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7/28/2019 BVMF Presentation - June 2013
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1
BM&FBOVESPAGrowth story
Investor Relations Department June 2013
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Forward Looking Statements
This presentation may contain certain statements that express the managements expectations, beliefs and
assumptions about future events or results. Such statements are not historical fact, being based on currently
available competitive, financial and economic data, and on current projections about the industriesBM&FBOVESPA works in.
The verbs anticipate, believe, estimate, expect, forecast, plan, predict, project, target and other
similar verbs are intended to identify these forward-looking statements, which involve risks and uncertainties that
could cause actual results to differ materially from those projected in this presentation and do not guarantee any
future BM&FBOVESPA performance.
The factors that might affect performance include, but are not limited to: (i) market acceptance of BM&FBOVESPA
services; (ii) volatility related to (a) the Brazilian economy and securities markets and (b) the highly-competitive
industries BM&FBOVESPA operates in; (iii) changes in (a) domestic and foreign legislation and taxation and (b)
government policies related to the financial and securities markets; (iv) increasing competition from new entrants
to the Brazilian markets; (v) ability to keep up with rapid changes in technological environment, including the
implementation of enhanced functionality demanded by BM&FBOVESPA customers; (vi) ability to maintain an
ongoing process for introducing competitive new products and services, while maintaining the competitiveness of
existing ones; (vii) ability to attract new customers in domestic and foreign jurisdictions; (viii) ability to expand the
offer of BM&FBOVESPA products in foreign jurisdictions.All forward-looking statements in this presentation are based on information and data available as of the date
they were made, and BM&FBOVESPA undertakes no obligation to update them in light of new information or
future development.
This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall
there be any sale of securities where such offer or sale would be unlawful prior to registration or qualification
under the securities law. No offering shall be made except by means of a prospectus meeting the requirements of
the Brazilian Securities Commission CVM Instruction 400 of 2003, as amended.
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HISTORY, BUSINESS MODEL AND CORPORATE GOVERNANCE
BRAZILIAN MARKET OPPORTUNITIES
MAIN GROWTH INITIATIVES
OPERATIONAL PERFORMANCE
FINANCIAL HIGHLIGHTS
APPENDIX (includes results for 1Q13)
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HISTORY, BUSINESS MODEL AND CORPORATE
GOVERNANCESafety, resilience and transparency
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22.7 19.413.0 12.5 12.4 9.8
6.3 6.3 5.8 5.2 2.62.2
58.1%
70.7%
63.0% 56.6% 60.7%
26.2%
56.2%
72.4% 53.5%
41.5%34.9%
66.6%
CME HKEx BVMF ICE Deutsche
Boerse
Nyse
Euronext
ASX SGX LSE Nasdaq TMX BME
Oper. Margin (2012)Diversified and integrated Integrated (Derivatives) Diversi fiedbut not integrated
1890:
Foundation of Bolsa
Livre (BOVESPA's
predecessor)
1986:
Start of
BM&F
activities
Aug 2007:
BOVESPA Hld
demutualization
Sep 2007: BM&F
demutualization
Oct 2007:
BOVESPA Hld
IPO (BOVH3)
Nov 2007:
BM&F IPO
(BMEF3)
May 2008:
integration between BM&F and
BOVESPA Hld and creation of
BM&FBOVESPA (BVMF3)
1967:
BOVESPAs
Mutualization
MARKET CAPITALIZATION (US$ billion) AND OPERATING MARGIN (%)
12M to Jun. 30, 2012. 12M to Mar 31, 2012. 9M to Sep. 30, 2012. Source: Bloomberg (May. 31, 2013).
History of BM&FBOVESPAImportant global exchange
Worlds
3rd largest
exchange
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PRE-TRADING TRADING POST-TRADE
Access TradeAllocation
Transfer
Clearing/risk
analysis
Position/
CollateralDepository
Auxiliary
Services
VALUE CHAIN
Vertically integrated
Trading Platform: equities, derivatives, government and
corporate bonds, funds, spot FX, among others
Post-Trade Platform:
Central Counterparty (CCP) : An entity that interposes itself
between operations or contracts, becoming the guarantor of all
business
Settlement System (SSS): system that allows the transfer of
securities or assets from investors, in which the transfer may be
free or against payment
Central Depository (CSD): performs centralized asset custody and
treatment of corporate actions (dividends, stock splits, etc.)
Services for issuers and brokers Listing (stocks, funds, corporate bonds,
securitization, among other)
Trading access (brokers)
Securities Lending
Custody for clubs and foreign investors
(2.689 account)
Market Data (vendors)
Indices Licensing
Software Licensing
OTC (derivatives and fixed income)
Commodities certification
Vertical model as a differentialValue gained across most of the chain
SettlementRisk Analysis
(DMA)Risk Analysis
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DTCC
BRAZIL
(Internalization of orders is forbidden)
US
(Internalization of orders is allowed)
Post tradeCCP
SSS
CSD
Trading
Brokers
A and B
Investors Investors
Brokers A and B
Investors Investors
Broker
A
Broker
B
Model 100% vertical: clearing, settlementand central depository at the final beneficial
owner level
Brokers settle positions and control theirclients portfolios through BM&FBOVESPAs
infrastructure (impact on post-trade fees)
Clearing, settlement and custody occur atthe brokerage houses
Each prime broker has its own structure tocontrol its customers portfolios and settle
positions (impact on the prime brokers
costs)
Trading Venues
Vertical model as a differentialBM&FBOVESPA present at all post-trade stages
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Brokerage
houses &
investors
Trading
Post-Trade
Regulations prohibit internalization of orders, dark pools
and ATS/MTFs and simultaneous exchange/OTC equities
trading
Settlement and clearing of equities trading must be done
through a CCP
Settlement and clearing at the final beneficial owner level
make the Brazilian market safer and more resilient
Under the prevailing regulations, potential competitors
must provide an integrated solution with the same status
regarding rules and transparency
In Brazil the final investor pays the exchange: compared to
other markets we have a competitive all-in-cost, as
BM&FBOVESPA provides more services than other
exchanges
Naked access is not allowed
Naked short selling is not possible
Brazilian market regulatory frameworkResilience and safety as priorities
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EXECUTIVE OFFICERSBOARD OF DIRECTORS
COMMITTEES
Edemir PintoCEO
Luis Furtado
CIO
Ccero Vieira
COO
Daniel Sonder
CFO
Eduardo Guardia
Chief Product / IRO
Audit Committee
Risk Committee
Nominations and Corporate Governance Committee
Compensation Committee
Corporate GovernanceMultidisciplinary knowledge in conducting business
Charles Carey
Independent Director, Director of CME Group
Jos Roberto Mendona de Barros
Independent Director, economist and professor
Pedro Parente (Chairman)Independent Director, CEO of Bunge Brasil
Marcelo Trindade (Vice Chairman)
Independent Director, lawyer
Claudio Haddad
Independent Director, engineer and professor
Andr Esteves
Non Executive Director, CEO of BTG Pactual
Alfredo Antnio Lima de Menezes
Non Executive Director, Executive Officer of Bradesco
Luiz Fernando Figueiredo
Independent Director, Co-Founder of Mau Investments
Luiz Nelson Guedes De Carvalho
Independent Director, professor
Candido Bracher
Non Executive Director, CEO of Ita BBA
Jos Berenguer Neto
Non Executive Director, CEO of JP Morgan Brazil
Advisory Committee For The Securities Intermediation Industry
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GM of 03/27/2012
Number of individual shareholders 64,355
Number of institutional shareholders 3,530
Total number of shareholders 67,885
Free float (ON) 1,926,291,202 (97.3%)
Ownership structureWidely-held shareholder base
5.3%5.2%
5.1%
6.6%
75.5%
2.4%Funds managed by BlackRock, Inc.
