Apostila Aprenda Investir Bolsa Valores

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...................26}\par\pard\sect\sectd\sbknone\pgwsxn11893\pghsxn16840\marglsxn
666\margrsxn133\pard\li1000\ri0\sl-426\slmult0 \fs26\cf0\f0\charscalex100 {10.1.1.3
Engolfo}\fs16\cf0\f1\charscalex100
{..................................................................................
.................................................27}\par\pard\sect\sectd\sbknone\pg
wsxn11893\pghsxn16840\marglsxn666\margrsxn133\pard\li1000\ri0\sl-426\slmult0
\fs26\cf0\f0\charscalex100 {10.1.1.4 Nuvem Negra}\fs16\cf0\f1\charscalex100
{..................................................................................
.....................................28}\par\pard\sect\sectd\sbknone\pgwsxn11893\pg
hsxn16840\marglsxn666\margrsxn133\pard\li1000\ri0\sl-426\slmult0
\fs26\cf0\f0\charscalex100 {10.1.1.5 Piercing Line}\fs16\cf0\f1\charscalex100
{..................................................................................
.......................................29}\par\pard\sect\sectd\sbknone\pgwsxn11893\
pghsxn16840\marglsxn666\margrsxn133\pard\li1000\ri0\sl-426\slmult0
\fs24\cf0\f0\charscalex100 {10.1.1.6 Beb� Abandonado}{ }\fs16\cf0\f1\charscalex100
{..................................................................................
............................30}\par\pard\sect\sectd\sbknone\pgwsxn11893\pghsxn16840
\marglsxn666\margrsxn133\pard\li1000\ri0\sl-426\slmult0 \fs26\cf0\f0\charscalex100
{10.1.1.7 Shooting Star}\fs16\cf0\f1\charscalex100
{..................................................................................
.....................................31}\par\pard\sect\sectd\sbknone\pgwsxn11893\pg
hsxn16840\marglsxn666\margrsxn133\pard\li1000\ri0\sl-426\slmult0
\fs26\cf0\f0\charscalex100 {10.1.1.8 Martelo Invertido}\fs16\cf0\f1\charscalex100
{..................................................................................
..............................32}\par\pard\sect\sectd\sbknone\pgwsxn11893\pghsxn168
40\marglsxn666\margrsxn133\pard\li1000\ri0\sl-426\slmult0
\fs26\cf0\f0\charscalex100 {10.1.1.9 Harami}\fs16\cf0\f1\charscalex100
{..................................................................................
.................................................33}\par\pard\sect\sectd\sbknone\pg
wsxn11893\pghsxn16840\marglsxn666\margrsxn133\pard\li1000\ri0\sl-426\slmult0
\fs26\cf0\f0\charscalex100 {10.1.1.10 Suporte x Resist�ncia}
{..................................................................................
................35}\par\pard\sect\sectd\sbknone\pgwsxn11893\pghsxn16840\marglsxn666
\margrsxn133\pard\li1000\ri0\sl-426\slmult0 \fs24\cf0\f0\charscalex100 {10.2 A
Seq��ncia de Fibonacci:}{ }\fs16\cf0\f1\charscalex100
{..................................................................................
....................37}\par\pard\sect\sectd\sbknone\pgwsxn11893\pghsxn16840\marglsx
n666\margrsxn133\pard\li1000\ri0\sl-426\slmult0 \fs26\cf0\f0\charscalex100 {10.2.1
A Se��o Dourada}\fs16\cf0\f1\charscalex100
{..................................................................................
..................................37}\par\pard\sect\sectd\sbknone\pgwsxn11893\pghsx
n16840\marglsxn666\margrsxn133\pard\li1000\ri0\sl-426\slmult0
\fs24\cf0\f0\charscalex100 {10.2.2 O Ret�ngulo Dourado}\fs16\cf0\f1\charscalex100
{..................................................................................
..........................37}\par\pard\sect\sectd\sbknone\pgwsxn11893\pghsxn16840\m
arglsxn666\margrsxn133\pard\li1000\ri0\sl-426\slmult0 \fs26\cf0\f0\charscalex100
{10.2.3 A Espiral Dourada}{ }\fs16\cf0\f1\charscalex100
{..................................................................................
