2009 Annual Report

2009
Relatrio Anual Annual Report
Sumrio Sumrio
BM&FBOVESPA RELATRIO ANUALANUAL 2009 ANNUAL REPORT BM&FBOVESPA RELATRIO 2009 ANNUAL REPORT
Table of Contents
PG 3 PG 27
BM&FBOVESPA in Numbers Message from the Chief Executive Officer
A Bolsa em Nmeros Pg 4
Mensagem do Diretor Presidente Pg 6 Perfil da Bm&FbovesPa Pg 8

BM&FBOVESPA Profile Strategy
Estratgia Pg 12 Governana Corporativa Pg 24

Corporate Governance Business Model
Modelo de Negcios Pg 30 Performance do Mercado Pg 36

Market Performance
Resumo Operacional e Financeiro Pg 50

Operational and Financial Summary Market Development
Desenvolvimento Pg 58 Divulgao dos Mercados Pg 62 Ativos Intangveis Pg 70

Intangible Assets
BM&FBOVESPA Market Popularization & Promotion
Investimento Social e Ambiental Pg 74

Social and Environmental Investment Financial Statements
Demonstraes Financeiras Pg 84 Sobre o Relatrio Pg 92
About BM&FBOVESPA Report
Neste Relatrio Anual, a BM&FBOVESPA adotou a metodologia da Global Reporting Initiative (GRI), que o qualificou com nvel C. Global Reporting Initiative (GRI) has qualified BM&FBOVESPA 2009 Annual Report as Application Level C.
A Bolsa em Nmeros
BM&FBOVESPA RELATRIO ANUAL 2009 ANNUAL REPORT
Destaques de 2009 2009 Highlights

Segmento Bovespa registra recorde de negcios no ano: 81,75 milhes. Segundo maior volume de captaes da histria: R$ 46 bilhes, sendo R$ 23,8 bilhes por meio de operaes de IPO (seis ofertas) e R$ 22,2 bilhes em ofertas subsequentes (18 ofertas). Volume mdio mensal no Home Broker bate recorde, com R$ 39,04 bilhes. No segmento BM&F, minicontratos negociados chegam a 12,95 milhes. 120 mil pessoas visitaram o Espao BM&FBOVESPA, no centro de So Paulo. The Bovespa segment registers record transactions in the year: 81.75 million. The second largest volume in terms of capital raising activity ever: R$46 billion 6 IPOs (R$23.8 billion) and 18 follow-ons (R$22.2 billion). The average monthly volume for Home Broker sets a record with R$ 39.04 billion. In the BM&F segment, mini contracts traded reached 12.95 million. 120,000 people visited the BM&FBOVESPA Visitors Center, in downtown So Paulo.
segmento bovespa evoluo do n de negcios (milhares)

BOVESPA Segment Number of Trades (thousands)
CAGR: 52%
: 35,6%
Receita opeRacional bRuta de R$ 1.672,9 bilho GROSS OPERATING REVENuES R$ 1,672.9 BILLION lucRo lquido de R$ 881,1 milhes NET INCOME R$ 881.1 MILLION ebitda de R$ 975,1 milhes EBITDA R$ 975.1 MILLION patRimnio lquido de R$ 19,709 bilhes SHAREHOLDERS EquITy R$ 19.709 BILLION
332 245 153 62 87
2005
2006
2007
2008
2009
Este relatrio adota a vrgula como separador decimal nos grficos e tabelas, conforme padro vigente no Brasil. This report adopts the comma instead of the decimal point in the charts and tables, as per the applicable standard adopted in Brazil.
BM&FBOVESPA in Numbers
PG 5
Espao BM&FBOVESPA: 120 mil visitantes em 2009 BM&FBOVESPA Visitors Center: 120,000 visitors in 2009
Mensagem do Diretor Presidente

Construmos a base do crescimento futuro

O ano de 2009 foi o primeiro grande teste de superao desta jovem companhia. Ainda em meio ao processo de integrao das operaes da Bolsa de Mercadorias & Futuros (BM&F) e da Bolsa de Valores de So Paulo (Bovespa), iniciado em 2008, o mercado financeiro mundial enfrentou uma crise de confiana e de liquidez sem precedentes na histria recente. Diante desse cenrio de incertezas, o mercado brasileiro de capitais demonstrou sua maturidade, uma vez que os eficientes mecanismos de controle e de gerenciamento de riscos da BM&FBOVESPA asseguraram tranquilidade a investidores de todos os portes. O ano terminou com volumes recordes de negociao no segmento de aes, reafirmando a posio da companhia como bolsa dominante na Amrica Latina e, portanto, uma das mais importantes do mundo. Mais do que isso, a BM&FBOVESPA aproveitou o momento de crise para construir as bases de seu crescimento e capturar as oportunidades futuras. J no incio de 2010, firmou o protocolo de inteno de uma parceria estratgica com o CME Group que elevar a companhia a um novo patamar no mercado global. O acordo prev investimentos conjuntos em instituies internacionais e desenvolvimento de um sistema de negociao de derivativos, aes, renda fixa e demais ativos negociados em bolsa e balco, o que ampliar significativamente o alcance da BM&FBOVESPA. Da mesma forma, foi estabelecida uma parceria tecnolgica com a bolsa nova--iorquina Nasdaq e ocorreram avanos para aprofundar o relacionamento com as principais bolsas dos pases latinoamericanos. O objetivo simplificar o acesso direto de investidores brasileiros a esses mercados, e vice-versa. A BM&FBOVESPA busca, assim, cumprir sua vocao de se tornar uma companhia de dimenses globais. O desempenho positivo em 2009 ano em que as demais bolsas atuaram sob presso constante serviu para consolidar a viso de que a Bolsa est preparada para disseminar sua expertise e prospectar, cada vez mais, participantes estrangeiros interessados no amplo potencial do mercado brasileiro, na segurana e na credibilidade de sua infraestrutura. Vale destacar que a economia nacional, que d incio a um novo vigoroso ciclo, tem na BM&FBOVESPA um componente fundamental para sua expanso. Em consonncia com essa perspectiva, a BM&FBOVESPA mantm seu propsito de popularizar o mercado de capitais como alternativa de investimentos de longo prazo e assume a meta ousada de captar 5 milhes de novos investidores nos prximos cinco anos. Para chegar l, intensificar as iniciativas de educao e de relacionamento, bem como reforar as estruturas tecnolgicas que permitem o acesso simples e seguro desse novo contingente, que naturalmente se refletir no expressivo crescimento do volume de operaes. Somente o investimento no capital humano permitir que os planos de evoluo se concretizem. Est prevista para 2010 a ampliao do quadro de funcionrios em cerca de 300 novos profissionais, que agregaro conhecimentos e capacidades a mais de 1.200 colaboradores. Da mesma forma, a Bolsa tambm est empenhada em aprimorar constantemente seu modelo de gesto. Como consequncia natural de seu comprometimento com o desenvolvimento econmico e social, a BM&FBOVESPA aprofundou o entendimento sobre sua contribuio para a sociedade e iniciou formalmente, em 2009, a insero da abordagem de sustentabilidade na gesto dos negcios. A confiana no futuro da companhia mobiliza todos aqueles que, de alguma maneira, participam dessa construo permanente. Cabe-nos agradecer pelo empenho de acionistas, conselheiros, diversos agentes do mercado de capitais e todo o quadro de colaboradores. Estamos convictos de que 2010 ser um marco no desenvolvimento da BM&FBOVESPA, bem como de toda a economia brasileira. Servir de impulsionador para a evoluo , enfim, nosso maior legado para a sociedade. edemir pinto Diretor Presidente da BM&FBOVESPA
Message From the Chief Executive Officer

PG 7 PG 27
We set the foundations for future growth

2009 represented the first major challenge faced by this young company. Amidst the integration process between the Brazilian Mercantile & Futures Exchange (BM&F) and the So Paulo Stock Exchange (BOVESPA), initiated in 2008, the global financial market endured an unprecedented crisis of trust and liquidity. In this scenario of uncertainties, the Brazilian capital market demonstrated maturity, since the efficient mechanisms for control and risk management by BM&FBOVESPA provided tranquility to investors of all sizes. The year closed with record volume trades in equities, establishing the companys dominant position in Latin America, and consequently, one of the most important in the world. More than that, BM&FBOVESPA took the opportunity during the crisis to build a solid base for its growth and pursue strategic investments. In the beginning of 2010, the company entered into a Memorandum of understanding with CME Group for the creation of a global preferred strategic partnership with an aim to pursue strategic investments with other international exchanges, and to jointly develop a multi-asset class trading platform for the trading of equities, derivatives, fixed income securities and other exchange-traded or OTC-traded assets. Similarly, a technological partnership was established with NASDAq and advancements were made to deepen the relationship with the major exchanges in Latin America. The purpose is to streamline the direct access of Brazilian investors to these markets and vice-versa. Therefore, BM&FBOVESPA takes a decisive step towards its consolidation as a global player, placing Brazil in the position of a global financial trading hub. The positive performance in 2009 a year in which most Exchanges operated under constant pressure served to consolidate the vision that BM&FBOVESPA is prepared to disseminate its expertise and increasingly prospect foreign investors who are interested in the vast potential of the Brazilian market, its security and the credibility of its infrastructure. It should be noted that the national economy, which begins a new vigorous cycle, has in BM&FBOVESPA an instrumental tool for its expansion. Consonant with this perspective, BM&FBOVESPA maintains its intent to popularize the capital market as a long-term investment alternative and takes on the bold goal of attracting five million new investors in the next five years. In order to do so, the company will intensify its education and relationship initiatives, and strengthen the technological structures that allow simple and secure access of this new public, which will naturally reflect on the significant growth in the volume of transactions. Investment in human capital alone will allow the expansion plans to be realized. For 2010, the expansion in the workforce of approximately 300 new employees, who will add knowledge and capability to the current 1,200 employees, is foreseen. Likewise, BM&FBOVESPA is also committed to constantly enhance its management model. As a natural consequence of this commitment to economic and social development, BM&FBOVESPA further expanded its understanding about its contribution to society and formerly initiated, in 2009, the adoption of sustainability in its approach to business management. Trust in the future of the company mobilizes all those who, in one way or another, are involved and take part in this permanent development. We wish to express our gratitude to shareholders, board members, various agents of the capital market and our entire staff. We are certain that 2010 will be a milestone in the development of BM&FBOVESPA, as well as for the Brazilian economy as a whole. Serving as a driver of this evolution is, therefore, our greatest legacy to society. Edemir Pinto BM&FBOVESPA Chief Executive Officer
Perfil da BM&FBOVESPA
A maior bolsa da Amrica Latina

Prov sistemas para negociao de aes, derivativos, ttulos, moedas vista e commodities agropecurias
A BM&FBOVESPA uma companhia de capital brasileiro formada, em 2008, a partir da integrao das operaes da Bolsa de Valores de So Paulo e da Bolsa de Mercadorias & Futuros. Desde 20 de agosto de 2008, possui aes listadas, sob o cdigo BVMF3, negociadas no Novo Mercado. Seus papis tambm integram o Ibovespa, ndice que rene as aes mais lquidas do Brasil. Como principal instituio brasileira de intermediao para operaes do mercado de capitais, a companhia desenvolve, implanta e prov sistemas para a negociao de aes, derivativos de aes, ttulos de renda fixa, ttulos pblicos federais, derivativos financeiros, moedas vista e commodities agropecurias. Por meio de suas plataformas de negociao, realiza o registro, a compensao e a liquidao de ativos e valores mobilirios transacionados e a listagem de aes e de outros ativos, bem como divulga informao de suporte ao mercado. A companhia tambm atua como depositria central dos ativos negociados em seus ambientes, alm de licenciar softwares e ndices. A bolsa brasileira desempenha tambm atividades de gerenciamento de riscos das operaes realizadas por meio de seus sistemas. Para tanto, possui uma robusta estrutura de clearings de aes, derivativos, cmbio e ativos, que atua de forma integrada, com o Banco BM&F, de maneira a assegurar o funcionamento eficiente de seus mercados e a consolidao adequada das operaes. nica bolsa de valores, mercadorias e futuros em operao no Brasil, a BM&FBOVESPA ainda exerce o papel de fomentar o mercado de capitais brasileiro. Para tanto, desenvolve inmeros programas de educao e popularizao de seus produtos e servios. Tambm gerencia investimentos sociais, com foco no desenvolvimento de comunidades que se relacionam com seu universo.
BM&FBOVESPA Profile
PG 9
The leading Exchange in Latin America

Offers systems for trading equities, derivatives, securities, Spot FX, and agricultural commodities
BM&FBOVESPA is a Brazilian company, created in 2008, through the integration between the So Paulo Stock Exchange (Bolsa de Valores de So Paulo) and the Brazilian Mercantile & Futures Exchange (Bolsa de Mercadorias e Futuros). Since August 20, 2008, it has been listed under the BVMF3 ticker in the Novo Mercado. Its equities also integrate the Ibovespa index, which holds the equities with most liquidity in Brazil. As the most important Brazilian institution to intermediate equity market transactions, the company develops, implements and provides systems for the trading of equities, derivatives, fixed income securities, federal government securities, financial derivatives, spot foreign exchange and agricultural commodities. It has a settlement bank and four clearinghouses for the registration, clearing and settlement of transactions carried out on its trading systems. It also acts as a central securities depository, and licenses software and stock indices. As the only securities, commodities and futures exchange in Brazil, BM&FBOVESPA further acts as a driver for the Brazilian capital markets. As such, it holds numerous educational and training programs about its products and services. The company further manages social investments with focus on developing the communities with which it interacts.
Perfil da BM&FBOVESPA
BM&FBOVESPA Profile
Tendo em vista sua rea de atuao, a BM&FBOVESPA est sujeita regulao e superviso da Comisso de Valores Mobilirios e do Banco Central do Brasil.
In its field of operation, BM&FBOVESPA is subject to regulation and supervision by the Brazilian Securities and Exchange Commission (CVM) and by the Brazilian Central Bank.
BOLSA BRASILEIRA DE MERCADORIAS

Empresa dedicada a viabilizar a comercializao de bens, servios e ttulos, alm de atuar para o setor pblico e a iniciativa privada por meio do sistema de licitao eletrnica na aquisio de bens e servios, permitindo a formao de grande mercado nacional para commodities agropecurias, com mecanismos modernos de formao de preos.
BRAzILIAN COMMODITIES EXCHANGE

It enables the trading of goods, services and securities, for the public and private sector - through an electronic bidding system - for the acquisition of goods and services, allowing the creation of a large national market for agricultural commodities, with modern pricing mechanisms.
BANCO BM&F
Com foco nas operaes realizadas e/ou registradas nos ambientes de negociao da BM&FBOVESPA, a instituio tem como finalidade facilitar a compensao e a liquidao financeira entre os participantes do mercado e prestar servios de custdia de ativos transacionados nos sistemas da Bolsa, funcionando como importante mecanismo de mitigao de risco e de suporte operacional.
BM&F SETTLEMENT BANK

With focus on transactions carried out and/or registered in the trading environments of BM&FBOVESPA, the purpose of the institution is to facilitate clearing and financial settlement between the participants and provide custody of assets traded in the system, acting as an important mechanism for risk mitigation and operational support.
BSM
BM&FBOVESPA Market Supervision (BSM) is responsible for monitoring transactions and activities performed by market participants and clearing and/or custody agents, as well as for managing the Investor Compensation Mechanism (MRP). The entity monitors compliance with its norms of conduct, as well as the applicable regulations, in order to identify violations, inadequate trading conditions or behavior which may put at risk the proper functioning, transparency and credibility of the market.
bsm
A BM&FBOVESPA Superviso de Mercados (BSM) responde pela fiscalizao das operaes e das atividades dos participantes do mercado e dos agentes de compensao e/ou custdia perante a Bolsa, bem como pela administrao do Mecanismo de Ressarcimento de Prejuzos (MRP). A entidade fiscaliza a observncia de suas normas de conduta e da regulamentao vigente, de maneira a identificar violaes, condies anormais de negociao e comportamentos suscetveis de pr em risco a regularidade de funcionamento, a transparncia e a credibilidade do mercado.
PG 11
ATUAO
A BM&FBOVESPA desenvolveu uma cultura de oferta de servios aos seus participantes. Essa postura contribuiu significativamente para o aperfeioamento da estrutura do mercado de capitais brasileiro, a partir da construo de um ambiente de negcios que extrapola os limites da simples negociao de ativos financeiros e mercadorias. Hoje, a Bolsa est estruturada para atender seus participantes em todo o processo que envolve a negociao em seus mercados. Sua estrutura de atendimento referncia internacional, estando preparada para atender demanda de investidores interessados em negociar aes, ativos financeiros e mercadorias no mercado brasileiro.
ACTIVITIES
BM&FBOVESPA has developed a culture of offering services to its participants. This posture greatly contributed to the enhancement of the Brazilian capital markets structure, by developing a business environment that goes beyond the simple trading of securities and commodities. Today, BM&FBOVESPA is structured to provide support to its participants in every process that involves the trading in its markets. Its service structure is internationally recognized, and is prepared to address the demand of investors interested in trading equities, securities and commodities in the Brazilian market.
CLEARINGS
Uma das condies necessrias ao perfeito funcionamento dos mercados financeiro e de capitais a certeza de seus participantes de que seus ganhos sero recebidos e suas operaes de compra e venda sero liquidadas nas condies e nos prazos estabelecidos. Isso proporcionado pelas cmaras de registro, compensao e liquidao, ou clearings. O sistema de clearings da BM&FBOVESPA est instalado de maneira a conferir credibilidade e estabilidade aos diversos mercados em que atua. tambm uma importante ferramenta para manter os mercados sob controle em momentos de crise, como os verificados em 2008 e 2009. A clearing de renda varivel e fixa desempenha atividades de compensao, liquidao, gerenciamento de risco e depositria central, alm de operacionalizar servios de emprstimos de ttulos e valores mobilirios. Como diferencial de segurana em relao a diversos mercados internacionais, tambm atua como contraparte central para os mercados de aes e ttulos de renda fixa privada, realizando todos os pagamentos e recebimentos, bem como a guarda dos ativos. J as clearings de derivativos, cmbio e ativos prestam servios de compensao, liquidao e gerenciamento de risco de operaes dos mercados derivativos, interbancrio de dlar e de ttulos pblicos federais, garantindo eficincia, agilidade e segurana para os participantes desses segmentos.
CLEARINGHOuSES
One of the instrumental conditions for the perfect functioning of the financial and capital markets is that its participants can be certain that they will receive their gains and that the transactions are registered and settled within the predetermined conditions and schedules. This is assured by the clearinghouses. The BM&FBOVESPA clearing system is installed so as to provide credibility and stability to the various markets in which it performs. It is also an important tool to maintain markets under control in moments of crisis, such as those observed in 2008 and 2009. The Equities Clearinghouse renders clearing, settlement, risk management, central depository and securities lending services. As a differential from the various international markets, it also acts as a central counterparty for the transactions carried out on the equities and corporate fixed-income securities markets, making and receiving payments, and providing safekeeping for all the securities and assets traded at the Exchange. The Derivatives, Foreign Exchange and Securities Clearinghouses offer registration, clearing, settlement and risk management services for the transactions carried out on the derivatives, interbank uS Dollar and federal government securities markets, respectively, providing efficient mechanisms to cover a default by one or more participants, and transparency.
Estratgia
Hora de crescer no Brasil e no exterior

BM&FBOVESPA projeta conquistar 5 milhes de novos investidores nos prximos cinco anos
Passado o perodo mais intenso do processo de integrao entre a BM&F e a Bovespa, a nova empresa volta-se agora para a concretizao de projetos estratgicos que foram desenhados ao longo dos ltimos dois anos de forma integrada, para atender tanto s necessidades do mercado local quanto de investidores externos. Sob esse aspecto, a tarefa da Bolsa intensificar a relao com os diversos pblicos, ao mesmo tempo em que implanta aes direcionadas ao crescimento de suas receitas em diversas frentes de atuao. Em paralelo, busca a constante melhoria de suas prticas, desenvolvendo processos, sistemas e projetos que permitam total aderncia aos avanos da gesto corporativa no mundo.
So Paulo, BR
Strategy
PG 13
Time for growing in Brazil and abroad

BM&FBOVESPA expects to attract 5 million new investors in the next five years
With the most intense period of the integration process between BM&F and Bovespa behind, the new company can now focus on joint strategic projects that were designed throughout the past two years, in order to meet the demand of the domestic market and foreign investors. In this sense, the companys task is to intensify the relationship with the various players, while implementing actions towards increasing revenues in the various fronts. Concurrently, the company seeks continuous improvement of its practices, developing processes, systems and projects that provide total adherence to advances in management within the corporate environment.
Chicago, EUA / USA
2009
Maior captao da histria

The most successful Capital Raising Activity ever
R$ 46 bilhes R$ 46 billion
R$ 23,8 bilhes
R$ 23.8 billion
em 6 IPOs 6 IPOs
R$ 22,2 bilhes
R$ 22.2 billion
em 18 ofertas subsequentes 18 follow-ons
Estratgia
Strategy
O ano de 2010 ser, portanto, um divisor de guas na histria da BM&FBOVESPA. Um perodo no qual a companhia se concentrar em cristalizar sua posio como uma das trs maiores do mundo em valor de mercado e avanar em direo a uma gesto de excelncia, voltada para construir uma marca de referncia para o mercado global.
Therefore, 2010 will be the milestone in the history of BM&FBOVESPA. A period in which the company will concentrate on consolidating its position as one of the three largest exchanges in the world in terms of market value and will advance towards the management of excellence, aiming at creating a reference for the global market.
INTERNACIONALIzAO
A BM&FBOVESPA j nasceu com a vocao de se tornar uma empresa de dimenses globais, seja pela sua posio dominante nos mercados da Amrica Latina, seja pela excelncia na gesto de risco, sistemas de tecnologia e outros processos, que a tornaram parmetro para diversas bolsas do mundo. O desempenho positivo do mercado brasileiro em 2009 ano em que a crise econmica internacional manteve outras bolsas sob presso constante serviu para consolidar a viso de que a Bolsa est preparada para disseminar sua expertise e prospectar, cada vez mais, participantes estrangeiros interessados no amplo potencial do mercado brasileiro e na segurana e credibilidade de sua infraestrutura. Como parte de sua estratgia de internacionalizao, a BM&FBOVESPA reestruturou seus escritrios internacionais, para ampliar o desenvolvimento e o fortalecimento da sua base de investidores no residentes no Brasil e promover seus produtos e servios em alguns dos mercados mais importantes do mundo. A companhia conta com escritrios em Londres responsvel pela cobertura do Reino Unido, da Europa e do Oriente Mdio ; nos Estados Unidos (Nova York), para atender os principais centros financeiros do pas e do Canad; e em Xangai, na China, com foco de atuao na sia. Tambm em 2009, a Commodity Futures Trading Commission (CFTC), rgo regulador do mercado de derivativos norte-americano, autorizou investidores residentes nos Estados Unidos a negociar diversos contratos na bolsa brasileira. A deciso deve ampliar a liquidez do mercado, uma vez que esses investidores negociam uma fatia relevante dos derivativos disponveis no mundo.
INTERNATIONALIzATION
BM&FBOVESPA was born with a mission of becoming a company of global proportions, whether through its dominant position in the Latin American markets or the excellence in risk management, systems technology and other processes that have set the benchmarks for other exchanges throughout the world. The positive performance of the Brazilian market in 2009 year in which the international economic crisis kept other stock exchanges under constant pressure served to consolidate the view that BM&FBOVESPA is prepared to spread its expertise and increasingly prospect for foreign participants interested in the vast potential of the Brazilian market, and in the security and credibility of its infrastructure. As part of its internationalization strategy, BM&FBOVESPA restructured its representative offices to expand the development and strengthening of its investor base of non-residents in Brazil and to promote its products and services to some of the most important markets in the world. BM&FBOVESPA has representative offices in London responsible for the united Kingdom, Europe and Middle East; in New york to serve the main financial centers in the united States and Canada; and in Shanghai, China, which focuses on Asia. Also in 2009, the u.S. Commodity Futures Trading Commission (CFTC), the regulating agency for the North American derivatives market, authorized investors residing in the united States to trade several contracts in the Brazilian exchange. This decision should increase market liquidity, since these investors trade a considerable share of the derivatives available in the world.
BM&FBOVESPA AND CME GROuP

In February 2010, the Brazilian Exchange took a decisive step towards its consolidation as a global player. BM&FBOVESPA and CME Group announced that they have agreed to become Global Preferred Strategic Partners with an aim to pursue strategic investments and commercial opportunities with other international exchanges, on a shared and equal basis. Moreover, they have also agreed to jointly develop a multi-
BM&FBOVESPA E CME GROUP

Em fevereiro de 2010, a BM&FBOVESPA realizou o mais importante passo dos ltimos anos para ampliar sua presena global. Em uma nica operao, ampliou sua posio no quadro acionrio do CME Group, de 1,8% para 5%, o que representa investimento de US$ 620 milhes. Como parte
PG 15
do novo posicionamento, definiu investimentos conjuntos em instituies internacionais e o desenvolvimento de um sistema de negociao de derivativos, aes, renda fixa e demais ativos negociados em bolsa e balco. A ampliao da participao acionria na CME um passo fundamental na consolidao da estratgia global, uma vez que a BM&FBOVESPA passa a ter uma participao relevante no maior grupo de bolsas do mundo. Com a nova parceria, contar com um membro permanente no Conselho de Administrao da CME, ao mesmo tempo em que o grupo norte-americano tambm passar a estar representado no Conselho de Administrao da BM&FBOVESPA. Esse maior envolvimento mtuo nas decises estratgicas permite expressiva evoluo da cooperao entre as duas companhias. No acordo, de 15 anos, tambm esto previstos investimentos conjuntos e parcerias comerciais com outras bolsas, de forma a expandir a presena global, sempre em bases de igualdade, tanto na aplicao dos recursos quanto na participao adquirida. Por fim, a BM&FBOVESPA e a CME desenvolvero o mais avanado sistema de negociao de ativos financeiros do mundo. A partir de 2010, o foco estar voltado s modificaes do sistema Globex, da CME, para que opere no apenas com mercados derivativos, mas tambm com aes, cmbio, renda fixa e demais ttulos negociados em bolsa ou balco. A parceria prev investimentos da ordem de US$ 175 milhes de cada parte para promover as melhorias do sistema. J no incio de 2011, haver a substituio do Global Trading System (GTS), usado atualmente nos mercados derivativos financeiros e de commodities e cmbio a vista. Posteriormente, ser feita a substituio dos demais sistemas: Mega Bolsa, Sisbex e Bovespa Fix. A parceria contempla ainda a transferncia total de tecnologias e conhecimentos envolvidos no processo e a comercializao, por ambas as instituies, do novo sistema.
asset class trading platform for the trading of equities, derivatives, fixed income securities and other exchange-traded or OTC-traded assets. This new platform will offer customers an industry leading technology platform for global derivatives and equities trading, with the additional benefit of having access to an integrated derivatives and equities technology solution. In early 2011, BM&FBOVESPA will replace its existing trading systems with the new platform. As part of this expanded partnership, BM&FBOVESPA increased its ownership interest in CME Group from 1.8% to 5% (representing an investment of uS$620 million), and received a seat on CMEs Board of Directors. CME Group already holds a seat on the BM&FBOVESPA Board of Directors. Finally, this global preferred strategic partnership places Brazil in the position of a global financial trading hub, and will pave the way for the Brazilian Exchange to have new growth opportunities, mainly in countries and markets with high growth potential, providing the capital, financial and commodity markets with liquidity.
NASDAq AGREEMENT
The year 2010 will also mark the development of an agreement with the NASDAq exchange in New york, executed in 2009. The agreement establishes the licensing of a series of tools that the North American company provides to companies listed in their environment, among them, an investor relations website platform (WebCenter360), an online board portal for corporate directors (DirectorsDesk), and a global news distribution network for public and private companies to disseminate press releases (GlobeNewswire). Through this partnership, NASDAq will also license the distribution of information in the Brazilian markets and other locations and the license, by BM&FBOVESPA, to communicate NASDAq market data in Brazil. As part of this understanding, the North American company will further have the possibility to develop a system to route orders for operating in the Brazilian market.
ACORDO NASDAq
O ano de 2010 tambm ficar marcado pela realizao de acordo com a bolsa nova-iorquina Nasdaq, assinado em 2009. O entendimento estabelece o licenciamento de uma srie de ferramentas que a companhia norte-americana disponibiliza s empresas listadas em seu ambiente, entre eles website de relaes com investidores (RI), portal para atividades de conselhos de administrao e o GlobeNewswire servio de divulgao de notcias e press releases.
Estratgia
Strategy
Nessa parceria tambm esto previstos o licenciamento, pela Nasdaq, para a distribuio de informaes de cotaes dos mercados brasileiros para outras praas e a licena, pela BM&FBOVESPA, para divulgar os dados dos mercados Nasdaq no Brasil. Como parte do entendimento, a companhia norte-americana tem ainda a possibilidade de desenvolver um sistema de roteamento de ordens para realizao de operaes no mercado brasileiro.
OPPORTuNITIES IN LATIN AMERICA AND ASIA

