

risk calculation (equities and derivatives - OTC and listed); and unification of

settlement windows

Rationalization and standardization of

rules, procedures and requirements

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PUMA Trading System - Performance

Enabling the increase of trades

Successive records broken in recent years, without delays or

availability failure

Development of the number of messages/days (in millions)

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Clearinghouses’ Integration and New Risk Model (CORE)

Post-trade environment evolution

Organization of the post-trade

environment by types of assets/products

4 rulebooks and 4 manuals. 4 participant structures 4 systems / back-office processes 4 systems / processes for risk

management 4 pools of collateral 4 settlement windows and 4 multilateral balances 4 distinct environments / IT architectures 4 registration systems for participants and clients. OTC derivatives Corporate fixed income Interbank spot foreign exchange Futures, options, forwards Securities lending Other products and assets Equities, ETFs, BDRs

Rules and Manuals Structure of market participants Participants and customer registration

Allocation and transfer Position control Clearing and settlement

Risk management Pool of collateral

Government Bonds

Organization of the post-trade

environment by process

Exchange and market participation cost reduction Liquidity management improvement More efficient allocation of capital by investors Operational and technological risk reduction

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Clearinghouses’ Integration and New Risk Model (CORE)

Post-trade environment evolution

What we did

Aug’14: derivatives phase of the new BM&FBOVESPA Clearinghouse and of the new risk model CORE

What were the challenges

 400 employees involved

 46 legacy systems were deprecated and 31 new other were installed

 +65 market participants (the majority adopts SINACOR)

 11 parallel production cycles

CORE - complexity and sophistication

 Calculate and process +1.3bn instrument prices

 We have built a dedicated

simulation environment, meeting demands from market participants

What is next

4Q15: conclusion of substantially all

the IT development of the equities phase

 The development will be followed by the certification and parallel production processes

 Launching will depend on tests results and regulatory approval

What are the challenges

 Integration with the CSD

 Settlement of securities

(restrictions, failures, integration with securities lending system)

 Covered options and forward transactions

 Corporate actions treatment

 Settlement window unification

 Risk – more risk factors, higher volume of calculations

The achievements

Roughly R$20 billon released in collateral

 R$15 billion reduction in required collateral

 R$5 billion increase to the value of deposited collateral

 R$12 billion withdrawn in the early days of activity

Almost 6 months since the launching

 Very high availability

 Serving participants and clients with high quality services

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Integration of the Clearinghouses – Derivatives (Performance)

Gains in efficiency, resilience and capacity expansion

In one year...

 10 trading records broken  +72MM risk calculations  +1.8MM risk simulations

 +61MM trades captured

 +126MM allocations

 99.9% availability

Development of trade numbers and records (in thousands)

Development of risk simulator use (in thousands)

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REGULATION, HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE

Safety, resilience and transparency

BRAZILIAN MARKET OPPORTUNITIES

Main growth drivers

MAIN GROWTH INITIATIVES

Building an State-of-the-art platform

OPERATIONAL PERFORMANCE

Notable global exchange

FINANCIAL HIGHLIGHTS

Cost discipline and capital return to shareholders

3Q15 RESULTS

APPENDIX

MAIN GROWTH INITIATIVES

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Long-term development of products, markets and services

Products and Services Development

Focus on the customers’ demands and needs

Greater liquidity for listed products

 Development of infrastructure for expansion of MM and HFT activity

 Capital efficiency generated by CORE enables/encourages the realization of new strategies

 Development of the securities lending platform

 Marketing listed products and attracting new customers

Expanding the retail investor base

 Incentive program with market participants

 Expanding the portfolio to attend to the investment profile of individuals (Tesouro Direto, ETFs, FIIs ...)

 Discussion about tax treatment simplification in the equities market

Capture of institutional investors’ diversification into foreign securities

 Listing of foreign securities (non-sponsored BDRs and Foreign Index ETF)

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Long-term development of products, markets and services

Products and Services Development

Focus on the customers’ demands and needs

Greater number of listed companies

Discussions with the Government to encourage and facilitate IPOs by SMEs

 Law 13.043 grants exemption on capital gains for eligible SME’s investors until 2023

 Creation of investment fund with proper structure to invest in SMEs

 Reduction of maintenance and public offer cost for listed companies

 Include stocks in the roll of restricted public distribution efforts

 BNDES support to foster IPOs on BOVESPA MAIS

Fixed Income and OTC markets (product, market and revenue diversification)