................................37}\par\pard\sect\sectd\sbknone\pgwsxn11893\pghsxn1
6840\marglsxn666\margrsxn133\pard\li1000\ri0\sl-426\slmult0
\fs26\cf0\f0\charscalex100 {10.3 Simetrias de Fibonacci}
{..................................................................................
...........................38}\par\pard\li1000\ri0\sl-253\slmult0
\fs18\cf0\f0\charscalex100 {11.SITES INDICADOS}{ }\fs16\cf0\f0\charscalex100\b
{..................................................................................
..................................42}\b0 \par\pard\li1000\ri0\sl-253\slmult0
\fs18\cf0\f0\charscalex100 {12.ANEXO}\fs16\cf0\f0\charscalex100\b
{..................................................................................
...........................................................43}\b0
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160\slmult0 \fs16\cf0\f1\charscalex100
{2 }\par\pard\sect\sectd\sbknone\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn133\pa
rd\sect\sectd\sbkpage
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\fs28\cf0\f0\charscalex100\b {1. INTRODU��O }\b0 \par\column\pard\li0\ri0\sl-
\fs18\cf0\par\pard\li0\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li0\ri0\sl-333\slmult0
\fs14\cf0\f1\charscalex100 {Aprenda a Investir na Bolsa de
Valores }\par\pard\sect\sectd\sbknone\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn1
33\pard\li1333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1333\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li1333\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {Quanto
mais desenvolvida � uma economia, mais ativo � o seu mercado de capitais, o que
se }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {traduz em mais
oportunidades para as pessoas, empresas e institui��es aplicarem
suas }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {poupan�as. Ao
abrir seu capital, uma empresa encontra uma fonte de capta��o de
recursos }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100
{financeiros permanentes. A plena abertura de capital acontece quando a empresa
lan�a suas }\par\pard\li1000\ri0\sl-213\slmult0 \fs20\cf0\f1\charscalex100 {a��es
ao p�blico, ou seja, emite a��es e as negocia nas bolsas de
valores. }\par\pard\li1333\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100\b \i {E
voc�, ao adquirir a��es, passa a ser tamb�m s�cio da empresa - um acionista.}\b0
\i0 \par\pard\li1333\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {Preparamos esse
material especialmente para que voc� possa conhecer melhor o mercado
de }\par\pard\li1000\ri0\sl-213\slmult0 \fs20\cf0\f1\charscalex100 {a��es, seus
conceitos, como e por que participar dele, a import�ncia do mercado para o Pa�s,
para }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {o
desenvolvimento das empresas e outras informa��es
importantes. }\par\pard\li3933\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li3933\ri0\sl-
\fs28\cf0\f0\charscalex100\b {2. BOLSA DE VALORES}\b0 \par\pard\li1000\ri0\sl-
\fs24\cf0\f0\charscalex100\b \i {2.1 Breve Hist�rico da BOVESPA }\b0 \i0
\fs20\cf0\f1\charscalex100 {Fundada em 23 de agosto de 1890, a Bolsa de Valores de
S�o Paulo - BOVESPA tem uma }\par\pard\li1000\ri0\sl-213\slmult0
\fs20\cf0\f1\charscalex100 {longa hist�ria de servi�os prestados ao mercado de
capitais e � economia brasileira. At� meados }\par\pard\li1000\ri0\sl-
226\slmult0 \fs20\cf0\f1\charscalex100 {da d�cada de 60, a BOVESPA e as demais
bolsas brasileiras eram entidades oficiais corporativas, }\par\pard\li1000\ri0\sl-
226\slmult0 \fs18\cf0\f1\charscalex100 {vinculadas �s secretarias de finan�as dos
governos estaduais e compostas por corretores }\par\pard\li1000\ri0\sl-
226\slmult0 \fs20\cf0\f1\charscalex100 {nomeados pelo poder
p�blico. }\par\pard\li1333\ri0\sl-213\slmult0 \fs20\cf0\f1\charscalex100 {Com as
reformas do sistema financeiro nacional e do mercado de capitais implementadas
em }\par\pard\li1000\ri0\sl-226\slmult0 \fs18\cf0\f1\charscalex100 {1965/66, as
bolsas assumiram a caracter�stica institucional que mant�m at� hoje, transformando-
se }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {em associa��es
civis sem fins lucrativos, com autonomia administrativa, financeira e patrimonial.
