FiNETIK – Asia and Latin America – Market News Network

Asia and Latin America News Network focusing on Financial Markets, Energy, Environment, Commodity and Risk, Trading and Data Management

Mexico – Durable, Consistent and Undervalued

Since global markets unraveled back in 2008 we’ve again been reminded that even developed economies can have a tough time dealing with crisis (think TARP, bailouts, recessions and policy restructurings). In some cases, seemingly simple issues like inflation can be the main reason international investors turn away. However, in looking at mid-tier countries within emerging markets, one exception is Mexico.

The Mexican peso, for example, has appreciated by nearly 20 percent since the peak recession level of two years ago. In addition to a more predictable and forecastable currency, Mexico enjoys direct investment from both the United States and China. Many experts agree that this flow of capital helped Mexico reach a 4 percent annual gross domestic product growth rate in 2011.

The peso’s solid gains can be attributed to a variety of factors, but are directly correlated to market statements made by U.S. banking and government officials. Interest rate stability, for example, ensures the peso’s projected outlook by hedging its value with that of the dollar as well as Mexico’s import-export relationship with the U.S. Most recently, on the day the U.S. Federal Reserve announced that it would maintain its low interest rate program through 2014, the peso rose 0.6 percent, to $13.0190 per U.S. dollar. That marked a 7 percent climb for the month of January.

From an investment, trading and trade relations perspective, Mexico boasts free-trade agreements in which tariffs are lower than many countries. So low, in fact, that nearly 90 percent of all its exports are essentially duty free. For example, Mexican goods are exported duty-free to the U.S., Canada, Europe, Latin America and Japan. This past week, Mexico announced a preliminary trade surplus of $7.7 million for December 2011. Most other countries, on the other hand, trade with a much smaller surplus if not deficit. Investors keen on taking advantage of this advantage can use the iShares MSCI Mexico Index.

In fixed income, Mexican notes return more than the average of other emerging market debt. What’s more, Mexico correlates better with the U.S. than other high profile emerging markets like Brazil, China or Russia.

Mexico has proven that it is able to withstand both global and internal drags on its economy while still holding its position among the advanced emerging markets community such as Brazil, Czech Republic, Hungary, Malaysia, Poland, South Africa, Taiwan and Turkey.

Taking a closer look at the value to an individual or institutional investor, Latin America generally – and Mexico specifically – continues to hold and return value better than other emerging markets. Debt and inflation from Europe more closely impact Russia, India and China, for example, whereas Mexico and LatAm are more closely tied to the U.S., where the economy is slowly rebounding

Mexico vs. other LatAm hotspots  ….read full article at   Tabb Forum

Source: Tabb Froum, Dan Watskin, 02.02.2012

Filed under: BMV - Mexico, Latin America, Mexico, News, , , , , , , ,

Brazil:BM&FBOVESPA annuonces 2011 Market Performance and News

BM&FBOVESPA announced 2011 market performance.
Financial volume and number of transactions in the equity market;
  • Total number of contracts traded, DI futures contracts traded and of corn futures contracts and options on corn futures traded in the Derivatives Market;
  • Financial volume and number of equity lending transactions.

Read other highlights (update 11.01.2012):

The total financial volume and the number of trades in the equity market set a record in 2011

In 2011, the total financial volume in the Bovespa segment set a historic record of BRL1.61 trillion, surpassing the previous record of BRL1.60 trillion set in 2010. The average daily financial volume also established a new record of BRL6.49 billion, exceeding the BRL6.48 billion reached in 2010.

The total number of trades reached the milestone of 141,229,649 in 2011, surpassing last year’s record high of 106,418,437. The average daily trading volume also established a new record at 567,187, exceeding the 2010 mark of 430,844.

Historic records set in 2011:

  • Financial volume and number of transactions in the Bovespa segment;
  • Total number of contracts traded, DI futures contracts traded and of corn futures contracts and options on corn futures traded in the BM&F segment;
  • Financial volume and number of equity lending transactions.

Bovespa Segment

In 2011, the total financial volume in the Bovespa segment set a historic record of BRL1.61 trillion, surpassing the previous record of BRL1.60 trillion set in 2010. The average daily financial volume also established a new record of BRL6.49 billion, exceeding the BRL6.48 billion reached in 2010.

The total number of trades reached the milestone of 141,229,649 in 2011, surpassing last year’s record high of 106,418,437. The average daily trading volume also established a new record at 567,187, exceeding the 2010 mark of 430,844.

In December, the financial volume in the Bovespa segment was BRL130.68 billion, compared to the BRL118.72 billion registered in November. The daily average financial volume was BRL6.22 billion in December, compared to BRL5.93 billion in the previous month. There were a total of 12,746,660 transactions carried out in December compared to 12,284,986 in November, and the average daily trading volume was 606,984, compared to 614,249 in November.

Equities

In 2011, the most traded stocks were: Vale PNA, with BRL174.33 billion; Petrobras PN, with BRL125.81 billion; OGX Petróleo ON, with BRL73.22 billion; Itauunibanco PN, with BRL67.73 billion; and Vale ON, with BRL45.05 billion.

In December, the most traded stocks were: Vale PNA, with BRL11.30 billion; Petrobras PN, with BRL8.75 billion; Itauunibanco PN, with BRL5.59 billion; OGX Petróleo ON, with BRL4.33 billion; and Bradesco PN, with BRL3.66 billion

Ibovespa

The Ibovespa closed out 2011 at 56,754 points, down 18.11% for the year.

In 2011, the best performing stocks were: TIM PART S/A ON (+72.58%); CIELO ON (+53.32%); REDECARD ON (+49.20%); KLABIN S/A PN (+42.53%); and ELETROPAULO PN (+41.13%). In 2011, the worst performing stocks were: B2W VAREJO ON (-71.07%); GAFISA ON (-64.95%); HYPERMARCAS ON (-62.06%); GOL PN (-50.00%); and V-AGRO ON (-48.39%).

In December, the Ibovespa declined 0.21%.

The best performing stocks on the Ibovespa, in December, were: TRAN PAULIST PN (+16.03%); ELETROBRAS PNB (+14.06%); CPFL ENERGIA ON (+13.62%); ELETROPAULO PN (+12.97%); and LLX LOG ON (+12.33%). In December, the worst performing stocks were: V-AGRO ON (-39.62%); GAFISA ON (-23.28%); ROSSI RESID ON (-19.76%); BROOKFIELD ON (-16.67%); and CIA HERING ON (-15.02%).

All other indexes

All of the other indexes calculated by the Exchange performed as follows:

IBrX-50 (-14.06% with 8,279 points at the end of 2011; up 0.99% in December);

IBrX-100 (-11.39% with 19,706 points at the end of 2011; up 1.52% in December);

ISE (-3.28 with 2,018 points at the end of 2011; up 3.65% in December);

ITEL (+15.59% with 1,670 points at the end of 2011; up 5.11% in December);

IEE (+19.72% with 32,613 points at the end of 2011; up 9.47% in December);

INDX (-12.12% with 9,618 points at the end of 2011; up 2.31% in December);

IVBX-2 (-4.71% with 5,756 points at the end of 2011; up 0.86% in December);

IGC (-12.45% with 6,679 points at the end of 2011; up 1.76% in December);

ITAG (-11.54% with 8,708 points at the end of 2011; up 2.88% in December);

SMLL (-16.63% a 1,200 points at the end of 2011; up 0.79% in December);

MLCX (-10.39% with 877 points at the end of 2011; up 1.77% in December);

ICON (+0.55% with 1,693 points at the end of 2011; up 3.03% in December);

IMOB (-27.71% with 749 points at the end of 2011; down 5.47% in December);

IFNC (-7.40% with 3.468 points at the end of 2011; up 4.13% in December);

ICO2 (-7.37% with 1,025 points at the end of 2011; up 3.18% in December);

IBRA (-10.84% with 1,810 points at the end of 2011; up 1.68% up);

IDIV (+13.99% with 2,926 points at the end of 2011; up 5.56% in December);

IGCT (-12.36% with 1,877 points at the end of 2011; up 2% in December);

IMAT (-28.51% with 1,592 points at the end of 2011; up 0.90% in December);

UTIL (+22.61% with 2,939 points at the end of 2011; up 9.74% in December).

Market Value

The market value (market capitalization) of the 373 companies listed at BM&FBOVESPA at the end of 2011 totaled BRL2.29 trillion. In 2010, the market value was BRL2.56 trillion for the 381 companies that were listed at that time.

Special Corporate Governance Levels

At the end of 2011, the 182 companies that were part of the BM&FBOVESPA Special Corporate Governance Levels represented 64.87% of the market capitalization, 78.68% of the financial volume, and 82.72% of the trades on the cash market. At the end of 2010, there were 167 companies, representing 65.65% of the market capitalization, 75.14% of the financial volume, and 78.77% of the cash market trades.

In December, the 182 companies that were part of the BM&FBOVESPA Special Corporate Governance Levels represented 64.87% of the market capitalization, 75.82% of the financial volume, and 84.90% of the trades on the cash market. At the end of November, there were also 182 companies, representing 64.55% of the market capitalization, 82.40% of the financial volume, and 85.89% of the cash market trades.

Market Participation

The cash market (round lot) accounted for 93.9% of the total financial volume in 2011, followed by the options market with 4.3%, and by the forward market with 1.8%. The after-market traded BRL11.37 billion in 724,314 trades.

In December, the cash market (round lot) accounted for 94.6% of the total financial volume, followed by the options market with 4%, and by the forward market with 1.4%. The after-market traded BRL887.60 million with 48,002 trades, compared to BRL1.02 billion with 52,952 trades during the previous month.