Funds managed by OppenheimerFunds, Inc.
CMEG Brasil I Participaes Ltda.
Funds managed by Vontobel Asset Management Inc.
Other
Treasury stock
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BRAZILIAN MARKET OPPORTUNITIES
Main growth drivers
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51%
100% 105%116%
128%
173%188% 193%
Br asil Coria Al ema nha Fra na Austr li a Japo R ei no
Unido
EUA
Opportunities in the Brazilian marketBM&FBOVESPA prepared to capture future growth
Source : Central Bank of Brazil and World Bank. * For Brazil, considers only bank credit.
Credit/GDP Ratio (%)* - 2011
GROWTH DRIVES
EQUITIES MARKET
lower interest rates => opportunity for diversification with investmentsin equities from institutional investors
more resources being directed into equities
more listed companies
DERIVATIVES MARKET
more credit and more in fixed-rate government debt => more demand
for hedging from financial institutions lower interest rates=> longer maturities of traded contracts
more foreign trade => higher volumes in FX contracts
stock market growth, the launch and development of ETFs and moreexposure to equity among institutional investors =>growth in Index-basedcontractsCAPITAL MARKETS WILL HAVE
CENTRAL ROLE IN THE COMING YEARS
Investmentneeded topromotegrowth
Nationalsavings still
highlyconcentrated
in fixedincome
Interest ratesat the lowest
in history
4.5% 6.3%
27.4%
53.5%
2001 2002 2003 2004 2005 2006 2008 2009 2010 2011 2012
Mortgage
Total Credit
Credit/GDP Evolution in Brazil (%)
13.25
11.25
13.75
8.75
10.75 11.00
7.258.00
2007 2008 2009 2010 2011 2012 2013
Selic Interest Rate Evolution (% p.a.)Jan-07 to May-13
*
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Capital MarketGreat opportunities in the equities and derivatives segments
Funds AUM evolution (in BRL billion). Global average of 40% for
equities
LISTED COMPANIES
Source : BM&FBOVESPA, ANBIMA , WFE (Dec-12) and ABRAPP.
INVESTMENT FUNDSNUMBER OF CUSTODY ACCOUNTS (thousand)
PENSION FUNDS
Number of retail investors represents only 0.3% of the
population (lower than global average)
Lower number of listed companies in comparison withother countries
Participation of equities in the portfolio of pension funds
6,856
4,916
4,041 3,9723,481 3,200
2,7672,056 1,784
364
India USA China/HK Canada Japan Spain UK Australia Korea Brazil
657861 899
1,0701,301
1,5131,375
1,703 1,7871,925
2,189 2,266
11%
10% 11%11%
15%22% 14%
18% 18%15%
14% 14%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1Q13
Equities
Fixed Income
168216 256
295352
436 419492
538 574619
28%29% 30%
31%33% 37% 28%
33%33%
30%29%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Fixed Income and Others
Equity
Jan'05
128.6
May'13
668.9
Jan-0
5
Jul-05
Jan-0
6
Jul-06
Jan-0
7
Jul-07
Jan-0
8
Jul-08
Jan-0
9
Jul-09
Jan-1
0
Jul-10
Jan-1
1
Jul-11
Jan-1
2
Jul-12
Jan-1
3
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STOCK OF FIXED-RATE CREDIT (BRL billion) PUBLIC DEBT / FIXED RATE (BRL billion)
Source: Central Bank of Brazil
Interest Rate Contracts in Brazilian RealsStructural changes behind the growth in volumes
more credit increases the banks demand for financialderivatives on BM&FBOVESPA
more fixed-rate debt increases banks andinstitutional investors demand for futurescontracts on BM&FBOVESPA
INTEREST RATES IN BRL: ADV PER CONTRACT MONTH (million contracts)
longer maturities of contracts
Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12
Jan'05:
BRL 180.0
Dec'12:
BRL 850.9
CAGR: -20%
CAGR: +36%
CAGR: +10%
Mar-05Mar-06Mar-07Mar-08Mar-09Mar-10Mar-11Mar-12Mar-13
Jan'05:
BRL 151.4 bn
Apr'13:
BRL 720.8 bn
0.32 0.40
0.96
1.27
0.620.49
0.62 0.46
0.640.85
1.11
1.63
0.93 0.86
1.61
2.131.73
2.12
1Q08 1Q09 1Q10 1Q11 1Q12 1Q13
1st-4th Maturity 5th Maturity Total
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Operating
Leverage
Significant investments
in technology and the
quest for greaterefficiency (cost control)
Strengthening of
regulatory and
institutional
structure
Focus on clients:
development of
markets and products
Falling interest rates
Strong need for
investments to
promote growth
Investments
portfolios still
concentrated in highliquidity fixed
income products
High Potential
for Revenue
Growth
Sustainable Results
(Maximization of Shareholders Return)
External
Factors
BM&FBOVESPA
Strategic
Focus
BM&FBOVESPAWell positioned to capture and generate growth
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MAIN GROWTH INITIATIVES
Investments, new products and focus on thecustomer
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PUMA Trading System - Multi-Asset Class Platform
State-of-the-art trading technology, developed in partnership with the CME Group, with
technological independence
Derivatives module : successfully implemented in 3Q11
Equities module: successfully implemented in Apr-13
Over-the-counter and Fixed Income Platforms
New platforms have been developed to offer greater flexibility, quality and agility to our customers
Registration platform: registration of fixed income instruments (initially CBD and LCI)
OTC derivatives: registration of financial derivatives (initially, non-deliverable forward contracts,
or NDFs), developed with the Calypso Technology Company
Trading of corporate bonds: developing new platform for secondary market and change the
pricing policy
Clearinghouses integration
Creating an integrated clearinghouse, which will consolidate the activities of the four current
clearinghouses: equities and corporate debt, derivatives, foreign exchange and securities
Licensing of TRADExpress Real Time Clearing system, developed in partnership with Swedish
firm Cinnober (with right of access to source code)
Integrated tests with the market and the beginning of the deployment of new systems planned
1Q14 (derivatives) and end 2014 (equities)
Strategic projectsBuilding a new one-stop-shop exchange
l i h i
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Clearinghouses IntegrationFurther differentiation in BM&FBOVESPA post-trade
Equities and corporate
debt (BRL 98 bn*)
Equities, ETFs andcorporate fixed incomecash market
Equity and indicesderivatives (options andforward)
Securities lending
Derivatives
(BRL 102 bn*)
Financial andcommodities derivatives(futures, options andforwards)
OTC derivatives
FX
(BRL 5 bn*)
FX spot market
(US$ vs. BRL )
Securities
(BRL 1 bn*)
Cash market andforward market forgovernment bonds
INTEGRATED CLEARINGHOUSE**=
Capital efficiency
* Aggregate of pledged collateral at our clearinghouses totaled BRL 206,0 billion in Mar. 31, 2013. **IPN/CORE implementation requires the authorization of the regulators.