A }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {antiga figura
individual do corretor de fundos p�blicos foi substitu�da pela da sociedade
corretora, }\par\pard\li1000\ri0\sl-213\slmult0 \fs20\cf0\f1\charscalex100 {empresa
constitu�da sob a forma de sociedade por a��es nominativas ou por cotas
de }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100
{responsabilidade limitada. A Bolsa de Valores de S�o Paulo � uma entidade auto-
reguladora que }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100
{opera sob a supervis�o da Comiss�o de Valores Mobili�rios
(CVM). }\par\pard\li1333\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {Desde a
d�cada de 60, tem sido constante o desenvolvimento da BOVESPA, seja no
campo }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {tecnol�gico,
seja no plano da qualidade dos servi�os prestados aos investidores,
aos }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {intermedi�rios
do mercado e �s companhias abertas. }\par\pard\li1333\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {Em 1972, a BOVESPA foi a primeira bolsa brasileira a
implantar o preg�o automatizado com a }\par\pard\li1000\ri0\sl-213\slmult0
\fs20\cf0\f1\charscalex100 {dissemina��o de informa��es on-line e em real time,
atrav�s de uma ampla rede de terminais de }\par\pard\li1000\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {computador. No final da d�cada de 70, a BOVESPA foi
tamb�m pioneira na introdu��o de }\par\pard\li1000\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {opera��es com op��es sobre a��es no Brasil; nos anos 80
implantou o Sistema Privado de }\par\pard\li1000\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {Opera��es por Telefone(SPOT). Na mesma �poca, a BOVESPA
desenvolveu um sistema de }\par\pard\li1000\ri0\sl-213\slmult0
\fs20\cf0\f1\charscalex100 {cust�dia fung�vel de t�tulos e implantou uma rede de
servi�os on-line para as corretoras. Em 1990, }\par\pard\li1000\ri0\sl-
226\slmult0 \fs20\cf0\f1\charscalex100 {foram iniciadas as negocia��es atrav�s do
Sistema de Negocia��o Eletr�nica - CATS (Computer}\par\pard\li1000\ri0\sl-
226\slmult0 \fs20\cf0\f1\charscalex100 {Assisted Trading Sistem) que operava
simultaneamente com o sistema tradicional de Preg�o Viva }\par\pard\li1000\ri0\sl-
226\slmult0 \fs20\cf0\f1\charscalex100 {Voz. Em 1997, foi implantado com sucesso o
novo sistema de negocia��o eletr�nica da }\par\pard\li1000\ri0\sl-213\slmult0
\fs20\cf0\f1\charscalex100 {BOVESPA, o Mega Bolsa. Al�m de utilizar um sistema
tecnol�gico altamente avan�ado, o Mega}\par\pard\li9520\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li9520\ri0\sl-240\slmult0 \fs16\cf0\f1\charscalex100
{3 }\par\pard\sect\sectd\sbknone\pgwsxn11893\pghsxn16840\marglsxn666\margrsxn133\pa
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213\slmult0 \fs18\cf0\par\pard\li1000\ri0\sl-266\slmult0 \fs20\cf0\f1\charscalex100
{Bolsa amplia o volume potencial de processamento de informa��es e permite que a
BOVESPA }\par\pard\li1000\ri0\sl-213\slmult0 \fs20\cf0\f1\charscalex100 {consolide
sua posi��o como o mais importante centro de neg�cios do mercado latino-
americano. }\par\pard\li1333\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {A
amplia��o do uso da inform�tica foi a marca das atividades da BOVESPA em 1999, com
o}\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {lan�amento do
Home Broker e do After-Market, ambos meios para facilitar e tornar vi�vel
a}\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {desejada
participa��o do pequeno e m�dio investidor no mercado. }\par\pard\li1333\ri0\sl-
213\slmult0 \*\tx1586\fs20\cf0\f1\charscalex100 {O}\tab
\fs20\cf0\f0\charscalex100\b {Home Broker}\b0 \fs20\cf0\f1\charscalex100 { permite
que o investidor, por meio do site das Corretoras na
Internet, }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100
{transmita sua ordem de compra ou de venda diretamente ao Sistema de Negocia��o
da }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {BOVESPA. Neste
sentido, o sistema da BOVESPA � �nico no mundo. Nos Estados Unidos,
as }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {ordens s�o
executadas, em sua maioria, fora do �mbito das bolsas de valores e, portanto,
nem }\par\pard\li1000\ri0\sl-213\slmult0 \fs20\cf0\f1\charscalex100 {sempre ao
melhor pre�o. }\par\pard\li1333\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {O}
{ }\fs20\cf0\f0\charscalex100\b {After-Market}\b0 \fs20\cf0\f1\charscalex100 { �
outra inova��o da BOVESPA, pioneira em termos mundiais, que oferece
a }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {sess�o noturna
de negocia��o eletr�nica. Al�m de atender aos profissionais do mercado,