Investor Participation

In 2011, foreign investors led trading in the Bovespa segment accounting for 34.74% of total contracts traded, compared to 29.57% in 2010. They were followed by institutional investors with 33.34%, compared to 33.29% in 2010, and individual investors with 21.44%, compared to 26.41% during the previous year. Financial institutions accounted for 8.65%, up from 8.35% in 2010, and companies accounted for 1.74% compared to 2.31% the previous year. The group Others accounted for 0.08% compared to 0.06% in 2010.

In December, foreign investors were also the leaders in the Bovespa segment, accounting for 39.07% of total contracts traded, compared to 32.98% in November. They were followed by institutional investors with 32.20% in December, compared to 34.29% in the previous month, and individual investors with 17.99% in December, compared to 20.46% in November. Financial institutions accounted for 8.81% in December, down from 9.33% in the previous month, and companies accounted for 1.92% in December, compared to 2.87% in the previous month. The group Others accounted for 0.01% in December, compared to 0.07% in November.

Foreign Investment

In 2011, the net flow of foreign investment into the Brazilian stock market, up to December, reached BRL8.23 billion, which is the result of BRL9.58 billion in acquisitions carried out by foreign investors in stock offerings (including BRL8.0 billion registered in Brazil) and the negative balance of BRL1.35 billion on the BM&FBOVESPA secondary market.

In December, the balance of transactions carried out by foreign investors at BM&FBOVESPA was a negative BRL2.42 billion, which was the net balance between stock sales of BRL52.08 billion and stock purchases of BRL49.66 billion.

Foreign investor participation in stock offerings, including IPOs, represented 55.3% of the total BRL17.33 billion in transactions related to the publication of the closing announcement dates ending on January 3, 2012, pursuant to information available on the Exchange’s website, under the media section.

Check the data for public offerings and IPOs

Investment Clubs

At the end of 2011, the number of investment clubs stood at 2,852, with 10 new clubs opening in December. In November, total liquid assets were BRL8.97 billion and the number of investment club participants was 117,078, according to the latest data available.

Individual Investors

At the end of 2011, the number of individual investor accounts in the equities market stood at 583,202. At the end of 2010, that number was 610,915.

ETFs

In 2011, the 10 ETFs available for trade at BM&FBOVESPA (BRAX11, CSMO11, MOBI11, BOVA11, SMAL11, MILA11, PIBB11, IT NOW IFNC 11, IT NOW ISUS 11, and IT NOW GOVE 11) reached a total financial volume of BRL12.11 billion with 577,723 transactions carried out. In 2010, there were seven ETFs (BRAX11, CSMO11, MOBI11, BOVA11, SMAL11, MILA11, PIBB11), which together accounted for a total financial volume of BRL6.99 billion, and 196,567 transactions.

In December, 74,438 transactions were carried out with the 10 ETFs available for trade at the Exchange. In November, that number was 86,037. The total financial volume in December was BRL1.21 billion, compared to BRL1.45 billion in November. In December, the ETF BOVA11 registered the largest financial volume with BRL1.15 billion, compared to the BRL1.37 billion it registered in November.

Securities lending

In 2011, securities lending transactions at BM&FBOVESPA reached a new milestone with a financial volume of BRL732.75 billion and 1,417,787 trades, surpassing 2010’s financial volume of BRL465.6 billion and 971,558 trades.

In December, the financial volume for securities lending transactions also set a new record with BRL84.76 billion, exceeding the mark of BRL67.30 billion set in November. The number of transactions in December was 121,897, compared to 122,983 in November.

Real Estate Investment Funds

In 2011, Real Estate Investment Funds (FIIs) accounted for a financial volume of BRL912.46 million and 77,075 transactions. During the previous year, they accounted for a financial volume of BRL379.09 million and 24,983 transactions. At the end of 2011, there were 66 Real Estate Investment Funds registered and authorized for trade on the BM&FBOVESPA markets and on its OTC market.

In December, Real Estate Investment Funds (FIIs) accounted for a financial volume of BRL144.16 million and 7,617 transactions. During the previous year, they accounted for a financial volume of BRL78.54 million and 7,812 transactions.

Fixed Income

In 2011, the financial volume for the fixed income secondary market, counting both the Bovespa Fix and the Soma Fix, totaled BRL268.14 million, compared to BRL416.20 million in 2010. Of this total, debentures accounted for BRL142.78 million, Receivables Investment Funds (FIDC) accounted for BRL25.17 million, and Mortgage Backed Securities (CRI) accounted for BRL100.19 million.

In December, the financial volume for the fixed income market, counting both the Bovespa Fix and the Soma Fix, totaled BRL14.4 million, compared to BRL9.5 million in November. Of this total, debentures accounted for BRL11.76 million, and Mortgage Backed Securities (CRI) accounted for BRL2.38 million.

BM&F Segment

Em 2011, the BM&F segment set a new record for contracts traded with 671,979,899, surpassing the previous 2010 record of 618,634,157. The financial volume in 2011 totaled BRL46.50 trillion, compared to a total of BRL42.51 trillion in 2010, and the average daily trading volume in 2011 was 2,687,920, compared to 2,494,493 in 2010.

In December, the markets in the BM&F segment accounted for a total of 43,358,744 contracts traded and a financial volume of BRL3.10 trillion, compared to 54,301,136 contracts and BRL3.87 trillion in November. The average daily trading volume in December was 2,064,702, compared to 2,715,057 in November. Open interest contracts ended the last trading day of December with 38,230,036 positions, compared to 37,001,711 in November.

Check the data for General Volume

Financial Derivatives

In 2011, the interest rate futures (DI) traded a record 320,821,062 contracts, compared to the previous record of 293,065,417 set in 2010. The US dollar futures ended the year with 86,167,955 contracts traded, compared to 82,453,621 in 2010. The Ibovespa futures traded 21,650,138 contracts in 2011, compared to 18,039,345 during the previous year, and in 2011 the Euro futures (EUR) traded 552,481 contracts up from 390,295 in 2010.

In December, the interest rate futures (DI) accounted for 21,511,662 contracts, compared to 28,561,969 in November. The US dollar futures ended December with 6,239,499 contracts traded, compared to 7,189,024 in November. The Ibovespa futures traded 1,618,153 contracts compared to 1,774,340 during the previous month, and, in December, the Euro futures (EUR) traded 34.546 contracts down from 62.901 in November.

Mini Contracts

In 2011, derivatives mini contracts traded 28,517,331 contracts compared to 18,700,470 in 2010. The Ibovespa futures traded 26,234,515 mini contracts in 2011, up from 16,705,118 in 2010, and the US dollar futures accounted for 1,710,007 mini contracts traded compared to 1,969,427 in 2010.

In December, derivatives mini contracts traded 2,338,964 contracts compared to 2,663,926 in November. The Ibovespa futures market traded 2,172,318 mini contracts, compared to 2,473,109 the previous month. The US dollar futures market traded 164,136 mini contracts down from 186,664 in November, and the open interest on mini contract futures ended December with 14.852 positions compared to 43,983 in November.

Commodity derivatives

In 2011, a total of 2,389,454 futures and options commodity contracts were traded, down from 2,702,705 in 2010.

A total of 558,311 Corn futures and options contracts were traded in 2011, surpassing the previous record of 490,265 in 2010. Live cattle futures and option contracts totaled 1,170,100 in 2011, down from 1,352,469 in 2010. Arabica coffee ended 2011 with 463,121 contracts traded compared to 694,348 in 2010, while the Ethanol futures market traded 94,726 contracts in 2011, up from 22,615 in 2010 and the Soybean market traded 70,639 contracts.

In December, a total of 160,585 futures and options commodity contracts were traded, down from 245,561 in November. When trading closed in December there were 129,006 open interest contracts, compared 133,410 at the end of the previous month.

Live cattle futures and options contracts totaled 82,627, in December, compared to 160,824 in November. Corn closed out the period with a total of 44,768 futures and options contracts traded, up from 42,279 in November. Arabica coffee ended December with 23,106 contracts traded, down from the 28,791 contracts traded in November. The Soybean market registered 3,310 contracts in December compared to 6,622 during the previous month, and the Ethanol futures market accounted for 6,774 contracts traded, compared to the 7,045 contracts traded in November.

Click here for the monthly commodities report

Agribusiness Securities

After adding up all of the transactions carried out in the SRTA registration system, the agribusiness securities registered at BM&FBOVESPA totaled BRL8.68 billion in 2011, compared to BRL1.24 billion in 2010. In 2011, a total of 46,690 records were also checked for agribusiness securities, and together they represented the cumulative financial volume of BRL29.43 billion, up from the 15,270 records with a trading volume of BRL10.05 billion in 2010. The stock of LCAs (Agribusiness Credit Bills) registered in the stock market in 2011 totaled BRL7.46 billion, compared to the BRL297 million registered during the previous year.

After adding up all of the transactions carried out in the SRTA registration system, the stock of agribusiness securities registered at BM&FBOVESPA totaled BRL8.68 billion in December, compared to BRL8.02 billion in November. The stock of LCAs totaled BRL7.46 billion in December, compared to BRL6.77 billion in November.

Spot Gold

In 2011, the spot gold market (250 grams) traded 23,579 contracts, compared to 9,567 in 2010. The financial volume for the spot gold market totaled BRL509.80 million, compared to BRL179.02 million the year before.

