Brazil: Institutional Features - Bovespa
Article Index
BOVESPA
The São Paulo Stock Exchange, founded in 1895, is totally automated today. Its liquidation and custody systems are fully integrated and make use of real time systems to register transactions and transmit information. Transactions can be carried out viva voice on the floor of the exchange or, since 1990, through CATS (Computer Assisted Trading System). Brokers located in other parts of the country can use CATS to participate in the market at greatly reduced costs. Transactions on the exchange floor and via CATS take place between 10am and 4pm and embrace the cash, futures and options markets.
BOVESPA currently has 86 member-brokers, with another 47 brokers located outside of São Paulo who are authorized to operate on the exchange. This latter type of broker is called a permissionário or permitted member. By the end of 1995, 543 companies were listed on the BOVESPA.