este }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {mecanismo
tamb�m � interessante para os pequenos e m�dios investidores, pois permite
que}\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {enviem ordens
por meio da Internet tamb�m no per�odo noturno. }\par\pard\li1333\ri0\sl-
226\slmult0 \fs20\cf0\f1\charscalex100 {Atualmente, a BOVESPA � o maior centro de
negocia��o com a��es da Am�rica Latina,}\par\pard\li1000\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {destaque que culminou com um acordo hist�rico para a
integra��o de todas as bolsas brasileiras }\par\pard\li1000\ri0\sl-213\slmult0
\fs20\cf0\f1\charscalex100 {em torno de um �nico mercado de valores - o da
BOVESPA.}\par\pard\li1000\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1000\ri0\sl-
\fs24\cf0\f0\charscalex100\b \i {2.2 BOVESPA }\b0 \i0 \par\pard\li1333\ri0\sl-
\fs18\cf0\par\pard\li1333\ri0\sl-213\slmult0 \fs20\cf0\f1\charscalex100 {A raz�o
principal da exist�ncia da Bolsa de Valores de S�o Paulo - BOVESPA, assim como
de }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {todas as demais
bolsas de valores organizadas, pode ser expressa em sua ess�ncia por
um }\par\pard\li1000\ri0\sl-213\slmult0 \fs20\cf0\f1\charscalex100 {simples termo:
Liquidez.}\par\pard\li1333\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100
{Financeiramente um t�tulo mobili�rio tem liquidez quando pode ser comprado ou
vendido, em }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100
{quest�o de minutos, a um pre�o justo de mercado, determinado pelo exerc�cio
natural das leis de}\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100
{oferta e demanda. Para tanto, a BOVESPA oferece os mais variados mecanismos de
negocia��o }\par\pard\li1000\ri0\sl-213\slmult0 \fs20\cf0\f1\charscalex100 {de
t�tulos e valores mobili�rios de empresas criteriosamente selecionadas, um
sofisticado sistema }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100
{de teleprocessamento para difus�o de informa��es, exercendo, em defesa do
interesse p�blico, }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100
{um rigoroso acompanhamento de todos os aspectos envolvidos nas transa��es, o que
assegura }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {elevados
padr�es �ticos ao cumprimento de neg�cios realizados. A liquida��o das opera��es
� }\par\pard\li1000\ri0\sl-213\slmult0 \fs20\cf0\f1\charscalex100 {realizada pela
CBLC. As opera��es nesses mercados podem ser feitas no preg�o Viva Voz
ou}\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {pelo preg�o
eletr�nico. }\par\pard\li1000\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1000\ri0\sl-
\fs24\cf0\f0\charscalex100\b \i {2.3 Preg�o viva-voz e o Preg�o Eletr�nico }\b0 \i0
\fs18\cf0\par\pard\li1333\ri0\sl-200\slmult0 \fs20\cf0\f1\charscalex100 {O preg�o
viva voz � a forma tradicional de negocia��o, onde os operadores de
preg�o }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {recebem as
ordens das mesas de opera��o das corretoras e as ofertam em uma sala
de}\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {negocia��es
dentro da Bolsa de Valores, denominada preg�o. Fechado o neg�cio, �
preenchida }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {uma
boleta informando as especifica��es deste neg�cio. Apenas as a��es com maior
liquidez s�o }\par\pard\li1000\ri0\sl-213\slmult0 \fs20\cf0\f1\charscalex100
{negociadas no preg�o viva voz }\par\pard\li1333\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {O preg�o eletr�nico � o sistema onde as ordens s�o
colocadas eletronicamente pelos }\par\pard\li1000\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {operadores de mesa nas corretoras atrav�s de terminais
conectados com a bolsa, ou ainda pelo }\par\pard\li1000\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {sistema HomeBroker das corretoras, que canalizam as
ordens provenientes da Internet. Todas }\par\pard\li1000\ri0\sl-213\slmult0
\fs20\cf0\f1\charscalex100 {estas ordens s�o encaminhadas a um servidor central que
se encarrega de fechar os neg�cios e}\par\pard\li1000\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {inform�-los �s corretoras. Todas as a��es s�o
negociadas atrav�s do preg�o eletr�nico. }\par\pard\li1333\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {O preg�o Viva Voz � o recinto de negocia��es onde os
operadores (funcion�rios das }\par\pard\li1000\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {Corretoras) se re�nem e, de acordo com as ordens
recebidas dos investidores, realizam neg�cios }\par\pard\li1000\ri0\sl-
213\slmult0 \fs20\cf0\f1\charscalex100 {de compra ou venda de a��es.