In December, the spot gold market (250 grams) traded 749 contracts, down from 2,240 in November. The total financial volume in December was BRL18.03 million, compared to BRL55.44 million in the month before.

Spot Dollar

In 2011, the spot US dollar totaled 12,859 transactions with a financial volume of US$32.89 billion, compared to 14,339 transactions and a financial volume of US$31.41 billion in 2010. The financial volume of U.S. dollars traded on the Brazilian interbank settlement market and registered in the BM&FBOVESPA FX Clearinghouse was US$588.83 billion, with 31,462 trades, down from US$718.31 billion and 36,428 trades in 2010.

In December, the spot dollar totaled 1,547 transactions with a financial volume of US$2.07 billion. In November, 1,999 transactions were registered with a financial volume of US$2.17 billion. In December, the financial volume of U.S. dollars traded on the Brazilian interbank settlement market and registered in the BM&FBOVESPA FX Clearinghouse was US$40.62 billion with 2,711 transactions, compared to US$37.65 billion and 2,475 transactions in November.

Public Fixed Income

In 2011, the financial volume for the public fixed income secondary market, counting all the transactions carried out on Sisbex, totaled BRL257.58 billion, compared to BRL116.89 billion in 2010. Of this total, BRL5.1 billion was related to final transactions and BRL251.1 billion was related to repo transactions. The financial volume for public securities lending transactions totaled BRL1.36 billion in 2011.

In December, the financial volume for the public fixed income secondary market, counting all the transactions carried out on Sisbex, was BRL18.6 billion, up from BRL6.9 billion in November. Of this total, BRL32.10 million was related to final transactions and BRL18.57 billion was related to repo transactions.

Investor Participation

In 2011, financial institutions led trading in the markets of the BM&F segment accounting for 36.41% of total contracts traded, compared to 42.40% in 2010. They were followed by institutional investors with 31.27% in 2011, compared to 29.61% in 2010, and foreign investors with 25.86% compared to 22.40% during the previous year. Individual investors ended the year with 5.22%, up from 3.88% in 2010, and companies accounted for 1.24%, compared to 1.71% the previous year.

In December, financial institutions led trading in the markets of the BM&F segment accounting for 38.08% of total contracts traded, compared to 35.75% in November. They were followed by institutional investors with 32.53%, down from 34.49% the previous month. During this same period foreign investors accounted for 23.04%, compared to 23.18%. Individual investors ended the year with 4.48% in December compared to 5.19% in November; and companies accounted for 1.83%, up from 1.34% the month before.

Individual investors

At the end of 2011, there were 135,256 individual investors with at least one active account registered at the Derivatives Clearinghouse, compared to 137,820 at the end of the previous year.

DMA

BM&F Segment

In December, the transactions carried out via Direct Market Access (DMA) in the BM&F* segment totaled 25,617,886 contracts traded in 2,483,514 trades. During the previous month, 31,537,229 contracts were traded in 2,887,206 trades.

The volumes registered by each DMA model in the BM&F segment were as follows:

Traditional DMA – 12,266,856 contracts traded in 879,061 trades in December, compared to 15,783,631 contracts traded in 1,219,049 trades in November;

Via DMA provider (including orders routed via the Globex System) – 8,225,628 contracts traded in 234,539 trades in December, compared to 10,736,890 contracts traded in 252,343 trades the month before;

DMA via direct connection – 1,255 contracts traded in 303 trades in December, up from 1,034 contracts traded in 289 trades during the previous month; and

DMA via co-location – 5,124,147 contracts traded in 1,369,611 trades in December, compared to 5,015,674 contracts traded in 1,415,525 trades in November.

In December, the transactions carried out by foreign investors who were presented to BM&FBOVESPA by CME (which either use the order routing system or access the BM&FBOVESPA markets via co-location) totaled 2,240,922 contracts traded in 537,582 trades. In November, those totals were 2,297,168 and 554,624 respectively.

BOVESPA Segment

In December, the transactions carried out via Direct Market Access (DMA) in the BOVESPA*segment had a total financial volume of BRL86.68 billion in 12,297,326 trades. During the month of November, those numbers were BRL92.18 billion and 11,690,154 respectively.

The volumes registered by each DMA model in the BOVESPA segment were as follows:

Traditional DMA – BRL71.67 billion in 9,727,649 trades in December, compared to BRL76.89 billion in 9,411,041 trades in November;

Via DMA provider – BRL1.04 billion in 188,596 trades in December, compared to BRL981.77 million in 119,734 trades in November; and

DMA via co-location – BRL13.87 billion in 2,369,659 trades in December, compared to BRL14.21 billion in 2,150,118 trades in November.

* Direct access to the BM&FBOVESPA market segments is carried out through DMA models 1, 2, 3 and 4.

In model 1 or traditional DMA, the client accesses the trading system through technological intermediation of a brokerage house.

In model 2 or via DMA provider, the client does not use the technological intermediation of a brokerage house, but rather connects to the system through an authorized access provider. DMA via order routing with CME Globex is also a form of DMA model 2.

In model 3 or DMA via direct connection, the client connects to the system through a direct connection.

In model 4 or DMA via co-location, the client installs its own computer within the Exchange’s facilities.

Notes: The volumes registered by access modality include both buy and sell sides of a trade. The volumes by access modality for both the BM&F and the Bovespa market segments have been reported in a consolidated manner in the BM&FBOVESPA statements since May 2009.

Source: BM&FBOVESPA, 10.01.2012

Filed under: BM&FBOVESPA, Brazil, Exchanges, Latin America, , , , , , , ,

Alternative Latin Investor: Latam Fund & Investment Trends- December 2011 Issue Nr 12

Latin America fund assets to exceed $3 trillion by 2020
-Driven by appetite for Asia – U.S. and European asset managers benefit most

While still smaller than other global regions in terms of aggregate assets – around US$1.4 trillion in mutual fund assets and about $710 billion in pension assets – fast growth in Latin America as a region is capturing the imagination of investors, distributors and asset managers alike, with tactical and strategic opportunities prompting resource allocations and investments.

Subscribe to the free issue of  at http://www.alternativelatininvestor.com/index.html.

Source: Alternative Latin Investor, 06.12.2011

Filed under: Argentina, Brazil, Chile, Colombia, Latin America, Mexico, News, Peru, , , , , , , , , , , , , , , , , , , , , , , , , ,

Mexico´s Exchanges take huge steps to boost High-Speed Trading.

The Mexican Exchange, which is the second largest exchange in Latin America, announced a number of strategic and technology initiatives designed to promote foreign investment in the Mexican financial markets and its position as a Latin American leader in high-frequency trading.

While Brazil continues to be the hottest emerging market in Latin America, the Mexican Exchange (BMV Group), is taking huge steps to boost its growth in the high-speed marketplace.

The Mexican Exchange, which is the second largest exchange in Latin America, announced a number of strategic and technology initiatives designed to promote foreign investment in the Mexican financial markets and its position as a Latin American leader in high-frequency trading.

Mexico now provides worldwide participants with seamless, high-speed and efficient access through low touch direct market access (DMA), high speed co-location services, and FIX standard protocol for order routing and market data Part of Mexico’s success is down to its determination to improve its operative rules to better comply with international market standards, as well as adopting new technology.

In 2012, the Mexican Exchange will announce the launch of a new trading engine, internally developed. This multi-market, multi-asset, flexible and scalable trading engine has throughput of more than 200,000 messages per second. The trading engine will be ultra low latency, executing trades in 100 microseconds roundtrip (improvement over 25 milliseconds on legacy trading system). Full deployment is planned for Q2 2012. Further in 2012, The Mexican Exchange will introduce several new initiatives including midpoint hidden order book trading, aimed at institutional investors looking to trade large blocks anonymously with reduced execution risk. Simpler cross order rules will also be implemented; all stocks, global market equity securities and debt instruments will be crossed within the best bid/ask spread with no intervention. And, VWAP executions for the day will be able to be entered from 8:00 AM CT to 2:40 PM CT.

Recently, the Mexican Exchange has established major alliances broadening investment opportunities in the Mexican market. The Mexican Derivatives Exchange (MexDer) and the Chicago Mercantile Exchange (CME) established phase one, “south-to-north,” of its strategic order routing agreement, giving Mexican investors access to CME Group’s benchmark derivatives contracts, including interest rates, foreign currencies, equity indexes, energy, metals and agricultural commodities.

Phase two of the partnership, “north-to-south,” now in place provides CME Group customers with access to MexDer benchmark products, including Mexican Stock Exchange Index futures, bond futures and MXN Peso / US dollar futures contracts.

Source: Wallstreet&Technology, Melanie Rodier, 18.11.2011

Filed under: BMV - Mexico, Exchanges, Latin America, Mexico, , , , , , , , , , , , , , , , , , , , , , , , , , , ,

Brazil: BM&FBOVESPA – News October 2011 – Nr.21

BRIC exchanges announce alliance

The exchanges of the BRIC emerging markets bloc announced a joint initiative on October 12, during the 51st AGM of the World Federation of Exchanges (WFE) in Johannesburg, to offer investors access to their dynamic economies. Initially the exchanges – which accounted for over 18% of all exchange-listed derivative contracts traded by volume worldwide as of June this year – will cross-list benchmark equity index derivatives on the boards of other alliance members. Following this, the alliance will develop innovative products to track the BRIC exchanges.