 Securities registration: (i) marketing of already-available products (CDB, LCA, LCI and COE); ii) new products (CDB - new types, Financial Bills, COE - physical delivery and repos)

 OTC Derivatives: (i) benefits of CORE; (ii) SWAPs and Flexible Options migration to the new platform (flexibility and operational efficiency); and (iii) development of SWAPs with cash flow

 Corporate bonds: (i) acceptance of securities with restricted distribution efforts (ICVM 476); and (ii) migration of trading to PUMA

Constant fee structure and incentive improvements

 Use of pricing policies and incentives as important tools for the development of products, markets and services, as well as alignment with market participants

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REGULATION, HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE

Safety, resilience and transparency

BRAZILIAN MARKET OPPORTUNITIES

Main growth drivers

MAIN GROWTH INITIATIVES

Building an State-of-the-art platform

OPERATIONAL PERFORMANCE

Notable global exchange

FINANCIAL HIGHLIGHTS

Cost discipline and capital return to shareholders

3Q15 RESULTS

APPENDIX

MAIN GROWTH INITIATIVES

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AVERAGE DAILY TRADING VALUE – ADTV (BRL billion)

AVERAGE ANNUAL MARKET CAP (BRL trillion)

TURNOVER VELOCITY² (12 months average)

1

Bovespa Segment

Operational highlights

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BM&F Segment

Operational highlights

AVERAGE DAILY TRADED VOLUME – ADV (thousands of contracts)

REVENUE PER CONTRACT - RPC (BRL)

¹Updated to Dec 31, 2015.

2007 2008 2009 2010 2011 2012 2013 2014 2015 J-15 F-15 M-15 A-15 M-15 J-15 J-15 A-15 S-15 O-15 N-15 D-15

Interest rates in BRL 0.950 1.141 0.979 0.889 0.918 1.004 1.046 1.120 1.150 1.165 1.222 1.172 1.018 1.132 1.032 1.010 1.207 1.136 1.212 1.341 1.471 FX rates 1.859 2.065 2.161 1.928 1.894 2.205 2.535 2.669 3.671 3.007 3.048 3.158 3.569 3.442 3.705 3.554 3.686 3.932 4.436 4.319 4.507 Stock Indices 1.501 2.145 1.620 1.564 1.614 1.524 1.761 1.774 2.128 1.842 2.422 1.994 2.302 1.920 2.420 1.823 2.209 1.833 2.213 1.761 2.265 Interest rates in USD 0.965 1.283 1.357 1.142 0.941 1.015 1.231 1.294 1.840 1.557 1.645 1.797 1.911 1.747 1.770 1.633 1.768 2.154 2.268 1.839 1.892 Commodities 3.195 3.587 2.307 2.168 2.029 2.239 2.534 2.390 2.530 2.342 2.260 3.020 2.356 2.370 2.300 2.245 2.321 2.811 3.162 3.069 2.734 Mini contracts 0.054 0.162 0.176 0.128 0.129 0.116 0.119 0.117 0.218 0.128 0.150 0.164 0.177 0.173 0.229 0.226 0.235 0.233 0.274 0.273 0.276 OTC 2.111 2.355 1.655 1.610 1.635 1.769 1.409 2.092 3.925 2.286 1.967 3.077 3.928 4.545 1.768 2.465 0.817 1.169 14.879 6.120 45.662

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Investor participation in volumes

Equities and derivatives segments

BM&F SEGMENT (DERIVATIVES)

BOVESPA SEGMENT (EQUITIES)

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REGULATION, HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE

Safety, resilience and transparency

BRAZILIAN MARKET OPPORTUNITIES

Main growth drivers

MAIN GROWTH INITIATIVES

Building an State-of-the-art platform

OPERATIONAL PERFORMANCE

Notable global exchange

FINANCIAL HIGHLIGHTS

Cost discipline and capital return to shareholders

3Q15 RESULTS

APPENDIX

MAIN GROWTH INITIATIVES

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Income Statement

History of income statement results (consolidated)

(in BRL thousand) 2009 2010 2011 2012 2013 2014 Net revenue 1,510,569 1,898,742 1,904,684 2,064,750 2,126,638 2,030,433 Expenses (569,832) (633,504) (816,664) (763,080) (790,814) (804,070) Adjusted expenses (446,677) (543,881) (584,521) (563,487) (575,763) (592,349) Operating income 940,737 1,265,238 1,088,020 1,301,670 1,335,824 1,226,363 Operating margin 62.3% 66.6% 57.1% 63.0% 62.8% 60.4%