Currently, BM&FBOVESPA already accounts for 80% of all trading in the derivatives market and 90% of the trading of equities in Latin America. Given its relevance in the region, in 2010 the company will seek to strengthen the relationship with the major stock exchanges in Latin American countries. The idea is to establish partnerships with different markets that will allow the creation of a communication network with the stock markets in Chile, Colombia, Peru, Argentina and Mexico. Among these agreements, the development of systems that allow direct access of Brazilian investors in these markets, and vice versa, will be prioritized. At a second moment, based on a greater understanding of the regulatory maze in these markets, the double listing of publicly traded companies in Brazil and in these countries will be assessed.
OPORTUNIDADES NA AMRICA LATINA E NA SIA

Atualmente, a BM&FBOVESPA j responde por 80% das negociaes realizadas em mercados derivativos e 90% das operaes com aes na Amrica Latina. Dada a relevncia de sua posio na regio, em 2010 tem como objetivo aprofundar o relacionamento com as principais bolsas dos pases latino-americanos.
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A inteno estabelecer parcerias com diferentes mercados que permitam estruturar redes de comunicao com as bolsas do Chile, Colmbia, Peru, Argentina e Mxico. Dentre esses acordos, dever ser priorizado o desenvolvimento de sistemas que possibilitem o acesso direto dos investidores brasileiros a esses mercados e vice-versa. Para um segundo momento, a partir de maior entendimento dos arcabouos regulatrios dessas praas, h a disposio de contemplar a dupla listagem de companhias abertas no Brasil e nesses pases. Ao mesmo tempo em que evolui nas negociaes com bolsas latino-americanas, a BM&FBOVESPA busca aproximao com alguns mercados asiticos, com a inteno de estabelecer acordos semelhantes, que possibilitem investimentos diretos de lado a lado e, futuramente, a dupla listagem de papis.
While negotiations move forward with the Latin American exchanges, BM&FBOVESPA will also seek to move closer to Asian markets, aiming at establishing similar agreements which will allow direct investments from both sides, and in the future, the double listing of securities.
BEST BRAzIL
In 2009, BM&FBOVESPA resumed its major initiative to promote the Brazilian capital markets abroad: BEST Brazil, a project created in 2004 in partnership with ANBIMA (the Brazilian Financial and Capital Markets Association), CETIP (the Brazilian OTC Clearinghouse), and FEBRABAN (the Brazilian Federation of Banks), aiming at communicating the domestic market and attracting new investors for Brazilian securities. The initiative has already organized 13 road shows throughout the world, with the presence of over 3,000 participants. Last year, the event was held in Asia in the cities of Tokyo, Japan, Hong Kong, China and Seoul, South Korea. For 2010, the schedule has already been defined: Europe - London, Paris and zrich (between April 26 and 30) United States - New york, San Francisco and Boston (between June 21 and 25) Asia - Tokyo, Hong Kong and Seoul (early November)
BEST BRAzIL
Em 2009, a BM&FBOVESPA retomou a principal iniciativa de divulgao do mercado de capitais brasileiro no exterior: o BEST Brazil, projeto criado em 2004, em parceria com a Associao Brasileira das Entidades dos Mercados Financeiro e de Capitais (Anbima), a Cetip e a Federao Brasileira de Bancos (Febraban), com o objetivo de divulgar o mercado local e captar novos investidores em ttulos brasileiros. A iniciativa j organizou 13 road shows ao redor do mundo, que contaram com mais de 3 mil participantes. No ano passado, o evento foi realizado na sia nas cidades de Tquio, no Japo, Hong Kong, na China, e Seul, na Coreia do Sul. Para 2010, a programao j est definida: europa Londres, Paris e zurique (de 26 a 30 de abril) estados unidos Nova York, So Francisco e Boston (de 21 a 25 de junho) sia Tquio, Hong Kong e Seul (incio de novembro)
Estratgia
Strategy
MERCADO BRASILEIRO
Embora a BM&FBOVESPA tenha avanado de forma relevante na captao de novos investidores locais para aplicaes em seus mercados, h ainda uma grande distncia entre o porcentual de brasileiros que aplicam em renda varivel e aquele observado em pases desenvolvidos. Em economias mais estveis, a parcela da populao que investe em aes chega a 50%; no Brasil, esse total no passa de 1%. Tal disparidade demonstra claramente o potencial de crescimento do mercado local e justifica a ousada meta de captar 5 milhes de novos investidores em cinco anos. Para atingir esse objetivo, a BM&FBOVESPA investir continuamente em educao, na popularizao de seus mercados e no relacionamento com as empresas decises estratgicas que j esto consolidadas e em pleno processo de implantao, mas que merecem aperfeioamento constante.
BRAzILIAN MARKET
Even though BM&FBOVESPA has advanced greatly in attracting new local investors to invest in its markets, there is still a huge gap between the percentage of Brazilians that invest in securities and the percentage observed in developed countries. In more stable economies, the percentage of the population that invests in the stock market reaches 50%; while in Brazil this number is below 1%. This disparity clearly shows the potential for growth in the domestic market and is a justification for the bold goal to attract 5 million new investors in five years. In order to achieve this goal, BM&FBOVESPA will continuously invest in education, in popularization of its markets and in the relationship with companies. These are strategic decisions that have already been consolidated and are undergoing implementation, but these strategies require constant enhancement.
BRAiN BRASIL INVESTIMENTOS & NEGCIOS

A estabilidade da economia brasileira e o reconhecimento do seu potencial gerador de negcios pelos pases mais desenvolvidos reforam a necessidade de consolidar o Brasil como o principal polo econmico da Amrica Latina. Por isso, a BM&FBOVESPA liderou a criao da Brasil Investimentos & Negcios BRAiN, em parceria com a Associao Brasileira das Entidades do Mercado Financeiro e de Capitais (Anbima) e a Federao Brasileira de Bancos (Febraban). A iniciativa, lanada oficialmente em maro de 2010, prev uma srie de aes que tm o objetivo de articular e catalisar a percepo externa do Brasil como o polo internacional de negcios da regio, mapeando oportunidades, articulando os movimentos conjuntos e promovendo o dilogo entre os setores pblico e privado, de forma a apoiar as instituies que participam da construo do futuro econmico do Pas. Busca ainda reforar a competitividade do ambiente brasileiro de negcios. Entre as aes previstas esto a expanso do setor bancrio brasileiro para a regio, a centralizao da gesto de ativos latino-americanos no Brasil hoje em parte realizada na Europa e nos Estados Unidos , a abertura de pontas diretas de cmbio, a expanso da malha area, a otimizao da regulao e dos tributos e o aprimoramento da infraestrutura urbana e de negcios.
BRAiN BRAzIL INVESTMENTS & BuSINESS

The stability of the Brazilian economy and the acknowledgment of its potential to generate business in more developed countries reinforce the need to consolidate Brazil as the main economic hub in Latin America. For this purpose, BM&FBOVESPA led the creation of Brazil Investments & Business (Brasil Investimentos & Negcios) BRAiN, in a partnership with the Brazilian Financial and Capital Markets Association (ANBIMA), the Brazilian Federation of Banks (FEBRABAN). This initiative, officially launched in March 2010, foresees a series of actions with the purpose of articulating and establishing the perception of Brazil abroad as an international hub for business ventures in the region, mapping investment opportunities, articulating joint movements and promoting the dialogue between the public and the private sector, in order to support the institutions that participate in the development of the countrys economic future. The initiative further seeks to reinforce the competitiveness within the Brazilian business environment. Among the actions foreseen, the expansion of the Brazilian banking sector throughout the region, the centralization of Latin American asset management in Brazil currently done partly in Europe and partly in the united States , the opening of direct foreign exchange points, expansion of the airway network, optimization of regulations and taxes, and the improvement of the urban and business infrastructure.
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EDUCAO
O desenvolvimento do mercado nacional passa, necessariamente, pela educao em relao a temas ligados ao mercado de capitais. Por isso, a BM&FBOVESPA tem se dedicado historicamente promoo de projetos educacionais que procurem ampliar o conhecimento geral sobre seu ramo de atividade e respectivos impactos para a sociedade. Sob esse aspecto, o Instituto Educacional BM&FBOVESPA, que j desempenha a funo de principal centro formador dos mercados da Bolsa, ser ainda mais fortalecido. Em 2009, houve reduo pontual do nmero de alunos formados (3.735), na comparao com 2008 (4.193). A reverso dessa tendncia j ser percebida em 2010, com o aumento da atividade da instituio. Atualmente, o Instituto Educacional oferece trs cursos de MBA. Um deles voltado exclusivamente para jornalistas que cobrem a rea econmica: MBA Informaes Econmico-Financeiras e Mercado de Capitais para Jornalistas, sob a responsabilidade pedaggica da Fundao Instituto de Administrao (FIA). Os outros dois, destinados a profissionais do mercado, so: MBA em Derivativos e MBA em Pricing e Risco. Com isso, a BM&FBOVESPA procura difundir a cultura dos mercados vista e de liquidao futura e preparar e atualizar profissionais nas tcnicas mais avanadas de negociao, expandindo o acesso de seus participantes ao mesmo tempo em que democratiza ainda mais o conhecimento.
MARKET EDuCATION
The development of the domestic market will necessarily encompass education in areas associated with the capital markets. As such, BM&FBOVESPA has historically dedicated itself to promoting educational projects that seek to expand the general knowledge about its field of activities and the corresponding impact upon society. In this sense, the BM&FBOVESPA Institute of Education, which already carries out its role as a major center to foster the markets for BM&FBOVESPA, will be further strengthened. In 2009, there was a slight reduction in the number of students trained (3,735), compared to 2008 (4,193). Reversal of this trend is already perceived in 2010 with the increase of the institutions activities. Currently, the Institute offers three MBA courses. One of these courses is exclusively developed for journalists in the area (MBA in Derivatives & Economic and Financial Information Course), under the pedagogical responsibility of the university of So Paulo (uSP)s Business Administration Institute Foundation (FIA). The other two, developed for professionals in the market: MBA in Derivatives and MBA in Pricing and Risk courses. With this initiative, BM&FBOVESPA seeks to spread the culture of the spot and futures markets, and to prepare and update professionals in the most advanced trading techniques, expanding the access of the participants, while further disseminating knowledge.
POPULARIzAO DO MERCADO
A Bolsa mantm uma srie de programas voltados para popularizar seus diversos mercados no Brasil. Por meio da realizao de eventos, palestras e seminrios, a BM&FBOVESPA presta esclarecimentos sobre o mercado de aes e derivativos em universidades, fbricas, feiras, exposies e outros locais com grande concentrao de pblico. Em 2009, foram realizados eventos em 17 estados, que contaram com a participao de 35 mil pessoas, nmeros que devem ser multiplicados com a ampliao dos recursos destinados. O investimento, que foi de R$ 23 milhes no ano passado, dever atingir R$ 35 milhes em 2010.
MARKET POPuLARIzATION
BM&FBOVESPA also maintains a series of programs designed to popularize its various markets in Brazil. Through events, lectures and seminars, BM&FBOVESPA provides information about the stock market and derivatives in universities, plants, fairs, expositions and other locations of large concentration of people. In 2009, events were held in 17 states with the participation of 35,000 people, a number that is expected to increase with the expansion of allocated resources. The investment, which last year totaled R$ 23 million, should reach R$ 35 million in 2010.
Estratgia
Strategy
A BM&FBOVESPA tambm est engajada na Estratgia Nacional de Educao Financeira (ENEF), iniciativa do governo federal que visa incluir a educao financeira de maneira transversal no ensino das escolas pblicas e privadas. A Bolsa copatrocinadora e tem a expectativa de alcanar 400 escolas em 2010, primeiro ano do projeto.
BM&FBOVESPA is also involved in the National Strategy for Financial Education (ENEF) project, an initiative of the Brazilian federal government that seeks to include financial education in public and private schools. BM&FBOVESPA is cosponsor of the initiative and expects to reach 400 schools in 2010, the first year of the project.
SEGMENTOS DE LISTAGEM
Inaugurado em 2006, o Bovespa Mais o segmento dedicado listagem de empresas de pequeno e mdio portes interessadas em captar recursos no mercado de capitais. Inspirado em modelos internacionais, o projeto passou por um perodo de desempenho tmido por conta da crise que se desenrolou nos ltimos dois anos, impedindo o ingresso maior de participantes. Com a retomada do crescimento econmico do Brasil e a maior estabilidade da economia global, o segmento deve comear a demonstrar, a partir de 2010, o vigor esperado. A BM&FBOVESPA pretende, portanto, intensificar a prospeco de novos participantes e facilitar a dinmica de acesso de empresas ao mercado de capitais. Tambm em 2010, devem entrar em vigor as novas regras do Novo Mercado, segmento voltado para empresas que buscam as melhores prticas de governana. As mudanas foram estudadas ao longo do ltimo ano pela Cmara Consultiva do Novo Mercado, instalada em 2008 com o propsito de aprimorar o segmento. Alm desse, a Bolsa conta com segmentos de Nvel 1 e 2 de Governana Corporativa, todos de adeso voluntria e que exigem a implementao de prticas diferenciadas de transparncia.
LISTING SEGMENT
Created in 2006, Bovespa Mais segment is dedicated to listing of small and medium-sized companies interested in obtaining funds in the capital markets. Inspired in international models, the project went through a period of timid performance as a result of the crisis observed in the past two years, inhibiting the entrance of more participants. With the recovery of economic growth in Brazil and a greater stability in global economy, this segment should present, as of 2010, the expected vigor. BM&FBOVESPA expects to intensify prospecting of new participants and to facilitate the dynamics to provide companies with access to the capital markets. Also in 2010, new rules for the Novo Mercado segment should go into effect, a segment that is geared towards companies that seek better governance practices. The changes were studied throughout last year by the Novo Mercado Advisory Committee, installed in 2008 aiming at improving the segment. Additionally, BM&FBOVESPA also has Level 1 and 2 Corporate Governance segments, all of voluntary adherence and that require the implementation of differentiated transparency initiatives.
SUSTENTABILIDADE
A BM&FBOVESPA herdou a vocao histrica das organizaes que lhe deram origem de levar adiante um consistente programa de investimento social privado, com impacto relevante para os pblicos atendidos. Como consequncia natural, a companhia prosseguiu nessa evoluo e aprofundou o entendimento sobre sua contribuio para o desenvolvimento da sociedade. Em 2009, a BM&FBOVESPA iniciou formalmente a insero da abordagem de sustentabilidade gesto dos seus negcios. Criou, no final do ano, uma diretoria que passou a ser responsvel pela integrao e gesto dos programas de investimentos so-
SuSTAINABILITy
BM&FBOVESPA inherited a historic vocation from the founding organizations to carry out a consistent private social investment program, with a relevant impact on the target public. As a natural consequence, the company advanced in this direction and increased its understanding on the contribution to the development of society. In 2009, BM&FBOVESPA formally initiated the inclusion of sustainability approach towards the management of its businesses. The company created, at the end of last year, a board responsible for the integration and management of ongoing socio-environmental investment programs and the definition of the institutions sustainability policy.
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Eventos de popularizao alcanaram 17 estados e 35 mil pessoas em 2009 Market popularization programs reached 35 thousand people in 17 States during 2009
Estratgia
Strategy
cioambientais j existentes e pela definio da poltica de sustentabilidade da instituio. A diretoria nasce com a misso de induzir, promover e apoiar a adoo de prticas que levem em conta as dimenses econmica, social e ambiental no dia a dia das atividades da BM&FBOVESPA. Dessa forma, a companhia pretende contribuir para a perpetuao dos segmentos em que atua e, ao mesmo tempo, servir de referncia para as empresas participantes de seus mercados. Para que haja um alinhamento s melhores prticas de gesto ambiental, a BM&FBOVESPA dar incio ao inventrio de suas emisses de carbono, passo fundamental para empresas que desejam reduzir o impacto ambiental de seus negcios e contribuir para o esforo global de reduo dos efeitos das mudanas climticas. A expectativa concluir o levantamento ainda no primeiro semestre de 2010.
The board was created with the mission to induce, promote and support the adoption of practices that take into account the economic, social and environmental dimensions in the daily activities for BM&FBOVESPA. As such, the company intends to contribute to the perpetuation of the segments in which it operates, while serving as reference to the companies participating in its markets. In order to align the company with the best practices in environmental management, BM&FBOVESPA will initiate an inventory of carbon emissions, an instrumental step for companies that wish to reduce the environmental footprint of their business and to contribute with the global effort to reduce the effects upon climate changes. The company expects to complete the inventory in the first half of 2010.
CARBON EFFICIENT INDEX

As a driver of sustainability among the companies that participate in its markets, BM&FBOVESPA will take an important step in 2010 with the negotiation of the Carbon Efficient Index, developed in partnership with BNDES (the Brazilian Development Bank). The purpose is to induce companies to measure, communicate and manage their emissions, expanding transparency to shareholders and society, and to create opportunity for investments for environmentally sensitive investors. The portfolio will be comprised of equities from the IBrX-50 portfolio, and weighted by the free float market value of the securities and by the efficiency in terms of emissions of greenhouse gases by the companies. In order to facilitate authorization of companies for the Index, BM&FBOVESPA will provide support to companies interested in preparing their carbon inventories through specialized consultancies. Negotiations with this Index are expected to begin in November 2010 and to develop an index fund (ETF) associated with the portfolio in 2011.
NDICE CARBONO EFICIENTE

Como indutora da sustentabilidade nas empresas que participam de seus mercados, a BM&FBOVESPA dar mais um passo importante em 2010, com a negociao do ndice Carbono Eficiente (ICO2), desenvolvido em conjunto com o Banco Nacional de Desenvolvimento Econmico e Social (BNDES). O objetivo incentivar as empresas a mensurar, divulgar e gerir suas emisses, ampliando a transparncia aos acionistas e ao mercado e criando oportunidades de investimento para investidores sensveis s questes ambientais. A carteira do ndice ser formada pelas aes da carteira do IBrX-50, e ponderada pelo valor de mercado do free float dos papis e pela eficincia em termos de emisses de gases de efeito estufa (GEE) das empresas. Para facilitar o credenciamento de empresas para o ndice, a BM&FBOVESPA dar suporte s companhias interessadas em realizar seus inventrios de carbono, por meio de uma consultoria especializada. A expectativa iniciar a negociao do ICO2 em novembro de 2010 e desenvolver um fundo de ndice (ETF) atrelado carteira em 2011.
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MERCADO DE CARBONO
O Mercado Brasileiro de Redues de Emisses (MBRE) uma iniciativa conjunta da BM&FBOVESPA e do Ministrio do Desenvolvimento, Indstria e Comrcio Exterior (MDIC) que objetiva criar, no Brasil, uma base de mercado ativo para crditos de carbono que venha a ser referncia para os participantes em todo o mundo, alm de oferecer alternativa para que as empresas brasileiras realizem a venda de seus projetos de reduo de emisses no Pas. A primeira etapa deste trabalho correspondeu criao do Banco de Projetos BM&FBOVESPA, um sistema desenvolvido para registro de projetos validados por certificadoras credenciadas pela ONU, segundo princpios de Mecanismo de Desenvolvimento Limpo (MDL). Em paralelo, a BM&FBOVESPA implantou o Sistema Eletrnico de Leiles de Crditos de Carbono, por meio do qual j foram realizados dois eventos de redues certificadas de emisso de titularidade da Prefeitura Municipal de So Paulo. Em 2010, ser realizado o primeiro Leilo de Venda de Redues de Emisso Verificadas, voltado ao mercado voluntrio Voluntary Carbon Units.
CARBON MARKET
The Brazilian Carbon Market (MBRE) is a joint initiative between BM&FBOVESPA and the National Ministry of Development, Industry and Foreign Trade (MDIC), which aims at creating the basis of an active carbon credit market in Brazil that will become a reference to participants throughout the world, in addition to offering alternative for Brazilian companies to negotiate the marketing of projects for the reduction of emissions in the country. The first phase of this work corresponded to the creation of the Exchanges Carbon Facility, an electronic system developed to register projects validated by certifying companies approved by the uN, based on the principles of Clean Development Mechanisms (MDL). Concurrently, BM&FBOVESPA developed and implemented an electronic system for carbon credit auctions, which has already carried out two events of certified reduction in emissions of the So Paulo Municipal Government. In 2010, the first auction for Verified Emission Reduction (Voluntary Carbon units) will be held.
Governana Corporativa
Modelo exemplar
Companhia pretende servir de parmetro para demais empresas de capital aberto
Como companhia que pretende servir de parmetro para o universo de empresas listadas em seus mercados, a BM&FBOVESPA mantm uma estrutura consistente de governana que procura garantir uma tomada de deciso segura, coibir qualquer falha de conduta, zelar pelo bom andamento dos processos internos, controlar sistemas e procedimentos e ofertar o mximo de transparncia ao mercado. Ainda que esse sistema j tenha alcanado um elevado nvel de confiabilidade, a companhia assume o desafio permanente de promover melhorias que a levem a um patamar ainda maior de comprometimento e transparncia com seus stakeholders.
So Paulo, SP
Rua XV de Novembro, 275
Corporate Governance
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Industry benchmark
The company intends to set the standard to other publicly traded companies
As a company that intends to become a benchmark for the companies listed in its markets, BM&FBOVESPA maintains a consistent governance structure that seeks to ensure safe decision-making, restrain deviations in conduct, guarantee internal processes, control systems and procedures, and offer maximum transparency to the market. Despite having achieved a high level of reliability, the company is committed to permanently promoting improvements that will take it to even higher levels of commitment and transparency with stakeholders.
So Paulo, SP
Praa Antonio Prado, 48
CONSELHO DE ADMINISTRAO
Para garantir a aderncia da gesto s metas estratgicas e aos objetivos de gerao de valor para os acionistas, a BM&FBOVESPA conta com um Conselho de Administrao composto por membros com experincia profissional inquestionvel em suas respectivas reas. Em sua estrutura de governana corporativa, a BM&FBOVESPA tambm mantm comits que assessoram o Conselho de Administrao. So eles: comit de auditoria responsvel por acompanhar e avaliar a qualidade da atuao da auditoria interna e da auditoria independente, tanto na Companhia como em suas controladas. composto por cinco membros, sendo um conselheiro independente e quatro membros externos. comit de Governana e indicao entre as principais funes, promove evolues na governana da Companhia, avalia a adoo de boas prticas, seleciona e indica integrantes para o Conselho e a Diretoria. composto por trs conselheiros, sendo pelo menos dois independentes. comit de Remunerao revisa, prope e acompanha ajustes nos parmetros, nas diretrizes e na poltica de remunerao e benefcios, bem como no modelo de gesto de pessoas. composto por trs conselheiros, sendo pelo menos dois independentes.
BOARD OF DIRECTORS
In order to ensure adherence of the administration to the strategic goals and objectives of generating value to shareholders, BM&FBOVESPA has a Board of Directors comprised of members with undisputed professional experience in their respective areas. In its corporate governance structure, BM&FBOVESPA also maintains committees to support the Board of Directors. These are: Audit Committee this committee is responsible for monitoring and assessing the quality of the Internal Audit and independent audits in the company and its affiliated companies. It is comprised of five members, being one an independent director and four external members. Nomination and Corporate Governance Committee among its main functions, this committee promotes the development of governance, assesses the adoption of good practices, selects and appoints members for the Board. It is comprised of three directors, of which at least two are independent. Compensation Committee this committee reviews, proposes and monitors adjustments in parameters, guidelines and in the compensation and benefits policy, as well as the personnel management model. It is comprised of three directors, of which at least two are independent.
conselho de administrao | Board of Directors
Arminio Fraga Neto
Marcelo Fernandez Trindade Vice-Presidente | ViceChairman Membro Independente | Independent Director
Julio de Siqueira Carvalho de Arajo Conselheiro | Director
Claudio Luiz da Silva Haddad Membro Independente | Independent Director
Presidente do Conselho de Administrao | Chairman Membro Independente |
Candido Botelho Bracher Conselheiro | Director
Renato Diniz Junqueira Conselheiro | Director
Independent Director
Conselheiro | Director
Conselheiro | Director
Craig S. Donohue
Luis Stuhlberger
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comit de Risco acompanha e avalia os riscos de mercado, de liquidez, de crdito e sistmico dos mercados administrados pela Companhia, com enfoque estratgico e estrutural. composto por quatro conselheiros, independentes ou no independentes. J os Comits de Assessoramento ao Diretor Presidente compreendem Agronegcio, Mercado, Risco de Mercado, Normas e Clube de Atletismo.
Risk Committee this committee monitors and assesses risks relating to market, liquidity, credit and systemic risks in the markets managed by the Company, with a strategic and structural focus. It is comprised of four directors, independent or otherwise. The Committees that support the CEO are the Agribusiness Committee, Market Committee, Market Risk Committee, Regulatory Committee and Athletics Club Committee.
AUDITORIA INTERNA
Na BM&FBOVESPA, a auditoria interna tem como atribuio aferir a qualidade dos sistemas de controles internos e o cumprimento das polticas e dos procedimentos definidos pela companhia, inclusive aqueles adotados na elaborao dos relatrios financeiros. Em 2009, a auditoria cumpriu seu plano de trabalho anual sem obstculos e constatou que ainda existem melhorias a serem realizadas no campo dos controles internos. No tocante rea de Tecnologia da Informao, ficou clara a necessidade de realizar ajustes, de modo a garantir a intermitncia dos sistemas de negociao da Bolsa. Tambm, em decorrncia do processo de integrao, foi preciso redefinir os papis e as
INTERNAL AuDIT
At BM&FBOVESPA, the purpose of the internal audit is to determine the quality of the internal control systems and compliance with policies and procedures set forth by the company, including those adopted for the development of financial statements. In 2009, the audit completed its annual work plan without obstacles and determined that there are still improvements to be made in terms of internal controls. Concerning the area of Information Technology, the need to perform adjustments to ensure intermittence of the trading systems for BM&FBOVESPA, became evident. Additionally, as a result of the integration process, it became necessary to redefine roles and responsibilities of managers in order to avoid contradiction in handling problems.
diretoria executiva | CEO and Chief Officers
Fabio de Oliveira Barbosa Membro Independente | Independent Director
Paulo de Sousa Oliveira Junior
Diretoria Executiva de Desenvolvimento e Fomento de Negcios
Jos Roberto Mendona de Barros Membro Independente | Independent Director
Chief Product Development Officer
Chief Business Development Officer
Ccero Augusto Vieira Neto
Diretoria Executiva de Operaes e TI
Amarlis Prado Sardenberg
Chief Clearinghouse, Depository and Risk Management Officer
Diretoria Executiva das Clearings, Depositria e de Risco
Chief Operations Officer
Edemir Pinto
Membro Independente |
Chief Executive Officer
Independent Director
Diretor Presidente
Ren Marc Kern
Marta Alves
Diretoria Executiva de Produtos
Carlos Kawall Leal Ferreira
Diretoria Executiva Financeira, Corporativa e de Relaes com Investidores
Chief Financial Officer
responsabilidades dos gestores para evitar contradies no endereamento dos problemas. A auditoria ainda cumpriu a incumbncia de garantir as prticas das corretoras no mbito do Programa de qualificao Profissional (PqO). Em 2009, o PqO tambm foi estendido aos participantes do segmento Bovespa, visando unificar o atendimento aos requisitos dos Roteiros Bsico e Especfico. Para dar maior agilidade ao trabalho, a auditoria pretende desenvolver, em 2010, uma srie de indicadores sistematizados que reduzam a necessidade de colher informaes em campo.
The audit also successfully ensured the practices of the brokerages in the Professional Training Program (PqO). In 2009, PqO was also extended to participants in the Bovespa segment, aiming to standardize the addressing of the requirements from the Basic and Specific Guidelines. In order to streamline the work, the audit intends to develop, in 2010, a series of systematized indicators that will reduce the need to gather information in the field.
ADVISORy COMMITTEES
Since the integration of the two exchanges, BM&FBOVESPA has continuously strived to work closer with the participants in its markets. For this purpose, the company maintains several open channels with investors and companies in different categories, which collaborate to develop products, services, and to suggest new practices. In addition to the Committees that support the Board of Directors and the CEO, the Advisory Committees were created to ensure a constant liaison with the BM&FBOVESPA market participants. In 2009, these Committees underwent important enhancements, such as the expansion in the number of participants, currently around 450 people. Still last year, the Real Estate Market, and the Trading & Technology Committees were created. Currently, BM&FBOVESPA has the following Advisory Committees: Agribusiness: Soybean and Corn; Coffee, Live Cattle, Cotton, Sugar and Ethanol; Financial Market: Equities, Fixed Income & FX, Novo Mercado, Real Estate Market, Trading & Technology, and Risk Analysis.
CMARAS CONSULTIVAS
Desde a associao das duas bolsas, a BM&FBOVESPA trabalha de forma incessante para aumentar a proximidade com os participantes de seus mercados. No que se refere a esse tema, a companhia mantm diversos canais abertos com investidores e empresas de diferentes categorias, que colaboram para a formulao de produtos e servios e sugerem novas prticas. Entre esses canais esto os Comits de Assessoramento ao Conselho de Administrao e ao Diretor Presidente, merecendo destaque especial as Cmaras Consultivas, criadas para garantir interlocuo constante com os participantes dos mercados BM&FBOVESPA. Em 2009, as Cmaras passaram por aperfeioamentos importantes, como a ampliao do nmero de participantes, que hoje gira em torno de 450 pessoas. Ainda no ano passado, foram criadas a Cmara Consultiva do Mercado Imobilirio e a Cmara de Negociao e Tecnologia. Atualmente, a Bolsa conta com as seguintes cmaras: Soja e Milho, Caf, Boi Gordo, Algodo, Acar e Etanol, Equities, Renda Fixa e Cmbio, Novo Mercado, Mercado Imobilirio, Negociao e Tecnologia, e Anlise de Risco.
OMBuDSMAN
Implemented 9 years ago, the BM&FBOVESPA Ombudsman received a new function as of 2010, adopting a proactive performance as well. This implies that the Ombudsman constantly seeks contact with all stakeholders in the Company from market participants to public companies, from public and private institutions to company shareholders, including regulatory agencies (CVM and Central Bank), as well as the media. Through this contact, the Ombudsman collects complaints, opinions and suggestions, which will form the basis of a quarterly report that will in turn be submitted to the CEO and the Chairman. The purpose of this work defined in the Ombudsman code is to ensure an ethical, transparent and constructive relationship of BM&FBOVESPA with all its stakeholders,
OMBUDSMAN
Criado h nove anos, o Ombudsman da Bolsa ganhou uma nova funo a partir de 2010, tornando-se tambm pr-ativo. Isso significa que o Ombudsman busca um contato permanente com todos os pblicos que se relacionam com a Bolsa dos participantes de mercado s empresas abertas, das instituies pblicas e privadas aos acionistas da Companhia, passando pelos rgos reguladores (CVM e Banco Central) e at a imprensa. Por intermdio desse contato, o Ombudsman recolhe crticas, opinies e sugestes, que serviro de base a
PG 29
relatrios trimestrais que, por sua vez, so encaminhados ao diretor presidente e ao presidente do Conselho de Administrao da Bolsa. O objetivo desse trabalho definido no regulamento do Ombudsman garantir um relacionamento tico, transparente e construtivo da BM&FBOVESPA com todos os seus pblicos, para aperfeioar a qualidade e eficincia dos servios e produtos oferecidos pela Companhia.
aiming at improving the quality and efficiency of the services and products offered by the Company.
The traditional Ombudsman function, that of receiving and proposing solutions to a variety of demands (complaints, suggestions, etc.), was redesigned to adapt to a new BM&FBOVESPA Customer Service, which now provides users with a protocol number that allows making a unified log of demands, consultA funo tradicional do Ombudsman, a de receber e propor ing BM&FBOVESPA business areas and monitoring the progsolues a demandas diversas ress of each case. The change (reclamaes, sugestes etc.), is necessary in order to comply total de atendimentos 2.112 atendimentos 2,112 Public Interactions foi reformulada para adequarwith the shorter schedules of an -se ao novo SAP BM&FBOVESPA, ever increasing demand 2,112 34 que agora fornece um nmero public interactions in 2009. de protocolo ao usurio, permitindo efetuar um registro Interactivity is also in the plans unificado das demandas, confor the BM&FBOVESPA Om686 sultar as reas de negcio da budsman: 2010 will see the Bolsa e pesquisar o andamencreation of a new direct comto de cada caso. A mudana munication channel with invesnecessria para poder atender, tors that use the Internet. This em prazos cada vez menores, a channel will be the Ombuds1.058 uma demanda que cresce sem man Blog a forum for debates cessar em 2009, por exemplo, and exchange of information 334 foram 2.112 atendimentos. between investors and specialists in the capital markets. CRtiCAS E/Ou REClAMAES Claims and/or Complaints A interatividade tambm est ESClARECiMEntOS Explanations nos planos do Ombudsman da SOliCitAES dE inFORMAES rEquEst for information Bolsa: em 2010 ser criado um CODE OF CONDuCT SugEStES suggEstions novo canal de comunicao As the natural step in the intedireta com os investidores que gration process of the two exusam a internet. Trata-se do Blog do Ombudsman um frum changes, BM&FBOVESPA created a Code of Conduct to align de debates e de troca de informaes entre investidores e espe- work standards for all employees of the new company, based on cialistas em mercado de capitais. the values and strict standards of the organization, always observing the best practices in the market. The Code was launched in July 2009, and was supported by an internal communication plan containing its principles. At the end of the process, 100% CDIGO DE CONDUTA Como passo natural no processo de integrao entre as duas adhesion was observed from the staff. In order to strengthen bolsas, a BM&FBOVESPA criou um Cdigo de Conduta que ali- this action, a Code of Conduct Committee was created, with the nha a atuao de todos os funcionrios da Nova Bolsa de acor- purpose of monitoring its application and suggesting modificado com os valores da organizao e seus rigorosos padres, tions whenever necessary. sempre em observncia s melhores prticas de mercado. O Cdigo foi lanado em julho de 2009, apoiado por um plano de divulgao interna dos princpios. Ao fim do processo, foi registrada a adeso de 100% do quadro funcional. Para fortalecer a ao, tambm foi criado o Comit do Cdigo de Conduta, cujo objetivo zelar por sua aplicao e sugerir modificaes, quando necessrias.
Modelo de Negcios
Confiabilidade testada e aprovada