The seven exchanges are:

  • BM&FBOVESPA – Brazil
  • MICEX – Russia
  • RTS – Russia
  • Hong Kong Exchanges and Clearing Limited (HKEx) – China
  • Johannesburg Stock Exchange (JSE) – South Africa
  • The National Stock Exchange of India (NSE) – India
  • BSE Ltd (formerly known as Bombay Stock Exchange) – India

These seven exchanges represent a combined listed market capitalization of USD9.02 trillion, equitymarket trading value/month of USD422 billion and 9,481 companies listed.

BM&FBOVESPA new trading hours

In view of the start of daylight saving time on October 16, 2011, since October 17, 2011, the new trading hours (Brasília Time) for the BM&FBOVESPA markets – BOVESPA and BM&F segments – will be as follows:

Regular session: 11:00 a.m. – 6:00 p.m.

– After-Market: 6:30 p.m. – 7:30 p.m. (pre-opening phase to trading phase);

– Blocking / Exercise on the stock options market
Days prior to expiration: 11:00 a.m. – 5:00 p.m. (exercise of holder position).
Expiration date: 11:00a.m. – 12:30 p.m. – trading of the expired series to the offset of the position, that is, the sale for the holder of the position and purchase for blocking for the writer of the position / 12:30 p.m. – 2:00 p.m.: exercise of the holder position;

– Blocking / Exercise on the Index Options Market:
Days prior to expiration: 11:00 a.m. – 2:00 p.m. (exercise of holder position).
Expiration date: 11:00 a.m. – 2:00 p.m. – trading of the expired series to the offset of the position, that is sale for the holder of the position and purchase for blocking for the writer of the position / After 6:00 p.m. – automatic exercise of the expired series which fit the following situations: call option (settlement index higher than the exercise price; and put option (settlement index lower than the exercise price).

– Over-the-Counter Market: 11:00 a.m. – 6:00 p.m.

> Complete information of the new trading hours (Circular Letters 009-2011-DO-Ofício Circular)

The trading hours for the BOVESPA and BM&F segments are available at this link

Market Makers for Options on the Stock of Banco Bradesco, Gerdau and Banco do Brasil

BM&FBOVESPA announced on August 3rd the start of the bidding process to select up to three market makers for options on stock of Banco Bradesco S.A. (BBDC4), Gerdau S.A. (GGBR4) and Banco do Brasil S.A. (BBAS3). This is the third stage of the Competitive Bidding Process to select market makers in equity options and BOVESPA Index (Ibovespa) options, developed by BM&FBOVESPA. The institutions (including nonresident) that wish to participate have until November 29, 2011 to deliver proposals and the winners will be announced on December 14, 2011.

> More info

Market Makers for Options on Ibovespa and on Stocks of BM&FBOVESPA and Usiminas

BM&FBOVESPA announced on October 11 the winning institutions in the second selection process for market makers for options on stocks and on the BOVESPA Index (Ibovespa). The market maker obligation shall last twelve (12) months as of December 12, 2011. Banco Citigroup Global Markets Limited, Banco Itaú BBA S.A. and Timber Hill LLC shall be market makers for options on the BOVESPA Index (IBOV), complying with a maximum volatility spread of half a percentage point (0.5%). The institutions selected for options on stocks in BM&FBOVESPA S.A. (BVMF3) were Citadel Securities LLC, Citigroup Global Markets Limited and Morgan Stanley Uruguay Ltda, which shall be market makers complying with a maximum volatility spread of four percent (4%). Meanwhile, the institutions selected for options on stocks in Usinas Siderúrgicas de Minas Gerais S.A. (USIM5) were Banco BTG Pactual S.A. and Morgan Stanley Uruguay Ltda, which shall be market makers complying with a maximum volatility spread of twenty percent (20%).

> More info

Options on OGX Petróleo and Itaú Unibanco rise with Market Maker activity

The trading volume for options on the stocks of OGX Petróleo and Itaú Unibanco rose significantly in September, strongly influenced by the fact that they have had Market Makers since September 9. The Exchange launched the Market Maker program for stocks this year in order to encourage trading in options and increase their liquidity, as well as to stimulate longer expiries on these contracts. Options on the stocks of OGX Petróleo and Itaú Unibanco now have three Market Makers.

Comparing the average daily volume in September to that of January to August, there were the following increases: OGX Petróleo ON 51.9% (BRL 13.7 million against BRL 20.8 million) and Itaú Unibanco PN 205.6% (BRL 1.7 million against BRL 5.1 million).

ETF financial volume more than doubles in the past two months

BM&FBOVESPA Exchange Traded Funds (ETFs) reached BRL 1.4 billion financial volume in August and September, at 78,809 and 75,740 trades respectively. This is more than double the BRL 668 million financial volume and 31,997 trades in July.

Common Shares in Desenvix Energias Renováveis start trading on BOVESPA MAIS

The shares of electricity company Desenvix Energias Renováveis S.A. begin to be traded on October 3 on the BOVESPA MAIS segment of the BM&FBOVESPA Organized OTC Market, under the DVIX3M ticker symbol.

USD11 billion in public offerings and follow-ons in 2011

In the year to October, 15, BM&FBOVESPA registered USD11 billion in public offerings and follow-ons. There were eleven Initial Public Offerings (IPOs) in 2011: AREZZO&CO (ARZZ3), SIERRA BRASIL (SSBR3), AUTOMETAL (AUTM3), QGEP PART (QGEP3), IMC HOLDING (IMCH3), TIME FOR FUN (SHOW3), MAGAZINE LUIZA (MGLU3), BR PHARMA (BPHA3), QUALICORP (QUAL3), TECHNOS (TECN3) and ABRIL EDUCAÇÃO (ABRE11).

BM&FBOVESPA on Twitter

BM&FBOVESPA launched its Twitter account in English last week. Please access this link

2011 EVENTS

 The World Cup of ETFs and Indexing Latin America

BM&FBOVESPA is lending its support to the World Research Group’s “World Cup of ETFs and Indexing Latin America.” The event aims at providing attendees with the best practices for ETF use, as well as a comprehensive analysis of market structure, regulations and current and future opportunities. The expected audience includes pension funds, hedge fund managers and investors, investment advisors, financial consultants, and other market participants. A BM&FBOVESPA representative will talk about the Exchange’s ETF products.

Location: São Paulo (TBC)
Date: October 17-18, 2011.
> Full Agenda and Registration

2nd FX Growth Markets Series: Brazil – Profit & Loss

BM&FBOVESPA will join the Profit & Loss FX Growth Markets conference on October 20, 2011 at the Tivoli Hotel in São Paulo. Profit & Loss has been operating its highly successful series of Forex Network and FX Growth Markets conferences for more than 10 years, with regular annual events held in London, New York, Chicago, Singapore, Brazil, Mexico, Colombia, Chile, Shanghai and Toronto, and comes to Brazil for the second time. A BM&FBOVESPA representative will talk at the event.

Location: Tivoli Hotel São Paulo, São Paulo, Brazil
Date: October 20, 2011.
> Full Agenda

2nd Brazil–China Capital Markets Forum

BM&FBOVESPA and the Shanghai Stock Exchange are coordinating the Second Brazil–China Capital Markets Forum. This event follows the First Brazil–China Capital Markets Forum, which occurred in February in São Paulo, Brazil. At the event, the Shanghai Stock Exchange shall bring 300 to 500 Chinese asset and insurance managers and representatives of listed companies.

Location: Xijiao State Guest House Shanghai, China
Date: October 27, 2011.

Volumes and trades by Direct Market Access (DMA)

BM&F Segment
In September, BM&F* market segment transactions carried out through order routing via Direct Market Access (DMA) registered 35,144,357 contracts traded and 4,311,865 trades. In August, the volume reached 41,417,494 contracts traded and 4,431,750 trades.

The volumes registered by each access modality in the BM&F segment were as follows:

  • Traditional DMA – 12,583,334 contracts traded, in 1,366,264 trades, in comparison to 17,540,231 contracts and 1,306,241 trades in August;
  • Via DMA provider (including orders routed via the Globex System) – 13,976,949 contracts traded, in 374,992 trades, compared to 14,088,756 contracts and 435,281 trades in August;
  • DMA via direct connection – 2,636 contracts traded in 447 trades, against 4,210 contracts and 830 trades in August;
  • DMA via co-location – 8,581,438 contracts traded, in 2,570,162 trades, compared to 9,784,297 contracts and 2,689,398 trades in August.

In September, transactions carried out by foreign investors presented by CME to BVMF (who use the Globex-GTS order routing system or access BVMF markets via co-location) totaled 4,685,186 contracts traded, in 1,164,510 trades, compared to 5,308,308 contracts and 1,235,349 trades in August.

BOVESPA Segment
In September, order routing via DMA in the BOVESPA* segment totaled BRL 111.41 billion and 14,298,483 trades, from BRL 138.52 billion and 17,021,408 trades the previous month.

Trading volumes per type of DMA in the BOVESPA segment:

  • Traditional DMA – Volume of BRL 95.77 billion and 11,763,618 trades from BRL 120.45 billion and 14,098,638 in August;
  • DMA via co-location – Volume of BRL 14.29 billion and 2,357,270 trades from BRL 16.69 billion and 2,755,498 in August;
  • DMA via provider – Volume of BRL 1.34 billion and 177,044 trades from BRL 1.37 billion and 167,272 in August.

* Direct access to the BM&FBOVESPA market segments is carried out through DMA models 1, 2, 3 and 4. In model 1 or traditional DMA, the client accesses the GTS or Mega Bolsa through technological intermediation of a brokerage house. In model 2 or via DMA provider, the client does not use the technological intermediation of a brokerage house, but rather connects to the system through an authorized access provider. DMA via order routing with CME Globex is also a form of DMA model 2. In model 3, the client connects to the system through a direct connection. In model 4 or via co-location, the client installs its own computer within the Exchange’s facilities.