Equity method result - 38,238 219,461 149,270 171,365 212,160

Financial result 245,837 289,039 280,729 208,851 180,695 208,157

Income before taxation of profit 1,186,574 1,592,515 1,588,210 1,659,791 1,687,884 1,646,680

Income tax and social contribution (304,505) (448,029) (539,681) (585,535) (606,588) (660,959)

Net income¹ 881,050 1,144,561 1,047,999 1,074,290 1,080,947 977,053

Adjusted net income 1,223,761 1,586,374 1,545,627 1,612,136 1,609,769 1,478,653

Adjusted EPS (BRL) 0.6104 0.7929 0.7932 0.8351 0.8389 0.8048

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Focus on expenses control offset most of the inflationary adjustments

over the past years

(in BRL million)

ADJUSTED EXPENSES BUDGET

INVESTMENTS BUDGET:

Adjusted¹ expenses and investment budget

Focus on cost control and investments phase

The CAPEX program initiated in 2010 renewed the Company's IT,

operations and service platform

2015e vs. 2014: 3.82%² IPCA (average) 2015: 10.44%³

2016e vs. 2015: 6.50%4

IPCA (average) 2016e: 6.70%³

CAGR 2011-16e: 2.30%4

CAGR IPCA (average) 2011-15e:

7.05%³

Review of 2016 budget: from R$165 – 195 million to R$200 – 230 million

 FX exposure: 40%

 Update of the timeline and budget of the Company’s main projects

(in BRL million)

¹ Expenses adjusted to Company´s depreciation, stock granting plan – principal and social charges -, stock options plan, tax on dividends from the CME Group, transfer of fines and provisions. ² Considers the upper-end of the budget for 2015 ³ IPCA for 2015 and 2016 based on market expectations released by the Central Bank in Dec. 04, 2015; 4 Considers the upper-end of 2015 budget and the mid point

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Expenses Breakdown

Pursuit of greater efficiency and controlling expenses

Prioritization of activities, review of contracts and enhancement of

processes has resulted in greater efficiency

¹ Includes personnel expenses and capitalization and excludes stock option and bonus expenses, ² Calculated based on the annual wage increase between 2010 and 2014 for personnel expenditure and the IPCA of services accumulated from Jan 2011 to Dec 2014 for the other lines of expenses

Nominal

Change Real Change²

2.8% -4.3% 10.2% 1.8% -12.8% -19.5% -26.7% -20.6% (in R$ millions) -29.6% -23.8% Nominal

Change Real Change²

48.5% 12.5% 19.7% 1,8% -17.3% -40.8% -62.9% -48.2% (in R$ millions) -80.9% -73.3% -14.3% To ta l Pers o n n el ¹ Da ta p ro ce ss in g Th ir d p ar ty se rv ic e s M ar ke ti n g C o mm u n ic at . To ta l Pers o n n el ¹ Da ta p ro ce ss in g Th ir d p ar ty se rv ic es M ar ke ti n g C o mm u n ic at . 2014 vs. 2013 2014 vs. 2010

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Distribution of most of the cash generation, reaffirming the

commitment to return capital to shareholders

(Total for Jan/09 through Sep/15, in R$ millions)

Cash Generation after Investment and Interest Payments¹

Payout

(% of net income) 2009: 80% 2010: 100% 2011: 87% 2012: 100% 2013: 80% 2014: 80% 9M15: 80%

Share Buyback

About 15% of free float

repurchased in 7-year period (2H08-9M15)

+

Allocation of Results

Return of surplus capital to shareholders

¹Data of BM&FBOVESPA (not consolidated): excludes variation in financial transactions and collateral pledged by participants, proceeds raised in connection with the acquisition of CME Group shares in 2010 and the 1% sale of the CME total shares in Sep/15.