Sistemas robustos fazem da BM&FBOVESPA um ambiente de negociao nico no mundo
POST-TRADE
A BM&FBOVESPA possui hoje uma das mais completas estruturas de post-trade e administrao de risco do mundo. Essa complexa rede de sistemas, que garante a estabilidade do mercado, foi construda para atender ao rgido ambiente regulatrio sob o qual opera o mercado brasileiro e tambm s melhores prticas internacionais disseminadas por organismos internacionais que se dedicam ao assunto. Algumas vezes criticada por controlar rigorosamente todas as operaes e conferir transparncia total s negociaes, a BM&FBOVESPA teve sua eficincia comprovada no segundo semestre de 2008 e nos primeiros trs meses de 2009, quando demonstrou o alto grau de confiabilidade
Visanet / iPO
BM&FBOVESPA
Business Model
PG 31 PG 27
Tried and proven reliability

Robust systems make BM&FBOVESPA a globally unique trading environment
POST-TRADE
BM&FBOVESPA has today one of the most complete posttrade and risk administration structures in the world. This complex network of systems, which ensures market stability, was developed to address the strict regulatory environment under which the Brazilian market operates and also the best international practices communicated by international agencies dedicated to this subject. At times criticized for rigorously controlling all transactions and providing total transparency to negotiations, BM&FBOVESPA had its efficiency put to test in the second half of 2008 and the first quarter of 2009, when it demonstrated a high level of reliability of its structure and, subsequently, made significant con-
Santander / iPO
BM&FBOVESPA
Modelo de Negcios
Business Model
de sua estrutura e, posteriormente, contribuiu de forma determinante para a retomada do mercado, garantindo a segurana do ambiente de negociao de ativos financeiros no Brasil. Os sistemas robustos de gerenciamento de riscos disponibilizados a investidores e participantes criaram no Brasil um ambiente de negociao nico no mundo. No Pas, 80% dos contratos de derivativos e 100% das aes de companhias abertas so negociados na BM&FBOVESPA. Esse um reflexo da credibilidade e confiana que o mercado deposita no ambiente de negociao e seus respectivos sistemas de garantias e gesto de risco. Aps a fuso, foi dado incio ao processo de integrao das estruturas da BM&F e da Bovespa, ambas de grande complexidade. Em 2009, houve amplo levantamento do funcionamento e das possveis melhorias dos sistemas, que deve ser aprofundado em 2010, quando esse diagnstico ser ampliado com uma srie de consultas ao mercado para conhecer as expectativas dos usurios sobre os ambientes de post-trade da Bolsa.
tribution to the recovery of the market, ensuring the security of the trade environment for equities in Brazil. These robust risk management systems available to investors and participants created a trade environment in Brazil that is unique in the world. In the country, 80% of the derivative contracts and 100% of the shares of publicly traded companies are negotiated at BM&FBOVESPA. This is a reflex of the credibility and trust that the market places in the trade environment and its corresponding guarantee and risk management systems. After the merger, a process to integrate the highly complex BM&F and Bovespa structures was initiated. In 2009, a study was made to determine the operation and the possible improvements to the systems, and this process should be continued in 2010, when this diagnostic will be expanded through a series of consultations to the market aiming at understanding the expectations of users about the post-trade environment at BM&FBOVESPA.
POST-TRADE STRuCTuRE
CENTRAL SECuRITIES DEPOSITORy (CSD) This depository provides a centralized safekeeping of securities traded in the BM&FBOVESPA environment and allows the processing of financial transactions through electronic records. In addition to the traditional safeguarding services and updating of securities in cases of corporate events , CSD can also incorporate the functions of comparing records of operations, clearing and settlement. The system is also an important tool for transparency, since it registers the securities in the name of the investor.
ESTRUTURA DE POST-TRADE
CENtRAl DEPOSitRiA DE AtiVOS (CSD) Realiza a guarda centralizada dos ativos transacionados nos ambientes da BM&FBOVESPA e possibilita o processamento das transaes financeiras por meio de registros eletrnicos. Alm dos servios tradicionais de guarda e atualizao dos ativos no caso da ocorrncia de eventos corporativos , a CSD pode incorporar funes de comparao de registros de operao, compensao e liquidao. O sistema tambm uma importante ferramenta de transparncia, uma vez que registra os ativos em nome do investidor. SiStEMA DE liqUiDAO DE ttUlOS A BM&FBOVESPA administra sistemas e processos de liquidao de alta qualidade e em conformidade com os padres internacionais estabelecidos, garantindo aos participantes do mercado processos de liquidao confiveis e seguros. A BM&FBOVESPA controla diretamente as movimentaes de fundos e ativos sem necessitar de intermedirios no processo, sendo a nica exceo a clearing de cmbio, a qual liquida a posio em dlares por meio de bancos liquidantes nos Estados Unidos.
SECuRITIES SETTLEMENT SySTEMS (SSS) BM&FBOVESPA has put in place settlement systems and processes of the highest caliber, compliant with prevailing international standards and thus providing market participants with reliable and secure transaction settlement. BM&FBOVESPA directly controls both the movement of funds and related securities without the use of intermediaries in the process. The only exception is the FX Clearinghouse which settles uSD through settlement banks in the uSA.
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CONtRAPARtE CENtRAl (CCP) Um dos principais instrumentos de mitigao de riscos da BM&FBOVESPA, a CCP se interpe entre operaes ou contratos, posicionando-se como compradora para todos os vendedores e vendedora para todos os compradores. Esse mecanismo permite a reduo do risco de crdito das operaes, uma vez que a CCP substitui os participantes como contrapartes bilaterais nas operaes por uma nica estrutura, de alta qualidade e grande capacidade de pagamento. Com isso, possvel realizar negcios de volume financeiro maior e com garantias mais claras. O sistema de Contraparte Central ainda funciona como um mecanismo altamente eficiente contra a realizao de riscos sistmicos, j que controla parte da distribuio de liquidez do mercado pela manuteno da combinao adequada de nveis de margem e volume de recursos, o que permite o estancamento rpido de eventuais perdas.
CENTRAL COuNTERPARTy (CCP) One of the main instruments for risk mitigation at BM&FBOVESPA, the CCP acts as intermediary in all transactions and contracts, placing itself as a buyer for all sellers and a seller for all buyers. This mechanism provides a reduction of credit risk for the transactions, since CCP replaces the participants as bilateral counterparties in the transactions, through a single structure, with high-quality and large payment capacity. As such, it is possible to perform trades with greater financial volume and clearer guarantees. The Central Counterparty system further provides a highly efficient mechanism against systemic risks, since it controls part of the distribution of liquidity to the market by maintaining an adequate combination of margin levels and volume of resources, which allows a quick stop to eventual losses.
dia da Empresa uOl UOL Company Day
Modelo de Negcios
Business Model
DESAFIOS DO POST-TRADE
O ano de 2010 deve ser intenso em proposies e realizao de aperfeioamentos da estrutura de post-trade da BM&FBOVESPA. Desde a integrao das duas bolsas, foi possvel perceber, de forma mais clara e completa, o grau de exposio ao risco dos participantes do mercado que antes era analisado, separadamente, pelas duas empresas. Com essa nova viso, descortina-se uma srie de oportunidades de melhorias, a partir da integrao dos sistemas, que pode resultar em ganhos significativos de eficincia e reduo de riscos para o mercado e seus participantes. Entre as aes j identificadas est a possibilidade de criar um sistema que permita a unificao dos riscos do portflio de cada participante, de maneira a melhorar as atividades de monitoramento e administrao de riscos de corretoras e investidores. Outro projeto de flego a adoo de gerenciamento de risco comum a todos os sistemas, que contemple todas as operaes sob responsabilidade das contrapartes centrais da BM&FBOVESPA, gerando maior harmonizao na gesto de risco dos mercados. Tambm h a possibilidade de unificar uma ou mais janelas de liquidao atualmente, as cmaras em que se liquidam as operaes funcionam em horrios distintos. Essas oportunidades, entretanto, devero ser alvo de extensa discusso que ocorrer no mbito de um Grupo de Trabalho criado em maro de 2010, especificamente para o assunto, que rene representantes das autoridades reguladoras (Banco Central e Comisso de Valores Mobilirios) e de instituies que atuam nos segmentos de custdia, liquidao e gerenciamento de riscos.
CHALLENGES TO THE POST-TRADE

The year of 2010 should have intense propositions and improvements in the post-trade structure at BM&FBOVESPA. From the integration of the two exchanges, it was possible to clearly and completely observe the degree of exposure to risk by the participants in the market which was previously analyzed separately by the two companies. With this new vision, a series of improvement opportunities unveils, as a result of the integration of the systems and which may result in significant gains in efficiency and reduction in risks for the market and its participants. Among the actions already identified, we can name the possibility of creating a system that allows the unification of risks from the portfolio of each participant, in order to improve the monitoring and risk management activities by brokerages and investors. Another important project is the adoption of a common risk management for all systems, which contemplates all transactions under the responsibility of the central counterparties at BM&FBOVESPA, providing greater harmony in risk management of the markets. There is also the possibility to unify one or more settlement windows - currently, the chambers in which these transactions are settled operate on different schedules. These opportunities, nevertheless, will be subject to extensive discussion which should occur within the Work Group created in March 2010, specifically for the subject, and is comprised of representatives from the regulatory authorities (Central Bank and Securities and Exchange Commission) and institutions performing in the segments of custody, settlement and risk management.
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Performance do Mercado
A retomada ao longo do ano

Resultado de 2009 refletiu os efeitos da crise econmica no mercado brasileiro
O ano de 2009 iniciou-se sob o signo da incerteza, que ainda persistia aps o aprofundamento, no ltimo trimestre de 2008, da crise econmica global. J no segundo semestre, no entanto, o Brasil passou a se destacar no cenrio internacional como a economia emergente menos afetada pela retrao econmica global e com melhores perspectivas de retomada ao longo dos meses seguintes perspectivas que se confirmaram, superando, inclusive, boa parte das projees. Esses dois momentos distintos foram refletidos claramente nos mercados administrados pela BM&FBOVESPA, que experimentaram um comeo de ano difcil, depois transformado em um perodo de crescente otimismo.
So Paulo, BR
BM&FBOVESPA
Market Performance
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Recovery throughout the year

2009 results reflected the effects of the economic crisis in the Brazilian market
The year of 2009 began under a cloak of uncertainty as a result of the downturn in the last quarter of 2008 from the global economic crisis. However, in the second half of the year, Brazil was the highlight in the international scenario as the emerging economy least affected by global economic downturn and as the country with the best perspectives for recovery in the subsequent months - perspectives which were confirmed, outperforming even most optimistic projections. These two very different moments were clearly reflected in the markets administrated by BM&FBOVESPA, which experienced a tough year in the beginning, subsequently transforming into a period of growing optimism.
Volume financeiro dirio (em R$) Daily financial volume (R$)
2007
4,9 bilhes
4.9 billion
2008
5,5 bilhes
5.5 billion
2009
5,3 bilhes
5.3 billion
Performance de Mercado
Market Performance
SEGMENTO BOVESPA
O incio de 2009 apontava para um ano desafiador no segmento Bovespa, com volumes negociados bem abaixo do verificado em anos anteriores. Entretanto, a rpida mudana de percepo em relao ao desempenho da economia brasileira, consolidada j no segundo trimestre, levou a uma recuperao expressiva do volume financeiro dirio, que fechou o ano com R$ 5,3 bilhes mas 4,3% abaixo da mdia verificada no ano anterior. Em um perodo de cinco anos (2005 2009) nota-se que houve crescimento anual de 34,6%.
BOVESPA SEGMENT
The beginning of 2009 promised to be a challenging year for the Bovespa segment, with volumes traded well below those observed in past years. Nevertheless, a quick change in the perception concerning the performance of the Brazilian economy, consolidated as early as the second quarter, led to an expressive recovery in the daily financial volume, closing the year at R$ 5.3 billion - nevertheless, 4.3% below the average measured in the previous year. In a five-year period (2005 -2009), an annual growth of 34.6% was observed.
segmento bovespa evoluo dos Volumes (R$ bilhes)

BOVESPA Segment Volume (R$ billion)
: 31,2%
CAGR: 34,6%
: -4,3%
: 56,4%
6,8 4,9 5,5 5,3 4,4 3,9 5,2 5,2
2,4 1,6
2005
2006
2007
2008
2009
4t08
1t09
2t09
3t09
4t09
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Embora o processo de recuperao tenha sido consistente ao longo do ano, sua consolidao ocorreu de forma mais significativa no quarto trimestre, quando os volumes dirios atingiram R$ 6,8 bilhes novo recorde histrico, superando em 3,3% o anterior, de R$ 6,6 bilhes, registrado no quarto trimestre de 2007. Em relao fase mais aguda da crise os ltimos trs meses de 2008 , a alta foi de 56,4%. A retomada da tendncia de alta do mercado vista ficou patente pela recomposio dos nveis dos preos das aes listadas na Bolsa. Em dezembro de 2009, a capitalizao do mercado atingiu R$ 2,3 trilhes, valor 70% acima do registrado no fim do ano anterior. Tambm foram emblemticas a retomada do mercado local e a valorizao do principal ndice de aes do mercado brasileiro, o Ibovespa. Apesar dos reflexos da crise,
Even though the recovery process was consistent throughout the entire year, its consolidation was more significant in the fourth quarter, when daily volumes reached R$ 6.8 billion - a historic record, overcoming the previous record of R$ 6.6 billion by 3.3%, which had been registered in the fourth quarter of 2007. Comparing to the most acute phase of the crisis - the last quarter of 2008 - the increase was of 56.4%. The recovering trend in the spot market became evident by the recovery in the level of prices of equities listed at BM&FBOVESPA. In December 2009, the market capitalization reached R$ 2.3 trillion, 70% above the amount register in the end of the previous year. Also the valuation of the Ibovespa, the share index of the Brazilian market, was representative of the recovery of the local market. Despite the effects of the crisis, the index closed
segmento bovespa evoluo do n de negcios (milhares)

BOVESPA Segment Number of Trades (thousands)
: 17,2%
CAGR: 52%
: 35,6%
: 31,9%
392 332 297 245 153 62 87 278 326 334
2005
2006
2007
2008
2009
4t08
1t09
2t09
3t09
4t09
segmento bovespa contas de custdia (milhares)

BOVESPA Segment Custody Accounts (thousands)
segmento bovespa Valor em custdia (R$ bilhes)

BOVESPA Segment Total in Custody (R$ billion)
: 3,1%
CAGR: 36,3%
: 34,2% : 13,9%
477,9 233,7
558,6
575,7 729,8 518,6
1.123,3 872,6 650,4
166,7
2005
2006
2007
2008
2009
2005
2006
2007
2008
2009
Market Performance
o indicador encerrou o ano com valorizao de 82,7%, a maior alta dentre os principais mercados de renda varivel do mundo. A elevao expressiva do ndice se deveu, principalmente, ao bem-sucedido desempenho dos fundamentos da economia brasileira, melhora do ambiente externo diante da crise financeira global e s perspectivas positivas para a economia local. Ainda no segmento Bovespa, foi relevante o aumento do nmero mdio de negcios realizados ao longo do ano, que ficou em 332 mil alta de 35,6% em relao a 2008. Essa tendncia de crescimento atingiu o pico no quarto trimestre, quando a mdia chegou a 392 mil negcios por dia, um recorde histrico. Apesar da retomada de preos em 2009, o nmero de investidores ativos apresentou modesta alta, de 3,1%, totalizando 575,7 mil contas sob custdia, contra 558,6 mil do ano anterior. Observando-se um perodo mais longo, de cinco anos, a taxa mdia de crescimento anual foi de 36,3%. As aes sob guarda, por sua vez, atingiram R$ 872,6 bilhes em dezembro de 2009. O valor 34,2% superior ao do ano anterior, refletindo a recuperao dos preos dos papis. O emprstimo de aes tambm mostrou uma retomada da dinmica positiva ao longo de 2009, quando o volume dos contratos em aberto ao fim do ano foram 127,6% superiores aos registrados em 2008. Na comparao trimestral, houve queda de 4% no quarto trimestre, em relao aos trs meses anteriores.
the year with a valuation of 82.7%, the highest among the major equities markets in the world. This expressive increase was mainly due to a successful performance of the Brazilian economy, an improvement in the foreign environment in the global financial crisis, and the positive outlook for the local economy. Still in the Bovespa segment, a considerable increase in the average number of transactions throughout the year was observed, totaling 332,000 - representing a 35.6% increase over 2008. This growth trend reached its peak in the fourth quarter, when the average number of transactions per day peaked at 392, 000, setting a historic record. Despite the recovery of prices in 2009, the number of active investors showed only a modest increase of 3.1%, totaling 575,700 accounts under custody, compared to 558,600 in the previous year. When considering a longer period of time, of five years, the average annual growth rate of 36.3% was achieved. Securities under custody topped R$ 872.6 billion in December 2009. This total is 34.2% greater than the previous year, reflecting a recovery in the price of the equities. Securities lending also demonstrated a recovery of the positive dynamics throughout 2009, when the volume of contracts in open interest at the end of the year was 127.6% greater than the volume registered in 2008. In the quarterly analysis, there was a reduction of 4% in the fourth quarter compared to the previous quarter.
segmento bovespa emprstimos de ttulos (btc)

BOVESPA Segment Securities Lending Program (BTC)
CONTRATOS EM ABERTO
47,4
23,7
52,3
59,3
20 15
48,2
53,9
58,6
63,8
61,1
80 60 40
13,9
4,3
22,6
7,2
15,8 6,9
10 5
16,5 12,8 6,9 9,8
15,8
20 0
2005
2006
2007
2008
2009
4t08
1t09
2t09
3t09
4t09
COntRAtOS EM ABERtO (R$ bilhes) OPEN INTEREST (r$ billions)
MdiA MEnSAl dE nEgCiOS (milhares) MONTHLy AVERAGE OF TRADES (thousands)
NMERO DE NEGCIOS
NuMBER OF TRADES
OPEN INTEREST
25
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HOME BROKER
A retomada do mercado tambm se refletiu nas negociaes pela internet. O Home Broker avanou tanto em volume financeiro como em nmero de transaes e ofertas. Em 2009, o volume mdio dirio cresceu 43,5%, passando de R$ 1,3 bilho para R$ 1,9 bilho. A mdia diria do nmero de negcios subiu 45%, de 138.621 operaes para 201.046. J a mdia diria de ofertas aumentou 50,8%, passando de 245.948 para 370.959. A participao do Home Broker em 2009 foi de 18% no volume e 30,2% nos negcios. quando comparada a 2008, essa fatia (12% e 28,3%, respectivamente) evidencia o bom desempenho das negociaes nesse sistema.
HOME BROKER
Recovery of the market was also positively reflected on the number of trades through the Internet. Home Broker grew in both financial volume and number of transactions and offerings. In 2009, the average daily volume grew by 43.5% increasing from R$ 1.3 billion to R$ 1.9 billion. The average daily number of trades grew by 45.0%, going from 138,621 transactions to 201,046. The daily average for offerings increased by 50.8%, increasing from 245,948 to 370,959. The share of Home Broker in 2009 was 18.0 % in volume and 30.2% of trades. When compared to 2008, this share (12.0% and 28.3% respectively) indicates a good performance of trades through this system.
segmento bovespa participao dos investidores no Volume negociado

BOVESPA Segment Participation of Investors in Volume Traded
0,3% 2,3% 25,4% 11,7%
0,1% 2,2% 24,6%
0,2% 10,4% 2,2% 23% 10,4% 26,8%
0,1% 2,8%
7,8%
0,1% 2,2% 30,5%
7,4%
32,8% 27,5%
35,5% 27,2% 29,8%
34,5% 27,1%
35,3%
34,2%
25,7%
2005
0,2% 3,4% 31,1% 5,8% 33,5%
2006
0% 2% 6,5% 30,4%
2007
0% 2,4% 5,8% 30,4%
2008
0,1% 2,1% 6,5% 29,1%
2009
0,1% 2,1% 9,8%
35,5% 24% 23,6%
34,3% 36,6% 24,7% 26,3%
34,6% 27,3%
31,6%
4t08
PESSOAS FSiCAS INDIVIDuALS
1t09
inStituCiOnAl INSTITuTIONAL EStRAngEiRO FOREIGN INVESTOR
2t09
inStituiO FinAnCEiRA FINANC. INST.
3t09
EMPRESAS COMPANIES
4t09
OutROS OTHERS
Market Performance
segmento bovespa Fluxo de investimento estrangeiro (R$ bilhes)

BOVESPA Segment Flow of Foreign Investments (R$ billions)
43,2
16 1,3
13,3
12,6
(15,4)
(6,3)
2008
2009
4t08
1t09
2t09
3t09
4t09
PG 43
segmento bovespa ofertas pblicas (R$ bilhes)

