Brazil: Institutional Features

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BVRJ

Founded 50 years earlier than its counterpart in São Paulo (in 1845), the exchange at Rio de Janeiro today has 65 member-brokers and two permitted members, along with 570 listed companies. Its technological level is comparable to standards found anywhere in the world.

Transactions take place between 10am and 4pm through the SENN, Electronic System for National Negotiation - and viva voce on the exchange floor. The SENN is an electronic negotiation system which links together eight Brazilian exchanges -- BOVESPA is not a SENN member. Operations on the cash market and for derivatives are carried out simultaneously via voce on the exchange floor and through the SENN.

At the end of 1995, BVRJ began a pioneering effort by permitting specialists to operate trades on the exchange floor.

BVRJ and BOVESPA have signed several agreements leading to the interchange of information and cooperation with overseas exchanges. Both are active members of FIABV, the Iberian-American Federation of Stock Exchanges.