Notes:

The volumes registered by access modality include both buy and sell sides of a trade.

The volumes by access modality for both the BM&F and the BOVESPA market segments have been reported in a consolidated manner in the BM&FBOVESPA statements since May 2009.

MARKET RESULTS

BM&F Segment September 2011

Derivatives markets in the BM&F segment (including financial and commodities derivatives) totaled 59,365,524 contracts and BRL 4.35 trillion in volume in September, compared to 78,606,873 contracts and BRL 5.23 trillion in August. The daily average of contracts traded in the derivatives markets in September was 2,826,930, in contrast to 3,417,690 in August. Open interest contracts ended the last trading day of September with 36,620,797 positions, compared to 37,821,302 in August.

BOVESPA Segment September 2011

In September 2011, the equity markets (BOVESPA segment) financial volume totaled BRL 131.437 billion, in 13,551,487 trades, with daily averages of BRL 6.25 billion and 645,309 trades. In August, financial volume totaled BRL 177.906 billion, the total number of trades 16,234,673, and the daily averages BRL 7.73 billion and 705,855 trades respectively.

Source: BM&FBOVESPA, 18.10.2011

Filed under: BM&FBOVESPA, Brazil, China, Events, Exchanges, Hong Kong, India, Risk Management, , , , , , , , , , , , , , , , , , , , , , , , , ,

Alternative Latin Investor: Premium Launch Issue Nr 11.

Alternative Latin Investor August 2011 – Issue 11 Premium Launch Issue

 News

Political Moves: brought to you by Latinnews.com

Emerging Markets

Growing M&A Activity between Asia and Latin America?

Latin American Venture Capital: Lessons Learned from China

Be careful What You Wish For- A Brazilian Cautionary Tale

Philanthropy

Cuipo: Saving the Rainforest One Meter at a Time

Nuts: Crops that Grow Well in LatAm

Entering The Brazilian Agribusiness Sector (Premium)

Infrastructure

Mezzanine Financing for LatAm’s Infrastructure

Energy

Investing in Brazilian Oil (Premium)

Art

Fine Art Funds: Taking the Soul Out of Art Investing?

Hedge Funds

MILA Integration

LatAm Fund Due Diligence: What Managers Need to Know (Premium)

Institutional Investing in LatAm: A Contrarian’s View (Premium)

Attracting US Institutional Investors to LatAm Funds (Premium)

Quant Funds in LatAm (Premium)

How HNWI in LatAm View Alternative Assets (Premium)

Forex

Spotting Opportunities in LatAm Forex Trading

Regulation

Tax Incentives: Software Development in Argentina

Ventures

Mercatrade: Inter-emerging Market Trade

QuickStart Global: Have an Office Anywhere

Real Estate

Airlift Encourages Latin America to reach for the skies

Read the content  at www.alternativelatininvestor.com/issue11.html 

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Filed under: Argentina, Banking, Brazil, Chile, China, Colombia, Mexico, News, Peru, Risk Management, Wealth Management, , , , , , , , , , , , , , , , , , , , , , ,

Brazil to increase primary surplus and make room for interest rates cut – prepares for global slowdown

Brazil plans to further contain government spending this year to prepare the country for a global slowdown and make room for a cut in interest rates, Finance Minister Guido Mantega said on Monday.

The government raised its target for the 2011 budget surplus before interest payments to 91 billion Real (57 billion dollars) from 81.7 billion Real, Mantega told reporters in Brasilia.

Brazil joins countries from Mexico to Turkey in signalling that rate cuts may be on the horizon as global growth sputters and a debt crisis in Europe worsens.

“It makes it viable in the medium- or long-term to cut interest rates,” Mantega said. “As you reduce or stop increasing public spending, you open space for a reduction in interest rates when the central bank thinks it is possible.”

The central bank’s board of directors, led by President Alexandre Tombini, begins its August policy meeting Tuesday, with inflation above 7% for the first time since 2005. Traders are wagering that policy makers will cut rates a quarter-point this week, and between 0.75 and 1 percentage point by year-end, as the economy shows signs of cooling and the global recovery falters.

Mantega said he sees no immediate need for monetary stimulus and added that inflation is a permanent concern for President Dilma Rousseff’s government.

Mexico policy makers kept the benchmark rate at a record low 4.5% for the 21st consecutive meeting on Aug. 26 and said they would consider adjusting it if the national or global economic outlook worsens. The Turkish central bank also left its benchmark rate unchanged on Aug. 23 and Governor Erdem Basci said the institution may have to loosen monetary policy. Peru and Chile also held rates this month.

Brazil’s budget surplus (before interest payments) widened in July to a record for the month pushing the year-to-date total to almost 80% of the 2011 target.

The so-called primary surplus, which includes federal and local governments as well as state companies, last month rose to 13.8 billion Real from 13.4 billion Real in June. The government earlier this year cut 50.7 billion Real from its 2011 budget.

Brazil’s economic activity shrank in June for the first time since December, 2008. Industrial production fell 1.6% in June the second-biggest drop in output since 2008, and business confidence in the second quarter fell to its lowest level since 2009.

Source: Merco Press-South Atlantic News Agency, 30.08.2011

Filed under: Brazil, Events, Mexico, News, Risk Management, , , , , , , , , ,

Brazil: BM&FBOVESPA News August 2011 Nr 29

BM&FBOVESPA International Financial and Capital Markets Conference features Robert Skidelsky and Michael Pettis

The biennial meeting held as of Thursday (August 25) in the town of Campos do Jordão in the state of São Paulo will host debates on current economic and global financial market issues, including challenges for the derivatives and capital markets, the future of financial intermediation, and algorithmic trading strategies. BM&FBOVESPA Chief Executive Officer Edemir Pinto and Chairman of the Board of Directors Arminio Fraga will receive, for lectures and debates, some of the world’s most influential experts about the matters on the agenda. Among their number are Robert Skidelsky, Emeritus Professor of Political Economy at the University of Warwick, and a specialist on the work of the economist John Maynard Keynes. Michael Pettis, a professor at Peking University’s Guanghua School of Management and expert on the Asian markets will take part in a discussion about the challenges that the Brazil-China relationship will face over the coming years.

> Full agenda of the event

BM&FBOVESPA launches eight new currency derivatives

BM&FBOVESPA launched eight new currency futures contracts this week (August, 15). They are six futures contracts and two mini futures contracts. The regular futures contracts are for the Brazilian Real against the South African Rand (ZAR), Turkish Lira (TRY), New Zealand Dollar (NZD), Chilean Peso (CLP), Chinese Yuan (CNY) and Swiss Franc (CHF). The contracts will be authorized for trading as of the September 2011 maturity, between 9:00 a.m. and 6:00 p.m. Each futures contract is sized and formatted so that it is equivalent to the USD 50,000 size of U.S. Dollar futures contract. The sizes of the respective contracts are 350,000 South African Rands; 350,000 Chinese Yuan; 75,000 Turkish Lira; 75,000 New Zealand Dollars; 50,000 Swiss Francs; and 25 million Chilean Pesos. The Mini U.S. Dollar Futures Contract (WDO) is sized USD 10,000, which represents 20% of the size of the regular U.S. Dollar Futures Contract. The Mini Euro Futures Contract (WEU) is sized €10,000, representing 20% of the size of the regular Euro Futures Contract .

> More info

International partnerships mark the expansion of the BM&FBOVESPA Institute of Education

The BM&FBOVESPA Institute of Education has been known as the “Escola para os Mercados Financeiro, de Capitais e de Derivativos” (Financial, Capital and Derivatives Markets School) since its foundation in 1986. Growing demand for professional training, however, means it has broadened its scope since 2010 and it has also begun operating as the “Escola do Investidor” (School of the Investor) and the “Escola de Empresas e Empreendedores” (Enterprises and Entrepreneurs’ School). In the first half of 2011 the Institute of Education signed cooperation agreements with internationally renowned business schools, among which the Endeavor Institute, Babson College and Chicago Booth:

  • Endeavor Institute – the “Bota pra fazer” (Sow to Reap) program of courses aimed at startup companies, in business incubators. This methodology was developed by Endeavor Brazil in partnership with the Kauffman Foundation. The Institute of Education was the first institution in Brazil to apply this methodology for qualifying entrepreneurs.
  • Babson College – Through this partnership, the BM&FBOVESPA Institute of Education offers the “Gestão e Crescimento Empresarial de Alto Impacto” (High Impact Business Management and Growth) program of courses, hand-tailored to enable Brazilian entrepreneurs to lead their companies’ growth. The second group begins in October this year.
  • Chicago Booth – The business school of the University of Chicago. This partnership has resulted in the development of a three-module academic program, focused on the capital and derivatives markets and with an international approach.  Next course in December.

BM&FBOVESPA’s options and capital raising activity

According to the World Federation of Exchanges (WFE) BM&FBOVESPA is ranked as #1 in volume of Equity Option trades and #4 (Capital Raised) in terms of newly listed companies (IPOs). These and other regulated exchange industry numbers are available at:
http://www.world-exchanges.org/statistics

Market Makers for Options on the Stock of BM&FBOVESPA, Usiminas and BOVESPA Index

BM&FBOVESPA announced on August 3 the start of the selection process for up to three market makers for options on the stock of BM&FBOVESPA S.A (BVMF3) and Usinas Siderúrgicas de Minas Gerais S.A. – Usiminas (USIM5) and for options on the BOVESPA Index (IBOV). This is the second stage of the Bidding Program to select market makers in equity options and BOVESPA Index options, developed by the Exchange. Institutions that are interested in taking part – including nonresidents – have until September 26, 2011 to deliver proposals. The winners will be announced on October 11, 2011.

