BM&FBovespa to Study Shared Clearing No Sooner Than End 2014

BM&FBovespa SA, the operator of Latin America’s biggest securities exchange, will study sharing its clearinghouse with other trading platforms no earlier than the end of 2014, Chief Executive Officer Edemir Pinto said.

His comments call into question plans by Rio de Janeiro-based Americas Trading Group and NYSE Euronext to create a platform for buying and selling stocks within the next year. Dominique Cerutti, New York-based NYSE Euronext’s president, told reporters Nov. 5. the partnership would seek to implement a system under which BM&FBovespa would clear shares.

“I don’t know how they are going to build this platform,” Pinto told reporters today in Sao Paulo, where BM&FBovespa is based.

BM&FBovespa declined 0.7 percent to 13.72 reais at the close of trading in Sao Paulo while the benchmark Bovespa index slid 1.6 percent. NYSE Euronext shares fell 2.4 percent to $23.70 at 2:49 p.m. in New York.

NYSE Euronext’s press office in Sao Paulo didn’t respond to a phone call and e-mail seeking comment.

The Brazilian exchange’s adjusted net income was 378.5 million reais ($186.2 million) in the third quarter, compared with analysts’ average estimate of 385.3 million reais, according to data compiled by Bloomberg. The company reported yesterday in a regulatory filing adjusted net income of 400.6 million reais. The figure excludes expenses related to depreciation, a share buyback program and taxes paid on dividends received from CME Group Inc., the Chicago-based exchange operator.

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