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 clearing and settlement 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
Brexit could see London lose euro clearing
04 May 2017 | London | Reporter: Mark Dugdale
EU leaders have a “strong argument” for bringing euro clearing into one of the remaining member states once the UK leaves the union, according to Roger Storm of SIX Securities Services
Saudi stock exchange makes move to T+2
24 April 2017 | Riyadh | Reporter: Stephanie Palmer
Tadawul, the Saudi Arabian stock exchange, has officially moved to a T+2 settlement cycle for listed securities, from its previous T+0 system
Clearstream tackles German debt with link to LCH’s RepoClear
13 April 2017 | Luxembourg | Reporter: Mark Dugdale
Clearstream has begun offering a new settlement solution for German debt for customers that clear German bonds and repos through LCH
Euroclear Bankchain goes for gold with second successful pilot
11 April 2017 | London | Reporter: Stephanie Palmer
Euroclear and Paxos have completed a second pilot of their Euroclear Bankchain settlement service for the London bullion market, executing over 100,000 settlements
BM&FBovespa and Cetip form new exchange
07 April 2017 | São Paulo | Reporter: Drew Nicol
Brazilian exchange BM&FBovespa has merged with Cetip, Latin America's largest depository for OTC securities and derivatives
Euronext and ICE Clear partner up
05 April 2017 | Amsterdam | Reporter: Drew Nicol
Clearing operations will be run from Amsterdam, while a new asset financing solution will be built by Euronext and operated from Paris
SEC to move US to T+2
23 March 2017 | Washington DC | Reporter: Drew Nicol
Members of the SEC’s industry steering committee, including DTCC and SIFMA, were quick to praise the commission on the amendment
More clearing and settlement news