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12.720.5
30.2 31.945.6
2009 2010 2011 2012 2013*
0.9 1.53.7
14.6
39.9
2009 2010 2011 2012 2013*
2.9 3.96.1
9.0 9.8
2009 2010 2011 2012 2013*
18.6 28.548.7
115.998.9
2009 2010 2011 2012 2013*
Securities LendingReal Estate Funds (FIIs)Options with Market Maker
(Open Interest - average for the period - in BRL billion)
Initiatives to develop and prompt higher volume in certain products;
Performance shows that the initiatives are being well received by the market.
ETFs Brazilian Treasury Direct - Tesouro Direto Agribusiness Credit Bills
(ADTV in BRL million)
+50.8%
(ADTV in BRL million)
(ADTV in BRL million) (Custodyin BRL billion)
High growth productsGrowing sophistication of market participants
BM&FBOVESPA has a 65% marketshare of the registered AUM (Mar-13).
CAGR(09-13):
+155.8%
CAGR (09-13):
+37.6%
CAGR (09-13):
+51.8%
CAGR (09-13):
+35.5%
*Updated to May. 31, 2013. **Updated to Apr. 30, 2013. ***Updated to Mar. 31, 2013.
(AUM in BRL billion)
3.6 20.0
40.0
2011 2012 1Q13***
48.8
73.6
ADTV before
Market Maker
ADTV after
Market Maker*
*
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OPERATIONAL PERFORMANCE
Records in 2013
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BOVESPA SegmentOperational highlights
*Updated to May. 31, 2013. **Ratio of cash market trading volume to the market cap of the exchange.
AVERAGE DAILY TRADING VOLUME ADTV (BRL billion)
AVERAGE ANNUAL MARKET CAP(BRL trillion) TURNOVER VELOCITY** (12 months average)
0.720.94
1.31
1.98 2.031.83
2.33 2.37 2.422.46
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013*
1.6 2.44.9 5.5 5.3
6.5 6.5 7.37.7 7.4 8.2
6.07.2
8.46.7
6.6 7.9 7.3 7.8 7.4 8.2 7.7
2005 2006 2007 2008 2009 2010 2011 2012 2013 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13
30.8%
29.4%
36.8% 37.6%38.7% 42.3%
56.4%
63.2%
66.6%
63.8%
64.2%
70.0% 71.7%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
d f l
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Trading in ADRs of Brazilian companiesLiquidity Migration Process Interrupted
May13
Source: Bloomberg (in USD
traded value of 35 companies
with ADRs programs )
Sarbanes-Oxley Act(Jul. 2002)
*Updated to May . 31, 2013.
Novo Mercado
Launch
(Dec. 2000)
PUBLIC OFFERINGS IN NUMBER OF COMPANIES
End of IOF Tax (2%) for
foreign investors
(Dec. 2011)
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013* Total
IPOs - 1 - 7 9 26 64 4 6 11 11 3 6 148
Follow ons 14 5 8 8 10 16 12 8 18 11 11 9 4 134
Total 14 6 8 15 19 42 76 12 24 22 22 12 10 282
Dual Listings - - - 2 1 1 - - 1 - - - - 5
End of CPMF
(Financial
Transaction Tax)
40.7%
29.9%
7.5%
21,9%
29.4%
70.6%
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Jan-1
2
Feb-1
2
Mar-12
Apr-12
May-1
2
Jun-1
2
Jul-12
Aug-1
2
Sep-1
2
Oct-12
Nov-1
2
Dec-1
2
Jan-1
3
Feb-1
3
Mar-13
Apr-13
ay-1
3
Other USA Venues - Brazilian ADRs NYSE - Brazilian ADRs
BM&FBOVESPA - companies with ADRs BM&FBOVESPA (except companies with ADRs)
BM&F S
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BM&F SegmentOperational highlights
AVERAGE DAILY TRADED VOLUME ADV (thousands of contracts)
REVENUE PER CONTRACT - RPC (BRL)
422 501 711988 789 843
1,684 1,7971,926
2,411 2,.681
1,5611,866
1,723 1,710
2,199
1,747 1,856 1,561
2,6302,235
2,694 2,994
110 168 266
473535 447
541 496494
486593
520485
425 451
327476 547
474
494491
468507
86 7468
112 88 80
89 123143
112
245
158106
137 111123
99113
84
126
100
145105
187 109
124
167162 150
191 285336
350
385
350362
345 355322
331340
290
341
341
352424
805 8521,167
1,740 1,573 1,521
2,505 2,7012,899
3,359
3,904
2,5092,819 2,630 2,626
2,9712,653 2,856
2,410
3,5913,166
3,6583,980
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013* May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13
BRL Int . Rate (Thousands) FX (Thousands) Index (Thousands) Others (Thousands)
2006 2007 2008 2009 2010 2011 2012 2013* M-12 J-12 J-12 A-12 S-12 O-12 N-12 D-12 J-13 F-13 M-13 A-13 M-13Interest rates in BRL 0.906 0.950 1.141 0.979 0.889 0.918 1.004 0.961 0.922 1.059 1.026 1.076 1.130 0.924 1.044 1.037 1.032 1.013 1.037 0.945 0.843
FX rates 2.244 1.859 2.065 2.161 1.928 1.894 2.205 2.318 2.015 2.237 2.325 2.453 2.481 2.506 2.370 2.453 2.368 2.305 2.273 2.292 2.347