Simultaneamente ao preg�o Viva Voz, ocorre negocia��o de
a��es }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {no Sistema
Eletr�nico (Mega Bolsa), via terminais. }\par\pard\li1333\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {No Sistema Eletr�nico s�o negociadas todas as a��es
listadas na BOVESPA, enquanto no }\par\pard\li1000\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {preg�o Viva Voz s�o negociadas apenas as 15 a��es com
maior liquidez no mercado. }\par\pard\li9520\ri0\sl-213\slmult0
\fs18\cf0\par\pard\li9520\ri0\sl-280\slmult0 \fs16\cf0\f1\charscalex100
{4 }\par\pard\sect\sectd\sbkpage
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213\slmult0 \fs18\cf0\par\pard\li1333\ri0\sl-266\slmult0 \fs20\cf0\f1\charscalex100
{Obs.: A realiza��o de neg�cios requer sempre a intermedia��o de uma Corretora, que
est� }\par\pard\li1000\ri0\sl-213\slmult0 \fs20\cf0\f1\charscalex100 {credenciada a
executar, em preg�o, a ordem de compra ou venda de seu cliente, por meio de
um }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {de seus
operadores. }\par\pard\li1000\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1000\ri0\sl-
226\slmult0 \fs22\cf0\f0\charscalex100\b {2.3.1 Hor�rios de Negocia��o }\b0
\fs20\cf0\f0\charscalex100\b {Preg�o Regular: }\b0 \fs20\cf0\f1\charscalex100 {das
10:00h �s 17:00h }\par\pard\li1333\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100\b
{After-Market: }\b0 \fs20\cf0\f1\charscalex100 {das 17:45h �s
19:00h }\par\pard\li1333\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1333\ri0\sl-
\fs20\cf0\f1\charscalex100\ul {Hor�rio de Ver�o:}\ul0 \fs20\cf0\f1\charscalex100\ul
{ }\ul0 \par\pard\li1333\ri0\sl-226\slmult0 \fs20\cf0\f0\charscalex100\b {Preg�o
Regular: }\b0 \fs20\cf0\f1\charscalex100 {das 11:00h �s
18:00h }\par\pard\li1333\ri0\sl-213\slmult0 \fs20\cf0\f0\charscalex100\b {After-
Market: }\b0 \fs20\cf0\f1\charscalex100 {das 18:45h �s
19:30h }\par\pard\li1000\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1000\ri0\sl-
226\slmult0 \fs22\cf0\f0\charscalex100\b {2.3.2 After-Market }\b0
\fs20\cf0\f1\charscalex100 {O After Market permite a negocia��o de a��es no per�odo
noturno, ap�s o hor�rio regular, de }\par\pard\li1000\ri0\sl-213\slmult0
\fs20\cf0\f1\charscalex100 {forma eletr�nica. As opera��es s�o dirigidas por ordens
e fechadas automaticamente por meio do }\par\pard\li1000\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {sistema eletr�nico de negocia��o da BOVESPA (Mega
Bolsa). A totalidade de ordens enviadas }\par\pard\li1000\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {tem um limite de R$ 100.000,00 por investidor para o
per�odo After-Market e os pre�os das ordens }\par\pard\li1000\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {enviadas nesse per�odo n�o poder�o exceder � varia��o
m�xima positiva ou negativa de 2% em }\par\pard\li1000\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {rela��o ao pre�o de fechamento do preg�o
diurno}\par\pard\li1000\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li1000\ri0\sl-
253\slmult0 \fs24\cf0\f0\charscalex100\b \i {2.4 Fontes de financiamento das
empresas \uc1\u8211X Por que uma empresa abre o }\b0 \i0 \par\pard\li1000\ri0\sl-
266\slmult0 \fs24\cf0\f0\charscalex100\b \i {capital }\b0 \i0
\fs18\cf0\par\pard\li1333\ri0\sl-213\slmult0 \fs20\cf0\f1\charscalex100 {A abertura
de capital n�o se restringe apenas �s grandes companhias. O ingresso