BOVESPA Segment Public Offerings (R$ billions)
70,1
14,5
46 30,4 8,8
4,3 4,5
34,3
55,6 26,8
22,2
13,9
8,5 5,4
15,1 15,4
23,8 7,5
2004
2005
2006
2007
2008
2009
ABERtuRA dE CAPitAl IPOs
OFERtAS SuBSEquEntES FOLLOW-ONS
PRESENA DO INVESTIDOR
Apesar dos temores quanto a um possvel recrudescimento da crise durante 2009, o mercado brasileiro registrou movimento indito: o aumento da presena do investidor pessoa fsica, que encerrou o ano respondendo por 30,5% do volume total negociado. Tambm mereceram destaque os investidores estrangeiros, que perceberam no Brasil um destino seguro e rentvel para os seus investimentos, enquanto a crise ainda afetava mercados acionrios mais tradicionais. O fluxo de investimento estrangeiro encerrou o ano positivo em R$ 43,2 bilhes, considerando as operaes de compra e venda no mercado secundrio e a participao em ofertas pblicas de aes. Na comparao trimestral, percebe-se fortalecimento do saldo positivo, a partir do segundo trimestre, quando o volume atingiu o pico de R$ 16 bilhes. Essa dinmica expressa a retomada da confiana do investidor externo no mercado brasileiro e suas perspectivas para os prximos anos.
PRESENCE OF THE INVESTOR

Despite initial fears of a possible strengthening of the crisis throughout 2009, the Brazilian market registered an unprecedented movement: the increase in the number of individual investors, which closed the year accounting for 30.5% of the volume traded. Special notice should be given to foreign investors, who perceived Brazil as a safe - and profitable -destination for their investments, while the crisis was still affecting the more traditional stock markets. The flow of foreign investment closed the year with a balance of R$43.2 billion, considering the transactions in the secondary market and participation in public offerings. In the comparison of quarters, a strong increase could be perceived, starting in the second quarter, when the volume peaked at R$16 billion. This dynamic demonstrates the recovery of confidence of foreign investors with the Brazilian market and its perspectives for the coming years.
PuBLIC OFFERINGS
The economic scenario did not keep Brazilian companies from looking to the stock market as an alternative for obtaining resources to finance the expansion of their operations. The year 2009, which began with a negative outlook for this type of operation, ended with the second largest volume of capital funding in history.
OFERTAS PBLICAS
O ambiente econmico no impediu que empresas brasileiras buscassem no mercado de aes uma alternativa de captao de recursos para financiar a expanso de suas operaes. O ano de 2009, que apresentava perspectiva negativa para esse tipo de operao, acabou alcanando o segundo maior volume de captaes da histria.
Market Performance
segmento bovespa empresas listadas nos segmentos de Governana corporativa

BOVESPA Segment Companies Listed in the Corporate Governance Segments
156
44
160
43 18
159
35 19
94 47
33 2 7 7
20
65
37 10 18
36 14 44 92 99 105
29 19
19 3 24 2 3
36
31
2001
2002
2003
2004
2005
2006
nVEl 1 LEVEL 1
2007
2008
nVEl 2 LEVEL 2
2009
nOVO MERCAdO NOVO MERCADO SEGMENT
No total, foram captados R$ 46 bilhes, sendo R$ 23,8 bilhes por meio de operaes de IPO (6 ofertas) e R$ 22,2 bilhes em ofertas subsequentes (18 ofertas) realizadas por empresas j listadas. No ano, o mercado brasileiro ocupou a 7a posio entre os mais ativos do mundo. quando consideradas apenas as aberturas de capital, o Pas passa a ocupar a 4a posio. Das seis empresas que abriram capital em 2009, cinco listaram-se no Novo Mercado, segmento diferenciado de listagem em que as companhias se comprometem, voluntariamente, com a adoo de prticas adicionais de governana corporativa em relao ao que exigido pela legislao. Ao fim de 2009, havia 159 empresas listadas nos Nveis Diferenciados de Governana Corporativa, sendo 105 no Novo Mercado, 19 no Nvel 2 e 35 no Nvel 1. O destaque do ano ficou por conta da operao de abertura de capital do Banco Santander, que captou R$ 14,1 bilhes o maior IPO j realizado no mercado brasileiro e o principal lanamento de aes feito no mundo em 2009. A operao no apenas demonstrou o vigor da economia brasileira, como tambm inaugurou o lanamento simultneo de aes no Brasil em Nova York, alm da unificao das datas para o incio da negociao no mercado secundrio, estipulada em D+4, para evitar a arbitragem entre os papis listados aqui e no mercado norte-americano.
In total, R$ 46 billion were raised, being R$ 23.8 billion through 6 IPOs and R$ 22.2 billion through 18 follow-ons (companies already listed). In 2009, the Brazilian market ranked seventh among the most active in the world. When considering only IPOs, the country ranked fourth. Of the six companies that held IPOs in 2009, five were listed in the Novo Mercado, the differentiated segment for listing of companies which voluntarily commit to adopting additional corporate governance practices, aside from those demanded by the legislation. At the end of 2009, there were 159 companies listed in the Differentiated Levels of Corporate Governance, of which 105 were listed in the Novo Mercado, 19 at Level 2, and 35 at Level 1. The years highlight was the IPO for Banco Santander, which attracted R$14.1 billion - the largest IPO ever in the Brazilian market, and the largest issuance of shares in the world in 2009. In addition to demonstrating the vigor of the Brazilian economy, the operation inaugurated the simultaneous launching of shares in Brazil and New york, as well as the unification of dates for the beginning of trading in the secondary market, scheduled for T+4, in order to avoid arbitrage between the equities listed here and those listed in the North American market.
PG 45
SEGMENTO BM&F
Diferentemente do segmento Bovespa, as operaes no mercado futuro foram afetadas ao longo de todo o ano, por conta da reduo no apetite por risco dos investidores externos e da desalavancagem observada nessa categoria de aplicadores. O volume de contratos negociados, em 2009, ficou em 1,52 milho, 3,3% inferior mdia verificada em 2008. Essa reduo deveu-se, principalmente, diminuio de 16,4% e 8,7% nos volumes negociados nos contratos de taxas de cmbio e de ndices de preos de aes, respectivamente. Essa queda foi parcialmente compensada pela alta de 7% no volume de contratos de taxa de juro em reais, cuja mdia diria passou de 788,7 mil para 843,5 mil, respondendo por 85% dos volumes transacionados em 2009. Os minicontratos negociados via WebTrading totalizaram 12,98 milhes em 2009, ante 10,08 milhes no ano anterior. O mercado futuro de Ibovespa mini transacionou 12,37 milhes de contratos, contra 9,92 milhes em 2008. J os mnis de dlar somaram 573,8 mil em 2009 no ano anterior, esse nmero atingiu 147,4 mil. Os minicontratos futuros encerraram dezembro com 11.125 posies em aberto, ante 23.035 em novembro.
BM&F SEGMENT
Differently from the Bovespa segment, transactions in the futures market were affected throughout the entire year, as result of the reduction in the appetite for risk by foreign investors and the deleveraging observed in this category of investors. The number of contracts in 2009 reached 1.52 million, representing a 3.3% reduction compared to the average registered in 2008. This reduction was due mainly to a 16.4% and 8.7% reduction in the volume of exchange contracts and share price indices, respectively. This reduction was partially offset by the increase by 7% in the volume of interest rate contracts in reais, whose daily average jumped from 788,700 to 843, 500, corresponding to 85% of the volumes traded in 2009. Mini contracts traded via WebTrading totaled 12.98 million in 2009, compared to 10.08 million last year. Ibovespa futures traded 12.37 million contracts, compared to 9.92 million in 2008. Mini contracts in dollars totaled 573,800 in 2009 - in the previous year, this number reached 147,400. Mini contracts futures closed December with 11,125 positions in open interest, compared to 23,035 in November.
segmento bm&F Volume mdio dirio e Receita por contrato (Rpc)

BM&F Segment Daily Average Volume and Revenues per Contract (RPC)
1,789
2,5 2,0 1,5 1,0 0,5
1,467 1,247 1,224
1,522
1,8
1,345 1,389 1,391 1,333
1,365
1,5 1,2 0,9
1,2
1,5
1,6
1,4
1,6
0,6 0,3
0,8
1,2
1,7
1,6
1,5
2005
2006
2007
2008
2009
4t08
1t09
2t09
RPC (R$)
3t09
4t09
MdiA diRiA (MilhES DE CONtRAtOS) DAILy AVERAGE ( MILLION OF CONTRACTS)
Market Performance
A comparao entre as operaes realizadas no segundo semestre de 2009 com aquelas dos primeiros seis meses do ano no permitiu confirmar uma tendncia de retomada do crescimento dos volumes. Porm, quando comparado o quarto trimestre de 2009 com o mesmo perodo do ano anterior, observa-se aumento de 26,1%. Embora esse nmero seja expressivo, o patamar dos volumes do encerramento do exerccio passado ainda se situa abaixo daqueles verificados em 2007 e no incio de 2008. No perodo entre 2005 e 2009, tambm ficou claro o aumento da presena do investidor estrangeiro nos mercados derivativos da BM&FBOVESPA, o que demonstra o ganho de importncia e o desenvolvimento desse segmento. A participao dos aplicadores externos saltou de 12%, em 2005, para 20% em 2009.
A comparison between the transactions in the second half of 2009, and the first half of the year, did not allow the confirmation of a trend to recover the growth in volumes. Nevertheless, comparing the fourth quarter of 2009 with the same period in the previous year, there was an increase by 26.1%. Even though this is an expressive number, the level of volumes in the closing of the last fiscal period is still below the level observed in 2007 and beginning of 2008. In the period between 2005 and 2009, the increase in the number of foreign investors was also clear for the derivatives market of BM&FBOVESPA, which demonstrates the importance and the development of the segment. Share of foreign investors jumped from 12% in 2005 to 20% in 2009.
segmento bm&F participao dos investidores no Volume negociado BM&F Segment Participation of Investors in Volume Traded
2% 56%
7% 12% 51%
2% 7% 15% 49%
2%
9% 17%
3%
8% 19%
3% 45%
8%
20% 48%
24%
25%
23%
23%
24%
2005
2006
2007
2008
2009
3% 44%
9% 48% 21%
3%
9% 19%
3% 8% 44%
2% 8% 20% 44%
2%
7%
19%
22%
46% 22% 21% 24% 26% 25%
4t08
OutROS OTHERS
1t09
PESSOA FSiCA INDIVIDuALS
2t09
EStRAngEiRO FOREIGN INVESTOR inStituCiOnAl INSTITuTIONAL
3t09
inStituiO FinAnCEiRA FINANC. INST.
4t09
PG 47
COMMODITIES
Embora o mercado de commodities agropecurias venha registrando crescimento significativo nos ltimos anos, em 2009 tambm foi afetado diretamente pelo processo de desalavancagem pelo qual passaram os investidores. Sob esse aspecto, os contratos mais afetados foram o de caf, que registrou queda de volume da ordem de 37,6%, em relao a 2008, e o de boi gordo, cuja reduo foi de 48% aps atingir o pico histrico de 6,9 mil contratos por dia em 2008. Em 2009, o destaque positivo ficou por conta dos contratos de milho, cuja mdia diria de 2 mil contratos registrada no quarto trimestre do ano foi 71,4% superior quela verificada no mesmo perodo do ano anterior e 38,3% acima do patamar de negociao do terceiro trimestre do ano. Esse desempenho expressivo deve-se, em boa parte, ao lanamento do contrato de milho com liquidao financeira em setembro de 2008.
COMMODITIES
Even though the market for agricultural commodities has presented significant growth in the past years, in 2009 it was directly affected by the deleveraging process undergone by investors. In this sense, the contracts affected most were coffee, which registered a drop of approximately 37.6%, compared to 2008, and live cattle, with a reduction of 48% - after reaching a historic peak of 6,900 contracts per day in 2008. In 2009, the positive highlight came from corn contracts, with a daily average of 2,000 contracts registered in the fourth quarter of the year, representing an increase of 71.4% over the same period in the previous year, and 38.3% above the level for the third quarter of the year. This significant performance is mostly due to the launching of the corn contract with financial settlement in September 2008.
segmento bm&F commodities (mdia diria de negociao em milhares de contratos)

BM&F Segment Commodities (daily average of trades in thousands of contracts)
1,3 1,7 1,1 0,9 0,6 0,4 0,7 2,0 1,3 2,3 1,6 3,8 1,1 3,3 6,9 3,6 3,4 0,9 1,1 0,7 1,2 2,7 5,9 2,6 0,9 0,7 2,2 3,8 0,9 0,8 2,8 2,8 0,4 0,8 2,6 3,5 4,3 0,5 2,0 2,9
2005
2006
2007
BOi gORdO LIVE CATTLE
2008
2009
CAF COFFEE
4t08
MilHO CORN
1t09
2t09
3t09
OutROS OTHERS
4t09
Market Performance
CMBIO A VISTA
A retrao global, aliada desvalorizao da taxa cambial experimentada em 2009, tambm afetou diretamente o mercado de cmbio a vista, que registrou queda da ordem de 17,2%, em relao a 2008. O total negociado foi de R$ 638 milhes.
SPOT FX CONTRACTS
The global economic downturn, associated with the currency devaluation observed in 2009, also affected directly the Spot FX market, which registered a reduction of 17.2% in relation to 2008. The total traded was R$ 638 million.
segmento bm&F cmbio a Vista (volume liquidado em R$ bilhes) BM&F Segment Spot FX (volume settled in R$ billions)
361
441
705
771
638
2005
2006
2007
2008
2009
segmento bm&F evoluo do dma (milhares de contratos) BM&F Segment DMA Performance (thousands of contracts)
600 500 400 300 200 100
82 3% 161 6,4% 11 227 6,8% 6,9% 14 32 199 190 10,1% 7,7% 4 7,8% 53 45 195 47 48 70 195 12,4% 11,3% 58 85 195 195 65 155 100 122 195 15,1% 12 15 15,2% 13,1% 13 114 107
16% 12% 8% 4%
177
177
0%
Jan 09 Jan 09
Fev 09 feb 09
Mar 09 mar 09
Abr 09 apr 09
Mai 09 may 09
Jun 09 Jun 09
Jul 09 Jul 09
Ago 09 aug 09
Set 09 sept 09
Out 09 oct 09
Nov 09 nov 09
Dez 09 dec 09
dMA tRAdiCiOnAl TRADITIONAL DMA
CME glOBEx CME GLOBEX
dMA ViA PROVEdOR DMA VIA A PROVIDER
COlOCAtiOn CO LOCATION
% nO VOluME tOtAl % IN OVERALL VOLuME
PG 49
O volume negociado por meio das diferentes alternativas de Acesso Direto ao Mercado (DMA) tem apresentado crescimento ao longo dos ltimos meses, alcanando participao de 15,2% no total negociado em novembro de 2009 e encerrando o ano em 13,1%. Tambm j possvel verificar fluxo de negociao via Co-location. Tal evoluo demonstra o aumento da sofisticao dos investidores, principalmente aqueles classificados como de alta frequncia.
The volume traded through the different alternatives of Direct Market Access (DMA) has shown growth in the last months, reaching a share of 15.2% of the total traded in November 2009 and closing the year at 13.1%. It was also possible to observe the flow of transactions via co-location. This development shows an increase in the sophistication of investors, mainly those classified as high frequency.
segmento bm&F Roteamento cme Globex (milhares de contratos)

BM&F Segment CME Order Routing GLOBEX (thousands of contracts)
180 150 120 90 60 30 0

0,3% 12 0,4% 14 4 1,1% 10 23 1,2% 11 10 23 2,1% 13 12 33 2,5% 19 14 36 2,8% 31 22 31
4,7% 4,2% 51 40 49 37 30 51 43 33 43 3,4%
5% 4,5% 4% 3,5% 3% 2,5% 2% 1,5% 1% 0,5% 0%
Mar 09 mar 09
Abr 09 apr 09
CMBiO FX
Mai 09 may 09
Jun 09 Jun 09
ndiCE INDEX
Jul 09 Jul 09
Ago 09 aug 09
Set 09 sept 09
Out 09 oct 09
Nov 09 nov 09
Dez 09 dec 09
MiniCOntRAtOS MINI CONTRACTS
segmento bm&F investidores de alta Frequncia (milhares de contratos) BM&F Segment High Frequency Investors (thousands of contracts)
200 180 160 140 120 100 80 60 40 20 0
6% 5,1% 3,8% 59 50 36 18 17 46 27 45 64 58 41 46 49 34 38 4,2%
7% 6% 5% 4% 3% 2% 1% 0
1,2% 7 0,1% 3 0,2% 5 4 0,4% 11 0,5% 14 2 23 4
1,2% 11 11 23
3,1% 2% 12 12 31
Jan 09 Jan 09
Fev 09 feb 09
CMBiO FX
Mar 09 mar 09
Abr 09 apr 09
Mai 09 may 09
ndiCE INDEX
Jun 09 Jun 09
Jul 09 Jul 09
Ago 09 aug 09
Set 09 sept 09
Out 09 oct 09
Nov 09 nov 09
Dez 09 dec 09
MiniCOntRAtOS MINI CONTRACTS
Resumo Operacional e Financeiro

Efeitos da crise
Resultados financeiros sofreram pequenas quedas por conta da conjuntura econmica
RECEITAS
A retomada dos volumes ao longo do ano no segmento Bovespa no impediu que o resultado da companhia casse em relao ao ano anterior, quando os mercados exibiram uma dinmica bastante positiva no primeiro semestre. Em 2009, a BM&FBOVESPA apresentou receita operacional bruta de R$ 1.672,9 milhes, queda de 6,2% em comparao aos R$ 1.783,4 milhes de 2008. A negociao e a liquidao dos mercados de renda varivel e renda fixa do segmento Bovespa responderam por 50,8% do total arrecadado, o que corresponde a R$ 849,2 milhes queda de 5,1% em relao a 2008. A reduo, entretanto, foi acompanhada da retomada dos volumes, que se consolidou
So Paulo, BR
BM&FBOVESPA
Operating and Financial Summary

PG 51 PG 27
Effects of the crisis

Financial results posted small losses as a result of the economic scenario
REVENuES
The recovery of volume throughout the year in the Bovespa segment did not prevent the results from dropping in comparison with the previous year, when the markets demonstrated a very positive performance in the first half of the year. In 2009, BM&FBOVESPA presented gross operating revenues of R$ 1,672.9 million, representing a reduction of 6.2% compared to the R$ 1,783.4 million in 2008. Trading and settlement in the equities and fixed income markets of the Bovespa segment accounted for 50.8% of the total, corresponding to R$ 849.2 million - a 5.1% reduction compared to 2008. This reduction, nevertheless, was followed by a recovery in volumes, consolidated in the second half of the year, when
2009
BVMF3 x iBOV
109,9% 82,7%
BVMF3
iBOV

no segundo semestre, quando as receitas de negociao e liquidao cresceram 34,5% em comparao ao perodo anterior. No segmento BM&F, a reduo foi de 13,8%, totalizando receita operacional bruta de R$ 537,1 milhes, ou 32,1% do total. O declnio reflete a diminuio da Receita Mdia por Contrato (RPC) em 10,6% e a queda de 3,3% nos volumes negociados. As demais receitas da companhia atingiram R$ 286,7 milhes, aumento de 7,8% em relao ao ano anterior. Dentre elas, destaca-se o crescimento de 32,8% na receita de listagem de valores mobilirios, em decorrncia da mudana nos preos e do fim dos descontos para empresas listadas nos Nveis Diferenciados de Governana Corporativa. Tambm foi relevante o aumento nas receitas de depositria, custdia e back office, de 12,3%, por conta da mudana na poltica de preos que estabeleceu uma taxa adicional baseada no valor de custdia dos investidores residentes com mais de R$ 300 mil. Na venda de sinais de difuso tambm houve incremento, de 33,1% em relao a 2008, totalizando R$ 57,7 milhes. Por fim, registrou-se queda de 32% nos emprstimos de valores mobilirios, atividade muito afetada no primeiro semestre por conta das difceis condies do mercado.
the revenues from trading and settlement presented a 34.5% increase compared to the previous year. In the BM&F segment, the reduction was of 13.8%, totaling a gross operating revenue of R$537.1 million, or 32.1% of the total. This drop reflects the reduction of the Average Revenue per Contract (RPC) of 10.6% and a decline of 3.3% in the volumes traded. Other company revenues reached R$ 286.7 million, a 7.8% increase compared to the previous year. Among these revenues, notice should be given to the 32.8% growth in revenues from listing of marketable securities, resulting from changing in prices and the interruption of discounts for companies listed in the Differentiated Levels of Corporate Governance. Also noteworthy was the increase by 12.3% in the revenues from depository, custody and back office, as a result of the changes in the pricing policy which established an additional fee based on the value of the custody for residents in excess of R$ 300,000. In the marketing of signal data, an increase of 33.1% was also noticed in comparison with 2008, totaling R$ 57.7 million. Finally, a drop of 32% in loans of marketable securities was observed, since this activity was greatly affected in the first half of the year due to difficult market conditions.
Resumo Financeiro consolidado (em R$ milhares) Resultado financeiro Financial summary Receitas financeiras Financial Income Despesas financeiras Financial expenses
Financial Summary (R$ thousand) 253.862 289.686 (35.824) 1.186.574 (304.505) (1.019) 881.050 957.108
Resultado antes da tributao sobre o lucro Net income before taxation Imposto de renda e contribuio social Income tax and social contribution Participao minoritria Minority interest Lucro lquido Net income Ebitda EBITDA
PG 53
DesPesas
O declnio nas receitas da companhia foi acompanhado por um ajuste nas despesas, que resultou na diminuio de 21,3% em relao a 2008, para R$ 569,8 milhes, permitindo o aumento do lucro no ano. Parte dessa reduo veio do processo de integrao entre as duas bolsas e das sinergias decorrentes. o caso dos gastos com processamentos de dados, que caram 27,4%, para R$ 102,6 milhes. Da mesma forma, a queda de 37,8% nos gastos com promoo e divulgao, para R$ 19,6 milhes, tambm reflete a captura de sinergias. Por outro lado, houve aumento de 17,2% das despesas de pessoal, passando de R$ 247,3 milhes em 2008 para R$ 289,8 milhes em 2009, principalmente por conta do efeito gerado pelo plano de opo de compra de aes para os funcionrios, no valor de R$ 59,6 milhes, e dos desligamentos ocorridos no processo de integrao das bolsas, com custo de R$ 18 milhes no primeiro trimestre do ano.
EXPENSES
The reduction in company revenues was followed by an adjustment in the level of expenses, resulting in a 21.3% reduction compared to 2008, totaling R$ 569.8 million, allowing for an increase in the earnings for the year. Part of this reduction was made possible by the integration of the two exchanges and the resulting synergies. An example of this was data processing, with a 27.4% reduction, at R$ 102.6 million. Similarly, a 37.8% reduction in expenditures with promotion and communication, down to R$ 19.6 million, also reflects the capture of synergies. On the other hand, there was an increase by 17.2% with expenses with personnel, jumping from R$ 247.3 million in 2008 to R$ 289.8 million in 2009, mostly due to the effect generated by the stock option plan for employees, totaling R$ 59.6 million, and terminations that occurred during the integration process of the two exchanges, with a cost of R$18.0 million in the first quarter.
Resumo operacional (em R$ milhares)
Operating summary (R$ thousand) 1.672.894 552.492 516.052 20.849 155 7.146 8.290 1.032.201 617.000 232.166 32.989 39.549 70.231 40.266 88.201 57.691 4.304 26.206 (170.350) (150.786) (19.564) 1.502.544 (569.832)
Receita operacional bruta Gross operating revenues sistema de negociao e/ou liquidao segmento bm&F Trading and/or settlement system BM&F segment Derivativos Derivatives Cmbio Foreign Exchange Ativos Securities Bolsa Brasileira de Mercadorias Brazilian Commodities Exchange Banco BM&F BM&F Settlement Bank sistema de negociao e/ou liquidao segmento bovespa Trading and/or settlement system BOVESPA segment Negociao emolumentos de prego Negotiation trading fees Transaes compensao e liquidao Transactions clearing and settlement Emprstimos de valores mobilirios Loans of marketable securities Listagem de valores mobilirios Listing of marketable securities Depositria, custdia e back office Depository, custody and back office Acesso dos participantes de negociao Trading participant access outras receitas operacionais Other operating revenues Vendors cotaes e informaes de mercado Market data Taxa de classificao de mercadorias Commodity classification fee Outros Others dedues da receita Deductions of revenue PIS e cofins PIS and Cofins taxes Impostos sobre servios Taxes on services Receita operacional lquida Net operating revenue despesas operacionais Operating expenses

As despesas com comunicao tambm aumentaram. O crescimento foi de 25,1%, passando de R$ 18,7 milhes em 2008 para R$ 23,4 milhes em 2009, em decorrncia da elevao no nmero de negcios realizados e, consequentemente, no envio dos avisos de negociao.
Expenses with communication also increased. This increase of 25.1%, over the 2008 total of R$18.7 million, reaching R$ 23.4 million in 2009, was due to the growth in the number of transactions carried out, and consequently, the submission of transaction notifications.
LUCRO LqUIDO E EBITDA

Em 2009, a BM&FBOVESPA registrou lucro lquido de R$ 881,1 milhes, alta de 36,5% em relao a 2008. O desempenho positivo foi resultado da diminuio das despesas j mencionadas e outras, que incidiram apenas sobre o exerccio anterior. O crescimento tambm se repetiu no Ebitda, que passou de R$ 913,5 milhes, em 2008, para R$ 975,1 milhes elevao de 6,7%. A margem Ebitda tambm experimentou aumento, de 57% para 64,9%, entre os dois exerccios.
NET INCOME AND EBTIDA

In 2009, BM&FBOVESPA posted a net income of R$ 881.1 million, representing an increase of 36.5% compared to 2008. This positive performance was a result in the decrease in expenses previously mentioned and others, which were levied upon the previous fiscal year. This increase was also observed in the EBTIDA, going from R$ 913.5 million in 2008, to R$ 975.1 million - an increase of 6.7%. EBTIDA margin also grew from 57% to 64.9% in the same period.
ATIVO, PASSIVO E PATRIMNIO LqUIDO

A BM&FBOVESPA chegou ao fim de 2009 com ativos totais da ordem de R$ 21.201,2 milhes, dos quais 15,3% corresponderam a disponibilidades e aplicaes financeiras. O ativo no circulante representava 86,9% do total, sendo a principal conta o intangvel, de R$ 16.117,9 milhes, seguido por investimentos de R$ 1.319,4 milho. J em relao ao passivo total, 5,5% estavam representados pelo passivo circulante, que somava R$ 1.162,1 milho no fim do ano. O passvel exigvel no longo prazo, por sua vez, somou R$ 313 milhes, o que corresponde a 1,5% do total.
ASSETS, LIABILITIES AND SHAREHOLDERS EquITy

BM&FBOVESPA closed 2009 with assets totaling R$21,201.2 million, of which 15.3% correspond to cash and cash equivalents and financial investments. Non-current assets represented 86.9% of the total, with intangible assets representing the main account with R$ 16,117.9 million, followed by investments with R$ 1,319.4 million. In terms of total liabilities, 5.5% were represented by the current liabilities, totaling R$ 1,162.1 million at the end of the year. Long-term liabilities totaled R$ 313 million, corresponding to 1.5% of the total.
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Em dezembro de 2009, o patrimnio lquido da companhia alcanou R$ 19.709,7 milhes, composto por capital social de R$ 2.540,2 milhes (12,9%), reserva de capital de R$ 16.666,5 milhes (84,6%), reserva de reavaliao de R$ 23,6 milhes (0,1%), reservas estatutrias de R$ 706,1 milhes (3,6%), reserva legal de R$ 3,5 milhes (0,02%) e, por fim, conta redutora de aes em Tesouraria, resultado do programa de recompra de aes, de R$ 230,1 milhes.
In December 2009, the company shareholders equity reached R$ 19,709.7 million, comprised of social capital of R$ 2,540.2 million (12.9%), capital reserves of R$ 16,666.5 million (84.6%), revaluation reserves of R$ 23.6 million (0.1%), statutory reserves of R$ 706.1 million (3.6%), legal reserves of R$ 3.5 million (0.02%), and finally, Treasury stocks, resulting from the repurchase program, of R$ 230.1 million.
RESULTADO FINANCEIRO
Em 2009, o resultado financeiro alcanou R$ 253,9 milhes, decorrentes de R$ 289,7 milhes em receitas financeiras, 20,6% inferior a 2008, o que reflete a queda na taxa de juro mdia que remunera as aplicaes financeiras e de R$ 35,8 milhes em despesas, 39,2% inferior a 2008. A base das receitas financeiras a remunerao do caixa gerido pela BM&FBOVESPA, que chegou a R$ 3,2 bilhes no fim do ano. J as despesas financeiras so compostas pela variao cambial sobre contas bancrias administradas no exterior e gastos envolvendo servios de liquidao e custdia utilizados pelo Banco BM&F.
FINANCIAL INCOME
In 2009, the financial income totaled R$ 253.9 million, resulting from R$ 289.7 million in financial revenues, 20.6% lower than 2008, reflecting the decrease in the average interest rate that remunerate financial investments; and R$ 35.8 million in expenses, 39.2% below 2008. The basis for the financial income is the cash remuneration generated by BM&FBOVESPA, which reached R$ 3.2 billion at the end of the year. Financial expenses are comprised of the exchange variation on the bank accounts abroad and the expenses involving the settlement and custody services used by the BM&F Bank.
INTEGRAO E SINERGIAS
Em 2009, a BM&FBOVESPA evoluiu fortemente no processo de integrao, iniciado em maio do ano anterior, o que trouxe benefcios oriundos das sinergias geradas pela associao. Com a integrao, o Brasil passou a contar com a terceira maior bolsa do mundo em capitalizao de mercado com base na cotao de 29 de janeiro de 2010, sendo superada apenas pelo CME Group, no qual a Bolsa detm participao de 5%, e pela bolsa de Hong Kong. Alm disso, tornou-se uma das bolsas mais completas do mundo em termos de produtos e servios ofertados ao mercado.
INTEGRATION AND SyNERGIES

In 2009, BM&FBOVESPA had strong development with the integration process, initiated in May of the previous year, which brought benefits from the synergies generated by the association. With the integration, Brazil now holds the third largest exchange in the world in terms of market capitalization - based on the January 29, 2010 rate, ranking behind the CME Group, of which BM&FBOVESPA detains 5% interest, and the Hong Kong exchange. Additionally, it became one of the most complete exchanges in the world in terms of products and services provided to the market.