Stock Indices 1.419 1.501 2.145 1.620 1.564 1.614 1.524 1.665 1.233 1.708 1.403 1.750 1.407 1.752 1.400 1.981 1.547 1.974 1.413 1.846 1.408
Interest rates in USD 1.094 0.965 1.283 1.357 1.142 0.941 1.015 1.062 1.021 0.955 1.143 1.027 1.086 1.024 1.164 1.152 1.073 1.140 1.121 1.093 0.928
Commodities 4.749 3.195 3.587 2.307 2.168 2.029 2.239 2.428 1.945 2.099 2.014 2.270 2.840 2.680 2.485 3.360 2.449 2.415 2.382 2.349 2.550
Mini contracts 0.034 0.054 0.162 0.176 0.128 0.129 0.116 0.119 0.113 0.116 0.111 0.110 0.109 0.112 0.107 0.112 0.120 0.122 0.119 0.118 0.116
OTC 1.571 2.111 2.355 1.655 1.610 1.635 1.769 1.606 1.203 1.321 1.523 2.693 1.139 1.738 1.711 2.475 1.988 2.868 1.642 1.460 1.428
Total RPC 1.247 1.224 1.527 1.365 1.134 1.106 1.191 1.142 1.074 1.272 1.222 1.277 1.314 1.098 1.242 1.303 1.266 1.191 1.190 1.114 1.020
*Updated until May 31, 2013.
Investor participation in volumes
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Investor participation in volumes
Equities and derivatives segments
BM&F SEGMENT (DERIVATIVES)
BOVESPA SEGMENT (EQUITIES)
56% 51% 49% 48% 45% 42% 38% 34% 33% 33% 29% 31% 32%37%
12% 15% 17% 19% 20% 22%23% 25% 25% 23% 25% 26%
26%26%
24% 25% 23% 23% 24% 30% 33% 34% 37% 38% 41% 38% 37%32%
7% 7% 9% 8% 8% 4% 4% 5% 4% 4% 3% 4% 4% 4%
2005 2006 2007 2008 2009 2010 2011 2012 2013 Jan-13 Feb-13 Mar-13 Apr-13 May-13
Individuals Institutional Investors Foreign Investors Financial Institutions Companies Central Bank
25% 25% 23% 27% 31% 26% 21% 18% 16% 17% 16% 18% 15% 16%
27% 27% 30% 27%26% 33%
33% 32% 33% 35% 33% 32% 32% 32%
33% 36% 35% 35% 34%30% 35% 40% 42% 40% 41% 43% 42% 44%
12% 10% 10% 8% 7% 8% 9% 8% 8% 8% 9% 7% 9% 7%
2005 2006 2007 2008 2009 2010 2011 2012 2013 Jan-13 Feb-13 Mar-13 Apr-13 May-13
Individuals Institutional Investors Foreign Investors Financial Institutions Companies Others
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FINANCIAL HIGHLIGHTS
Reduction in expenses. Return to shareholders
I St t t
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Income StatementHistory
SUMMARY OF INCOME STATEMENT (CONSOLIDATED)
(in BRL thousand) 2009 2010 2011 2012
Net revenue 1,510,569 1,898,742 1,904,684 2,064,750
Expenses (569,832) (633,504) (816,664) (763,080)Adjusted expenses (446,677) (543,881) (584,521) (563,487)
Operating income 940,737 1,265,238 1,088,020 1,301,670
Operating margin 62.3% 66.6% 57.1% 63.0%
Equity method result - 38,238 219,461 149,270
Financial result 245,837 289,039 280,729 208,851
Income before taxation of profit 1,186,574 1,592,515 1,588,210 1,659,791
Income tax and social contribution (304,505) (448,029) (539,681) (585,535)
Net income* 881,050 1,144,561 1,047,999 1,074,290
Adjusted net income 1,223,761 1,586,374 1,545,627 1,612,136
Adjusted EPS (BRL ) 0.6104 0.7929 0.7932 0.8351
*Attributable to shareholders of BM&FBOVESPA.
Re en e and e penses breakdo n
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27
9.0%
29.5%
5.7%
37.1%
18.7%
Cash Market (Trading)
Cash Market (Post-Trading)
Equities Derivatives (Trad. and post-trad.)
Financial Derivatives (Trad. and post-trad.)
Other Revenues
REVENUE BREAKDOWN (2012)
Gross Revenue:
BRL 2,289.0 million
Revenue and expenses breakdownDiversified revenue sources as a differential, costs under control
EXPENSES BREAKDOWN (2012)
4.5%: Depository, Custody and Back-Office
3.4%: Securities Lending
3.0%: Vendors
2.3%: Trading Access (Brokers)2.0%: Listing
46.4%
13.5%
12.3%
6.7%
2.5%
18.6%
Personnel
Data processing
Deprec. and Amortization
Third Party Services
Marketing
Others
Adjusted Opex and Capex Budgets
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28
Adjusted Opex and Capex BudgetsFocus on cost control and investments phase
Focus on cost control: in 2013, the effects of inflation will be neutralized by efficiency gains
2010-2013E: Adjusted expenses decreasing in real terms (CAGR of 1.6% p.a.)2013 Budget: BRL 560 million-580 million, the same range as in 2012
1 Adjusted by depreciation, stock option program, tax on dividends from CME Group and provisions. Expenses growth considering the mid-point budget for 2013
(BRL 570 million) and inflation CAGR (2010-2013) of the inflation is 5.8% p.a. Source: BCB Focus Bulletin (Nov. 30, 2012) - estimated IPCA .
