BRAZIL: Bourses and Clearing houses to have 18 months to adapt to new Brazil rules-watchdog

Monday December 23 2013

It has been reported that, Bourses and clearinghouses will have 18 months to adapt to new rules in Brazil`s financial exchange industry that will be implemented in June. The new rules are aimed at fostering competition and transparency in domestic financial markets.

Rio de Janeiro-based CVM edited four different sets of rules dealing with registration, custody, central counterparty and clearinghouse services, after discussing them for months with BM&FBovespa SA, the nation`s sole listed bourse, securities clearinghouse Cetip SA Mercados Organizados and other industry players.

This information will be updated as soon as further details become available.