A captura das sinergias resultantes da eliminao de atividades comuns das duas empresas foi praticamente concluda no primeiro semestre de 2009. Como resultado, a BM&FBOVESPA reduziu o quadro de pessoal de 1.828 funcionrios e terceiros, em maio de 2008, para 1.306, ao fim de 2009, diminuio de 28,5%. Essa reduo, aliada s melhorias na composio de custos de tecnologia, administrativos e de marketing, levou queda de 20,9% nas despesas recorrentes, entre 2007 e 2009. Sem as sinergias, as despesas recorrentes ajustadas seriam de R$ 564,5 milhes em 2009, nmero que ficou em R$ 446,7 milhes.
Capturing the resulting synergies in the elimination of activities common to both companies was practically completed in the first half of 2009. As a result, BM&FBOVESPA reduced its headcount from 1,828 employees and contractors, in May 2008, to 1,306 at the end of 2009, representing a reduction of 28.5%. This reduction, associated with the improvements in the cost of technology, administration and marketing, led to a 20.9% reduction in recurring expenses between 2007 and 2009. Without these synergies, recurring expenses - adjusted - would total R$ 564.5 million in 2009, a number that in fact was R$ 446.7 million.
DESEMPENHO DA AO
quarta mais negociada do mercado brasileiro em 2009, a ao BVMF3 experimentou valorizao de 109,9% no ano, contra 82,7% do Ibovespa. A mdia diria de negociao foi de R$ 160,8 milhes e 9,5 mil negcios. J o turnover velocity giro das aes nas mos dos investidores foi de 188,2%, um dos mais altos do mercado.
SHARE VALuE
Fourth most traded share in the Brazilian market in 2009, BVMF3 had a 109.9% valuation in the year, compared to the 82.7% of the Ibovespa index. The daily average trade was R$ 160.8 million and 9.5 thousand trades. Turnover velocity - the turnover rate in the hands of investors - was 188.2%, one of the highest in the market.
DEMONSTRAO DE VALOR ADICIONADO

A BM&FBOVESPA ampliou significativamente em 2009 sua capacidade de gerar e distribuir riqueza para seus diversos pblicos de relacionamento, com destaque para o pblico interno, como indica a Demonstrao de Valor Adicionado (DVA).
VALuE ADDED STATEMENT

BM&FBOVESPA significantly expanded in 2009 its capacity to generate and distribute wealth to the various publics, especially the internal public, as demonstrated by the Value Added Statement (Demonstrao de Valor Adicionado - DVA).
evoluo bVmF3 mdias dirias de negociao

BVMF3 Performance Daily Average of Trades
200 150 100 50
12 9 6 3
Jan 09 Jan 09
Fev 09 feb 09
Mar 09 mar 09
Abr 09 apr 09
Mai 09 may 09
Jun 09 Jun 09
Jul 09 Jul 09
Ago 09 aug 09
Set 09 sept 09
Out 09 oct 09
Nov 09 nov 09
Dez 09 dec 09
VOluME (R$ MilhES) VOLuME (r$ millions)
n dE nEgCiOS (MilhARES) NuMBERS OF TRADES (thousands)
NMERO DE NEGCIOS (MilhARES)
NuMBER OF TRADES (thousands)
VOLUME (R$ MilhES)
VOLuME (r$ millions)
250
15
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bVmF3 x iboV evoluo em 2009 (jan/09 = 100)

BVMF3 Performance - BVMF3 x IBOV Performance in 2009 (Jan/09 = 100)
109,9%
82,7%
Jan 09 Jan 09
Fev 09 feb 09
Mar 09 mar 09
Abr 09 apr 09
iBOVESPA
Mai 09 may 09
Jun 09 Jun 09
Jul 09 Jul 09
Ago 09 aug 09
Set 09 sept 09
Out 09 oct 09
Nov 09 nov 09
Dez 09 dec 09
BVMF3
demonstrao do Valor adicionado Statment of value added Exerccios findos em 31 de dezembro de 2009 e de 2008 (em milhares de reais) year ended December 31, 2009 and 2008 (in thousands of reais) Consolidado Consolidated 2009 Acumulado Accumulated 1 Receitas Revenues Sistema de negociao e/ou liquidao Trading and/or settlement system Outras receitas operacionais Other operating revenues 2 bens e servios adquiridos de terceiros Goods and services acquired from third parties Despesas operacionais (a) Operating expenses (a) 3 Valor adicionado bruto (1-2) Gross added value (1-2) 4 Retenes Retentions Amortizao de gio Goodwill Amortization Depreciao e amortizao Depreciation and amortization 5 Valor adicionado lquido produzido pela sociedade (3-4) Net added value produced by the company (3-4) 6 Valor adicionado recebido em transferncia Added value received through transfer Receitas financeiras Financial revenues 7 Valor adicionado total a distribuir (5+6) Total added value to be distributed(5+6) 8 distribuio do valor adicionado Distribution of added value Pessoal e encargos Personnel and related charges Honorrios do conselho Board compensation Impostos, taxas e contribuies
(b)
2008 Acumulado Accumulated 1.783.358 1.689.258 94.100 425.944 425.944 1.357.414 359.561 324.421 35.140 997.853 364.859 364.859 1.362.712 1.362.712 247.349 9.219 395.743 63.238 1.567 512.762 5.401 127.433
1.672.894 1.584.693 88.201 227.024 227.024 1.445.870 42.396 42.396 1.403.474 289.686 289.686 1.693.160 1.693.160 289.806 5.252
(b)
Income Tax, taxes and contributions
477.177 38.856 1.019 457.000 20.859 403.191
Juros e aluguis (c) Interest and rents(c) Participao minoritria Minority interest Juros sobre capital prprio e dividendos Interest on own capital and dividends Prejuzo na alienao de aes em tesouraria Losses on disposal of stocks treasury Constituio de reservas Formation of reserves
(a)
Despesas operacionais (exclui pessoal, honorrios do conselho, depreciaes, locaes e impostos e taxas). (b) Inclui: impostos e taxas, PIS e Cofins, impostos sobre servios, imposto de renda e contribuio social correntes e diferidos. (c) Inclui: locaes e despesas financeiras. (a) Operating expenses (excludes personnel, board fees, depreciation, leasing and taxes and fees). (b) Includes: current and deferred taxes and fees, PIS and Cofins, service taxes, income tax and social contributions. (c) Included: leases and financial expenses.
Desenvolvimento
Investimentos constantes
Novas tecnologias tornam processamento de operaes mais rpido e seguro
EXCELNCIA TECNOLGICA A BM&FBOVESPA deu especial nfase, em 2009, aos investimentos voltados para sua infraestrutura tecnolgica, o que resultou na melhoria expressiva do acesso pelos participantes do mercado, no significativo aumento da capacidade de processamento e na reduo da latncia de tempo de processamento de ordens. Os investimentos no perodo somaram R$ 67,3 milhes e foram aplicados, principalmente, no aperfeioamento dos sistemas de negociao Mega Bolsa e GTS, na ampliao dos tipos de DMA (Direct Market Access) e na expanso da capacidade de processamento de ordens. Em 2010, o volume do investimento saltar para R$ 255,6 milhes. No segmento Bovespa, as melhorias promovidas no sistema Mega Bolsa, cuja nova verso foi lanada em maio de 2009, levaram reduo de 96% no tempo interno de processamento de dados, de cerca de 300 milissegundos, em janeiro, para 10 milissegundos no fim do ano. Trata-se de um avano importante para todos os investidores e, em especial, queles que trabalham com a emisso de grande nmero de ordens em curto espao de tempo. Ainda no mercado vista, a capacidade de processamento de negcios dobrou, partindo de 770 mil para 1,5 milho de negcios ao dia. Hoje, o acesso direto ao segmento Bovespa realizado por DMA modelo 1 ou tradicional. Nessa forma de DMA, o cliente opera no sistema Mega Bolsa por intermdio da estrutura tecnolgica da corretora. Esto previstos tambm para o segmento Bovespa mais trs formatos de DMA: via Provedor, que utiliza a infraestrutura de empresas provedoras de servios de roteamento de ordem; via Conexo Direta, no qual o investidor contrata um link direto at a Bolsa; e o Co-location, em que os participantes colocam os seus servidores dentro da infra-estrutura da Bolsa. Esses trs modelos de DMA (que no eliminam a necessidade de uma corretora intermediria) sero disponibilizados ao segmento Bovespa assim que houver a aprovao da Comisso de Valores Mobilirios.
Market Development
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Continuous investments
New technologies make processing of transactions faster and safer
EXCELLENCE IN TECHNOLOGy BM&FBOVESPA gave special emphasis, in 2009, to investments in its technological infrastructure, resulting in significant improvement in the access participants had to the market, greatly expanding the processing capacity and reducing latency in the processing of orders. Investments for the period totaled R$ 67.3 million and were invested, mainly, in improving the Mega Bolsa and GTS trading systems, and in expanding the DMA (Direct Market Access) type systems, and in the increase in capacity to process orders. In 2010, investments should top R$ 255.6 million. In the Bovespa segment, improvements to the Mega Bolsa system, whose new version was launched in May 2009, led to a reduction of 96% in the time required for internal processing of data from 300 milliseconds, in January, to 10 milliseconds at the end of the year. This is an important advancement for investors, especially those who work with the issuance of large number of orders in short periods of time. Still in the spot market, the business processing capacity doubled, going from 770,000 to 1.5 million transactions per day. Today, direct access to the Bovespa segment is done through DMA model 1 or traditional DMA. In this form of DMA, the client operates the Mega Bolsa system through the brokerages technological structure. Three more DMA formats are foreseen for the Bovespa segment: via a Provider, which uses the infrastructure of the companies providing order routing services; via Direct Connection, in which the investor hires a direct link to BM&FBOVESPA; and co-location, in which the participants place their servers within the BM&FBOVESPA infrastructure. These three DMA models (which do not eliminate the need of an intermediary brokerage) will be enabled to the Bovespa segment upon approval from the Brazilian Securities and Exchange Commission (CVM).
Desenvolvimento
Market Development
J no segmento BM&F, os investimentos realizados permitiram queda expressiva no tempo de latncia dos processamentos de ordens do sistema GTS (Global Trading System), de 25 milissegundos para 10 milissegundos. A capacidade de processamento manteve-se estvel em 200 mil negcios por dia, uma vez que ainda no h necessidade de incremento nos ltimos meses de 2009, a mdia diria de negcios estava em torno de 50 mil. Nas modalidades de DMA, foram implementados os modelos Via Provedor, Conexo Direta e Co-location o estado da arte em termos de acesso a sistemas de negociao de bolsas. Esses novos sistemas vieram se somar ao j existente DMA Tradicional e ao roteamento CME Globex ambos implantados em 2008.
In the BM&F segment, the investments made allow a significant reduction in latency in the processing of orders in the GTS (Global Trading System) system, from 25 milliseconds, to 10 milliseconds. Processing capacity remained stable at 200,000 trades per day, since there is no need to increase this capacity - in the last months of 2009, the daily average was at around 50,000. In the DMA modes, The Provider, Direct Connection and Colocation models were implemented - state-of-the-art models in terms of access to exchange trading systems. These new systems will add to the existing traditional DMA and the CME Globex routing systems - both implemented in 2008.
BM&FBOVESPA COMMuNICATION NETWORK

In order to provide greater security and reduce operating risks for the participants in the markets, the BM&FBOVESPA Communication Network (RCB) was inaugurated, complementing the services already offered by the Financial Community Communication Network (RCCF). Agents will have more flexibility, since they will be able to choose the telecommunications provider, data transmission technology, capacity and speed, and the contingency resources. To date, approximately 20% of the participants already use the RCB.
REDE DE COMUNICAO BM&FBOVESPA

Para dar maior segurana e reduzir o risco operacional dos participantes dos mercados, foi inaugurada a Rede de Comunicao BM&FBOVESPA (RCB), que vem complementar os servios j ofertados pela Rede de Comunicao da Comunidade Financeira (RCCF). Os agentes tero maior flexibilidade, uma vez que podero escolher a prestadora do servio de telecomunicao, a tecnologia de transmisso de dados, a capacidade e a velocidade e os recursos de contingncias. At agora, cerca de 20% dos participantes j utilizam a RCB.
NEW PRODuCTS
Segmentation of the companies listed is a global trend, which has been successfully replicated in Brazil. In 2009, BM&FBOVESPA proceeded with this movement by launching two new indices: the Consumption Index (ICON) and the Real Estate Index (IMOB). In January 2010, the exchange also authorized the trading of BM&FBOVESPA Financial Index (IFNC), which gathers stocks of representative companies in the intermediary financial sector, various financial services sector, private pension and insurance sectors. With the arrival of ICON and IMOB, the number of indices available at BM&FBOVESPA was raised to 15. For 2010, the company foresees the launching of BM&FBOVESPA Index for Public Services. Two new contracts were also launched: Flexible Call and Put Options on iShares Ibovespa Index Fund (BOVA11) Contracts, which allow the expansion of investment strategies, such as
NOVOS PRODUTOS
A segmentao na listagem de companhias abertas uma tendncia global, que tem se replicado de forma positiva no Brasil. Em 2009, a Nova Bolsa deu continuidade a esse movimento lanando dois novos ndices de aes: o ndice BM&FBOVESPA de Consumo (Icon) e o ndice BM&FBOVESPA Imobilirio (Imob). Em janeiro de 2010, a Bolsa tambm autorizou a negociao do ndice BM&FBOVESPA Financeiro (IFNC), que rene as aes de empresas representativas dos setores de intermedirios financeiros, servios financeiros diversos, previdncia e seguros. Com a chegada do Icon e do Imob, subiu para 15 o nmero de ndices disponibilizados pela Bolsa. Para 2010, a companhia j projeta lanar o ndice BM&FBOVESPA de Servios Pblicos.
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Tambm foram lanados dois novos contratos: Contratos de Opes Flexveis de Compra e de Venda sobre iShares Ibovespa Fundo de ndice (BOVA11), que possibilitam a ampliao das estratgias de investimento, como a de proteo de capital; e o Contrato a Termo de Taxa de Cmbio (NDF). Para completar, foram introduzidas melhorias no Contrato Futuro de Caf Arbica, reduzindo os riscos dos exportadores brasileiros. No incio de 2010, foi autorizada a negociao de trs novos Fundos de ndice (ETFs): BRAX (iShares ndice Brasil IBrX-100 Fundo de ndice); CSMO (iShares ndice BM&FBOVESPA de Consumo Fundo de ndice); e MOBI (iShares ndice BM&FBOVESPA Imobilirio Fundo de ndice).
capital protection; and Non-Deliverable Foreign Exchange Forward Contract (NDF). To finalize, improvements were introduced in the Arabica Coffee Futures Contract, reducing risks for Brazilian exporters. In early 2010, the negotiation of three new Exchange Traded Funds (ETFs) were autorized: BRAX (iShares IBrX Brazil Index (IBrX-100) Fund); CSMO (iShares BM&FBOVESPA Consumer Index); and MOBI (iShares BM&FBOVESPA Real Estate Index Fund).
CORPORATE SuSTAINABILITy INDEX

In 2010, the Brazilian market celebrated five years of one of the great advances towards driving the implementation of sustainable practices in publicly traded companies in Brazil: the creation of the Corporate Sustainability Index (ndice de Sustentabilidade Empresarial - ISE). To celebrate this advancement, already approved by the Brazilian market, BM&FBOVESPA promoted important changes in this indicator. The maximum participation limit per company, which was 25%, was replaced by a participation limit per sector, of 15%, solving the problem of having a significant sectorial concentration, which occurred until then at ISE. Additionally, in the last portfolio informed, 34 new companies had been included, in addition to expanding the sectorial scope the index now gathers companies from 16 different sectors, compared to the previous 13 sectors covered.
ISE
Em 2010, o mercado brasileiro comemorou os cinco anos de um dos grandes avanos em direo ao maior estmulo para implantao de prticas sustentveis nas empresas abertas brasileiras: a criao do ndice de Sustentabilidade Empresarial (ISE). Para celebrar esse avano, j aprovado pelo mercado brasileiro, a BM&FBOVESPA promoveu algumas mudanas importantes no indicador. O limite de participao mxima por empresa, que era de 25%, foi substitudo por um limite de participao por setor, de 15%, o que resolveu a questo de significativa concentrao setorial, at ento observada no ISE. Alm disso, na ltima carteira divulgada, houve a incluso de 34 novas empresas, alm do aumento da abrangncia setorial o ndice conta agora com companhias de 16 setores diferentes, ante 13 que o compunham anteriormente.
MARkEt SuPERviSioN
The integration of the two Brazilian exchanges demanded improvements in the investigation and supervision structure. Among the changes performed in 2009, resizing and investment to classify teams, greater application of technological resources for market supervision, review of the auditing methodology of participants and simplification of procedures, should be highlighted. These and other modifications enabled the expansion of the Bovespa Market Supervision activity throughout the year. In 2009, 88 brokerages were audited, compared to 21 in 2008. The MRP accumulated R$ 252.5 million in resources at the end of 2009, compared to only R$ 178.0 million in the previous year.
supeRViso de meRcado
A integrao das duas bolsas brasileiras exigiu aperfeioamento da estrutura de fiscalizao e superviso. Dentre as mudanas efetuadas em 2009, destacam-se o redimensionamento e o investimento para a qualificao das equipes, a maior aplicao de recursos tecnolgicos na superviso de mercado, a reviso da metodologia da auditoria de participantes e a simplificao processual. Essas e outras modificaes permitiram uma expanso da atividade da Bovespa Superviso de Mercados ao longo do ano. Em 2009, 88 corretoras foram auditadas, contra 21 em 2008. J o MRP acumulava R$ 252,5 milhes em recursos no fim de 2009, em comparao com R$ 178 milhes do ano anterior.
Divulgao dos Mercados

Ao alcance de todos
Iniciativas ampliam o conhecimento e educam as pessoas sobre as oportunidades do mercado de capitais
Espao BM&FBOVESPA
BM&FBOVESPA Visitors Center
Criados para atender os milhares de interessados em conhecer os mercados de aes e derivativos, os programas de popularizao da BM&FBOVESPA so aes que englobam visitas monitoradas s dependncias da companhia, realizao de palestras, cursos gratuitos e concursos estudantis, parcerias com instituies de ensino, simuladores, programas de televiso, divulgao na internet e na imprensa, publicaes institucionais, materiais promocionais e central de atendimento ao pblico, dentre outras. Em 2009, a Bolsa atendeu ainda mais pessoas, contribuindo para a ampliao do conhecimento do brasileiro sobre os mercados de capitais e de derivativos.

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Available to all
Initiatives expand knowledge and teach people about the opportunities in the capital market
desafio
FEP for high school students
Created to serve the thousands of persons interested in learning about the stock and derivatives markets, the BM&FBOVESPA popularization programs are initiatives that encompass monitored visits to the company facilities, lectures, free courses, student championship, partnership with educational institutions, simulators, television programs, communication on the Internet and press, institutional publications, promotional material and a visitors center, among others. In 2009, BM&FBOVESPA was able to service even more people, contributing to the expansion of the knowledge Brazilians have about capital markets and derivatives.
Ex-ministro Reinhold Stephanes participa de seminrio sobre agribusiness Former Brazilian Minister of Agriculture, Reinhold Stephanes, at the 2009 and 2010 Agribusiness Outlook Seminar
Visando ainda difundir a cultura de seus mercados, a Bolsa promove tambm o 4 Congresso Internacional de Mercados Financeiro e de Capitais. Realizado a cada dois anos, o evento reconhecido como o mais importante do Hemisfrio Sul. Em sua ltima edio, ocorrida em agosto de 2009, na cidade de Campos do Jordo (SP), reuniu mais de 800 profissionais do mercado, com alguns dos mais respeitados especialistas e acadmicos da rea financeira.
Aiming at communicating the culture of its markets, BM&FBOVESPA also promotes the International Financial and Capital Markets Conference. This event, held in the city of Campos do Jordo (SP) every two years, is recognized as the most important event of its kind in Latin America. In its 2009 edition, it gathered over 800 professionals with some of the most respected specialists and prominent academics in the area of finance.
PROGRAMA DE TV EDUCAO FINANCEIRA

Lanado em 2009, em parceria com a TV Cultura, uma iniciativa indita na televiso brasileira, voltada para a popularizao dos conceitos de economia, finanas pessoais e tipos de investimento. Para 2010, est prevista nova temporada da srie, com o dobro de episdios da primeira. De acordo com levantamento do Ibope, cada episdio atingiu aproximadamente 120 mil telespectadores no Estado de So Paulo. Os telespectadores tambm podem assistir ao programa no site www.tveducacaofinanceira.com.br.
FINANCIAL EDuCATION PROJECT (FEP) TV PROGRAM

Launched in 2009, in a partnership with TV Cultura (a local TV channel), this FEP program is an unprecedented initiative on Brazilian television, which aims at popularizing the concepts of economy, personal finance and types of investments. For 2010, a new season is programmed to have twice as many episodes as the first season. According to ratings from IBOPE, each episode reached approximately 120,000 viewers in the state of So Paulo. Viewers could also watch the program through the website www.tveducacaofinanceira.com. br (available only in Portuguese).
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ESPAO BM&FBOVESPA
Localizado no trreo do edifcio da Rua XV de Novembro, o espao uma das principais atraes da BM&FBOVESPA. Em 2009, recebeu aproximadamente 120 mil pessoas (mdia de 450 por dia). No Espao, os visitantes podem assistir a um vdeo institucional em 3D, palestras e simulao de uma negociao realizada por uma corretora, alm de conhecer a histria da Bolsa.
BM&FBOVESPA VISITORS CENTER

Located on the ground floor of the building on Rua XV de Novembro, it is one of the main attractions at BM&FBOVESPA. In 2009, it received visits of approximately 120,000 people (an average of 450 per day). In this Center, visitors can watch 3-D institutional videos, lectures and simulations of trades carried out by a brokerage, in addition to learning about the history of the Exchange.
PROGRAMA EDUCAR
Inaugurado em 2006, promove palestras e cursos gratuitos de educao financeira voltados a diferentes pblicos, crianas, jovens e adultos. Em 2009, foram atendidas 29.577 pessoas. Em paralelo, foi realizado o curso Como Investir em Aes, com a participao de 2.441 alunos.
FINANCIAL EDuCATION PROGRAM (FEP) CLASSROOM

Launched in 2006, this FEP program holds lectures and free courses on financial education geared towards different audience: children, youths and adults. In 2009, 29,577 people participated. Concurrently, the course Como Investir em Aes (How to Invest In the Stock Market) was attended by 2,441 students.
DESAFIO BM&FBOVESPA
Competio que simula o mercado de capitais, dirigida a estudantes do Ensino Mdio das redes pblica e privada de todo o Estado de So Paulo. O projeto envolveu mais de 10 mil pessoas desde sua criao, em 2006. Em 2009, participaram do Desafio 1.656 estudantes. Em 2010, foi lanada verso on-line dessa competio, permitindo estend-la para todo o Brasil.
FINANCIAL EDuCATION PROGRAM (FEP) FOR HIGH SCHOOL STuDENTS

BM&FBOVESPA Challenge Program is a competition that mimics the capital market, geared towards public and private high school students from the state of So Paulo. The project has involved in excess of 10,000 people since its inception in 2006. In 2009, 1,656 students participated in this FEP program. In 2010, an online version of this competition was launched, allowing the event to be extended throughout Brazil.
SIMULADOR DO TESOURO DIRETO

Programa voltado para popularizar o investimento direto em ttulos pblicos do governo federal. Para atingir o objetivo, a BM&FBOVESPA lanou uma seo em seu site que conta com um curso on-line e uma entrevista com o consultor financeiro Gustavo Cerbasi, autor de diversos livros sobre finanas pessoais e investimentos. Mais de 65 mil pessoas acessaram os cursos do Tesouro Direto em 2009.
BRAzILIAN DIRECT TREASuRy SIMuLATOR

It was created to popularize direct investment in federal government securities. To achieve this objective, BM&FBOVESPA launched a section in its website that offers an online course and an interview with the financial consultant Gustavo Cerbasi, author of numerous books on personal finance and investments. More than 65,000 people accessed the Brazilian Direct Treasury course in 2009.
SIMULADORES
A BM&FBOVESPA disponibiliza, atualmente, quatro simuladores para as pessoas fsicas testarem seus conhecimentos nos mercados de renda varivel: Folhainvest, em parceria com o jornal Folha de S. Paulo (530 mil usurios); uOl invest (mais de 70 mil usurios); Simulador de Mercados Futuros, em parceria com o jornal Valor Econmico (mais de 47 mil usurios); e Simulador do tesouro direto, lanado em setembro de 2009 (mais de 32 mil inscritos).
SIMuLATORS
BM&FBOVESPA currently offers four simulators for individuals to test their knowledge on equities markets: Folhainvest, in a partnership with the newspaper Folha de S. Paulo (530,000 users); UOL Invest (more than 70,000 users); BM&FBOVESPA simulator, in a partnership with the Valor Econmico newspaper (more than 47,000 users); and the Brazilian Direct Treasury simulator, launched in September 2009 (more than 32,000 people registered).
MULHERES EM AO
Com foco na aproximao do pblico feminino aos conceitos do mercado de capitais, o programa estimula a participao feminina nas alternativas de investimentos que a Bolsa oferece. O aumento da presena das mulheres no mercado foi de 806% entre 2002 e 2009, enquanto a masculina cresceu 493% no mesmo perodo. Com o slogan Voc nasceu para investir, a Bolsa lanou, tambm em 2009, campanha publicitria para o programa Mulheres em Ao, que incluiu novo portal na internet, com planilhas para controlar os gastos, vdeos educativos e um espao para fruns. Tambm no site, possvel fazer inscries para cursos, palestras e outras atividades.
FINANCIAL EDuCATION PROGRAM (FEP) FOR WOMEN

Aiming at attracting women closer to the concepts of the capital market, this program fosters the participation of women in investment alternatives offered by BM&FBOVESPA. The presence of women in the market grew by 806% between 2002 and 2009, while the presence of men grew by 493% in the same period. With the slogan Voc nasceu para investir (you were born to invest), BM&FBOVESPA also launched, in 2009, an advertising campaign for this FEP program, which included a new Internet portal, with spreadsheets to control expenses, educational videos and a forum for debate. Also on the website, it is possible to register for courses, lectures and other activities.
BM&FBOVESPA VAI AT VOC