(in BRL million)
ADJUSTED OPEX
CAPEX
(in BRL million)
2013 Budget: BRL 260 million-290 million
2014 Budget: BRL 170 million-200 million Investments close to BRL 1.2 billion between 2010 and 2014 in several projects
544 585 564
560-580
2010 2011 2012 2013E
268 204 258
260-290170-200
2010 2011 2012 2013E 2014E
Growth Path
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(in BRL million)
(in BRL)
GROWTH IN ADJUSTED EARNINGS PER SHARE
GROWTH IN REVENUES AND RESULTS
Growth PathGrowth in business and results
Financial Highlights
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7051,145 912 1,074
75
435 606 16780
1,579 1,518
1,091
2009 2010 2011 2012
Total payout Buyback
Financial HighlightsFocus on cash generation and total shareholder return
HISTORY OF PROCEEDS
SHARE BUYBACK: MAXIMIZING RETURN
(in BRL millon)
(in BRL million)
*Dividend Yield is the result of the sum of earnings per share distributed during the year divided by the average share price during the year. ROIC: Return on Invested Capital.
1,612Adj. Net
income1,5461,5861,224
1,074 Net income1,0481,145881
432841 762 984
274
304150
90705
1,145912
1,0743.4%
4.5%4.5%
4.8%80%
100%87%
100%
2009 2010 2011 2012
Dividends Interest on capital Dividend Yield* Payout ratio (%)
8.9% ROIC8.4%9.4%8.3%
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APPENDIX
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IOFs
10/17R$14.97
Goodwill
11/30R$13.01
Competition
News
01/05
R$13.10
Rumors
about IOF
Exchanges Mergers
02/08R$11.18
BATs
02/15R$11.43
Reductions of Volumes
Estimates by the Market
New IOF on
Derivatives
07/26
R$9.55
Direct Edge
11/21R$10.11
Removal of
IOF on Equities
12/01
R$10,54
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11
Jun-11
Jul-11
Aug-11
Sep-11
Oct-11
Nov-11
Dec-11
Jan-12
Feb-12
Mar-12
Apr-12
May-12
Jun-12
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
Mar-13
Apr-13
May-13
BM&FBOVESPA IBOVESPA
Oxera's Report
Release
06/18
Change of IOF
on foreign
exchange
transactions
06/14
Updated to May. 31, 2013.
BVMF3 YTD: +0.1%
IBOVESPA YTD: -12.2%
BVMF3 Recent performance
Financial Highlights
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Financial HighlightsP/E analysis
Different earnings impact the P/E calculation and distort comparisons and market consensus
The reported adjusted net income reflects better the companys cash generation
1 Excludes the investment in associate (CME Group) accounted under the equity-method. 2 Simulates the Interest on Capital amount that would be approved if
there was no goodwill tax benefit; 3 Stock at R$13.79 (March 12 th, 2013).
EPS 2012 P/E3
Estimated GAAP EPS (A) 0.56 24.8
Earnings without goodwill = (A) x :1,142 0.64 21.7
Stock price discounted by goodwill NPV
(R$1.00 per share) / Earnings without
goodwill
0.64 20.1
Adjusted Earnings 0.84 16.5
15-20% impact on P/E multiple
Difference between GAAP EPS and
the EPS adjusted to non existence of
goodwill simulation
GAAP Book in 2012Current
Simulation without
goodwillR$ millions
EBT 1,511 1,511
Deferred Tax 539 -
Other taxes /credits (14) -
Total taxes 525 282
GAAP Net income 1,074 1,228 : 14.2%
Tax Book in 2012Current
Simulation
without goodwillR$ millions
EBT 1,511 1,511
(-) Goodwill amortization 1,586 -
(-) Interest on capital 90 680(2)
(=) Taxable earnings (165) 831
Tax (34%) (56) 282
Since 2009, the goodwill tax benefit has been recognized as deferred liability (being cashneutral), reducing the GAAP earnings
BOVESPA Segment
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PUBLIC OFFERINGS (BRL billion)
PIPELINE: OFFERINGS ANNOUNCED SO FAR TO THE MARKET
Updated to May. 31, 2013.
BOVESPA SegmentRaising Capital
There are 5 offerings in the pipeline
IPOs (4): AutoBrasil Participaes; CPFL Energias Renovveis; Azul; Votorantim Cimentos;
Subsequentes (1): Tupy.
Additionally, there are 18 Real Estate Funds filed with CVM: estimated value of R$ 2.9 billion
* Excludes the portion acquired by the Brazilian government in the Petrobras offering, via the transfer of rights in barrels (BRL 74.8 billion).
4.3 8.5 15.1 14.526.8 22.2
63.2
10.8 9.3 2.34.55.4
15.4
55.6
7.5 23.8
11.2
7.2 3.9 14.78.8
13.9
30.4
70.1
34.3 46.0
74.4
18.0 13.2 17.0
2004 2005 2006 2007 2008 2009 2010* 2011 2012 2013
Follow-On
IPO
BOVESPA Segment
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BOVESPA SegmentForeign investment flow
MONTHLY NET FLOW OF FOREGIN INVESTMENTS (in BRL billon)
Includes public offering (primary market) and regular trades (secondary market).
Updated until May. 31, 2013.
(1.6)
0.3
6.5
1.5
(1.5)
3.73.5
(0.6)
10.0
4.4
2.10.7 0.4
1.7
(1.3)
0.3
3.4
1.9 2.2
(0.4)(0.2)
0.8 1.0
(2.4)
7.2
(1.1)(1.3)
2.9
(2.3)
0.3
0.71.1
(4.2)
(1.2)
0.8
5.1 5.0
2.71.6
7.6
(1.2)
BOVESPA Segment
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36
11.2%
14.3%
2.2%
5.1%
20.4%
5.4%
0.4%5.5%
8.8%
26.8%
Oil, Gas and Biofuels Basic Materials Capital Goods and Service s Construction and TransportationConsumer Non Cyclical Consumer Cyclical Information Technology Telecommunications
Public Utilities Financial
15.7%
21.6%
2.5%
3.6%
8.6%
2.6%
0.3%11.1%
11.5%
22.4%
BOVESPA SegmentPotencial to increase the number of listed companies
177%
126% 121%
109%100%
136%
67%75%
87%
72%
129%
100%
39%
174%
137%
158%
119%107%
129%
75% 76%
96%
72%
138%
80%
44%
129%
110% 109%104%
89% 87%
60%57% 55% 50% 49% 46%
35%
Singapore Canada Chile USA Korea Australia Japan France India Brazil UK China Mexico
2009 2010 2011
MARKET CAPITALIZATION TO GDP (%)*
MARKET CAPITALIZATION BY ECONOMIC SECTOR * Source: World Bank
Dec05 Dec12
Hong Kong : 438% 481% 365%
High Frequency Trading (HFT)
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84 95179 146 135 193
209 209 191 24467101
148120 129
137 74 45 5368
4445
6851 47
6558 53 48
63211
251
420342
413 404342 307 292
375
3.9% 5.0%7.8% 7.3% 8.0% 6.3% 6.7% 5.7% 5.0% 5.1%
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
Mini Fx Equities Other % of overall ADV
319 447835 917 874
1.186 1.044830 927
1,083291267
319 249 325
268252
233296
248
205184
175 146 -74
341369
347
814 899
1,329 1,3121,199
1,454 1,369 1,4041,592 1,678
6.1% 7.4%
10.3% 10.3%8.5% 9.4%
9.8% 9.9% 10.6% 10.3%
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13
ADTV (Foreigners) ADTV (Individuals) ADTV (Institutionals) % of overall market
High Frequency Trading (HFT)
BOVESPA SEGMENT: HFT ADTV (BRL million) AND MKT. SHARE
BM&F SEGMENT: HFT ADV (thousands of contracts) AND MKT. SHARE
*Only Apr-13 and May-13.