> More information about the Market Makers for Options

Bradesco wins BM&FBOVESPA selection process as Depositary Institution for 10 Unsponsored Level I BDR Programs

Bradesco has won the sixth selection process for depositary institutions authorized to request registration for trading 10 Unsponsored Level I Brazilian Depository Receipt (BDR) programs, backed by shares issued by publicly traded companies with headquarters overseas. Bradesco should simultaneously present BM&FBOVESPA and the Brazilian Securities and Exchange Commission (CVM), within 60 calendar days, with the necessary documentation for submission to register the 10 Unsponsored Level 1 BDR programs. The programs should include foreign companies that do not yet have BDRs traded on BM&FBOVESPA and which are headquartered in the United States and listed on U.S. stock exchanges.

There are currently 30 Unsponsored Level 1 BDR programs available for trading on BM&FBOVESPA, which have Deutsche Bank S.A., Citibank DTVM S.A. and Itaú Unibanco S.A. as their depositary institutions. Another three lots of ten programs shall be presented to the market soon by Banco Bradesco S.A., Citibank DTVM S.A. and Deutsche Bank S.A.

> More info

Up to USD 10 billion in public offerings and follow-ons in 2011

In the year to August 15, BM&FBOVESPA registered USD 10.1 billion in public offerings and follow-ons. There were eleven Initial Public Offerings (IPOs) in 2011: AREZZO&CO (ARZZ3), SIERRA BRASIL (SSBR3), AUTOMETAL (AUTM3), QGEP PART (QGEP3), IMC HOLDING (IMCH3), TIME FOR FUN (SHOW3), MAGAZINE LUIZA (MGLU3), BR PHARMA (BPHA3), QUALICORP (QUAL3), TECHNOS (TECN3) and ABRIL EDUCAÇÃO (ABRE11). At the end of July, the 181 companies that are part of the BM&FBOVESPA’s special corporate governance levels represented 64.96% of market capitalization, 79.04% of financial volume, and 76.84% of trades in the spot market. At the end of June, there were 177 companies, representing 65.56% of market capitalization, 75.42% of financial volume, and 77.57% of spot market trades.

Number of ETF trades grows 25% from June

The financial volume registered in July by the eight BM&FBOVESPA Exchange-Traded Funds (ETFs) reached BRL 667.75 million in 31,997 trades, from BRL 598.43 million and 25,701 the previous month. In July the ETF with the highest financial volume was BOVA11 with BRL 573.83 million and 26,915 transactions.

2011 EVENTS

BM&FBOVESPA 5th International Financial and Capital Markets Conference

The city of Campos do Jordão will once again be the site of one of the year’s most important financial market events, hosted by BM&FBOVESPA. The 5th edition of the International Financial and Capital Markets Conference will have national and international guest speakers, round-table discussions, social activities and an exhibition area providing an excellent venue for participants to debate some of the most significant financial topics. Speakers include: Maria Helena Santana (Securities and Exchanges Commission of Brazil – CVM), Robert Engle (2003 Nobel Prize), Joe Gawronski (COO of Rosenblatt Securities) and Ilan Goldfajn (Chief Economist, Itau Unibanco).

Location: Campos do Jordão, SP, Brazil
Date: August 25-27, 2011

> Full agenda of the event

*Nonresident investors can apply for an exclusive 50% discount for registration at the event. Please contact the International Business Development team to request your coupon, by email to ysilva@bvmf.com.br or drodrigues@bvmf.com.br

BM&FBOVESPA at Chicago’s FIA EXPO

BM&FBOVESPA will exhibit at FIA EXPO 2011. The event attracts approximately 5,000 people from more than 30 countries, from senior staff at brokerage firms and exchanges, to floor traders, pension fund managers, corporate treasurers, CTAs and CPOs, and individual investors. BM&FBOVESPA staff will present the Exchange’s products, connectivity, DMA access via Globlex, etc.

Location: Hilton Chicago, USA
Date: October 10-12, 2011

> More info

Family Office Summit – Latin America

BM&FBOVESPA is currently sending invitations for this event promoted by the World Research Group and which will be held in São Paulo September 26-28. A BM&FBOVESPA representative is scheduled to talk about alternative investments. The summit will present current Trends for Optimizing Effective Strategies and Alternative Methods to Produce Investments for Single and Multi Family Offices in the Brazilian capital market. There will be a special networking session bringing together managers, single and multi family offices, advisors and consultants.

Location: Intercontinental São Paulo – Alameda Santos, 1123, São Paulo , SP.
Date: September 26-28, 2011.

> Full Agenda and Registration

2nd FX Growth Markets Series: Brazil – Profit & Loss

BM&FBOVESPA will join the Profit & Loss FX Growth Markets conference on October 20, 2011 at the Tivoli Hotel in São Paulo. Profit & Loss has been operating its highly successful series of Forex Network and FX Growth Markets conferences for more than 10 years, with regular annual events held in London, New York, Chicago, Singapore, Brazil, Mexico, Colombia, Chile, Shanghai and Toronto, and comes to Brazil for the second time. A BM&FBOVESPA representative will talk at the event.

Location: Tivoli Hotel São Paulo, São Paulo, Brazil
Date: October 20, 2011.

> Full Agenda

Volumes and trades by Direct Market Access (DMA)

BM&F Segment
In July, BM&F* market segment transactions carried out through order routing via Direct Market Access (DMA) registered 20,009,841 contracts traded and 2,417,398 trades. In June, the volume reached 20,409,252 contracts traded and 2,105,981 trades.

The volumes registered by each access modality in the BM&F segment were as follows:

  • Traditional DMA – 7,440,774 contracts traded, in 797,002 trades, in comparison to 8,168,492 contracts and 775,388 trades in June;
  • Via DMA provider (including orders routed via the Globex System) – 7,040,432 contracts traded, in 258,881 trades, compared to 7,365,306 contracts and 260,441 trades in June;
  • DMA via direct connection – 3,691 contracts traded in 977 trades, against 8,995 contracts and 1,376 trades in June;
  • DMA via co-location – 5,524,944 contracts traded, in 1,360,538 trades, compared to 4,866,459 contracts and 1,068,766 trades in June.

In July, transactions carried out by foreign investors presented by CME to BVMF (who use the Globex-GTS order routing system or access BVMF markets via co-location) totaled 2,897,744 contracts traded, in 688,862 trades, compared to 2,658,361 contracts and 623,653 trades in June.

BOVESPA Segment
In July, order routing via DMA in the BOVESPA* segment totaled BRL 95,030,778,000.00 and 11,225,193 trades, from BRL 88,977,494,000.00 and 10,244,578 trades the previous month.

Trading volumes per type of DMA in the BOVESPA segment:

  • Traditional DMA – Volume of BRL 87,674,861,000.00 and 10,091,956 trades from BRL 82,843,187,000.00 and 9,287,652 in June;
  • DMA via co-location – Volume of BRL 6,381,361,000.00 and 1,007,081 trades from BRL 5,206,388,000.00 and 856,246 in June;
  • DMA via provider – Volume of BRL 974,556,000.00 and 126,156 trades from BRL 927,919,000.00 and 100,680 in June.

* Direct access to the BM&FBOVESPA market segments is carried out through DMA models 1, 2, 3 and 4. In model 1 or traditional DMA, the client accesses the GTS or Mega Bolsa through technological intermediation of a brokerage house. In model 2 or via DMA provider, the client does not use the technological intermediation of a brokerage house, but rather connects to the system through an authorized access provider. DMA via order routing with CME Globex is also a form of DMA model 2. In model 3, the client connects to the system through a direct connection. In model 4 or via co-location, the client installs its own computer within the Exchange’s facilities. 

Notes:

The volumes registered by access modality include both buy and sell sides of a trade.

The volumes by access modality for both the BM&F and the BOVESPA market segments have been reported in a consolidated manner in the BM&FBOVESPA statements since May 2009.

MARKET RESULTS

BM&F Segment July 2011

In July, derivatives markets in the BM&F segment (including financial and commodities derivatives) totaled 44,199,125 contracts and BRL 3.35 trillion in volume, compared to 51,023,956 contracts and BRL 3.25 trillion in June. The daily average of contracts traded in the derivatives markets in July was 2,104,720, in contrast to 2,429,712 in June.

BOVESPA Segment July 2011

In July 2011, equity markets (BOVESPA segment) traded BRL 119.63 billion, in 11,016,993 trades, with daily averages of BRL 5.69 billion and 524,619 trades, in comparison to June when total volume reached BRL 124.19 billion, in 10,187,883 trades, with daily averages of BRL 5.91 billion and 485,137 trades.

Filed under: BM&FBOVESPA, Brazil, China, Events, Exchanges, News, Risk Management, Trading Technology, , , , , , , , , , , , , , , , , , , , ,

China: BlackRock – Can China´s Saver save the world?

