B3 SA - Brasil, Bolsa, Balcao · BMFBOVESPA:B3SA3
B3 SA - Brasil, Bolsa, Balcao — Bm&fbovespa — Investor Presentation (March 2013)
10 slides from B3 SA - Brasil, Bolsa, Balcao's investor presentation, Mar 5, 2013
Slide 1: Fee structure Project
Fee structure Project March 5th, 2013 1
Slide 2: Agenda
AGENDA 1. Project evolution and objectives 2. Decisions on changes in the cash equities market fees 2.1. Reduction of trading fees 2.2. Benefit to day traders 2.3. Progressive trading fee reduction for cash equity market based on volumes growth 3. Implementation of the decisions 4. Next steps 2
Slide 3: Improving the fee structure is one of the core initiatives of strategic planning
1. Improving the fee structure is one of the core initiatives of BM&FBOVESPA strategic planning Merger First announcements and deliveries of the R$ 1,2 2008 billion investment plan (2010-2014) 2008 2009 2010 2011 2012 Beginning of integration and capture of Reduction of cross subsidy through fee Adv
Slide 4: Reduction of 28.5% of the trading fee in the cash equities market
1. Main initiatives to be implemented in the cash equities market: Initiatives 2.1. Reduction of 28.5% of the trading fee, in the cash equities market Elimination of cross-subsidies Sharing of gains of scale 2.2. Benefit to day traders Incentives for volumes growth 2.3. Progressive trading fee
Slide 5: Reduction of the trading fees of cash equities market
2.1. Reduction of the trading fees of cash equities market Objectives Mechanism • Elimination of Cross subsidies Current Fee New Fee • Reduction of 28.5% of trading fees • Benefit: retail, foreign investors and financial All investors 0,7 0,5 institutions 0,2 BPS Funds and Trading 0,7 0,5 Investment
Slide 6: Benefit to day traders
2.2. Benefit to day traders Objetives Mechanism • Expand volume incentives mechanism to other Current Situation: investors Actual model includes only investors classified as HFTs by • Improve our fee model to meet different an internal committee investor’s demands • Reduce overall average fee, privi
Slide 7: Progressive trading fee reduction based on volumes growth
2.3. Progressive trading fee reduction for cash equity market based on volumes growth Objectives Mechanism • Show clearly the BVMF commitment with its • Definition of a progressive ADTV based discount customers through sharing economies of scale, policy for cash equities market (1) in the cash equit
Slide 8: Implementation
3. Implementation Initiatives Schedule • Implementation of interim discount from April 1st 2013 to Dec 2nd 2013 2.1. Reduction of trading fess • As of Dec 2nd 2013, the new Fee policy will be in place 2.2. Benefit to day traders • As of Dec 2nd 2013 2.3. Progressive trading fee reduction for cash •
Slide 9: Next steps
4. Next steps • Review of the fees of equity derivatives • Revision of the fee structure of future contracts of interest rate, FX and agribusiness • Incentives for volume growth - Distribution channel - Market maker Up to Dec 31st, 2013 new measures should be released! 9 9
Slide 10: Thank you!
SS Thank you! rm BM&FBOVESPA A Nova Bolsa