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52<br />
Delivering Strategic Priorities<br />
Consistently increasing<br />
revenues and net income<br />
• Capture macro growth opportunities<br />
• Despite challenging short-term macro conditions, the Brazilian<br />
capital markets offer good opportunities from which BVMF can<br />
benefit in the long term<br />
Strengthening<br />
competitive position<br />
• New trading System : PUMA Trading System (State of the art in<br />
IT): Derivatives module implemented<br />
• Increasing capital efficiency by integrating clearing facilities<br />
• Rebalancing the fee structure for trading and post trade activities –<br />
first stage completed; further studies ongoing<br />
Investing in products and<br />
partnerships<br />
• Establish a diversified product mix as a driver of long term growth<br />
• Partnership with CME delivers innovation<br />
• New Products: market makers, cross listing, ETFs and HFT<br />
Consistently delivering<br />
sound financial results<br />
• Focus on OpEx Control – 2011 Opex Budget revised down<br />
• Maximizing shareholder returns: high return combining payouts<br />
and stock buybacks
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