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REGULATION, HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE

Safety, resilience and transparency

BRAZILIAN MARKET OPPORTUNITIES

Main growth drivers

MAIN GROWTH INITIATIVES

Building an State-of-the-art platform

OPERATIONAL PERFORMANCE

Notable global exchange

FINANCIAL HIGHLIGHTS

Cost discipline and capital return to shareholders

3Q15 RESULTS

APPENDIX

MAIN GROWTH INITIATIVES

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34 BM&F segment ADV: 3.3 MM contracts, +24.3% RPC: R$1.432, +8.9% Bovespa segment ADTV: R$6.5 billion, -10.2% Margin: 5.246 bps, -0.26 bps Other business lines (not tied to volumes)

Sec. lending: average open interest grew 31.1%

Tesouro Direto: assets under custody were 45.2% higher

1 Adjusted to (i) depreciation and amortization; (ii) stock grant plan costs – principal and payroll taxes – and stock option plan; (iii) tax on dividends from CME Group; and (iv) transfer of fines and provisions. ² Adjusted to (i) deferred taxes related to the goodwill; (ii) stock grant plan costs – principal and payroll taxes –, net of tax deductibility, and stock option plan; (iii) investment in CME Group under the equity method of accounting, net of taxes related to dividends; (iv) taxes paid overseas to be compensated; (v) tax credits from IoC; (vi) recurring impact from the partial divestment in CME Group; and (vii) non-recurring impact from the discontinuity of the equity method of accounting. ³ Excludes the net impacts of the partial divestment in CME Group and of the discontinuity of the equity method of accounting.

Total revenues: R$662.9 MM, +11.8% BM&F seg.: R$306.8 MM, +34.2% Bovespa seg.: R$221.9 MM, -15.8% Other: R$134.3 MM, +33.1% Adj. expenses¹: R$163.6 MM, +11,4% Oper. income: R$380.5 MM, +7.9% Adj. net income²: R$457.0 MM,

+27.9%

IFRS net income (ex-CME)³: R$393.3

MM, +65.0%

Operating highlights

Gain on CME Group partial

divestment (sale of 1% of the total

CME Group shares)

Proceeds: R$1,201.3 million Gross profit: R$724.0 million Net profit: R$474.2 million

Discontinuity of the equity method

(remaining 4% of the total CME Group Shares)

Balance sheet: from Investment in associate to available for sale (marked-to-market)

Income statement: non-recurring / non-cash pre-tax income of

R$1,734.9 MM (net R$1,145.0 MM)

Non-recurring impacts

related to CME Group

Operating income and

net income growth

3Q15 Highlights (vs. 3Q14)

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35

Strategic Developments – Recent Updates

Delivering on the strategic plan

Building a world-class IT and

operations infrastructure

Clearing BM&FBOVESPA

Equities phase: conclusion of substantially all IT development in Oct’15. Start integrated test phase and certification with market participants

(launching date will depend on tests results and regulatory approval)

Derivatives phase (implemented in Aug’14): average number of trades per day grew 61.8% from 2014 to 2015¹

PUMA Trading System

Resilience: 851 days² without any interruption

Performance: 2015¹ average number of messages per day grew 325.6% compared to 2010

iBalcão

Following the migration of NDF and Swaps in 1H15, Flex Options, with and without CCP, migrated to the new OTC derivatives platform in 3Q15

Greater liquidity for listed products

Continuous efforts to expand the number of market

makers for the equities and derivatives, 22 active programs Efforts to attract more lenders to the securities lending platform (local pension funds and foreign investors)

Development of Inflation futures contracts (4 contracts re-launched in Jun’15)

Enhancements to pricing and incentives

Implemented in 1Q15: DMA; securities lending; issuers; and options on equity-based indices futures

Implemented in 2Q15: mini contracts; Int. Rate in BRL fee rebalancing; and depositary

Implementation in 3Q15: market data; and OTC derivatives Corporate Governance for State-Owned Companies

Provides framework for listed companies to improve disclosure, board and management selection, internal controls and compliance

Products/markets development

and revenue diversification

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36

3Q15 Revenue Breakdown¹

Business model resilience and revenues growth

TOP LINE GROWTH DRIVEN BY REVENUES FROM FINANCIAL AND COMMODITIES DERIVATIVES AND

INCREASED NON-VOLUME RELATED REVENUES

Total

Revenues

R$662.9 MM

1 The revenue breakdown considers the revenue lines “others” of the Bovespa segment and “foreign exchange” and “securities” of the BM&F segment, as reported in the financial

statements note 20 within the other revenues not tied to volumes. ²Trading and post-trading.