  • China has experienced rapid credit-led growth in recent years. This growth has been an important contributor to global economic recovery.
  •  Many commentators anticipate that the rapid nature of Chinese credit growth, allied to a capital allocation process led by political direction and undertaken at highly subsidized rates of interest, will inevitably end in a credit bust.
  •  Further, these critics point to the opaque nature of China’s banking system, rapidly growing off-balance-sheet exposures and an overblown real estate sector as evidence of a fragile Sino financial system overdue for a crisis that will, in turn, cripple world growth and extended financial systems elsewhere.
  •  While we are sympathetic to much of the logic behind these fears, we believe that these concerns float on some flimsy analysis. As one example, we cite the mismatch between the oft-cited story of 65 million empty apartments nationwide in China and the inconvenient truth that market estimates indicate that only 60 million apartments have been completed in the last decade.
  •  More importantly, we believe that the “panda bears” overlook the fact that much of the expansion in China’s financial balance sheet has been quasi-fiscal lending and that such lending is backed and guaranteed by a system that is experiencing rapid growth in income and starting from a low level of overall debt.
  • Domestic savings rates are high — indeed, excessive at over 50% of GDP. While external capital has funded much of the rise in banking system liabilities over the last 12 months, China also runs a current account surplus, is largely domestically funded and lacks many of the vulnerabilities that undid Western credit systems in 2007–08.
  •  We agree that bad debt levels in China will rise — in fact, in a worst-case scenario, there could be as much as 7 trillion RMB of bad loans in the system at present, according to our estimates. But bank balance sheets are strong, profit growth is subsidized by fixed lending and deposit rates, and economic growth itself should be strong enough to absorb most reasonable estimates of losses without serious challenges to financial system stability.
  •  Bank deposits are the main source of domestic savings. We are confident that Beijing will seek to avoid social discontent arising from any threat to the security of deposits with vigor and resources that would make Western bailouts appear puny by comparison. Our concern is that savings growth rates will slow over the next few years and that deposit growth will be much more pedestrian than over the last decade. The recent consolidation of data on funding growth under the banner of Total Social Financing (TSF) presents a clearer picture of the efficiency of deposit mobilization in funding growth. Even allowing for shortcomings in methodology, the incremental growth per unit of financing — Financial Incremental Capital Output Ratio, or FICOR, as we term it — has deteriorated over the last decade.
  •  As a consequence of slower savings rates and reduced FICOR, we expect a slowdown in trend growth over the next few years to 7-8% rather than the 8-10% level of recent times. State-led capital allocation and rate fixing was a feature of both Korea and Japan in the past. In both cases, financial crisis arising from this policy mix was triggered by financial reform. We believe the same holds for China, but will take a number of years to unfold.

Read full report Can China´s Savers save the world

Source: BlackRock / Carral Sierra, 12.07.2011

Filed under: China, Market Data, Risk Management, , , , , , , , , , , , , , ,

China: BlackRock – Puede el ahorro de China salvar al mundo?

China ha experimentado en años recientes un rápido crecimiento impulsado por el crédito, el cual ha sido un factor importante en la recuperación económica global. Sin embargo:

  • Muchos analistas anticipan que la rápida condición del crecimiento chino gracias al crédito, junto con un proceso de distribución de capital dirigido por sus políticos y emprendido a tasas de interés altamente subsidiadas, inevitablemente derivará en una caída crediticia.
  • Estos comentarios señalan la naturaleza opaca del sistema bancario de China, una rápida exposición de las hojas de balance y un sector inmobiliario inflado, como la evidencia de un sistema financiero frágil susceptible a una crisis que, a su vez, afectará el crecimiento mundial y a otros sistemas financieros.

    Opiniones del BlackRock Investment Institute: ¿Puede el Ahorro de China Salvar al Mundo?

  • En la nueva publicación del BlackRock Investment Institute, “¿Puede el ahorro de China salvar al mundo? (Can China Savers Save the World?)”, los autores analizan las razones que están en la base de estos temores. Al respecto, afirman que esta inquietud podría estar basada en un análisis débil.
  • Asimismo, creen que los llamados “pandas” no consideran el hecho de que gran parte de la expansión de la balanza financiera de China se ha basado en préstamos casi fiscales y que tienen el respaldo y garantía de un sistema que experimenta un rápido crecimiento de su ingreso y cuenta con un nivel bajo de deuda.
  • En consecuencia, los autores sugieren que China no sufrirá un colapso financiero, sino a lo sumo un descenso en su potencial y en su tasa de crecimiento.

Adjunto te hacemos llegar el documento completo en inglés en formato PDF. En caso de cualquier duda adicional, quedamos a tu disposición.

Para leer el reporte completo click aqui.  Can China´s Savers save the world

Source: Black Rock / Carral Sierra, 12.07.2011

Filed under: China, News, Risk Management, , , , , , , , , , , , , ,

Brazil: BVMF (BM&F BOVESP) News May 2011, Nr 26

COMPLETE REPORT

BM&FBOVESPA launches four new indices
BM&FBOVESPA began on May 2 the calculation and publication in real time of four new indices: the Brazil Broad-Based Index, the Dividend Index, the Basic Materials Index and the Public Utilities Index.

Market Makers for Options on the Stock of OGX and Itaú Unibanco
BM&FBOVESPA announced the start of the process to select three market makers for options on the stocks of OGX Petróleo e Gás Participações S.A. (OGXP3) and Itaú Unibanco Holding.
New bidding process to select the manager for three new ETFs
The winner will have an exclusive one-year license for the use of the Dividend Index (IDIV), Basic Materials Index (IMAT) and Public Utilities Index (UTIL).
More than USD 11.5 billion in public offerings and follow-ons in 2011
In the year to April 20, BM&FBOVESPA registered more than USD 11.5 billion in public offerings and follow-ons. There have been seven Initial Public Offerings (IPOs) in 2011.
Enforcement Training in Brazil
“Securities Enforcement Training in Brazil” was promoted on May 9 by BM&FBOVESPA Market Surveillance (BSM), the Securities and Exchange Commission of Brazil (CVM) and SEC
New portfolios for the Ibovespa and other indices for the May-August 2011 period
BM&FBOVESPA announced the Ibovespa Index theoretical portfolio valid for the period of May 2 to August 31, 2011, based on the closing of the April 29, 2011 session.
ETF financial volume hits record figure in April
BM&FBOVESPA Exchange Traded Funds (ETFs) reached a record BRL 942.43 billion financial volume in April, in 28,969 trades and 14,734,230 units.
2011 EVENTS
Join BM&FBOVESPA in the 2011 events.
Volumes and trades by Direct Market Access (DMA)
BOVESPA Segment (Equities)
In April, order routing via DMA in the BOVESPA* segment totaled BRL 87,859,208,000.00 and 9,531,246 trades.
BM&F Segment (Derivatives)
In April, BM&F* market segment transactions carried out through order routing via Direct Market Access (DMA) registered 23,531,729 contracts traded and 1,840,059 trades.
MARKET RESULTS – BM&F Segment April 2011 (derivatives)
In April, derivatives markets in the BM&F segment (including financial and commodities derivatives) totaled 66,111,464 contracts and BRL 4.57 trillion in volume.
MARKET RESULTS – BOVESPA Segment April 2011 (equities)
In April, equity markets (BOVESPA segment) traded BRL 127.04 billion, in 9,864,428 trades, with daily averages of BRL 6.68 billion and 519,180 trades
Source, BM&FBOVESPA, 17.05.2011            COMPLETE REPORT

Filed under: BM&FBOVESPA, Brazil, Exchanges, , , , , , , , , , , , ,

ETF Landscape: Industry Review – Q1 2011 – BlackRock

At the end of Q1 2011, the global ETF industry had 2,605 ETFs with 5,905 listings and assets of US$1,399.4 Bn  from 142 providers on 48 exchanges around the world. This compared to 2,131 ETFs with 4,133 listings and assets of  US$1,081.9 Bn from 123 providers on 42 exchanges at the end of Q1 2010.  ETF Industry Review_Q1-2011

Additionally, there were 1,119 other ETPs with 1,835 listings and assets of US$183.7 Bn from 58 providers on 23 exchanges. This compared to 718 ETPs with 1,025 listings and assets of US$153.6 Bn from 42 providers on 18 exchanges at the end of Q1 2010.

Combined, there were 3,724 products with 7,740 listings, assets of US$1,583.2 Bn from 178 providers on 52 exchanges around the world at the end of Q1 2011. This compared to 2,849 products with 5,158 listings, assets of US$1,235.4 Bn from 147 providers on 44 exchanges at the end of Q1 2010.

Below is a list of some upcoming events where we will be presenting:

Asia Trader and Investor Convention 2011, Singapore 07-08 May 2011
Complimentary passes are available
www.theatic.net

2nd Annual Inside ETFs – Europe Conference, Amsterdam, 05–06 May 2011
Complimentary passes are available for institutional investors.
www.indexuniverse.eu

Turkey Investment Summit, Istanbul, 09–11 May 2011
www.terrapinn.com

iShares Investment Konferenz, Frankfurt, 11 May 2011
www.ishares-events.com

22nd Annual Conference on Globalisation of Investment Funds, Boston,
15–18 May 2011
www.int-bar.org

ETF & Indexing Investments, New York, 16–18 May 2011
www.terrapinn.com

Factset Investment Process Symposium, Monaco, 23–25 May 2011
www.cvent.com

ASX ETF Institutional Conference, Sydney, 02 June 2011
www.asx.com.au

The 10th Annual Canada Cup of Investment Management, Toronto,
07–08 June 2011
Complimentary passes are being offered by IMN to attend this event to investment professionals at Pensions, Foundations, Endowments, Hedge Funds, Insurance Companies as well as for Registered Investment Advisors. Please contact Jackie Rubbo at jrubbo@imn.org.
www.imn.org

ETF & Indexing Investments, Madrid, 15–16 June 2011
www.terrapinn.com

The Mondo Visione Exchange Forum, London, 15–16 June 2011
www.mvexchangeforum.com

Africa Investment Summit, Johannesburg, South Africa 20–23 June 2011
www.terrapinn.com

European Cup of ETFs and Investment Management, London,
19–20 September 2011
Complimentary passes are being offered by IMN to attend this event to investment professionals at Pensions, Foundations, Endowments, Hedge Funds, Insurance Companies as well as for Registered Investment Advisors. Please contact Jackie Rubbo at jrubbo@imn.org.
www.imn.org

ETF & Indexing Investments, London, 17–19 October 2011
www.terrapinn.com

Please join ETF Network on Linkedin at www.linkedin.com.

