São Paulo
07 April 2017
Reporter: Drew Nicol
BM&FBovespa and Cetip form new exchange
Brazilian exchange BM&FBovespa has merged with Cetip, Latin America's largest depository for over-the-counter (OTC) securities and derivatives.

The merged entity has been rebranded as B3 and promises to offer an enhanced range of services in its capacity as an exchange for all major asset classes, including securities lending and OTC derivative trades.

B3 also provides central depository and risk control systems up until the final beneficiary and acts as central counterparty for trades executed in its markets

The new exchange is headquartered in São Paulo.

B3 promises to be “greater than the sum of its parts. With a diversified portfolio of products and services, B3 aims to maximise business opportunities in a dynamic, challenging and competitive market environment on a global scale.”

Under the terms of the merger, BM&FBovespa temporarily increased its board of directors from 11 to 13 in order to bring in two Cetip executives for the remaining term of BM&FBovespa’s existing board.

As of 31 March, ownership of all Cetip shares were purchased by BM&FBovespa in exchange for 0.8991 of a share of common stock issued by BM&FBovespa per Cetip share.

Previous Cetip shareholders now own 11.8 percent of BM&FBovespa’s equity capital.

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
BNP Paribas: ESG investment seeing increased interest
25 May 2017 | London | Reporter: Stephanie Palmer
The survey report noted that 77 percent of asset owners already incorporate ESG aspects into their strategies
Nasdaq to support Chilean CSD in post-trade tech
25 May 2017 | Santiago | Reporter: Stephanie Palmer
Based on the Nasdaq Financial Framework the solution will replace Depósito Central de Valores’s existing core system
Funds need to keep an eye on BEPS negotiations
24 May 2017 | London | Reporter: Becky Butcher
Fund participants were encouraged at Guernsey’s Fund Forum to pay close attention to negotiations over base erosion and profit sharing (BEPS) rules
Northern Trust expands UAE operations
24 May 2017 | Abu Dhabi | Reporter: Stephanie Palmer
Northern Trust has opened a new branch office in Abu Dhabi, as part of a continuing focus on business in the UAE
R3 raises record funds for DLT development
24 May 2017 | London | Reporter: Stephanie Palmer
The R3 group has raised $107 million in two tranches of fundraising, securing the largest ever investment in distributed ledger technology to date
Promotions abound at Interstrust in Jersey
24 May 2017 | Jersey | Reporter: Stephanie Palmer
Intertrust in Jersey has made a spate of promotions, including elevating Sherin Sugeeswaran to the role of associate director in the fund services team
RSRCHXchange boosts research offering with data consumption partnership
23 May 2017 | London | Reporter: Stephanie Palmer
Institutional research marketplace RSRCHXchange has partnered with corporate access management solution provider CorpAxe in order to make research consumption data available to the buy side
More news