market architecture of selected stock exchanges in ... - Gilles Daniel

12The success of the electronic trading system and the decreasing interest for openoutcry trading finally resulted in closing the trading floor. Figure 5 illustrates themigration from floor to electronic trading after the implementation in 1997.Figure 5: Participation of the electronic trading (as percentage of total)Source: BOVESPA (2005a)In January 2000, stock exchanges in Brazil merged under the leadership ofBOVESPA. 8 Since then, stocks are traded solely on BOVESPA, public securities onthe Rio de Janeiro Stock Exchanges, and the other regional exchanges conductactivities such as market development and provision of services to the local markets.(Brazil Report 2004)8 Since that time, the stock exchanges of Bahia-Sergipe-Alagoas, Bolsa Regional, Extremo Sul,Minas-Espírito Santo-Brasília, Paraná, Pernambuco and Paraíba, Rio de Janeiro, Santos, and SãoPaulo form a single stock market on a nationwide level, with a single trading, custody, and settlementsystem. Stocks are traded in São Paulo, while public securities are traded in Rio de Janeiro.