(in R$ millions)

USD-linked revenues represented 26% of the total

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37

Contracts 3Q14 3Q15 YoY

Interest rates in BRL 1.51 1.79 19.0%

FX rates 0.48 0.47 -2.1%

Interest rates in USD 0.22 0.32 46.0%

Commodities 0.01 0.01 -13.6% Mini contracts 0.32 0.60 88.5% Stock indices 0.12 0.10 -15.8% OTC 0.02 0.03 77.5% TOTAL 2.67 3.32 24.3%

Derivatives Market¹

Higher volumes and FX depreciation pushed revenues up

REVENUE

(in R$ millions)

Contracts priced in USD² represented ~24% of derivatives ADV and ~52% of derivatives revenues in 3Q15

¹ Revenue does not consider the revenue lines “foreign exchange” and “securities” of the BM&F segment, as reported in the financial statements note 20, which totaled R$5.8 million in the 3Q15. ² Most of the fees charged on FX, Interest rates in USD and Commodities are referred in USD. The average BRL/USD rate decreased 33.9% from 3Q14 to 3Q15.

ADV

(in millions)

RPC: R$1.432 per contract, +8.9% year-over-year

 Depreciation of BRL versus USD

 Mix effect (higher participation of Interest rates in BRL and Mini contracts)

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38

REVENUE²

(in R$ millions)

TRADING AND POST-TRADING MARGINS (in basis point)

ADTV²

(in R$ millions)

Average market capitalization fell 14.5% to R$2.2 trillion in the 3Q15, which was partially offset by a

higher turnover velocity of 70.8%

Market 3Q14 3Q15 3Q15/3Q14

Stocks and Equity Derivatives 5.501 5.247 -0.25 bps

Cash Market 5.061 4.939 -0.12 bps

Derivatives 13.115 13.110 -0.01 bps

Options Market 13.145 13.157 0.01 bps

Forward Market 12.999 12.999 0.00 bps

TOTAL 5.502 5.246 -0.26 bps

 Trading and post-trading margins drop 4.7% year-over-year

Equities Market¹

Revenues impacted by lower market capitalization of listed companies

¹ Revenue does not considers the revenue line “others” of the Bovespa segment, as reported in the financial statements note 20, which totaled R$2.1 million in the 3Q15. ²Excludes fixed income line.

Markets 3Q14 3Q15 YoY

Cash Equities 6,890.0 6,293.4 -8.7% Equities Derivatives 398.3 246.2 -38.2% TOTAL 7,288.3 6,539.6 -10.3%

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39

Business Lines not Related to Volumes

Solid growth in revenues not tied to volumes

3Q15 REVENUE BREAKDOWN¹

(in R$ millions)

¹ Revenue as reported in the financial statements note 20.

+33.1%

Y-o-Y

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40

3Q15 Adjusted Expenses¹

Continued focus through diligent expense management

¹ Expenses adjusted to Company’s (i) depreciation and amortization; (ii) costs from stock grant plan – principal and payroll taxes – and stock option plan; (iii) tax on dividends from the CME Group; and (iv) transfer of fines and provisions.² IPCA last 12 months until Sep’15 (Source IBGE). ³ Excluding the impact of stock grant/option expenses. 4Include expenses with

maintenance, board and committee members compensation and others.

Adjusted personnel³ (+4.2%): grew less than annual wage adjustment Data processing (+7.5%): higher maintenance expenses connected to the derivatives phase of the new integrated BM&FBOVESPA Clearinghouse Third party services (+47.3%): professional services related to projects Others4 (+36.1%): write-off of R$6.4 MM, provisions and energy costs 3Q15 ADJUSTED EXPENSES GREW 11.4% Y-O-Y

IN THE NINE MONTHS PERIOD THE GROWTH WAS SIGNIFICANTLY BELOW INFLATION (6.3% VERSUS AVERAGE INFLATION OF 9.5%²) 3Q15 87.0 (53%) 30.4 (19%) 12.6 (8%) 1.0 (1%) 4.7 (3%) 27.9 (17%) 3Q14 83.5 (57%) 28.3 (19%) 8.6 (6%) 3.1 (2%) 2.9 (2%) 20.5 (14%) Marketing (+61.4%): expenses connected to Financial Markets Conference Commun. (-66.4%): reduction of mailing expenses of custody statements (in R$ millions)

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41

CME Group Partial Divestment Impacts

Reducing Company’s exposure to FX rates and CME Group share price

Impacts from sale of 1%

Transaction: divestment of 20% of the stake in CME Group (equivalent of 1% of the total shares)

Reason: reduce risks exposure to FX and CME Group share price

Divestment of CME Group shares

Investment in CME Group over time

Source: Bloomberg e BM&FBOVESPA. ¹09/08/15 (before sale), ²09/09/15 (after sale), ³End of each year and Jun/15.