*
*
l k
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38
CLEARINGHOUSES ACTIVITIES
Law 10.214 of Mar. 27, 2001
Clearinghouses considered systemically important by
the BCB should ensure settlement (i.e., act as CCPs)
BCB Resolution 2.882 of Aug. 30, 2001
Clearinghouses shall guarantee, at least, settlement
of the highest net amount owed
Access criteria must be public and allow wide
participation
Circular BCB 3.057 of Aug. 31, 2001
Rules, manuals and safeguard mechanisms must be
approved by BCB
Maintenance of a secondary data center and
contingency procedures Supervision by BCB
CVM Instruction 441 of Nov. 10, 2006
Securities lending with guaranteed settlement - final
beneficiary model
STOCK EXCHANGE ACTIVITY
CVM Instruction 461 of Oct. 23, 2007
Regulates the security markets and
decides on the formation, organization,
operation and dissolution of stock
exchanges, futures and commodities
exchanges and OTC markets
Establishes the organization and
minimal corporate governance
structure of organized market
management bodies
Establishes self-regulation activities ofthe in the organized market
management bodies
Regulatory Framework
BM&FBOVESPA Market Supervision (BSM)
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AuditMarket
supervision
Analysis
and
strategy
Legal dept.
Selfregulation
Officer
Supervision Board
(12 members*)
Strategic
Committee
Atribuies da BSM estabelecidas na
Instruo CVM 461/2007:
Monitor and supervise transactions in
the organized markets
Determine deficient compliance with
the rules and norms
Monitor the activities of the Stock
Exchange
Initiate and prosecute disciplinary
administrative legal proceedings
Apply penalities
Main activities of BSM Organizational chart
Monitor 100% of the participants
transactions
Assess 100% of intermediaries
Enforcement Education
BSM duties established in CVM Instruction
461/2007
BSM is is a not-for-profit association organized as a self-regulatory and market surveillance
organization, responsible for regulatory and oversight activities relative to the markets we operate.
* 9 independent
BM&FBOVESPA Market Supervision (BSM)Self-Regulation Entity
BM&FBOVESPA S i bili Mi i
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40
BM&FBOVESPAs Sustainability MissionTo support, promote and practice economic, social and environmental
responsibility concepts and actions seeking to contribute towards sustainable
development
BM&FBOVESPA Sustainability Mission
Novo Valor BM&FBOVESPA
Program created in 2010 to guide BM&FBOVESPAs
sustainability actions.Goal
Encourage and promote the sustainable development ofBM&FBOVESPA and the capital market, involving all publics,including investors, companies and brokerage houses.
BM&FBOVESPA Sustainability Program
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1. Natural Resources Management
GHG Inventory
Program of separate waste disposal Eco-efficiency
Green IT
Honorary Member and Technical Advisor of CarbonDisclosure Project
Advisory Board of Empresas pelo Clima, FGV
2. Governance Novo Mercado
Advisory Committees
Sustainability Committee
Sustainability Commission
3. Products and Services
Indexes: ISE, ICO2andIGC/IGCT
Carbon Market
Em Boa Companhia (relations program withcompanies)
4. Stakeholder Engagement Instituto BM&FBOVESPA
Stakeholders
Global Compact Signatory(worlds 1st exchange)
PRI Signatory(Principles for Responsible Investment)
Organization Stakeholder GRI(Global ReportingInitiative); Member of Board for GRI Brazil
Working in four dimensions
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RESULTS FOR 1Q13
Revenue growth and cost control
1Q13 vs. 1Q12 Highlights
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Total revenue: R$580.6 million +3.6%
Bovespa seg.: R$256.2 million, -2.8%
BM&F seg. R$221.8 million, +10.0%
Negatively impacted by fewer business days
Net revenue:R$521.0 million, +3.6%
Adjusted expenses:R$124.0 million, -1.1%
Operating income: R$348.2 million, +3.4%
EBITDA: R$412.4 million, +4.1% (EBITDA margin of79.2% in 1Q13)
Adjusted net income:R$394.6 million, -3.6%
Adjusted EPS:R$0.204,-3.8%
Payout:R$213.6 million in 1Q13, R$0.111 per share(80% of GAAP net income)
Bovespa segment:
ADTV: +5.0% Margin: -3.4%
BM&F segment:
ADV: +11.5%
RPC: +3.4%
High growth products
Securities Lending: record of average open interestpositions (R$44.7 billion); +31.5%
Tesouro Direto: +24.5% of assets under custody
FIIs (real estate funds): strong growth of volumes (R$38.8million in 1Q13) and number of investors (102.7 thousand)
LCA (agribusiness credit bills): consistent increase of averageassets under custody (R$40.0 billion)
MAIN PROJECTS AND HIGHLIGHTS
43
1Q13 vs. 1Q12 HighlightsVolumes growth and strict cost control
FINANCIAL HIGHLIGHTS OPERATIONAL HIGHLIGHTS
1 Excludes stock options plan, depreciation, provisions and tax on dividends from CME Group.2 Excludes deferred liability recognized in correlation with temporary differences from amortization
of goodwill for tax purposes, the impact of the stock options plan, the investment in associate (CME
Group) accounted under the equity method of accounting, net of taxes related to dividends andtaxes paid overseas to be compensated.
3IPN/CORE implementation requires the authorization of the regulators.
PUMA Trading System: equities module deployed in Apr13
Clearinghouses Integration: tests starting in Jul13
OTC Platform: certification process for registration of NDFs startedin 1Q13
Pricing: changes in pricing policy of cash equities announced onMarch 05, 2013
Public Offerings: resumption of shares public offerings exceedingR$15 billion from January to Apr13.