Source: BlackRock, 06.05.2011

Filed under: Banking, News, Services, Wealth Management, , , , , , , , , , , , , , , , , , ,

ETF panorama: Aspectos Destacados del 1er Quartal 2011 BlackRock

La industria global de los ETFs mantiene la trayectoria ascendente con la que inició el año, si se comparan los 2,605 ETFs con activos por USD$1,399.4 millones al cierre del primer trimestre de 2011, con respecto de los 2,131 ETFs con activos por USD$1.082 mil millones en el mismo periodo de 2010.  _ETF  Reporte 1er Quartal 2011

En Latinoamérica el sector de ETFs cuenta con 26 ETFs, 405 listados y activos bajo administración por USD $10.2 mil millones, de ocho proveedores en tres bolsas, que se comparan con 21 ETFs, 231 listados y activos por USD$9.3 mil millones de tres proveedores en tres mercados que había a finales del primer trimestre de 2010.

Como sabes, los ETFs son instrumentos que siguen índices, listados y cotizados en mercados bursátiles, que proporcionan transparencia diaria al portafolio. El reporte da cobertura a los productos Exchange Traded Funds (ETFs) a escala global e incluye rankings de proveedores de ETFs e índices globales, en Estados Unidos, Europa, Japón, Asia, Latinoamérica, Medio Oriente y Africa.

Además, incluye comentarios respecto al impacto en los mercados de inversión global debido a acontecimientos como los disturbios en países de Oriente Medio y norte de Africa, así como desastres naturales como el terremoto y tsunami, y la consecuente catástrofe nuclear en Japón.

Adjunto te hacemos llegar el reporte completo en inglés, en formato PDF. En caso de cualquier duda adicional, quedamos a tu disposición.

Source: BlackRock- Carral Sierra, 06.05.2011

Filed under: Asia, Exchanges, Latin America, Library, News, Services, , , , , , , , , , , , , , , , , , , ,

VAM: Vietnam Market Analysis April 2011

Inflation continued to be headline of the month             VAM Monthly Newsletter – April ’11.
Despite the governments increasing efforts in the last several weeks, April CPI came out up by 3.3% MoM and 17.5% YoY, the highest since December 2008 and far exceeding most expectations. This brought CPI growth YTD to 9.64%. Estimates are pointing to 16-18% for 2011 while the governments revised target is to keep 2011 CPI growth not higher than that of 2010, i.e. at 11.75%. Promptly, the central bank reacted by raising two policy rates by 100 basis points on 29 April (increasing refinance rate and discount rate to 14% and 13% per annum, respectively).
 
However, it seems a series of policy rates hikes applied one after another by the central bank in March and April have been insufficiently effective to balance major adverse impacts on inflation, such as large price hikes of local necessity commodities (electricity, fuel, coal), escalating food prices, high interest rates and prolonged global commodity price uptrend. With more fuel price hikes imminent to close the domestic and international price gap and governments decision to adjust electricity price further (likely up by 40%), effective this June we think CPI might not have peaked for this year yet.
 
Credit tightening will remain probably through Q3
Given ongoing inflationary pressures, interest rates will not come down in the coming months. And the government has repeatedly sent clear signals that they will sacrifice a small growth to contain inflation. GDP growth target for this year was revised down to 6-6.2% from 6.5-7% previously. Local banks have been ordered to reduce credit to non-production purposes to 16% by year-end, and a failure in doing that will possibly result in doubling of reserve requirements (currently between 1-3%). This means loans for sectors like real estate, securities investment and consumption are going to be cut back.
 
This time, the government has shown a strong determination that they will not prematurely halt the tightening policy as they did in the past. We would expect further tightening on credit and public spending if inflation is not going to improve. Hence, we think inflation will eventually be put in check, but it will take more time. Observers are expecting to see improvement in inflation toward the end of Q3 when governments measures have taken clearer effects.
 
Stability in foreign exchange market was a bright spot in macro picture
Improving stability of the FX market in April was the fruit of a set of governments measures to restore confidence in the currency and gradually minimize dollarization of the economy, an ingrained problem and a culprit for FX instability. According to Asian Development Banks Vietnam Director, dollars make up about 20% of money used in Vietnam. After the central bank applied dollar deposit cap in April (1% per annum for institutional depositors and 3% per annum for individuals vs. popular 14% deposit rate in dong terms), dollar hoarding has been visibly discouraged. A big commercial bank in Ho Chi Minh city said recently that they bought U$15 million per week compared to U$1-2 million previously, mainly from the public.
 
Toward month end, the dong appreciated against the dollar by 7% in the unofficial market and 3% in the interbank market from its lowest level in February. Encouraged by initial results toward de-dollarization, the government is considering measures against goldenization of the economy, the other ingrained problem on the FX front. A deadline to stop gold deposit and lending activities at banks are expected to be released soon. With all these factors, we think the stability of the FX market will continue through the year.
 
Domestic indicators continued to show positive signals
Apart from inflation, other domestic indicators continued to show positive signals. In the first four months, industrial production value and retail sales expanded respectively by 14.2% and 22.7% on-year. Both exports and imports registered significant growth of 35.7% and 29.1% on-year respectively. However, trade deficit is not getting improved. With March number being revised up to U$1.4 billion from U$1.15 billion and trade deficit in April estimated at U$1.4 billion, year-to-date number stood at U$4.8 billion versus U$4.6 billion in the same period last year. The slight increase in trade deficit was mainly attributable to rising global commodity prices.
 
With regard to capital inflows, though committed FDI year-to-date showed a decline of 50% YoY, disbursed FDI was still up by 0.6% YoY, estimated at U$3.62 billion. Disbursed ODA in the same period was recorded at U$404 million, fulfilling 16.8% of full-year target. Overseas remittances this year are forecast to be affected by the dollar deposit rate cap, but real effects remain to be seen.
 
Equity market saw a modest rebound though at low volume
CPI in April seemed not to create much impact on local investors sentiment as the market did rebound, though at low volume, after the news came out. The explanation was that the CPI number had been largely priced in. Investors are now looking to CPI in May. The further tightening measures have certainly affected the market. The VN-Index closed the month at 480.08 points, up 4.1% MoM with low liquidity. Average daily trading value combined on both bourses dropped to U$42 million versus U$62 million in March. However, as stock valuation is at historically low level, foreign investors have significantly increased stocks accumulation during the month with net purchase of U$43.3 million versus U$9.1 in March, mainly on the HOSE.
 
Our ViewThe AGM season has almost come to an end and the overall picture of revenue and profit growth targets for 2011 has been rather unexciting. A large number of listed firms operating in real estate, manufacturing, and some other sectors saw a tumble in the year-end results and even unimpressive performance in the first quarter of this year, resulting from rising cost of capital and accelerating prices of material inputs. As a result, 2011 business plans were set at very conservative levels compared to last year. In contrast, listed banks, especially big ones, still announced strong profit numbers for 2010 and set plan for quite ambitious profit targets for 2011 regardless of tougher regulatory requirements and volatility in the capital markets.
 
Generally speaking, since the government keeps emphasizing their priority to curb inflation rather than push GDP growth, we believe the lending interest rate will likely not come down, at least till the end of Q3/2011, which will then create more burdens on businesses operations. Therefore, we see no major positive catalyst to lift the stock market up in short-term. However, in a medium to long-term, we expect tightened monetary policies and fiscal policies will soon have actual impacts to damp inflationary pressure this year and stabilize the market. Additionally, share price plummeting to the low level could be seen as good opportunities to acquire stocks at cheap price. In fact, an active net buying of U$43.3 million from foreign investors in April can be considered positive signs of regaining investors confidence in the coming time.
 
At the moment, we think companies with more cash, low debts and good business strategies in lines with global markets demand will continue to show resilience through tough times. As such, we uphold our interests in stocks of telecommunication, dairy, rubber and petroleum sectors. We also watch with interest the banks performances, which were generally quite impressive in the first quarter of 2011, despite unfavorable macroeconomic conditions.
Source: VAM, 05.05.2011

Filed under: News, Vietnam, , , , , , , ,

Alternative Latin Investor, February 2011 – Issue 8

Aternative Latin Investor February 2011 – Issue 8

– MILA: A New Phase of  Stock Exchange Integration in Latin America
– Guide to Infrastructure in Latin America
– ALI Speaks with Walmart Latin America CEO/President
– Coffee’s Record-breaking prices
– NESsT – (Non Profit Enterprise and Self Sustainability) Sustainability not Charity
-Stock Market In-flows: Asia Vs Latin America
-Steering Clear of Potholes: Fraud in Brazil
-Wine Ventures
-Life Settlement Investment in Latin America

http://www.alternativelatininvestor.com/registration.html
Register for free to gain access to new feature article

Filed under: Argentina, Asia, Brazil, Chile, Colombia, Energy & Environment, Exchanges, Latin America, Mexico, News, Peru, Risk Management, Services, , , , , , , , , , , , , ,