 Tax due to be compensated against tax losses generated by Interest on Capital distribution (no cash impact)

Balance sheet

Income statement

EBT: R$724.0 MM

Income tax and social contribution: R$249.8 MM Net income: R$474.2 MM

Assets

Financial investment: R$1,201.3 MM

Liabilities

Tax provision: R$249.8 MM

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42

CME Group Accounting Changes

Discontinuity of the equity method¹

Assets

Liabilities & Equity

Current assets Current liabilities

Financial investments Income tax and social cont.

Non-current assets Shareholders´ equity

Investments Revenue reserves Interest in associate Retained earnings

1. The CME Group shares cease to be treated as an investment under non-current asset

2. The investment is now treated as available for sale and will be measured at fair value (marked to market)

3. Investment mark to market will impact the shareholders’ equity only (no impact on income statement in a quarterly basis after 3Q15)

4. The deferred income tax and social contribution line now includes a tax provision on the potential gain to be generated by this investment

1 2

3 4

1. The equity in income of investee line will no longer contemplate the investment in CME Group

2. Extraordinary impact of the discontinuity of equity method of accounting

3. Dividends received from the CME Group will be

recognized as financial income and will be included in the Company’s tax base

Income Statement

Equity in income of investees

Discontinuity of the Equity method Financial Income 2 3 1

Income statement

Balance sheet

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43

Adjusted Net Income

Reconciliation of net income – ex-CME and adj. net income

3Q15 – NET INCOME

IFRS (in R$ millions)

3Q15

3Q14

Var.

IFRS net income

2,012.5

238.4

744.2%

(-) Discontinuity of the equity method

(1,145.0)

-

-

(-) Gain on disposal of investment in affiliate

(474.2)

-

-

IFRS net income ex-CME impact

393.3

238.4

65.0%

(+) Stock Grant/Option

12.8

7.3

74.5%

(+) Deferred Liability (goodwill)

137.5

138.6

-0.8%

(-) Equity in results of investee

(37.6)

(43.7)

-13.9%

(+) Recoverable taxes paid overseas

-

16.7

-

(-) IOC adjustment

(49.0)

-

-

(44)

44

Financial Highlights

Solid and liquid financial profile

Third party cash and financial investments

Market participants cash collateral and others

include R$2,749.2 million related to a

transaction settled on Oct 1, 2015

Company’s cash and financial investments

Unrestricted cash (available funds) includes

R$1,201.3 million from the partial divestment

in the CME Group

CASH AND FINANCIAL INVESTMENTS (in R$ millions)

¹ Includes earnings and rights on securities in custody. ² Includes BM&FBOVESPA Bank clients’ deposits. ³ For 3Q15, does not include investment in CME Group (R$5,004.3 million) and in Bolsa de Comercio de Santiago (R$50.4 million), booked as a financial investment.

Ratings above the sovereign

S&P: BBB- (counterparty credit rating) / A-3 (issuer) Moody’s: Baa2 (global scale issuer / global notes)

3Q15 8,165 2Q15 4,033 1Q15 4,355 4Q14 3,856 3Q14 3,841

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45

Financial Highlights

Investments and returning cash to shareholders

PAYOUT

R$314.6 MM in Interest on Capital (80% of the IFRS net

income ex-CME in 3Q15)

Payment on Dec 04, 2015

CAPEX

R$47.5 MM in 3Q15 and R$166.5 MM in 9M15

Capex budget ranges reaffirmed:

2015: R$200 – R$230 MM

2016: R$165 – R$195 MM

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46

Financial Statements

Summary of balance sheet (consolidated)

(in R$ millions) 09/30/2015 12/31/2014 (in R$ millions) 09/30/2015 12/31/2014 Current assets 11,720.9 2,785.2 Current liabilities 4,949.1 1,891.8

Cash and cash equivalents 3,022.6 500.5 Collateral for transactions 4,063.7 1,321.9

Financial investments 8,360.7 1,962.2 Others 885.4 569.9

Others 337.6 322.5 Non-current liabilities 6,428.1 4,383.2

Non-current assets 19,278.6 22,478.2 Foreign debt issues 2,425.5 1,619.1 Long-term receivables 1,977.0 1,522.5 Deferred Inc. Tax and Social