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BM&F Segment Performance
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45
0.4 0.3 0.20.6
0.3
1.3
(78%)
1.9
(86%) 1.6
( 90%)
1.4
(71%)1.8
(84%)
1.7
2.3
1.81.9
2.1
1Q12 2Q12 3Q12 4Q12 1Q13
1st-3rd Maturity 4th-5th Maturity
1Q13 vs. 1Q12
ADV: +11.5%, reflecting 22.2% increase in the ADV ofBrazilian real-denominated interest rate contracts
RPC: +3.4%, due to:
Brazilian real-denominated interest rate contractstrading in longer maturities
Appreciation of the FX rate (US$/R$) - FX and US$interest rate contracts
Decrease of HFTs participation in the ADV
45
INTEREST RATE IN R$ CONTRACTS TOTAL REVENUE
(Revenue in R$ millions)
AVERAGE DAILY VOLUME (ADV) AND RPC (R$)
gHigh growth of interest rate in R$ contracts
ADV AND RPC EVOLUTION
INTEREST RATES IN R$ - VOLUMES BY MATURITY
(ADV in millions of contracts and RPC in R$)
(ADV in millions of contracts)
Revenue Breakdown in 1Q13
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46
38.2%: Financial/Commodity Derivatives
39.2%: Cash Equities9.1%: Trading
30.1%: Post-Trading
4.9%: Derivatives on Stocks and Indices
Total Revenue
R$580.6 million
4.7%: Depository, Custody and Back-Office
4.2%: Securities Lending
2.9%: Vendors
2.3%: Trading Access (Brokers)
2.0%: Listing1.6%: Others
17.7%: Other Revenues
46
QDiversified revenue sources as a differential
REVENUE BREAKDOWN
Revenue breakdown for cash equities (trade + post-trade) do not reflect the pricing policy changes announced in
Mar-13, into effect only In Apr-13:
i) Reduction of trading fees to 0.5 bps from 0.7 bps for all investors
ii) Post-trade fees increase to 2.0 bps from 1.8 bps for institutional investors and day traders
9.1%
30.1%
4.9%38.2%
17.7%
1Q13 Expenses
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47
Expenses:
R$172.8
million
ADJUSTED EXPENSES (1Q13 vs. 1Q12): -1.1%
Adjusted Personnel: +5.7%, , basically due to theeffects of annual union bargain in Aug12
Data processing: -7.1%, due to expenses reductionwith IT outsourcing and lower maintenance costs withlegacy platforms
Marketing: repriorization of marketing campaigns
47
Q pFocus on cost control and operational efficiency
ADJUSTED EXPENSESTOTAL EXPENSES BREAKDOWN
(in R$ millions)
*Include expenses with maintenance in general, taxes adjusted by the dividends from CME Group,
board and committee members compensation and others (excluding provisions).
125.4 124.0
4,0
(1.8)
1.0
(0.6)(2.2)
(1.8)
1Q12 Adj.Exp.
Personnel Data proc. Third Party Commun. Marketing Others* 1Q13 Adj.Exp.
Financial Statements Summary
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(in R$ millions) 1Q13 1Q12 Change1Q13/1Q12 4Q12 Change1Q13/4Q12
Net Income 521.0 502.8 3.6% 499.2 4.4%
Expenses (172.8) (166.2) 4.0% (256.0) -32.5%
Operating Income 348.2 336.7 3.4% 243.1 43.2%
Operating margin 66.8% 67.0% -12 bps 48.7% 1,812 bps
Financial Income 37.1 65.5 -43.4% 43.1 -13.9%
EBT 422.5 439.7 -3.9% 318.4 32.7%
Net Income* 267.0 280.4 -4.8% 217.3 22.9%
Adjusted Net Income 394.6 409.2 -3.6% 379.4 4.0%
Adjusted EPS (in R$) 0.204 0.212 -3.8% 0.196 3.8%Adjusted Expenses (124.0) (125.4) -1.1% (174.2) -28.8%
Financial Statements Summary
SUMMARY OF INCOME STATEMENT (CONSOLIDATED)
* Attributable to BM&FBOVESPA shareholders.
Financial Highlights
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49
1,207
1,443
1,166
1,191
1,041
383
340
343
346
348
354
363
390
350
440
1,714
1,979
2,100
1,964
2,341
3,658
4,125
3,999
3,851
4,169
1Q12
2Q12
3Q12
4Q12
1Q13
Market participants cash collateral and others*
Restricted funds
Subsidiaries**
Available funds
Net financial income was R$37.1 million, 43.4% dropfrom 1Q13
Finance results fell 29.1%, reflecting lower interestrates
Finance expenses increased 15.0%, mainly due to thedepreciation of R$ against US$
In 1Q13, investments amounted R$41.8 millionCapex budget ranges:
2013: between R$260 290 million
2014: between R$170 200 million
In May 09, the Board of Directors approved R$213.6million, comprising R$163.6 million in dividends andR$50.0 million in interest on capital
R$0.111 per share (80% of GAAP net income)
Payment on June 7, 2013 based on shareholders positionon May 21, 2013.
*Includes collaterals pledged by participants in the form of cash, receivables and rights in securities under custody, as well as payouts still undisbursed. **Includes third party collaterals and restricted funds at
BM&FBOVESPA Settlement Bank (Banco BM&FBOVESPA). 49
Cash position in 1Q13 hit R$2.3 billion, considering:
R$388.7 million in dividends related to the 2012,paid in Apr13
Resumption of the shares buyback program inApr13, when 3.1 million shares was purchased,totaling R$41.2 million
g gStrong cash position and high payout
(In R$ millions)
CASH AND FINANCIAL INVESTMENTS FINANCIAL RESULTS
CAPEX
PAYOUT
Growth History
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Growth trend of Brazilian Real-denominatedinterest rate contracts
Institutional and foreign investors were thegroups with higher growth in trading thesecontracts, indicating greater sophistication andincreasing risk exposure
Trading in longer maturities contracts aregrowing faster
DERIVATIVES
EQUITIES
2.42
70.0%
2.372.33
64.2%63.8%
Avg. Mkt.Cap.