O programa oferece a instituies (empresas, escolas, universidades, associaes, sindicatos etc.) a possibilidade de conhecer as diferentes alternativas de investimento oferecidas pela Bolsa, por meio de palestras direcionadas. Em 2009, o projeto visitou seis praias, sete cidades do agronegcio e diversas feiras e eventos. Mais de 35 mil pessoas foram atendidas.
BM&FBOVESPA GOES WHERE yOu ARE PROJECT

This project offers institutions (businesses, schools, universities, associations, unions, etc.) a chance to learn the different investment alternatives offered by BM&FBOVESPA, through oriented lectures. In 2009, it visited six beach locations, seven agribusiness cities, and several trade shows and exhibitions. More than 35,000 people participated.
ESPAO CULTURAL BM&FBOVESPA

O Espao Cultural consolida-se como centro de divulgao de arte aberto s vrias tendncias e escolas. Proporciona aos visitantes a oportunidade de apreciar obras de renomados artistas nacionais e internacionais e mostras de cunho histrico. Em 2009, foram realizadas trs exposies Franz Post, Mestres da Gravura e Coleo Roberto Marinho , que reuniram mais de 30 mil visitantes.
BM&FBOVESPA CuLTuRAL SPACE

The Cultural Space has established itself as a center to disseminate visual arts. It provides visitors with the opportunity of enjoying works of art by renowned Brazilian and foreign artists and exhibitions of historic value. In 2009, three exhibitions were held: Franz Post, Masters of Engraving, and the Roberto Marinho Collection which gathered over 30,000 visitors.
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4 Congresso internacional de Mercados Financeiro e de Capitais: eventos impulsionam analistas e investidores 4th International Financial and Capital Markets Conference: ground breaking meeting for analysts and investors
A Nova Bolsa tambm conta com importante acervo de 187 obras de arte. Antonio Parreiras, Benedito Calixto, Candido Portinari e Anita Malfatti, dentre outros artistas, compem uma coletnea que traduz a arte brasileira de modo exemplar.
BM&FBOVESPA also has an important collection with 187 works of art. The works by Antonio Parreiras, Benedito Calixto, Candido Portinari and Anita Malfatti, among others, form a collection that successfully translates Brazilian visual arts.
INTERNET
O website da BM&FBOVESPA compreende os segmentos de aes e valores mobilirios e de derivativos. Entre seus principais recursos, alm da divulgao de informaes institucionais e operacionais, esto o acesso s informaes dos negcios realizados nesses mercados, a recuperao de dados histricos e a transmisso de udio e vdeo. Em 2009, considerando os segmentos Bovespa e BM&F, foram aproximadamente 40 milhes de acessos, com mdia mensal de 3 milhes.
INTERNET
The BM&FBOVESPA website comprises the segments of equities, securities, and derivatives. Among its main resources, in addition to disseminating institutional and operational information, the website offers access to information on transactions in these markets, recovery of historic data and the transmission of audio and video. In 2009, considering the Bovespa and BM&F segments, the website received 40 million visits, with an average of 3 million visits per month.
BM&FBOVESPA TV CENTER
The TV Center provides television broadcasters with real-time information and broadcasts, on nationwide network, lectures and events held at the BM&FBOVESPA auditoriums. In 2009, 230 hours of programming were recorded. Informative bulletins are generated daily for TV channels, in intervals of two to five minutes, in addition to four 30-minute studio programs for stations to broadcast on nationwide networks containing information from the financial markets, among them Bloomberg Television, Bandeirantes TV, Globo TV, Canal do Boi, Agrocanal, and Canal Rural. The corporate TV system broadcasts to the three Americas and Europe.
CENTRO DE TV
O Centro de TV oferece s emissoras de televiso informaes em tempo real diretamente do prego e transmite, em rede nacional, palestras e eventos que ocorrem nos auditrios da Bolsa. Em 2009, foram gravadas 230 horas de programao. Diariamente, so gerados boletins informativos para as emissoras, em intervalo de tempo de dois a cinco minutos, alm de quatro programas em estdio, com durao de 30 minutos, para as emissoras que exibem em rede nacional as informaes do mercado financeiro, como Bloomberg Television, TV Bandeirantes, TV Globo, Canal do Boi, Agrocanal e Canal Rural. O sistema de TV corporativa abrange transmisses para a Amrica e para a Europa.
VENDORS
BM&FBOVESPA has contracts for signal distribution with different information agencies such as Reuters, Bloomberg and Agncia Estado, involving over 26,000 terminals worldwide.
VENDORS
A BM&FBOVESPA possui contratos de venda de sinal com agncias de informao distintas, como Reuters, Bloomberg e Agncia Estado, englobando mais de 26 mil terminais distribudos pelo mundo.
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Revista da Nova Bolsa e Sntese Agropecuria Revista da Nova Bolsa and Agricultural Market Analysis
PUBLICAES
A BM&FBOVESPA mantm uma srie de publicaes e materiais didticos, com o objetivo de divulgar seus mercados.
PuBLICATIONS
BM&FBOVESPA maintains a series of publications and teaching material aiming at informing about its markets.
bD
O Boletim Dirio da BM&FBOVESPA oferece todos os dados sobre a sesso de negociao na Bolsa, nos segmentos de aes e valores mobilirios e de derivativos. Disponvel apenas na internet, em 2009 foram contabilizados 3 milhes de acessos a essa importante fonte de informao.
DAILy BuLLETIN
The BM&FBOVESPA Daily Bulletin offers all sorts of data about the trading sessions at BM&FBOVESPA, in the equities, securities and derivatives segments. Available only through the Internet, in 2009, 3 million visits were registered for this important source of information.
REVISTA DA NOVA BOLSA

Sucessora da Revista Bovespa e da Resenha BM&F, a Revista da Nova Bolsa simboliza a integrao das bolsas, mas seu escopo mais amplo, somando macroeconomia, aos mercados de capitais e derivativos e responsabilidade social temas de interesse geral, como a cidade de So Paulo e o esporte. Com edio trimestral, a revista est disponvel na verso impressa e na internet (www.bmfbovespa. com.br/revista).
BM&FBOVESPA MAGAzINE
Replacing the former Revista Bovespa and Resenha BM&F, the Revista da Nova Bolsa, BM&FBOVESPA magazine, symbolizes the integration of the two exchanges, however with a broader scope, adding to the macro economy, the capital markets, derivatives and social responsibility issues, and topics of general interest, such as the city of So Paulo and sports. The magazine is quarterly published and also available on the Internet (www.bmfbovespa.com.br/revista) (Portuguese version only).
SNTESE AGROPECURIA
Alm de trazer a anlise dos mercados agropecurios da BM&FBOVESPA, so publicados artigos e matrias escritos por jornalistas especializados, que abordam temas de importncia do agronegcio no Brasil e no mundo. A Sntese Agropecuria est disponvel apenas na internet (www. bmfbovespa.com.br), com mdia mensal de 5 mil acessos.
AGRICuLTuRAL MARKET ANALySIS

In addition to providing an assessment of the BM&FBOVESPA agricultural markets, this publication brings articles written by journalists specialized in covering important agribusiness issues in Brazil and the world. The Agricultural Market Analysis (Sntese Agropecuria) is only available in Portuguese on the Internet (www.bmfbovespa.com.br), and registers a monthly average of 5,000 visits.
Ativos Intangveis
Capital humano faz a diferena

Companhia avana na qualificao dos seus profissionais
PATRIMNIO HUMANO
Grande parte dos diferenciais competitivos da BM&FBOVESPA deriva de seu potencial inovador, fortemente fundamentado na capacidade criativa do seu quadro de funcionrios. Por isso, em 2009 houve o investimento na construo de um modelo de gesto cada vez mais alinhado ao novo contexto organizacional ps-integrao. Dentro desse processo, polticas e prticas foram revistas, assim como novos formatos de abordagem questo do capital humano foram implementadas. No fim de 2009, a companhia contava com 1.079 funcionrios efetivos e 67 estagirios. A remunerao paga, acrescida dos encargos, somou R$ 148,2 milhes. Tambm foram direcionados R$ 21,8 milhes para o programa de benefcios, que contempla previdncia privada, assistncia mdica e odontolgica, alimentao, transporte e seguro de vida. Os investimentos em treinamento de funcionrios totalizaram R$ 1,3 milho. Participaram do programa ao longo do ano, considerando desligamentos e novos contratados, 1.363 funcionrios, sendo 296 no projeto de Incentivos Educao (cursos de idiomas, graduao e ps-graduao) e 1.067 em treinamentos internos e externos.
AJUSTES NO qUADRO FUNCIONAL

O cenrio pessimista que se apresentava no incio do ano mostrou a necessidade de realizar mais um ajuste no quadro de funcionrios em 2009. No realinhamento, foram desligados 93 funcionrios em maro, dos quais 23 j se encontravam aptos para aposentadoria. Os desligamentos geraram uma sensao de desconfiana na equipe da companhia, que se manteve temerosa de que novos cortes fossem realizados. A mudana na percepo negativa ocorreu ao final dos primeiros seis meses, quando a Bolsa iniciou um programa de contrataes, que resultou na efetivao de 143 novos funcionrios, reafirmando o compromisso com o crescimento e melhoria do quadro funcio-
Intangible Assets
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Human capital makes a difference

Company advances in the qualification of its professionals
HuMAN CAPITAL
A large part of BM&FBOVESPAs competitive differentials comes from its innovative potential, strongly supported in the creative capacity of its staff. As such, in 2009, we invested in the development of a management model that is aligned with the new post-integration organizational context. In this process, policies and practices were reviewed, and new formats to approach the human capital were implemented. At the end of 2009, the company had 1,079 FTEs and 67 interns. Compensation and social burden totaled R$ 148.2 million. Additionally, R$ 21.8 million were allocated to a program of benefits that encompasses private pension, health and dental insurance, meal and transportation allowance, and life insurance. Investments in employee training totaled R$ 1.3 million. A total of 1,363 employees, between terminations and new hires, participated in the program throughout the year, being 296 in the Education Incentive project (language courses and graduate and postgraduate courses) and 1,067 employees were trained internally and externally.
WORKFORCE ADJuSTMENTS
The pessimistic scenario of the beginning of the year pointed to the need to perform more than one adjustment to the workforce in 2009. In this realignment, 93 employees were terminated in March, 23 of which were eligible for retirement. The terminations generated a feeling of mistrust within the staff, which remained fearful that new terminations would be made. A modification in the negative perception changed at the end of the first half of the year, when BM&FBOVESPA began a program for new hires, resulting in the admission of 143 new employees, restating our commitment with growth and improvement of our workforce. As a result of this movement, employee turnover for the company was 17.3%, of which 4.3% correspond to terminations that occurred in March.
Ativos Intangveis
Intangible Assets
nal. Diante dessas movimentaes, o turnover rotatividade dos funcionrios da empresa foi de 17,3%, sendo 4,3% correspondentes s demisses efetuadas em maro. As expectativas positivas para os negcios mantm em rota de crescimento o programa de contrataes. Para 2010, devem ingressar 300 novos profissionais, com conhecimento mais global e/ou com preparao especfica, para dar suporte aos planos estratgicos da companhia. Ser realizada tambm a primeira pesquisa de clima da BM&FBOVESPA.
The positive expectations for business maintain our hiring program on course. For 2010, 300 new professionals should be admitted in the company, providing more global and/or specific knowledge to give support to the companys strategic planning. The companys first climate survey will also be held.
COMPENSATION MODEL
The compensation model adopted for the BM&FBOVESPA employees, aligned and approved as per guidelines set forth by the Board of Directors and the Compensation Committee, has as its main objectives:
MODELO DE REMUNERAO
O modelo de remunerao dos funcionrios da BM&FBOVESPA, alinhado e aprovado de acordo com as diretrizes do Conselho de Administrao e do Comit de Remunerao, tem como principais objetivos:
To promote alignment of organizational

and individual objectives
To promote meritocracy To ensure competitiveness and attractiveness with the market

As such, the model foresees three elements of recognition to employees suitable to the companys operating profile: fixed compensation and benefits; short term variable compensation, through a profit sharing program (PLR), and long term variable compensation involving stock option plans. Fixed compensation and benefits are constantly monitored to ensure competitiveness, considering the best practices adopted in the market, as well as internal and external fairness. The short term variable compensation, through a union-approved internal profit participation program (PLR), is associated with the overall company results, as well as a biannual individual assessment carried out through a Performance Management Program. This process considers that all employees have at least three structured and documented meetings during the year with their managers: the first is to establish goals and objectives for the period and the other two are for feedback and recognition at the end of each semester. These meetings are registered and monitored through a performance management system. The elements for assessment consider two performance dimensions: the what (projects, budget, and operational indicators) and the how (expected behaviors). The final concept for assessment, which determines the individual portion of the PLR, is defined through a collegiate meeting between managers considering the final appraisal of the em-
Promover o alinhamento dos objetivos organizacionais

e individuais
Estimular a meritocracia Garantir a competitividade e a atratividade em relao

ao mercado Para isso, o modelo prev trs elementos de reconhecimento aos funcionrios de forma adequada ao perfil de operao da companhia: remunerao fixa e benefcios; remunerao varivel de curto prazo, por meio do programa de participao nos lucros e resultados (PLR); e remunerao varivel de longo prazo, no mbito do programa de opes de compra de aes. As prticas de remunerao fixa e os benefcios so constantemente monitorados para garantir a competitividade com relao s melhores prticas de mercado, bem como a equidade interna e externa. A remunerao varivel de curto prazo, por meio do programa prprio de participao nos resultados aprovado com o sindicato (PLR), vinculada ao resultado global da companhia e tambm avaliao individual semestral, realizada por meio do Programa de Gesto de Performance. Esse processo prev que todos os funcionrios tenham pelo menos trs conversas estruturadas e documentadas ao longo do ano com seu gestor: a primeira de contratao de me-
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tas e objetivos para o perodo, e as outras duas de feedback e reconhecimento ao final de cada semestre. A realizao dessas conversas registrada e monitorada por meio do sistema de gesto de performance. Os elementos de avaliao consideram duas dimenses do desempenho: o o qu (projetos, oramento e indicadores operacionais) e o como (comportamentos esperados). O conceito final da avaliao, que determina a parcela individual do PLR, definido por meio de discusso colegiada entre os gestores, levando-se em conta a avaliao final do funcionrio e tambm a comparao de sua performance versus a de seus pares. E, por fim, o Incentivo de Longo Prazo, por meio do programa de opes de compra de aes que destinado liderana snior da organizao. Seus objetivos especficos so os de promover o alinhamento com as estratgias de gerao de valor e com a sustentabilidade de mdio e longo prazos, e gerar oportunidade de ganho e reteno dos executivos da Organizao. Toda a poltica de remunerao explicitada por meio de apresentaes e da intranet, dando o mximo de transparncia possvel ao relacionamento entre os funcionrios e a gesto de pessoas da companhia.
ployee and the comparison of his/her performance measured against their peers. ultimately, the Long Term Incentive, through a stock option program geared towards the companys senior management. Its specific objectives are to promote the alignment with value generation strategies and medium and long term sustainability, and to create opportunities for gains and retention of Company executives. The entire compensation policy is communicated through presentations and the intranet, providing maximum transparency to the relationship between employees and the companys personnel management.
DEMOGRAPHICS
BM&FBOVESPAs workforce is currently comprised of 366 women and 782 men, totaling 1,148 employees. Womens participation at executive level reaches 26.3%, and this share jumps to 33.3% when considering senior executives. A major part of the employees (749) have been with the company for up to five years. In terms of age distribution, 515 are between 26 and 35 years; 148 between 36 and 40 years; and 140 between 41 and 45 years. Employees older than 45 total 175.
DEMOGRAFIA
Atualmente, o quadro funcional da BM&FBOVESPA composto por 366 mulheres e 782 homens, totalizando 1.148 funcionrios. A participao feminina no nvel executivo de 26,3%, sendo que essa presena sobe para 33,3% entre os executivos seniores. A maior parte dos funcionrios (749) tem at cinco anos de casa. Em relao ao perfil etrio dos profissionais, 515 tm entre 26 e 35 anos; 148 tm entre 36 e 40 anos; e 140 esto na faixa etria de 41 a 45 anos. Os funcionrios com mais de 45 anos somam 175.
WELLNESS CENTERS
BM&FBOVESPA, in a partnership with BioRitmo Fitness Center, maintains a program to promote physical activities among employees. The company subsidizes 50% of the monthly fee for those interested in practicing physical activities in the gym located 200 m away from the headquarters. Additionally, BM&FBOVESPA maintains a center for professionals to rest and receive free massages.
BEM-ESTAR
A BM&FBOVESPA, em parceria com a Bio Ritmo, mantm um programa de estmulo atividade fsica dos funcionrios. A companhia subsidia 50% das mensalidades dos interessados em praticar atividades na academia de ginstica localizada a 200 metros do edifcio-sede. Alm disso, a Bolsa mantm um espao para descanso dos profissionais e realizao de massagens gratuitas.
Investimento Social e Ambiental

Vocao mantida
BM&FBOVESPA prossegue com histrico de apoio a projetos sociais, culturais e esportivos que contribuem para a evoluo da sociedade
Fabiana Murer
A BM&FBOVESPA tem longo histrico de apoio s iniciativas voltadas ao desenvolvimento social e ambiental do Pas, que esto em constante evoluo. Para firmar sua posio publicamente em favor de um modelo de atuao transformador da sociedade, a companhia foi a primeira bolsa de valores do mundo a aderir ao Pacto Global, iniciativa da Organizao das Naes Unidas (ONU) que estimula o alinhamento das prticas e polticas empresariais com valores e objetivos fundamentais nas reas de direitos humanos, direitos do trabalho, proteo ambiental e combate corrupo. Alm disso, a BM&FBOVESPA mantm alianas com a sociedade civil e participa de diferentes movimentos e programas, tais como Associao Viva o Centro; Instituto So Pau-
Social and Environmental Investments

PG 75 PG 27
Same vocation
BM&FBOVESPA maintains its history of support to social, cultural and sports projects which contribute to the development of society
Marlson dos Santos
BM&FBOVESPA has a long track record of initiatives geared towards the social and environmental development of the country, and which are in constant evolution. In order to maintain its publicly upheld position in favor of a model to transform society, the company was the first securities exchange in the world to adhere to the Global Pact, a united Nations (uN) initiative that promotes the alignment of corporate practices and policies with basic values and objectives in the areas of human rights, labor rights, environmental protection and fight against corruption. Additionally, BM&FBOVESPA maintains alliances with civil society and participates in movements and programs such as Long Live Downtown Association; So Paulo Institute against

Associao Profissionalizante BM&FBOVESPA j capacitou mais de 6 mil jovens para o mercado de trabalho APBM&FBOVESPA has already prepared over 6 thousand underprivileged teens for the job market
lo Contra a Violncia; Movimento Nossa So Paulo; Pacto Empresarial pela Integridade e Contra a Corrupo; e Programa Empresas Pelo Clima do Centro de Estudos em Sustentabilidade da FGV. Em vrios deles, participa tambm da governana da instituio, com assento em conselhos consultivos e deliberativos e diretorias. Em 2009, a companhia avanou em todas as suas iniciativas, fortalecendo os programas j existentes e promovendo melhorias diversas para reafirmar o engajamento nas questes que considera relevantes no mbito socioambiental. Ao todo, foram investidos R$ 9,645 milhes por meio das diferentes entidades que compem a estrutura de investimentos sociais e ambientais da companhia.
Violence; Our So Paulo Movement; Business Pact For Integrity and Against Corruption; and Companies for the Climate Program, at the Getulio Vargas Foundation (FGV). In many of these programs, the company also participates in the governance of the institution, holding a seat in numerous advisory and executive boards. In 2009, the company advanced in all its initiatives, strengthening ongoing programs and promoting improvements that reaffirm the commitment to issues that it considers relevant in the socio-environmental area. In all, R$ 9.645 million were invested through different entities that form the companys social and environmental investment structure.
SITE EM BOA COMPANHIA

Ambiente virtual voltado para a divulgao das atividades socioambientais das empresas listadas em seu mercado de aes que busca estimular o avano dessas prticas e ampliar o acesso a informaes para o pblico em geral e investidores. No fim de 2009, o site contava com 44 empresas participantes, com 307 projetos listados. A mdia de acessos mensais no ano foi de 5 mil.
IN GOOD COMPANy WEBSITE

A virtual environment whose purpose is to communicate socio-environmental activities of the companies listed in its market seeking to foster the expansion of these practices, increasing the access of the public and investors to information. At the end of 2009, the site had 44 participating companies, with 307 projects listed. The average monthly number of visits to the site was 5,000.
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INSTITUTO BM&FBOVESPA DE BM&FBOVESPA INSTITuTE FOR SOCIAL RESPONSABILIDADE SOCIAL E AMBIENTAL AND ENVIRONMENTAL RESPONSIBILITy
Organizao da Sociedade Civil de Interesse Pblico criada em 2007 para integrar e coordenar os projetos de investimento social e ambiental da Bolsa. As principais iniciativas sob coordenao do Instituto so: Organization of Public Interest created in 2007 to integrate and coordinate BM&FBOVESPAs social and environmental investment projects. The main initiatives under the coordination of the Institute are:
ASSOCIAO PROFISSIONALIzANTE bm&FbovesPa

Em funcionamento desde 1996, o projeto busca a promoo da incluso social de jovens por meio de aes educacionais e de assistncia social que modifiquem a realidade atual e, sobretudo, assegurem um futuro melhor. A APBM&FBOVESPA j beneficiou mais de 6 mil jovens, dos quais 65% foram encaminhados para o mercado de trabalho. Os programas contam com o Ncleo de Formao para a Cidadania, que inclui oficinas de sade, educao sexual, criatividade, alimentao, marketing pessoal, informtica e documentao comercial e bancria. Dentro de suas atividades, oferece os programas Capacitao para Empregabilidade, Faz Tudo e Espao Beleza. Desde 2000, a Associao tambm desenvolve o programa Faz Tudo no Rio de Janeiro, em parceria com a Escola de Samba Estao Primeira de Mangueira. Em 2008, tambm foi inaugurado um Espao Beleza naquela cidade.
BM&FBOVESPA JOB TRAINING ASSOCIATION (APBM&FBOVESPA)

Ongoing since 1996, the project intends to promote social inclusion of youths through educational initiatives and social assistance that modify the current reality and, above all, assures a better future. APBM&FBOVESPA has helped more than 6,000 youths, 65% of which were placed in the labor market. The program has a Citizenship Enhancement Group, which includes workshops on healthcare, sex education, creativity, nutrition, personal marketing, computing, and commercial and banking documents. Among these activities, APBM&FBOVESPA also offers the following programs: Employment Capacitation, Do-It-All, and Beauty Parlor. Since 2000, it has also implemented the Do-ItAll program in Rio de Janeiro, at the Mangueira Olympic Village. In 2008, the Association also inaugurated the Beauty Parlor program in that city.
PROFESSIONAL TRAINING FORMAO PROFiSSiONAl

Em 2009, mais de 500 jovens passaram pelos programas de profissionalizao Capacitao para Empregabilidade, Faz Tudo e Espao Beleza desenvolvidos em So Paulo e no Rio de Janeiro. O nmero de inscries para esses programas chegou a 600, comprovando o interesse dos jovens pelo trabalho desenvolvido na Associao. In 2009, more than 500 youths attended the training programs - Employment Capacitation, Do-It-All, and Beauty Parlor developed in So Paulo and Rio de Janeiro. Registrations for the programs reached 600, demonstrating the interest youths have for the work developed by the Association.
EMPLOyMENT CAPACITATION CAPACitAO PARA EMPREGABiliDADE

Programa direcionado para a formao de profissionais com noes de legislao trabalhista, documentao comercial e bancria, marketing e atendimento a clientes. Program geared towards the professional training with notions of workers right, commercial and banking documents, marketing and customer service.

FAz tUDO
Focado no segmento de construo civil e manuteno predial. Nesse mdulo, os alunos aprendem a construir uma casa, incluindo instalao de redes hidrulica e eltrica, colocao de pisos e azulejos, pintura e carpintaria. No Faz Tudo Mangueira (RJ), os cursos de construo, eltrica, hidrulica e marcenaria receberam 180 alunos, que contaram com a ajuda de 16 monitores (ex-alunos).
DO-IT-ALL
The program focuses on the civil construction and building maintenance segments. In this module, students learn how to build a house, including hydraulic and electrical installations, flooring and tiling, painting and carpentry. In the Mangueira Do-It-All, the courses on civil construction work, electrical installations, plumbing and carpentry received 180 students who relied on the support of 16 monitors (former students).
ESPAO BElEzA
Voltado para a formao de cabeleireiros, maquiadores, manicures e pedicures, com conhecimentos sobre cuidados com o corpo e depilao. O mdulo tambm inclui oficinas com aulas de marketing e comunicao, sade e sexualidade, redao e informtica. Em 2009, o programa contou com a participao de 30 alunas, divididas em duas turmas entre 15 e 20 anos , em regime integral. Tambm foi lanado o Espao Beleza do Rio de Janeiro, com 78 alunas em dois turnos manh e tarde.
BEAuTy PARLOR
The program focuses on providing training on hair care techniques including cutting, styling, and dying, as well as manicure, pedicure, make up, waxing, and cosmetology training. The module also includes workshops that offer classes on marketing and communications, healthcare and sexuality, writing skills and IT. In 2009, the program had the participation of 30 students, divided into two groups (between the ages of 15 and 20), with full time classes. The Beauty Parlor program was also launched in Rio de Janeiro, with 78 students divided into two groups - morning and afternoon.
AES SOCiAiS DOS AlUNOS

Enquanto acumulam novos conhecimentos nos cursos da Associao Profissionalizante, os alunos so estimulados a exercer sua cidadania por meio da ajuda direta comunidade da qual fazem parte. Em 2009, duas entidades foram beneficiadas pelo esforo dos alunos. A instituio Arca teve suas instalaes restauradas, incluindo pintura e parte eltrica. As alunas do mdulo Espao Beleza, por sua vez, fizeram cortes de cabelo, manicure e maquiagem em 25 idosos e acompanhantes atendidos no Centro de Referncia ao Idoso do Hospital Mandaqui.
STuDENT SOCIAL INITIATIVES

While they gather new knowledge in the courses provided by the Job Training Association, students are encouraged to express their citizenship through direct aid to their communities. In 2009, two entities were helped by the efforts of students. Arca Institution had its facilities restored, including painting and electrical installation. Students of the Beauty Parlor program, on the other hand, provided beauty services (haircut, makeup and manicure) to 25 senior citizens at the Centro de Referncia ao Idoso do Hospital Mandaqui.
AtENDiMENtO A EX-AlUNOS
A APBM&FBOVESPA mantm uma oferta constante de cursos de aperfeioamento ou complementares, voltados para consolidao do aprendizado dos seus ex-alunos. Em 2009, cerca de 110 jovens receberam aulas de contabilidade, orientao vocacional, telemarketing, ingls, espanhol e leitura de plantas residenciais. Para multiplicar o processo de aprendizagem nos cursos, tambm foram selecionados 14 ex-alunos para exercer a funo de monitores.
SuPPORT TO FORMER STuDENTS

APBM&FBOVESPA constantly provides refresher or complementary courses, aiming at consolidating the knowledge acquired by former students. In 2009, approximately 110 youths attended courses on accounting, career advice, telemarketing, English and Spanish languages, and residential blueprint reading. In order to multiply the learning process of these courses, 14 former students were selected to act as monitors.
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iNtEGRAO E lAzER
Em 2009, as atividades extracurriculares envolveram mais de 300 jovens, com o intuito de amplificar as aes sociais da BM&FBOVESPA para empresas, famlias e comunidades.
INTEGRATION AND LEISuRE

