BM&FBOVESPA S.A. (BVMF3) today reported second quarter earnings ending June 30, 2011. BM&F segment volumes climbed a solid 5.8% year-over-year and securities lending grew 39.3% year-over-year. High frequency trading (HFT) continued to grow in the Bovespa segment, accounting for a higher 7.4% of average daily traded value (ADTV) during the second quarter.
BM&FBOVESPA continued to invest in long-term sustainable growth through diversified products and IT investments in 2Q11 compared with the previous year. Amid a mostly flat top-line compared to the previous year and quarter, EBITDA margins and adjusted net income grew by 173 bps and 6.5% quarter-over-quarter respectively. Operating expenses fell by 11.6% over 1Q11 compared to a 16.2% increase year-over-year and the adjusted expenses are in line with the budget for 2011. GAAP EPS grew 9.0% over 1Q11, falling 1.3% compared to 2Q10.
Other Operating and Strategic Highlights:
- Launching the state-of-the-art, multi-asset, multi-market CloseOut Risk Evaluation (CORE) risk management framework
- Delivering the derivatives module of new multi-asset platform in the 3Q11, in collaboration with the CME Group
- Market makers for options on two highly traded stocks with additional bids for options on other eight stocks and on Ibovespa
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