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Strategic Projects<br />
Growth initiatives and business model strengthening<br />
51<br />
Multi-asset trading platform (PUMA Trading System):<br />
State of the art in trading technology and technological independency<br />
Derivates module successfully implemented in 2H11<br />
Equities market to be concluded in 2H12<br />
Improvement to Fee Structure<br />
Strengthening the competitive position, eliminating cross-subsidies and aligning with international<br />
peers<br />
Delivered: i) HFT discount policies in 2010; ii) rebalancing of trading and post-trading fees in 2011<br />
Integration of the four BM&F<strong>BOVESPA</strong> Clearinghouses – efficiency and competitive advantage<br />
Pos trading at the beneficial owner level – unique model among the major international markets.<br />
Contract signed with Cinnober for new clearing system<br />
The project development will occur throughout 2012. Integrated market testing and the start of<br />
implementation of the new system in production are forecasted to occur in 2013<br />
Market Making for Options on Single Stocks: 4 stocks and Ibov index already launched<br />
Index cross listing arrangements with the CME Group and BRICS countries 'exchanges<br />
ETFs: two new ETFs recently launched (totaling 10) growth in trading volumes<br />
OTC: development of a new platform (contract signed with Calypso)
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