Tel: 55 11 2565 4000

Fax: 55 11 3107 9911



Chairman: Mr. Pedro Pullen Parente

Chief Executive Officer: Mr. Edemir Pinto



Types of Securities Traded

Name of Trading Systems

(cash and derivatives)

Trading Hours

Equities :

Stocks , Brazilian Depository Receipts(BDRs), ETFs, Options on Equities         

 MEGABOLSA (NSC Trading System)

Regular time (GMT - 03:00) :
from 10:00 to 17:00 During daylight saving time (from October 16, 2011 to February 26, 2012)
(GMT - 02:00) :
 11:00 to 18:00

Derivatives :

Exchange Financial Derivatives : Futures and Options (Stock index, Interest rate, Exchange rate, Interest rate X price index, Price index, Sovereign debt Bond, Structured products)

Exchange Commodity Derivatives : Futures and options (Arabica coffee, Conilon coffe, Sugar, Ethanol, Cotton, Corn, Soybean, Live cattle, Feeder cattle);

OTC Derivatives : Swaps, Flexible options, Metals.  

 PUMA Trading System

The trading hours on the derivatives segment changes according to each contract. For more information, access:

Fixed Income :

Government bonds, Debentures, Commercial papers, Promissory notes, Certificates of deposit, Asset-backed securities and Mortage backed securities.

BOVESPA FIX / SIOPEL Trading System)

During daylight saving time
(GMT - 02:00) :
 11:00 to 18:00


Supervisory Body

Equity and Derivatives :
CVM - Comissão de Valores Mobiliarios (Brazilian Securities and Exchange Commission)

Clearinghouses : Brazilian Central Bank

Name of Clearing & Settlement Organization

BM&FBOVESPA run 4 Clearinghouses : Derivatives, FX, Securities and Equities

Settlement Cycle

- Equity - Cash : T+3
- Equity - Derivatives : T+1

Derivatives : most part of the contracts T + 1

Name of Central Securities Depository


Commissions on Transactions levied by Exchange

See 040/2011-DP Circular Letter

Taxes on Dividends, Interests

Taxes on Dividends : Exempt

Interest : 15%

2011 Share ownership thresholds (%)


The following sectors present thresholds to foreign capital:

Allowed foreign participation

  • Newspaper, radio and television

Ordinary Shares – 30%

 Preferred Shares – 30%

  • Financial Institutions

Ordinary Shares – Limited to the existing percentage of the October 5, 1998 Constitution.

Preferred Shares – 100%

  • Airlift

Ordinary Shares – 20%

Preferred Shares – 100%

  • Road freight transport

Ordinary Shares – 20%

Preferred Shares – 100%

  • Surveillance services and transportation of valuable goods

Not allowed

  • Lottery

Not allowed

  • Medical assistance

Not allowed

  • Activities related to nuclear minerals

Not allowed

  • Rural properties

Only under regulator’s authorization (INCRA – National institute for land reform)

  • Rural properties on border region

Only under the National Defense Council’s authorization.


Short selling :


Short selling conditions (if any) :

all trades must be intermediated by a local brokerage house (even in co-location environment). Also, investors need to join the Securities Lending Program provided by BM&FBOVESPA.

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This page was last updated on: 05/07/2015 - 17:07