Turnover
Velocity
(ADTV in R$ bn, mkt. cap. in R$ tri, Ibovespa in points and turnover velocity in %)Volume growth to a level higher than R$7 billion,despite adverse market conditions
Low growth of market capitalization Average Ibovespa 13% below the 2010 level
Turnover Velocity above 70%
Foreign and institutional investors, HFTs andproducts development (ETFs, option andsecurities lending) driving the turnover velocityincrease
2.48
71.7%
50
(in thousands)
Growth History
ADV Interest Rate in R$ by type of investor
2819
5263
34
8587
43
116
81
46
82
110
56
80
Institutionals Foreigns Financial institutions
1Q09 1Q10 1Q11 1Q12 1Q13
6.5 6.5 7.3 7.5
67,25861,207 59,601 58,813
2
4
6
8
10
3 0 . 0 0 0
35.000
4 0 . 0 0 0
4 5 . 0 0 0
5 0 . 0 0 0
5 5 . 0 0 0
60.000
6 5 . 0 0 0
2010 2011 2012 1T13
ADTV (R$ billion) Ibovespa (Average)
High Growth Products
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51
12.720.5
30.2 31.944.7
2009 2010 2011 2012 2013*
0.9 1.53.7
14.6
38.8
2009 2010 2011 2012 2013*
2.9 3.96.1
9.0 9.8
2009 2010 2011 2012 2013*
48.873.4
ADTV before
Market Maker
ADTV after
Market Maker*
18.6 28.548.7
115.998.0
2009 2010 2011 2012 2013*
Securities LendingReal Estate Funds (FIIs)Options with Market Maker
(Average open interest for the period - in R$ billions)
Initiatives to develop and stimulate higher volumes in certain products
Performance shows that the initiatives are being well received by the market
Gross Revenue (1Q13): ~R$44.1 million (7.6% of total gross revenue)
ETFs Brazilian Treasury Direct - Tesouro Direto Agribusiness Credit Bills
(ADTV in R$ millions)
+50.6%
(ADTV in R$ millions)
(ADTV in R$ millions) (Custodyin R$ billions)
Growing sophistication of market participants
BM&FBOVESPA has a 65% market shareof the amount registered in the market(Mar-13).
CAGR(09-13):
+154.1%
CAGR (09-13):
+37.0%
CAGR (09-13):
+51.5%
CAGR (09-13):
+35.5%
*Updated to Mar. 31, 2013.
(Amount registeredin R$ billions)
PUMA Trading System
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5252
Derivatives module
Concluded in 2H11
Equities module
Migration concluded in Apr13
Performance e Capacity
Latency reduced to microsecondswith lower standard deviation
Processing capacity of 200 millionmessages per day
Platform for the growth of stockand derivatives markets
Attracting new participants (HFT)
Expansion of the market makerprogram to other products/markets
Features
Fully adapted to thecharacteristics of the Brazilianmarket
Process automation and controls
Meets the needs of differentmarket participants
More dynamism in tradingactivity
Availability and Controls
More stability and availability to themarket
Price discovering rules (auctions)
Price variation limits (dynamic / static)
Assurance of market integrity as arequirement
Quality in price discovering
Protection against market breakageand failures
Successful delivery of the equities module
Final Remarks
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Final Remarks
Revenue growth and diversification
Delivering growth in the main markets and products (equities and derivatives)
Focus on high potential products that have been showing strong growth
Achieving operating and technological excellence
Development of platforms that bring efficiency to BM&FBOVESPA and the market (equitiesmodule of PUMA Trading System delivered in Apr13)
Assuring market integrity
Remain focused on cost control
Focus on costumers needs
Deepen the relationship with investors, brokers and issuers, strengthening the Company'sposition
Revision of the pricing policy and development of incentive programs (1st announcement inMar13 for cash equities)
Launching of new products (Selic futures in Mar13)
Shareholder Return:
Payment of at least 80% of GAAP earnings as dividends and share buyback program
53
Financial Statements
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Balance sheet summary (consolidated)
(in R$ millions) 3/31/2013 12/31/2012 (in R$ millions) 3/31/2013 12/31/2012
Current assets 4,011.7 3,536.3 Current liabilities 1,566.0 1,660.6
Cash and cash equivalents 32.8 43.6 Collateral for transactions 981.8 1,134.2
Financial investments 3,705.5 3,233.4 Others 584.3 526.4
Others 273.5 259.3 Non-current liabilities 3,203.1 3,072.6
Non-current assets 20,446.8 20,610.8 Foreign debt issues 1,224.3 1,242.2
Long-term receivables 659.2 808.9 Deferred Inc. Tax and Social Contrib. 1,878.6 1,739.6
Financial investments 430.8 573.6 Others 100.2 90.7
Others 228.4 235.2 Net equity 19,689.4 19,413.9
Investments 2,900.8 2,928.8 Capital stock 2,540.2 2,540.2
Property and equipment 355.0 361.0 Capital reserve 16,042.7 16,037.4
Intangible assets 16,531.9 16,512.2 Others 1,090.8 820.3
Goodwill 16,064.3 16,064.3 Minority shareholdings 15.7 16.0
Total Assets 24,458.5 24,147.1 Liabilities and Net Equity 24,458.5 24,147.1
LIABILITIES AND SH. EQUITYASSETS
Financial Statements
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Adjusted net income and adjusted expenses reconciliation
(in R$ millions) 1Q13 1Q12 Change1Q13/1Q12 4Q12 Change1Q13/4Q12
Total Expenses 172.8 166.2 4.0% 256.0 -32.5%
Depreciation (27.1) (21.9) 23.6% (23.8) 14.0%
Stock options plan (7.9) (8.4) -6.1% (7.9) -0.6%
Tax on dividends from the CME Group (4.6) (9.8) -52.7% (18.2) -74.6%
Provisions (9.3) (0.7) 1,155.8% (31.9) -71.1%
Adjusted Expenses 124.0 125.4 -1.1% 174.2 -28.8%
(in R$ millions) 1Q13 1Q12 Change1Q13/1Q12
4Q12 Change1Q13/4Q12
Net Income* 267.0 280.4 -4.8% 217.3 22.9%
Stock options plan 7.9 8.4 -6.1% 7.9 -0.6%
Deferred Liabilities 138.9 134.8 3.1% 134.8 3.1%
Equity method investment (net of taxes) (32.5) (27.8) 17.2% (14.0) 132.9%
Recoverable taxes paid overseas 13.4 13.4 0.0% 15.2 -11.9%
Provisions - Health Plan (net of taxes) - - - 18.2 -Adjusted net income 394.6 409.2 -3.6% 379.4 4.0%
ADJUSTED NET INCOME RECONCILIATION
ADJUSTED EXPENSES RECONCILIATION
* Attributable to BM&FBOVESPA shareholders.
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