Contrib. 3,793.5 2,584.5

Financial investments 1,836.3 1,392.8 Others 209.2 179.6

Others 140.7 129.8 Shareholders´ equity 19,622.3 18,988.4

Investments 31.0 3,761.3 Capital stock 2,540.2 2,540.2

Property and equipment 454.9 421.2 Capital reserve 14,289.8 15,220.4

Intangible assets 16,815.7 16,773.2 Others 2,782.4 1,218.9

Goodwill 16,064,3 16,064.3 Minority shareholdings 9.9 8.9

Total Assets 30,999.5 25,263.5 Liabilities and Shareholders´ eq. 30,999.5 25,263.5 LIABILITIES AND SHAREHOLDERS´EQUITY

(47)

47 3Q15 3Q14 Change 3Q15/3Q14 2Q15 Change 3Q15/2Q15 9M15 9M14 Change 9M15/9M14 Total Expenses 217.8 192.0 13.4% 198.0 10.0% 637.3 553.7 15.1% Depreciation (26.1) (29.5) -11.3% (28.1) -7.0% (84.8) (87.0) -2.5% Stock Grant/Option (19.4) (7.3) 164.4% (22.1) -12.2% (84.9) (21.8) 289.5%

Tax on dividends from the CME Group - (5.8) - - - - (16.6)

Provisions (8.7) (4.3) 103.4% (6.1) 42.2% (23.6) (15.1) 56.0%

BBM impact - 1.7 - - - - 4.3

-Adjusted Expenses 163.6 146.8 11.4% 141.7 15.5% 443.9 417.4 6.3%

Fin

ancial

Statements

Net income and adjusted expenses reconciliations

ADJUSTED NET INCOME RECONCILIATION (in R$ millions)

ADJUSTED EXPENSES RECONCILIATION (in R$ millions) *Attributable to BM&FBOVESPA’s shareholders.

3Q15 3Q14 Change 3Q15/3Q14 2Q15 Change 3Q15/2Q15 9M15 9M14 Change 9M15/9M14

IRFS net income* 2,012.5 238.4 744.2% 318.0 532.9% 2,610.0 744.6 250.5%

Stock Grant/Option (recurring net of tax) 12.8 7.3 74.5% 12.7 1.1% 37.6 21.8 72.6%

Deferred tax liabilities 137.5 138.6 -0.8% 137.5 0.0% 412.6 415.9 -0.8%

Equity in income of investees (net of taxes) (37.6) (43.7) -13.9% (31.4) 19.8% (106.8) (128.1) -16.6%

Recoverable taxes paid overseas - 16.7 - - - - 51.2

IoC Adjustments (49.0) - - - - (49.0) -

Discontinuity of the equity method (net of taxes) (1,145.0) - - - - (1,145.0) -

Results from the selling of the CME Group (net of taxes) (474.2) - - - - (474.2) -

(48)

48 SUMMARY OF INCOME STATEMENT (in R$ millions)

*Excludes the net gain from the partial divestment in CME Group and the net impact from the discontinuity of the equity method of accounting for the remaining investment in CME Group.

Fin

ancial

Statements

Summary of income statement (consolidated)

3Q15 3Q14 Change 3Q15/3Q14 2Q15 Change 3Q15/2Q15 9M15 9M14 Change 9M15/9M14 Net revenues 598.3 544.5 9.9% 554.6 7.9% 1,673.4 1,497.0 11.8% Expenses (217.8) (192.0) 13.4% (198.0) 10.0% (637.3) (553.7) 15.1% Operating income 380.5 352.5 7.9% 356.6 6.7% 1,036.1 943.3 9.8% Operating margin 63.6% 64.7% -114 bps 64.3% -70 bps 61.9% 63.0% -109 bps