In 2009, extracurricular activities involved more than 300 youths, aiming at extending BM&FBOVESPAs social actions to businesses, families and communities.
PASSEiOS CUltURAiS
No ano passado, a Associao promoveu visitas dos alunos a diversas instituies. Entre elas, Museu da Lngua Portuguesa, Centro Cultural Banco do Brasil, Sesc Paulista, Museu da Faap, Museu Anchieta, Museu do Ipiranga e Espao Cultural BM&FBOVESPA. Em duas oportunidades, cem jovens que frequentam os cursos da APBM&FBOVESPA participaram de mostras de Street Dance no municpio de So Caetano do Sul.
CuLTuRAL VISITS
APBM&FBOVESPA organized regular visits to cultural institutions throughout the city of So Paulo, such as the Museum of the Portuguese Language, the Bank of Brazil Arts Center, the Center for Social Services and Commerce (SESC-Paulista), the FAAP Museum, the Anchieta Museum, the Ipiranga Museum, and the BM&FBOVESPA Cultural Space. In two separate opportunities, 100 youths attending courses at APBM&FBOVESPA took part in the Street Dance Festival held in the city of So Caetano do Sul.
ViSitAS A EMPRESAS
Alm das aes de lazer e cultura, a APBM&FBOVESPA promoveu seis visitas a empresas, feiras e exposies de negcios, com participao de 250 jovens.
COMPANy VISITS
In addition to the leisure and cultural actions, APBM&FBOVESPA promoted six visits to companies, fairs and trade shows, with the participation of 250 youths.
REDE DE VOlUNtRiOS
So 19 os profissionais que dedicam parte do seu tempo e conhecimento para contribuir com o trabalho de incluso social e de resgate da cidadania promovido pela APBM&FBOVESPA. Entre eles esto dentistas, engenheiros, advogados, professores de idiomas, administradores de empresas, psiclogos e estudantes.
VOLuNTEER NETWORK
There are 19 professionals who dedicate part of their time and knowledge to contribute to the work towards social inclusion and recovery of citizenship promoted by APBM&FBOVESPA. Among them are dentists, engineers, lawyers, language instructors, business administrators, psychologists and students.
BAlCO DE EMPREGOS
O programa oferece servio gratuito de encaminhamento de alunos e ex-alunos a processos seletivos. Nesse caso, as empresas enviam o perfil do profissional que procuram e a Associao seleciona os mais habilitados para as entrevistas. Em 2009, foram contratados 42 jovens e realizados 125 encaminhamentos ao mercado de trabalho. Do total, 65% dos jovens atendidos obtiveram vaga no mercado de trabalho por indicao da Associao ou por iniciativa prpria.
JOB HELPDESK
Through this program, APBM&FBOVESPA provides free assistance for students and former students in their search for jobs. Companies interested in hiring an APBM&FBOVESPA student send in profiles describing the types of workers they need. The helpdesk then selects the most suitable candidates and arranges the job interviews. In 2009, 42 students were hired and 125 were referred to the labor market. Sixty-five percent of the students trained during 2009 were successfully placed in the marketplace, either through the APBM&FBOVESPA job helpdesk or by way of their own initiative.
A APBM&FBOVESPA tambm encaminhou dez jovens para outros programas. Oito deles participaram da seleo para formao em hotelaria do Hotel Intercontinental. Outros dois integraram um curso na Companhia de Restauro.
APBM&FBOVESPA also helped 10 students enroll in extension programs. Eight students participated in the recruitment process for training in hotels, provided by Hotel Intercontinental. Two others attended the course at Companhia de Restauro.
BENEFCiOS A AlUNOS E FAMiliARES

Alm de investir na formao de jovens carentes, a Associao estende seus programas a suas famlias e comunidade. Em 2009, foram realizadas 30 reunies com pais ou responsveis, com ndice mdio de 96% de comparecimento. Em So Paulo, alm de cestas bsicas (992), uniformes (894 conjuntos), material escolar (250 kits), culos (8), valestransporte (56.244) e refeio (90.421) e bolsas-auxlio (1.182), a APBM&FBOVESPA concedeu diversos benefcios a seus alunos e familiares. Entre eles: atendimento mdico: 1.007 consultas, inclusive exames laboratoriais e cirurgias; atendimento odontolgico: 3.895 tratamentos, incluindo prteses, por meio de um convnio com a Odontoprev; atendimento psicolgico: 410 consultas, realizadas por psicloga contratada. No Rio de Janeiro, foram distribudas 1.258 cestas bsicas e 1.466 bolsas-auxlio e foram servidos 24.262 lanches para os jovens matriculados nos cursos. Durante a Campanha do Agasalho de 2009, os funcionrios da BM&FBOVESPA doaram cerca de 220 cobertores, alm de agasalhos e calados, beneficiando os familiares dos alunos dos programas Capacitao para Empregabilidade, Faz Tudo e Espao Beleza.
EXTENDED BENEFITS TO STuDENTS AND THEIR FAMILIES

In addition to investing in the professional training of underprivileged teenagers, APBM&FBOVESPA also extends its programs to the students families and communities. In 2009, 30 meetings were held with parents and guardians of APBM&FBOVESPA students, which yielded an encouraging 96% average attendance rate. In So Paulo, APBM&FBOVESPA provided its students and their families with 992 food baskets, 894 uniforms, 250 school material kits, 08 pairs of glasses, 56,244 transportation vouchers, 90,421 meal tickets and 1,182 bursary grants. It also granted several other benefits, which included: Healthcare: 1,007 doctors appointments, including lab exams and surgeries; Dental treatment: 3,895 consultations, including prosthetics, through the Odontoprev dental insurance plan; Psychological services: 410 sessions provided by a contracted psychologist. In Rio de Janeiro, 1,258 food baskets, 1,466 bursary grants were distributed, and 24,262 meals were served for the youths registered in their courses. During the 2009 Clothing Drive, BM&FBOVESPA staff members donated 220 blankets, as well as articles of clothing and footwear, which were gratefully received by the families of APBM&FBOVESPA students from the Do-It-All, Employment Capacitation and Beauty Parlor programs.
PARCERiAS SOCiAiS
A Associao encerrou o ano com 16 empresas parceiras: Proart Acessrios e Equipamentos de Beleza, Lannes & Hoffmann, Odontoprev, Taiff, Suvinil/Basf, Fabrimar, Knauf Drywall, Cordeiro Fios e Cabos, Depilbella, Tigre e FAV105. No Rio de Janeiro, contou com o apoio de Wella, Lafarge, Sika, Starnail e Rede Werner Coiffure, alm de Fabrimar, Knauf-Drywall, Suvinil/Basf e Tigre.
SOCIAL PARTNERSHIPS
APBM&FBOVESPA closed the year with 16 partner companies: Proart Acessrios e Equipamentos de Beleza, Lannes & Hoffmann, Odontoprev, Taiff, Suvinil/Basf, Fabrimar, Knauf Drywall, Cordeiro Fios e Cabos, Depilbella, Tigre and FAV105. In Rio de Janeiro, the Association relied on the support of Wella, Lafarge, Sika, Starnail, Rede Werner Coiffure, in addition to Fabrimar, Knauf-Drywall, Suvinil/Basf and Tigre.
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iSO 9001
Certificada com a norma ISO 9001, a APBM&FBOVESPA passou por auditorias interna e externa em 2009, recebendo sua renovao pela ABS quality Evaluations com upgrade para a verso 2008.
ISO 9001 CERTIFICATION

APBM&FBOVESPA is ISO 9001 certified, and in 2009 its certification underwent internal and external audits and was granted renewal (with an upgrade to the 2008 version) by ABS quality Evaluations.
ESPAO ESPORTIVO E CULTURAL

Localizado na comunidade de Paraispolis, nas proximidades do bairro do Morumbi, o espao foi inaugurado em 2003 e oferece atividades de esportes, artes e cultura para crianas e jovens da localidade, visando potencializar a capacidade de aprendizado. As atividades culturais do Espao envolvem oficinas de leitura, jogos, brincadeiras, msica, artes plsticas, comunicao e meio ambiente. Com isso, pretende-se envolver o jovem por meio de uma formao artstica e ldica, voltada para a construo contnua do conhecimento. Na quadra de esportes, acontecem aulas gratuitas de tnis, basquete, futebol e vlei. Alm disso, o Espao conta com uma biblioteca voltada ao incentivo da leitura, que possui acervo de 4 mil ttulos de literatura infanto-juvenil, cincias, filosofia e conhecimentos gerais, entre outros temas. Nesse mesmo ambiente, educadores tambm oferecem aulas de reforo escolar. Em 2009, 456 alunos participaram dos programas esportivos, 196 se integraram nas atividades culturais e 149, nas de educao complementar.
BM&FBOVESPA SPORTS AND CuLTuRAL CENTER

Located in the Paraispolis community, in the vicinities of the Morumbi district, the center was inaugurated in 2003 and offers activities in sports, arts and culture to children and youths of the community, with the purpose of further expanding their learning capabilities. The cultural activities at the center involve reading workshops, games, music, fine arts, communication and environment. This initiative intends to involve youths through education and the arts, aiming at continuous development of knowledge. In the sports court, there are free lessons in tennis, basketball, soccer and volleyball. Additionally, the Center has a library to promote reading with a collection of more than 4,000 titles in childrens literature, science, philosophy, general knowledge, and other subjects. In this environment, teachers also provide lessons to reinforce school work. In 2009, 456 students participated in the sports programs, 196 integrated the cultural activities and 149 sought complementary education.
BOLSA DE VALORES SOCIAIS E AMBIENTAIS (BVS&A)

Pioneiro no mundo, o programa inspirado no modelo operacional de uma bolsa de valores. De um lado, rene investidores interessados em contribuir para a melhoria da educao e do meio ambiente no Pas, e, de outro, projetos que precisam de recursos para sua implantao. Em 2009, foram captados R$ 691 mil, destinados a 24 projetos. Destes, cinco foram concludos, sendo dois sociais e trs ambientais.
ENVIRONMENTAL AND SOCIAL INVESTMENT EXCHANGE

This worldwide pioneer program is inspired in the operating model of a stock exchange. On one side, there are investors interested in contributing to the improvement of education and the environment in the country, and on the other side, there are projects that require resources for their implementation. In 2009, R$ 691,000 were raised for 24 projects. Of these, five were concluded, two of which were social projects and three were environmental projects.

FILANTROPIA
O Instituto BM&FBOVESPA tambm realiza contribuies filantrpicas para diversas instituies que atuam em reas como tratamento do cncer, esclerose mltipla, dependncia qumica, aids e deficincia mental, alm de creches, orfanatos e asilos. Em 2009, 69 instituies receberam R$ 1,35 milho.
PHILANTHROPy
The BM&FBOVESPA Institute for Social and Environmental Responsibility also makes philanthropic contributions to several institutions that work in the areas of treatment of cancer, multiple sclerosis, addiction, AIDS, mental impairment, in addition to day care centers, orphanages and homes. In 2009, 69 institutions received R$1.35 million.
CLUBE DE ATLETISMO BM&FBOVESPA

Criado em 2002, o Clube de Atletismo uma iniciativa que pretende colocar o Brasil entre os pases de ponta nas diversas modalidades do esporte. O projeto conta com 99 atletas, que recebem auxlios diversos para facilitar a participao em torneios nacionais e internacionais. Em 2009, o Clube conquistou seu oitavo ttulo consecutivo do Trofu Brasileiro de Atletismo.
BM&FBOVESPA ATHLETICS CLuB

Created in 2002, the Athletics Club is an initiative that intends to place Brazil among the top spots in several sports. The project has 99 athletes that receive support in order to participate in several national and international tournaments. In 2009, the Club won its eighth consecutive title in the Brazilian Track and Field Trophy.
SPONSORS PAtROCiNADORES
So patrocinadores do Clube de Atletismo: o grupo Po de Acar; a Prefeitura de So Caetano do Sul (SP), que colabora na disputa dos Jogos Regionais e dos Jogos Abertos do Interior; e a Nike, responsvel pelo fornecimento de uniformes e calados esportivos. The BM&FBOVESPA Athletics Club sponsoring partners are: The Po de Acar Group; the So Caetano do Sul City Government, who also sponsors athletes in the Regional Games and the So Paulo State Open Games; and Nike, which supplies all of the team uniforms and track shoes.
TROFu BRASIL tROFU BRASil

Mais uma vez, os atletas do Clube de Atletismo BM&FBOVESPA abrilhantaram a mais importante competio de atletismo do Pas: o Trofu Brasil Caixa de Atletismo. Em 2009, o principal destaque foi a quebra do recorde brasileiro no Salto em Distncia, no Lanamento do Martelo e no Lanamento do Dardo (masculino) alm da quebra de recorde sul-americano no Salto com Vara (feminino), por Fabiana Murer. Once again, BM&FBOVESPA Athletics Club athletes had an outstanding participation in the countrys most important track competition: Trofu Brasil Caixa de Atletismo. In 2009, the major highlights were the breaking of the Brazilian record in the Long Jump, Hammer Throw and Javelin Throw (Mens), in addition to the breaking of the South American record in the Pole Vault (Womens) by Fabiana Murer.
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Espao Beleza qualifica jovens no Rio de Janeiro Beauty Parlor program in Rio de Janeiro
PRMIO OURO OLMPICO

Criado em1988 para incentivar e reconhecer atletas que representam o Brasil em competies de grande porte, o prmio j distribuiu 70,7 kg de ouro ao longo de sua histria. O prmio concedido aos medalhistas de Olimpadas e Pan-americanos. Para competies individuais, a premiao de 1 kg de ouro para medalha de ouro, 500 g para prata e 250 g para bronze. J para competies por equipe, so distribudos 100 g de ouro para cada atleta medalha de ouro, 75 g para prata e 50 g para bronze. Os integrantes do Clube de Atletismo BM&FBOVESPA recebem o prmio em dobro.
OLyMPIC GOLD AWARD

Created in 1988 to promote and give recognition to athletes who represent Brazil in major competitions, the award has distributed 70.7 kg of gold in its history. The award is granted to medalists in the Olympic and Pan American games. In individual competitions, the award is 1 kg of gold for gold winners; 500 g for silver winners; and 250 g for bronze winners. In team competitions, each member of the team receives 100 g of gold for a gold medal; 75 g of gold for a silver medal; and 50 g of gold for bronze. Members of the BM&FBOVESPA Athletics Club receive their awards in double.
Demonstraes Financeiras
PARECER DOS AUDITORES INDEPENDENTES

Ao Conselho de Administrao e Acionistas BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros Examinamos os balanos patrimoniais da BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros (BM&FBOVESPA) e da BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros e empresas controladas (BM&FBOVESPA e empresas controladas) em 31 de dezembro de 2009 e de 2008 e as correspondentes demonstraes do resultado, das mutaes do patrimnio lquido, dos fluxos de caixa e do valor adicionado da BM&FBOVESPA e as correspondentes demonstraes consolidadas do resultado, dos fluxos de caixa e do valor adicionado dos exerccios findos nessas datas, elaborados sob a responsabilidade de sua administrao. Nossa responsabilidade a de emitir parecer sobre essas demonstraes financeiras.
REPORT OF INDEPENDENT AuDITORS

To the Board of Directors and Shareholders BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros We have audited the accompanying balance sheets of BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros (BM&FBOVESPA) and the consolidated balance sheets of BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros and its subsidiaries as of December 31, 2009 and 2008, and the related statements of income, of changes in shareholders equity, of cash flows and of value added of BM&FBOVESPA, as well as the related consolidated statements of income, of cash flows and of value added for the years then ended. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements. We conducted our audits in accordance with approved Brazilian au-
Nossos exames foram conduzidos de acordo com as normas de auditoria aplicveis no Brasil, as quais requerem que os exames sejam realizados com o objetivo de comprovar a adequada apresentao das demonstraes financeiras em todos os seus aspectos relevantes. Portanto, nossos exames compreenderam, entre outros procedimentos: (a) o planejamento dos trabalhos, considerando a relevncia dos saldos, o volume de transaes e os sistemas contbil e de controles internos das companhias, (b) a constatao, com base em testes, das evidncias e dos registros que suportam os valores e as informaes contbeis divulgados e (c) a avaliao das prticas e estimativas contbeis mais representativas adotadas pela administrao da companhia, bem como da apresentao das demonstraes financeiras tomadas em conjunto. Somos de parecer que as referidas demonstraes financeiras apresentam adequadamente, em todos os aspectos relevantes, a posio patrimonial e financeira da BM&FBOVESPA e da BM&FBOVESPA e empresas controladas em 31 de dezembro de 2009 e de 2008 e o resultado das operaes, as mutaes do patrimnio lquido, os fluxos de caixa e os valores adicionados da BM&FBOVESPA dos exerccios findos nessas datas, bem como o resultado consolidado das operaes, os fluxos de caixa consolidados e os valores adicionados consolidados desses exerccios, de acordo com as prticas contbeis adotadas no Brasil.
diting standards, which require that we perform the audit to obtain reasonable assurance about whether the financial statements are fairly presented in all material respects. Accordingly, our work included, among other procedures: (a) planning our audit taking into consideration the significance of balances, the volume of transactions and the accounting and internal control systems of the Companies, (b) examining, on a test basis, evidence and records supporting the amounts and disclosures in the financial statements, and (c) assessing the accounting practices used and significant estimates made by management, as well as evaluating the overall financial statement presentation. In our opinion, the financial statements audited by us present fairly, in all material respects, the financial position of BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros and of BM&FBOVESPA S.A. - Bolsa de Valores, Mercadorias e Futuros and its subsidiaries at December 31, 2009 and 2008, and the results of operations, the changes in shareholders equity, the cash flows and the value added of BM&FBOVESPA, as well as the consolidated results of operations, cash flows and value added for the years then ended, in accordance with accounting practices adopted in Brazil. So Paulo, February 23, 2010 PricewaterhouseCoopers
So Paulo, 23 de fevereiro de 2010 Auditores Independentes CRC 2SP000160/O-5 PricewaterhouseCoopers Auditores Independentes CRC 2SP000160/O-5 Edison Arisa Pereira Contador CRC 1SP127241/O-0 Edison Arisa Pereira Accountant CRC 1SP127241/O-0
Financial Statements
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balano patrimonial em 31 de dezembro de 2009 e 2008 (em milhares de reais)

Ativo Assets Circulante Current assets Disponibilidades Cash and cash equivalents Aplicaes financeiras Financial investments Contas a receber lquido Accounts receivable - net Outros crditos Other receivables Tributos a recuperar e antecipaes Taxes recoverable and prepaid Imposto de renda e contribuio social diferidos Deferred income tax and social contribution Despesas antecipadas Prepaid expenses No circulante Non-current Realizvel a longo prazo Long-term receivables Aplicaes financeiras Financial investments Outros crditos lquido Other receivables - net Imposto de renda e contribuio social diferidos Deferred income tax and social contribution Depsitos judiciais Judicial deposits Despesas antecipadas Prepaid expenses investimentos Investments Participaes em controladas Interest in subsidiaries Outros investimentos Other investments imobilizado Property and equipment intangvel Intangible assets gio Goodwill Softwares e projetos Software and projects Total do ativo Total assets Passivo e patrimnio lquido Liabilities and shareholders Circulante Current Garantias recebidas em operaes Collateral for transactions Proventos e direitos sobre ttulos em custdia Earnings and rights on securities in custody Fornecedores Suppliers Salrios e encargos sociais Salaries and social charges Proviso para impostos e contribuies a recolher Provision for taxes and contributions payable Imposto de renda e contribuio social Income tax and social contribution Financiamentos Financing Dividendos e juros sobre capital prprio a pagar Dividends and interest on own capital payable Resgate de aes preferenciais a liquidar Redemption of preferred shares to be settled Outras obrigaes Other liabilities No circulante Non-current Financiamentos Financing Imposto de renda e contribuio social diferidos Deferred income tax and social contribution Proviso para contingncias e obrigaes legais Provision for contingencies and legal obligations Outras obrigaes Other liabilities Participao minoritria das controladas Minority interest in subsidiaries Patrimnio lquido Shareholders equity Capital social Capital Reserva de capital Capital reserve Reservas de reavaliao Revaluation reserves Reserva legal Legal reserve Reservas estatutrias Statutory reserves Aes em tesouraria Treasury shares Total do passivo e patrimnio lquido Total liabilities and shareholders equity 16 13 20 15 14 12 14 13 11 18 10 notas 7 (a) 7 (b) 8 9 4 (b) 6 20 15 (g) 20 4 (a) 4 (b) 5 6 notas
Balance Sheet at December 31 2009 and 2008 (in thousands of reais)