de }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {empresas de
menor porte no mercado n�o s� � poss�vel, como desej�vel. As exig�ncias legais
e}\par\pard\li1000\ri0\sl-213\slmult0 \fs20\cf0\f1\charscalex100 {as demandas do
mercado para com uma companhia aberta n�o implicam perda da
necess�ria }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100
{confidencialidade empresarial. Mesmo a obrigat�ria divulga��o imediata de fatos
relevantes pode }\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100
{ser tempor�ria e excepcionalmente adiada por decis�o do presidente da CVM, tendo
em vista a}\par\pard\li1000\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {prote��o
dos interesses da companhia e de seus acionistas. }\par\pard\li1333\ri0\sl-
226\slmult0 \fs20\cf0\f1\charscalex100 {Motivos para uma empresa abrir
capital: }\par\pard\li1720\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {a)
Capta��o de Recursos Financeiros para Investimento ou Reestrutura��o de
Passivos }\par\pard\li1720\ri0\sl-213\slmult0 \fs20\cf0\f1\charscalex100 {b) Imagem
}\fs20\cf0\f1\charscalex100 {Institucional }\par\pard\li1720\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {c) Profissionaliza��o}\par\pard\li1720\ri0\sl-
226\slmult0 \fs20\cf0\f1\charscalex100 {d) Novos Relacionamentos Com os
Funcion�rios }\par\pard\li1720\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {e)
Manuten��o da Condi��o de Companhia Aberta }\par\pard\li1720\ri0\sl-213\slmult0
\fs20\cf0\f1\charscalex100 {a) Para que a empresa mantenha sua condi��o de
companhia aberta, � necess�rio, de}\par\pard\li1720\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {in�cio, que sejam cumpridas as exig�ncias legais e
institucionais decorrentes abertura. As }\par\pard\li1720\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {principais est�o resumidas a
seguir: }\par\pard\li1333\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100
{ Principais Documentos ou Procedimentos devidos � CVM, Acionistas e
Bolsas }\par\pard\li1720\ri0\sl-213\slmult0 \fs20\cf0\f1\charscalex100 {a)
Relat�rio da Administra��o, Demonstra��es Financeiras }\par\pard\li2053\ri0\sl-
226\slmult0 \fs20\cf0\f1\charscalex100 {Anuais e respectivos pareceres de Auditoria
Independente. }\par\pard\li1720\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {b)
DFP - Demonstra��es Financeiras Padronizadas. }\par\pard\li1720\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {c) ITR - Informa��es
Trimestrais. }\par\pard\li1720\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {d)
IAN - Informa��es Anuais }\par\pard\li1720\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {e) AGO/E(s) divulgadas com
Edital. }\par\pard\li1720\ri0\sl-226\slmult0 \fs20\cf0\f1\charscalex100 {f)
Divulga��o de Fato Relevante. }\par\pard\li1720\ri0\sl-213\slmult0
\fs20\cf0\f1\charscalex100 {g) Proibi��o de Uso de Informa��o Privilegiada por
parte dos administradores. }\par\pard\li1720\ri0\sl-226\slmult0
\fs20\cf0\f1\charscalex100 {h) Pagamento de Taxa de Fiscaliza��o �
CVM. }\par\pard\li1720\ri0\sl-226\slmult0 \*\tx2066\fs20\cf0\f1\charscalex100
{i) }\tab \fs20\cf0\f1\charscalex100 {Pagamento de Anuidade �
bolsa. }\par\pard\li9520\ri0\sl-213\slmult0 \fs18\cf0\par\pard\li9520\ri0\sl-
\fs18\cf0\par\pard\li9520\ri0\sl-240\slmult0 \fs16\cf0\f1\charscalex100 {5 }\par}

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