Equity in income of investees 49.0 49.5 -0.9% 40.3 21.5% 136.2 144.7 -5.8%

Financial result 86.0 47.0 82.9% 71.4 20.6% 219.0 154.1 42.1%

Net income ex-CME* 393.3 238.4 65.0% 318.0 23.7% 990.8 744.6 33.1%

Adjusted net income 457.0 357.4 27.9% 436.8 4.6% 1,285.1 1,105.4 16.3%

Adjusted EPS (in R$) 0.256 0.195 30.9% 0.243 5.1% 0.717 0.601 19.4%

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49

REGULATION, HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE

Safety, resilience and transparency

BRAZILIAN MARKET OPPORTUNITIES

Main growth drivers

MAIN GROWTH INITIATIVES

Building an State-of-the-art platform

OPERATIONAL PERFORMANCE

Notable global exchange

FINANCIAL HIGHLIGHTS

Cost discipline and capital return to shareholders

3Q15 RESULTS

APPENDIX

MAIN GROWTH INITIATIVES

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50

High growth products

Growing sophistication of market participants

Securities Lending

Real Estate Funds (FIIs) Options with Market Maker

(Open Interest - average for the period - in BRL billion)

Initiatives to develop and prompt higher volume in certain products

Performance shows that the initiatives are being well received by the market

ETFs Brazilian Treasury Direct - Tesouro Direto Agribusiness Credit Bills

(ADTV in BRL million)

+99.9%

(ADTV in BRL million)

(ADTV in BRL million) (Custody – in BRL billion)

CAGR(09-15): + 69.9% CAGR (10-15): +13.6%

CAGR (10-15): +33.9% CAGR (10-15): +34.4%

(AUM – in BRL billion)

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51

Bovespa Segment

Raising Capital

PUBLIC OFFERINGS (BRL billion)

PIPELINE: OFFERINGS ANNOUNCED SO FAR TO THE MARKET

IRB Brasil Resseguros

Caixa Seguridade Participações

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52 Sarbanes-Oxley Act (Jul. 2002) Novo Mercado Launch (Dec. 2000)

End of IOF Tax (2%) for foreign investors

(Dec. 2011) End of CPMF

(Financial Transaction Tax)

Trading in ADRs of Brazilian companies

Liquidity migration process interrupted

Dec’15

Source: Bloomberg (in USD traded value of 35 companies with ADRs programs )

PUBLIC OFFERINGS IN NUMBER OF COMPANIES

41.6% 27.5% 9.3% 21.6% 30.9% 69.1% 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Total IPOs - 1 - 7 9 26 64 4 6 11 11 3 10 1 1 154 Follow ons 14 5 8 8 10 16 12 8 18 11 11 9 7 1 4 142 Total 14 6 8 15 19 42 76 12 24 22 22 12 17 2 5 296 Dual Listings - - - 2 1 1 - - 1 - - - - 5

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53

Bovespa Segment

Foreign investment flow

MONTHLY NET FLOW OF FOREGIN INVESTMENTS (in BRL billons)

 Includes public offering (primary market) and regular trades (secondary market).

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54

Products and Markets Development

Creation of value and stimulus for the development of products and markets

Organizational Structure for Fee

Structure Equities Market Fee Structure Rebalancing Trading/post-trade Fee Structure of OTC Products Prices p/ volume Tiers in Derivatives

Price policy for Mkt Data

Readjustment of Issuers’ annual fee

Review of prices and incentives: BTC, DMA, Market Data, Issuers and

Depository Fee structure of interest rate derivatives OTC derivatives fee structure Transfers fee structure at CSD 2008 2009 2010 2011 2012 2013 2014 2015 Charge (BPs) on amount in depository

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55

Clearinghouses’ Integration and New Risk Model (CORE)

Benefits from Clearinghouse integration

1. DETERMINING THE CLOSEOUT STRATEGY

T+0 T+1 T+2 T+3 T+4

...

T+N

Defines the portfolio closeout strategy which, respecting the settlement restrictions of the portfolio of assets/markets, should minimize the risk of a loss associated with the closeout process, preserving existing hedge strategies

2. RISK EVALUATION

T+0 T+1 T+2 T+3 T+4

...

T+N

Defines the (stress) scenarios associated with the dynamics of each risk factor relevant to the portfolio. All assets and contracts are reevaluated considering the scenarios defined in this step (full valuation).

3. POTENTIAL P&L CALCULATION

T+0 T+1 T+2 T+3 T+4

...

T+N

Calculates and aggregates intertemporally P&L associated with each scenario, considering the defined closeout strategy

CLOSEOUT RISK Result: Two risk measures—market and

liquidity—that are estimated both jointly and consistently

PERMANENT LOSS TRANSIENT LOSS

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56

Contato

www.bmfbovespa.com.br

55 11 2565-4729 / 4418 / 4207/4834/7938

Figure

Updating...

References

Related subjects :