BM&FBovespa and Cetip Join Forces, Combine Operations

Clients will now be able to use the same central counterparty for OTC and exchange-traded derivatives.


São Paulo-based BM&FBovespa and Cetip, the largest depository of fixed-income securities in Latin America, announced a merger that will combine their operations. The deal, which still needs to be presented at shareholders' meetings for both firms, is pending approval from the Central Bank of Brazil, the Securities and Exchange Commission of Brazil and Brazil's Council of Economic Defense.

Clients will be able to use over-the-counter (OTC) or exchange-traded derivatives with the same central counterparty. The new company will offer increased revenue diversification and give custodians, bookkeepers, asset managers and brokerages the chance to consolidate their back-office and treasury systems and processes, which will lower operating costs.

"Together, BM&FBovespa and Cetip have become a much larger company than the sum of their parts, with substantial benefits for the users of the services of both," said BM&FBovespa CEO Edemir Pinto, in a statement. "The integration of activities significantly reinforces the business model of the new company, making it more comprehensive for facing a dynamic and internationally more competitive market environment."

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