BM&FBOVESPA 2009 2.734.723 46.746 2.561.793 39.042 21.598 51.143 5.688 8.713 18.265.737 503.434 378.537 555 40.853 83.489 1.417.947 100.791 1.317.156 226.457 16.117.899 16.064.309 53.590 21.000.460 2009 978.946 810.317 31.897 21.318 42.525 24.404 886 9.295 20.839 1.839 15.626 311.765 2.495 261.060 48.210 19.709.749 2.540.239 16.666.489 23.551 3.453 706.119 (230.102) 21.000.460 43.657 1.621 19.291.724 2.540.239 16.606.853 24.131 3.453 302.928 (185.880) 20.246.934 2008 1.904.077 40.921 1.685.145 104.481 7.468 9.539 48.594 7.929 18.342.857 641.653 468.892 6.576 73.476 92.513 196 1.407.909 92.063 1.315.846 203.708 16.089.587 16.064.309 25.278 20.246.934 2008 909.932 585.963 36.020 18.392 20.288 40.065 4.087 194.984 4.132 6.001 45.278 Consolidado Consolidated 2009 2.778.968 50.779 2.599.784 40.205 22.656 51.143 5.688 8.713 18.422.215 715.951 585.648 4.555 40.853 84.895 1.319.439 1.319.439 268.895 16.117.930 16.064.309 53.621 21.201.183 2009 1.162.075 2.599.784 40.205 10.943 60.125 2.495 50.779 582.354 84.895 1.319.439 268.895 46.160 569 15.892 19.291.724 2.540.239 16.606.853 24.131 3.453 302.928 (185.880) 20.430.089 2008 1.965.461 40.227 1.744.069 105.169 9.933 9.540 48.594 7.929 18.464.628 808.863 629.945 11.361 73.476 93.885 196 1.318.282 1.318.282 247.850 16.089.633 16.064.309 25.324 20.430.089 2008 1.075.744 585.963 36.020 18.442 20.806 40.254 2.652 4.087 194.984 4.132 168.404 46.729
As notas explicativas encontram-se disponveis em www.bmfbovespa.com.br, no portal de Relaes com Investidores, no menu Informaes Financeiras/arquivos CVM. The explanatory notes are available on the Exchange Website at www.bmfbovespa.com.br, under the Investor Relations Section, Financials, CVM Files.
demonstrao do Resultado exerccios findos em 31 de dezembro de 2009 e de 2008 (em milhares de reais, exceto quando indicado de outra forma) Statement of Income Years ended December 31, 2009 and 2008 (in thousands of reais)
bm&FboVespa notas Receita operacional bruta Gross operating revenues sistema de negociao e/ou liquidao bm&F Trading and/or settlement system - BM&F Derivativos Derivatives Cmbio Foreign exchange Ativos Assets sistema de negociao e/ou liquidao bovespa Trading and/or settlement system - Bovespa Negociao emolumentos de prego Negotiation trading fees Transaes compensao e liquidao Transactions clearing and settlement Emprstimos de valores mobilirios Loans of marketable securities Listagem de valores mobilirios Listing of marketable securities Depositria, custdia e back office Depository, custody and back office Acesso dos participantes de negociao Trading participant access outras receitas operacionais Other operating revenues Vendors - cotaes e informaes de mercado Vendors quotations and market information Taxa de classificao de mercadorias Commodity classification fee Outras Other dedues da receita Deductions of revenue Repasse de emolumentos Bovespa Transfer of trading fees - Bovespa PIS e Cofins PIS and COFINS taxes Impostos sobre servios Taxes on services Receita operacional lquida Net operating revenue despesas operacionais Operating expenses Administrativas e gerais Administrative and general Pessoal e encargos Personnel and related charges Processamento de dados Data processing Depreciao e amortizao Depreciation and amortization Servios de terceiros Outsourced services Manuteno em geral Maintenance in general Comunicaes Communications Locaes Rents Materiais de consumo Supplies Promoo e divulgao Promotion and publicity Impostos e taxas Taxes Honorrios do conselho Board and committee members compensation Gastos com integrao Integration expenses Diversas Sundry Resultado de equivalncia patrimonial Equity in the results of subsidiaries amortizao de gio Goodwill amortization Resultado financeiro Financial results Resultado antes da tributao sobre o lucro Income before taxation of profit imposto de renda e contribuio social Income tax and social contribution Corrente Current Diferido Deferred lucro lquido do exerccio Net income for the year quantidade de aes em circulao no fim do exerccio Outstanding shares at the end of the year lucro lquido por ao no fim do exerccio (R$) Net income per share at the end of the year (in reais)
(*) (*)
2009 1.651.002 537.056 516.052 20.849 155 1.032.201 617.000 232.166 32.989 39.549 70.231 40.266 81.745 57.691 4.304
2008 (*) 994.037 622.907 601.275 21.302 330 298.255 179.374 66.925 9.774 10.487 22.379 9.316 72.875 30.506 3.535 38.834 (104.176) (4.104) (90.514) (9.558) 889.861 (448.518) (173.390) (83.962) (22.126) (37.355) (9.822) (8.108) (3.089) (2.695) (20.733) (454) (6.582) (58.537) (21.665) 386.402 (324.421) 171.588 674.912 (29.316) (142.392) 113.076 645.596 2.010.990.091 0,321034
23
19.750 (168.610) (149.668) (18.942) 1.482.392 (550.959) (284.231) (98.672) (40.598) (42.145) (10.067) (23.204) (2.464) (2.409) (18.850) (1.940) (5.252)
24 21 7 9
(21.127) 6.374 245.216 1.183.023
20 (c)
(301.973) 34.616 (336.589) 881.050 2.004.766.312 0,439478
Em 2008, o resultado da Bovespa est apresentado como equivalncia patrimonial, considerando que at 28 de novembro de 2008 esta era subsidiria integral da BM&FBOVESPA. In 2008, Bovespas results are presented as equity in the results of subsidiaries considering that, up to November 28, 2008, it was a wholly owned subsidiary of BM&FBOVESPA. As notas explicativas encontram-se disponveis em www.bmfbovespa.com.br, no portal de Relaes com Investidores, no menu Informaes Financeiras/arquivos CVM. The explanatory notes are available on the Exchange Website at www.bmfbovespa.com.br, under the Investor Relations Section, Financials, CVM Files.
PG 87
demonstrao do Resultado exerccios findos em 31 de dezembro de 2009 e de 2008 (em milhares de reais, exceto quando indicado de outra forma) Statement of Income Years ended December 31, 2009 and 2008 (in thousands of reais, unless otherwise stated)
Consolidado Consolidated notas Notes Receita operacional bruta Gross operating revenues sistema de negociao e/ou liquidao bm&F Trading and/or settlement system - BM&F Derivativos Derivatives Cmbio Foreign exchange Ativos Assets Bolsa Brasileira de Mercadorias Bolsa Brasileira de Mercadorias (Brazilian Commodities Exchange) Banco Bank sistema de negociao e/ou liquidao bovespa Trading and/or settlement system - Bovespa Negociao emolumentos de prego Negotiation trading fees Transaes compensao e liquidao Transactions clearing and settlement Emprstimos de valores mobilirios Loans of marketable securities Listagem de valores mobilirios Listing of marketable securities Depositria, custdia e back office Depository, custody and back office Acesso dos participantes de negociao Trading participant access outras receitas operacionais Other operating revenues Vendors cotaes e informaes de mercado Vendors quotations and market information Taxa de classificao de mercadorias Commodity classification fee Outras Other dedues da receita Deductions of revenue PIS e Cofins PIS and COFINS taxes Impostos sobre servios Taxes on services Receita operacional lquida Net operating revenue despesas operacionais Operating expenses Administrativas e gerais Administrative and general Pessoal e encargos Personnel and related charges Processamento de dados Data processing Depreciao e amortizao Depreciation and amortization Servios de terceiros Outsourced services Manuteno em geral Maintenance in general Comunicaes Communications Locaes Rents Materiais de consumo Supplies Promoo e divulgao Promotion and publicity Impostos e taxas Taxes Honorrios do conselho Board and committee members compensation Gastos com integrao Integration expenses Diversas Sundry amortizao de gio Goodwill amortization Resultado financeiro Financial results Resultado antes da tributao sobre o lucro Income before taxation of profit imposto de renda e contribuio social Income tax and social contribution Corrente Current Diferido Deferred participao minoritria Minority interest lucro lquido do exerccio Net income for the year 20 (c) 24 21 9 (289.806) (102.596) (42.396) (45.495) (11.007) (23.428) (3.032) (2.510) (19.555) (2.323) (5.252) (22.432) 253.862 1.186.574 (304.505) 32.085 (336.590) (1.019) 881.050 (247.349) (141.282) (35.140) (44.043) (13.536) (18.721) (4.351) (3.629) (31.446) (1.655) (9.219) (129.576) (43.711) (324.421) (305.972) 859.904 (212.741) (331.879) 119.138 (1.567) 645.596 23 2009 1.672.894 552.492 516.052 20.849 155 7.146 8.290 1.032.201 617.000 232.166 32.989 39.549 70.231 40.266 88.201 57.691 4.304 26.206 (170.350) (150.786) (19.564) 1.502.544 (550.832) 2008 1.783.358 634.230 601.275 21.302 330 7.865 3.458 1.055.028 635.091 259.355 48.528 29.776 62.523 19.755 94.100 43.359 3.535 47.206 (181.347) (162.752) (18.595) 1.602.011 (723.658)
demonstrao das mutaes do patrimnio lquido perodos findos em 31 de dezembro de 2009 e de 2008 (em milhares de reais) Statement of changes in shareholders equity Years ended December 31, 2009 and 2008 (in thousands of reais)
Reservas de lucros Revenue reserves Reservas de reavaliao (nota 16(c)) Revaluation reserves (Note 16(c)) 24.711 Reservas estatutrias (nota 16(d)) Statutory reserves (Note 16(b)) 401.447 (229.519) aes em tesouraria (nota 16(b)) Treasury shares (Note 16(b)) -
notas Notes
capital social Capital
Reserva de capital Capital reserve
Reserva legal Legal reserve
lucro acumulado Retained earnings
total Total
saldos em 31 de dezembro de 2007 At December 31, 2008 Incorporao da BM&F S.A. Merger of BM&F S.A. Reconhecimento inicial do plano de opes de aes CPC 10 Initial recognition of stock option plan CPC 10 Reconhecimento de contratos de arrendamento financeiro CPC 06 Initial recognition of financial lease contracts CPC 06 Incorporao das aes da Bovespa Holding Merger of shares of Bovespa Holding Resgate de aes preferenciais Redemption of prefered shares Emisso de aes plano de opes de aes Issue of shares - stock option plan Realizao da reserva de reavaliao controladas Realization of revaluation reserve - subsidiaries Recompra de aes Repurchase of shares Alienao de aes em tesouraria Disposal of treasury stock Reconhecimento de plano de opes de aes Recognition of stock option plan Lucro lquido do exerccio Net income for the year Destinaes do lucro: Appropriation of net income: Dividendos Dividends Juros sobre capital prprio Interest on own capital Constituio de reservas estatutrias Statutory reserves saldos em 31 de dezembro de 2008 At December 31, 2008 Realizao da reserva de reavaliao controladas Realization of revaluation reserve - subsidiaries Recompra de aes Repurchase of shares Alienao de aes em tesouraria Disposal of treasury shares Reconhecimento de plano de opes de aes Recognition of stock option plan Lucro lquido do exerccio Net income for the year Destinaes do lucro: Appropriation of net income: Dividendos Dividends Juros sobre capital prprio Interest on own capital Constituio de reservas estatutrias Statutory reserves saldos em 31 de dezembro de 2009 At December 31, 2009 16(e) 16(e) 16 19 19 16(e) 16(e) 16 19 19 1 12 16 1 19
1 1.010.785 -
1.175.121 229.519
3.453 -
1 2.615.517 -
1.526.237 3.216 2.540.239 -
16.415.854 (1.240.000) 26.359 16.606.853 59.636 -
(580) 24.131 (580) -
3.453 -
3.567 127.433 302.928 -
(192.448) 6.568 (185.880) (75.125) 30.903 -
(5.401) 645.596 (203.644) (309.118) (127.433) (20.859) 881.050
3.567 17.942.091 (1.240.000) 3.216 (580) (192.448) 1.167 26.359 645.596 (203.644) (309.118) 9.291.724 (580) (75.125) 10.044 59.636 881.050
2.540.239
16.666.489
23.551
3.453
403.191 706.119
(230.102)
(183.500) (273.500) (403.191) -
(183.500) (273.500) 19.709.749
PG 89
demonstrao dos fluxos de caixa exerccios findos em 31 de dezembro de 2009 e de 2008 (em milhares de reais) Statement of Cash Flows Years ended December 31, 2009 and 2008 (in thousands of reais)
bm&FbovesPa 2009 Acumulado Accumulated Fluxo de caixa das atividades operacionais Cash flows from operating activities lucro lquido do exerccio Net income for the period Ajustes por: Adjustments for: Depreciao/amortizao Depreciation and amortization Resultado na venda de imobilizado Profit on sale of property and equipment Imposto de renda e contribuio social diferidos Deferred income tax and social contribution Resultado de equivalncia patrimonial Equity in results of subsidiaries Despesas relativas ao plano de opes de aes Expenses related to the stock option plan Amortizao de gio Goodwill amortization Despesas de juros Interest expenses Outros Sundry Variao de aplicaes financeiras e garantias de operaes Variation in financial investments and collateral for transactions Variao em tributos a recuperar e antecipaes Variation in taxes recoverable and prepaid Variao em contas a receber Variation in accounts receivable Variao em outros crditos Variation in other receivables Variao em despesas antecipadas Variation in prepaid expenses Variao de depsitos judiciais Variation in judicial deposits Variao em proventos e direitos sobre ttulos em custdia Variation in earnings and rights on securities in custody Variao em fornecedores Variation in suppliers Variao em proviso para impostos e contribuies a recolher Variation in provision for taxes and contributions payable Variao em impostos de renda e contribuio social Variation in provisions for income tax and social contribution Variao em salrios e encargos sociais Varition in salaries and social charges Variao em outras obrigaes Variation in other liabilities Variao em proviso para contingncias Variation in provision for contingencies caixa lquido proveniente das atividades operacionais Net cash provided by operating activities Fluxo de caixa das atividades de investimento Cash flows from investing activities Recebimento pela venda de imobilizado Receipt on sale of property and equipment Pagamento pela aquisio de imobilizado Payment for purchase of property and equipment Dividendos recebidos Dividends received Recebimento pela venda de bens no de uso Receipt on sale of assets held for sale Aumento de capital em controladas Capital increase in subsidiaries Saldo de disponibilidades incorporado/consolidado Cash and cash equivalents merged/consolidated Variao em outros investimentos Variation in other investments Variao em softwares e projetos Variation in software and projects caixa lquido (utilizado) proveniente das atividades de investimento Net cash (used in) provided by investing activities Fluxo de caixa das atividades de financiamento Cash flows from financing activities Integralizao de capital Capital increase Alienao de aes em tesouraria - exerccio de opes de aes Disposal of treasury shares - stock options exercised Recompra de aes Repurchase of shares Variao em financiamentos Variation in financing Emprstimos contrados Short term borrowings Emprstimos amortizados Amortized borrowings Pagamento de aes preferenciais Redemption of preferred shares Pagamento de dividendos e juros sobre capital prprio Payment of dividends and interest on own capital caixa lquido utilizado nas atividades de financiamento Net cash used in financing activities Aumento lquido de caixa e equivalentes de caixa Net increase in cash and cash equivalents Saldo de caixa e equivalentes de caixa no incio do exerccio Cash and cash equivalents at the beginning of the year Saldo de caixa e equivalentes de caixa no final do exerccio Cash and cash equivalents at the end of the year Transaes que no envolveram caixa Transactions not involving cash Aquisio de ativo imobilizado por meio de operao de arrendamento mercantil financeiro Purchase of property and equipment through financial lease
(*)
2008 (*) Acumulado Accumulated 645.596 22.126 69 (113.076) (386.402) 26.359 324.421 18.531 (10.169) 1.334.603 104.431 40.749 (17.389) 4.465 (12.366) (598) (4.564) (18.081) (185.984) (17.053) (13.309) 3.159 1.745.518 765 (32.406) 20.474 94.373 (437) (7.834) 74.935 3.216 1.167 (192.448) (2.841) 500.000 (518.531) (1.235.868) (334.227) (1.779.532) 40.921 40.921
881.050 40.598 382 336.589 (6.374) 59.636 562 (561.939) (41.604) 65.439 (25.060) (588) 9.024 (4.123) 2.926 (15.661) 886 22.237 8.004 4.553 776.537 3.363 (66.280) 7.969 8.981 (2.934) (1.641) (28.792) (79.334) 10.044 (75.125) 7.141 (2.293) (631.145) (691.378) 5.825 40.921 46.746
15.459
6.401
Em 2008, o resultado da Bovespa est apresentado como equivalncia patrimonial, considerando que at 28 de novembro de 2008 esta era subsidiria integral da BM&FBOVESPA. (*) In 2008, Bovespas results are presented as equity in the results of subsidiaries considering that, up to November 28, 2008, it was a wholly owned subsidiary of BM&FBOVESPA. As notas explicativas encontram-se disponveis em www.bmfbovespa.com.br, no portal de Relaes com Investidores, no menu Informaes Financeiras/arquivos CVM. The explanatory notes are available on the Exchange Website at www.bmfbovespa.com.br, under the Investor Relations Section, Financials, CVM Files.
demonstrao dos Fluxos de caixa exerccios findos em 31 de dezembro de 2009 e de 2008 (em milhares de reais) Statement of Cash Flows Years ended December 31, 2009 and 2008 (in thousands of reais)
Consolidado Consolidated 2009 Acumulado Accumulated Fluxo de caixa das atividades operacionais Cash flows from operating activities lucro lquido do exerccio Net income for the period Ajustes por: Adjustments for: Depreciao/amortizao Depreciation and amortization Resultado na venda de imobilizado Profit on sale of property and equipment Imposto de renda e contribuio social diferidos Deferred income tax and social contribution Despesas relativas ao plano de opes de aes Expenses related to the stock option plan Amortizao de gio Goodwill amortization Despesas de juros Interest expenses Variao em participao minoritria Variation in minority interest Outros Sundry Variao de aplicaes financeiras e garantias de operaes Variation in financial investments and collateral for transactions Variao em tributos a recuperar e antecipaes Variation in taxes recoverable and prepaid Variao em contas a receber Variation in accounts receivable Variao em outros crditos Variation in other receivables Variao em despesas antecipadas Variation in prepaid expenses Variao de depsitos judiciais Variation in judicial deposits Variao em proventos e direitos sobre ttulos em custdia Variation in earnings and rights on securities in custody Variao em fornecedores Variation in suppliers Variao em proviso para impostos e contribuies a recolher Variation in provision for taxes and contributions payable Variao em impostos de renda e contribuio social Variation in provisions for income tax and social contribution Variao em salrios e encargos sociais Varition in salaries and social charges Variao em outras obrigaes Variation in other liabilities Variao em proviso para contingncias Variation in provision for contingencies caixa lquido proveniente das atividades operacionais Net cash provided by operating activities Fluxo de caixa das atividades de investimento Cash flows from investing activities Recebimento pela venda de imobilizado Receipt on sale of property and equipment Pagamento pela aquisio de imobilizado Payment for purchase of property and equipment Recebimento pela venda de bens no de uso Receipt on sale of assets held for sale Dividendos recebidos Dividends received Saldo de disponibilidades incorporado/consolidado Cash and cash equivalents merged/consolidated Variao em outros investimentos Variation in other investments Variao em softwares e projetos Variation in software and projects caixa lquido utilizado proveniente das atividades de investimento Net cash (used in) provided by investing activities Fluxo de caixa das atividades de financiamento Cash flows from financing activities Integralizao de capital Capital increase Alienao de aes em tesouraria exerccio de opes de aes Disposal of treasury shares - stock options exercised Recompra de aes Repurchase of shares Variao em financiamentos Variation in financing Emprstimos contrados Short term borrowings Emprstimos amortizados Amortized borrowings Pagamento de aes preferenciais Redemption of preferred shares Pagamento de dividendos e juros sobre capital prprio Payment of dividends and interest on own capital caixa lquido utilizado nas atividades de financiamento Net cash used in financing activities Aumento lquido de caixa e equivalentes de caixa Net increase in cash and cash equivalents Saldo de caixa e equivalentes de caixa no incio do exerccio Cash and cash equivalents at the beginning of the year Saldo de caixa e equivalentes de caixa no final do exerccio Cash and cash equivalents at the end of the year Transaes que no envolveram caixa Transactions not involving cash Aquisio de ativo imobilizado por meio de operao de arrendamento mercantil financeiro Purchase of property and equipment through financial lease 15.459 6.401 10.044 (75.125) 7.141 (2.293) (631.145) (691.378) 10.552 40.227 50.779 3.216 1.167 (192.448) (2.841) 500.000 (518.531) (1.235.868) (334.227) (1.779.532) 40.921 40.921 2.803 (66.393) 8.981 7.969 (1.489) (28.777) (76.906) 20.474 10.816 (1.353) (21.616) 37.698 7.819 (56.544) 42.396 382 336.589 59.636 562 562 (587.064) (41.603) 64.964 (22.868) (588) 8.990 (4.123) 3.001 (15.638) 1.045 22.431 25.922 3.287 778.836 35.140 2.527 (119.138) 26.359 324.421 18.531 9.506 1.096.446 (2.115) 48.945 29.184 3.663 (64.186) 8.023 (3.034) 4.316 (105.713) (5.604) (30.950) 11.827 1.933.744 881.050 645.596 2008 Acumulado Accumulated
PG 91
demonstrao doValor adicionado exerccios findos em 31 de dezembro de 2009 e de 2008 (em milhares de reais) Statement of Value Added Years ended December 31, 2009 and 2008 (in thousands of reais)
bm&FbovesPa 2009 Acumulado Accumulated 1 Receitas Revenues Sistema de negociao e/ou liquidao Trading and/or settlement system Outras receitas operacionais Other operating revenues 2 bens e servios adquiridos de terceiros Goods and services acquired from third parties Despesas operacionais (a) Operating expenses (a) 3 Valor adicionado bruto (1-2) Gross value added (1-2) 4 Retenes Retentions Amortizao de gio Goodwill amortization Depreciao e amortizao Depreciation and amortization 5 Valor adicionado lquido produzido pela sociedade (3-4) Net value added produced by the company (3-4) 6 Valor adicionado recebido em transferncia Value added transferred from others Resultado de equivalncia patrimonial Equity in results of subsidiaries Receitas financeiras Financial income 7 Valor adicionado total a distribuir (5+6) Total value added to be distributed (5+6) 8 distribuio do valor adicionado Distribution of Value Added Pessoal e encargos Personnel and related charges Honorrios do conselho Board and committee members compensation Impostos, taxas e contribuies (b) Income tax, taxes and contributions (b) Juros e aluguis (c) Interest and rents (c) Juros sobre capital prprio e dividendos Interest on own capital and dividends Prejuzo na alienao de aes em tesouraria Loss on disposal of treasury shares Constituio de reservas Net income for the year retained
(a)
2008 (*) Acumulado Accumulated 994.037 921.162 72.875 246.981 246.981 747.056 346.547 324.421 22.126 400.509 586.069 386.402 199.667 986.578 986.578 173.390 6.582 129.842 31.168 512.762 5.401 127.433
1.651.002 1.569.257 81.745 216.475 216.475 1.434.527 40.598 40.598 1.393.929 266.625 6.374 260.251 1.660.554 1.660.554 284.231 5.252 472.523 17.498 457.000 20.859 403.191
Despesas operacionais : exclui pessoal, honorrios do conselho, depreciaes, locaes e impostos e taxas e inclui repasse de emolumentos Bovespa. (b) Inclui: impostos e taxas, PIS e Cofins, impostos sobre servios, imposto de renda e contribuio social correntes e diferidos. (c) Inclui: locaes e despesas financeiras. (a) Operating expenses (excludes personnel, Board and committee members compensation, depreciation, rents and taxes) and includes transfer of trading fees Bovespa.. (b) Including: taxes, PIS, COFINS, ISS and income tax and social contribution (current and deferred). (c) Including: rents and financial expenses. Consolidado Consolidated 2009 Acumulado Accumulated 1 Receitas Revenues Sistema de negociao e/ou liquidao Trading and/or settlement system Outras receitas operacionais Other operating revenues 2 bens e servios adquiridos de terceiros Goods and services acquired from third parties Despesas operacionais (a) Operating expenses (a) 3 Valor adicionado bruto (1-2) Gross value added (1-2) 4 Retenes Retentions Amortizao de gio Goodwill amortization Depreciao e amortizao Depreciation and amortization 5 Valor adicionado lquido produzido pela sociedade (3-4) Net value added produced by the company (3-4) 6 Valor adicionado recebido em transferncia Value added transferred from others Receitas financeiras Financial income 7 Valor adicionado total a distribuir (5+6) Total value added to be distributed (5+6) 8 distribuio do valor adicionado Distribution of Value Added Pessoal e encargos Personnel and related charges Honorrios do conselho Board and committee members compensation Impostos, taxas e contribuies (b) Income tax, taxes and contributions (b) Juros e aluguis (c) Interest and rents (c) Participao minoritria Minority interest Juros sobre capital prprio e dividendos Interest on own capital and dividends Prejuzo na alienao de aes em tesouraria Loss on disposal of treasury shares Constituio de reservas Net income for the year retained
(a) (c)
2008 (*) Acumulado Accumulated 1.783.358 1.689.258 94.100 425.944 425.944 1.357.414 359.561 324.421 35.140 997.853 364.859 364.859 1.362.712 1.362.712 247.349 9.219 395.743 63.238 1.567 512.762 5.401 127.433
1.672.894 1.584.693 88.201 227.024 227.024 1.445.870 42.396 42.396 1.403.474 289.686 289.686 1.693.160 1.693.160 289.806 5.252 477.177 38.856 1.019 457.000 20.859 403.191
Despesas operacionais: exclui pessoal, honorrios do conselho, depreciaes, locaes e impostos e taxas. (b) Inclui: impostos e taxas, PIS e Cofins, impostos sobre servios, imposto de renda e contribuio social correntes e diferidos. Inclui: locaes e despesas financeiras. (a) Operating expenses (excludes personnel, Board and committee members compensation, depreciation, rents and taxes). (b) Including: taxes, PIS, COFINS, ISS and income tax and social contribution (current and deferred). (c) Including: rents and financial expenses. As notas explicativas encontram-se disponveis em www.bmfbovespa.com.br, no portal de Relaes com Investidores, no menu Informaes Financeiras/arquivos CVM. The explanatory notes are available on the Exchange Website at www.bmfbovespa.com.br, under the Investor Relations Section, Financials, CVM Files.
Sobre o Relatrio
RELATRIO GRI C
Pela primeira vez, a BM&FBOVESPA adota as diretrizes da Global Reporting Initiative (GRI), padro global para o relato da sustentabilidade, como referncia na produo de seu Relatrio Anual. Trata-se de um primeiro passo para sistematizar informaes e dotar a companhia de recursos para fazer a gesto integrada dos aspectos econmicos, sociais e ambientais. Neste ano, foi alcanado o nvel C de aplicao das diretrizes, verificado pela prpria GRI, marco de incio de um processo de aprofundamento dessa abordagem. Conhea a seguir os indicadores GRI que fazem parte deste relatrio.
C Obrigatrio
C+
B+
A+
Com verificao externa
Opcional
Examinado por terceiros
Examinado pela GRI
tabela Geral indicadores GRi

ec1 Valor econmico gerado e distribudo (dVa) Pgina 57 A matriz energtica da BM&FBOVESPA composta principalmente por energia eltrica fornecida pelos distribuidores que atendem os centros urbanos. O consumo das instalaes da empresa, em 2009, foi de 18.460.221 KWh. A gua utilizada nas instalaes da BM&FBOVESPA proveniente das empresas de abastecimento urbano, e o consumo aferido em 2009 foi de 67.649 m. Todas as instalaes da BM&FBOVESPA esto localizadas em centros urbanos e, portanto, distantes de reas protegidas ou de alto ndice de biodiversidade. Pgina 73 Pgina 72 Pgina 72 A BM&FBOVESPA conta apenas com funcionrios permanentes, estagirios e terceiros com contratos formalizados dentro do estrito rigor da legislao trabalhista brasileira. A natureza das atividades da companhia, de carter administrativo e altamente qualificado, reduz significativamente o risco de ocorrncia de trabalho infantil. A BM&FBOVESPA conta apenas com funcionrios permanentes, estagirios e terceiros com contratos formalizados dentro do estrito rigor da legislao trabalhista brasileira. A natureza das atividades da companhia, de carter administrativo e altamente qualificado, reduz significativamente o risco de ocorrncia de trabalho forado ou anlogo. O novo Cdigo de Conduta da Companhia, que explicita sua posio em relao corrupo, entre outros temas, foi amplamente divulgado e recebeu a adeso formal de 100% dos funcionrios.
en 4 consumo de energia indireta
en 8 consumo de gua
en 11 biodiversidade
la 1 total de trabalhadores por tipo de emprego la 2 taxa de rotatividade la 8 programas de educao e treinamento
hR6 trabalho infantil
hR7 trabalho forado ou anlogo
so 3 empregados treinados em polticas anticorrupo
Autodeclarado
BM&FBOVESPA REPORT
PG 93 PG 27
GRI REPORT
For the first time, BM&FBOVESPA adopted the Global Reporting Initiative (GRI) guidelines, a global standard in reporting sustainability, as reference in the development of its Annual Report. This is the first step towards systematizing information and providing the company with the necessary resources for an integrated management of the economic, social and environmental aspects. This year, level C was achieved in the application of the guidelines, which were verified by GRI, representing the starting point of a process to further expand this approach. Learn below about the GRI indicators that comprise this report.
C Mandatory
C+
B+
A+
Self-declared External verification External verification External verification Page 57 The energy matrix at BM&FBOVESPA is basically comprised of electricity provided by the distributors that service the urban centers. Consumption in the companys facilities, in 2009, was of 18,460,221 KWh. The water used at BM&FBOVESPAs facilities is provided by the distributors that supply the urban centers, and the measured consumption in 2009 was 67,649 m. All BM&FBOVESPAs facilities are located within urban centers and, consequently, distant from protected areas or areas with a high level of biodiversity. Page 73 Page 72 Page 72 BM&FBOVESPA employees only full-time employees a, interns and contractors hired through contracts observing the strict compliance with the Brazilian labor legislation. The nature of the activities developed by the company, of a highly qualified and administrative nature, significantly reduces the risk of child labor. BM&FBOVESPA employees only full-time employees a, interns and contractors hired through contracts observing the strict compliance with the Brazilian labor legislation. The nature of the activities developed by the company, of a highly qualified and administrative nature, significantly reduces the risk of forced labor or similar. The Companys new Code of Conduct, which clearly defines its position regarding corruption, among other issues, was widely communicated and received 100% adhesion by the employees.
Optional
Assessed by third-parties
Assessed by GRI
GRi indicators
ec1 economic value added and distributed (dVa)
en 4 indirect consumption of energy
en 8 Water consumption
en 11 biodiversity
la 1 total number of employees per job type la 2 turnover rate la 8 education and training programs
hR6 child labor
hR7 Force labor or similar
so 3 employee trained in anti-corruption policies
Coordenao geral General coordination Alcides Ferreira e Sonia Favaretto Coordenao Coordination reas de Redao e Design e de Sustentabilidade BM&FBOVESPA BM&FBOVESPAs areas of Editorial Production and Graphic Design, and Sustainability Projeto grfico e editorial Graphic design and publishing Report Comunicao Reviso Revision Assertiva Produes Editoriais traduo Translation Gotcha Idiomas Fotografia Pictures Acervo BM&FBOVESPA/Agncia Luz (Capa, 3, 5, 21, 26, 27, 30, 31, 33, 67, 70-71, 74, 83), Acervo BM&FBOVESPA/Edu Barcellos (8, 9, 16, 24, 25, 35, 36, 37, 38, 42, 50-51, 58, 59, 62, 76), Acervo BM&FBOVESPA/J Rabello (63), Acervo BM&FBOVESPA/A. Carreiro (64), GettyImages (12, 13) Paulo Fehlauer/Garapa (75) impresso Printed by Pancrom Indstria Grfica tiragem Copies 3 mil exemplares
Este impresso foi produzido com papel proveniente de madeira certificada FSC e de outras fontes controladas. A certificao FSC garante o respeito ao meio ambiente e aos trabalhadores florestais.
Praa Antonio Prado, 48 01010-901 So Paulo, SP Rua XV de Novembro, 275 01013-001 So Paulo, SP + 55 11 2565.4000 www.bmfbovespa.com.br

2009 Annual Report

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2009 Annual Report

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2009

Relatrio Anual Annual Report

BM&FBOVESPA in Numbers Message from the Chief Executive Officer

Mensagem do Diretor Presidente Pg 6 Perfil da Bm&FbovesPa Pg 8

Estratgia Pg 12 Governana Corporativa Pg 24

Modelo de Negcios Pg 30 Performance do Mercado Pg 36

Resumo Operacional e Financeiro Pg 50

Desenvolvimento Pg 58 Divulgao dos Mercados Pg 62 Ativos Intangveis Pg 70

BM&FBOVESPA Market Popularization & Promotion

Investimento Social e Ambiental Pg 74

Demonstraes Financeiras Pg 84 Sobre o Relatrio Pg 92

About BM&FBOVESPA Report

Destaques de 2009 2009 Highlights

segmento bovespa evoluo do n de negcios (milhares)

332 245 153 62 87

Mensagem do Diretor Presidente

Construmos a base do crescimento futuro

Message From the Chief Executive Officer

We set the foundations for future growth

A maior bolsa da Amrica Latina

The leading Exchange in Latin America

BM&FBOVESPA RELATRIO ANUAL 2009 ANNUAL REPORT

BOLSA BRASILEIRA DE MERCADORIAS

BRAzILIAN COMMODITIES EXCHANGE

BM&F SETTLEMENT BANK

Hora de crescer no Brasil e no exterior

Time for growing in Brazil and abroad

Chicago, EUA / USA

Maior captao da histria

BM&FBOVESPA AND CME GROuP

BM&FBOVESPA E CME GROUP

BM&FBOVESPA RELATRIO ANUAL 2009 ANNUAL REPORT

OPPORTuNITIES IN LATIN AMERICA AND ASIA

OPORTUNIDADES NA AMRICA LATINA E NA SIA

BM&FBOVESPA RELATRIO ANUAL 2009 ANNUAL REPORT

BRAiN BRASIL INVESTIMENTOS & NEGCIOS

BRAiN BRAzIL INVESTMENTS & BuSINESS

BM&FBOVESPA RELATRIO ANUAL 2009 ANNUAL REPORT

BM&FBOVESPA RELATRIO ANUAL 2009 ANNUAL REPORT

CARBON EFFICIENT INDEX

NDICE CARBONO EFICIENTE

BM&FBOVESPA RELATRIO ANUAL 2009 ANNUAL REPORT

conselho de administrao | Board of Directors

Arminio Fraga Neto

Marcelo Fernandez Trindade Vice-Presidente | ViceChairman Membro Independente | Independent Director

Julio de Siqueira Carvalho de Arajo Conselheiro | Director

Claudio Luiz da Silva Haddad Membro Independente | Independent Director

Presidente do Conselho de Administrao | Chairman Membro Independente |

Candido Botelho Bracher Conselheiro | Director

Renato Diniz Junqueira Conselheiro | Director

diretoria executiva | CEO and Chief Officers

Fabio de Oliveira Barbosa Membro Independente | Independent Director

Paulo de Sousa Oliveira Junior

Diretoria Executiva de Desenvolvimento e Fomento de Negcios

Jos Roberto Mendona de Barros Membro Independente | Independent Director

Chief Product Development Officer

Chief Business Development Officer

Ccero Augusto Vieira Neto

Diretoria Executiva de Operaes e TI

Amarlis Prado Sardenberg

Chief Clearinghouse, Depository and Risk Management Officer

Diretoria Executiva das Clearings, Depositria e de Risco

Chief Operations Officer

Chief Executive Officer