The BRICS Securities and Derivatives Markets - Hong Kong ...
The BRICS Securities and Derivatives Markets - Hong Kong ...
The BRICS Securities and Derivatives Markets - Hong Kong ...
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Contracts (million)CME GroupKorea ExchangeNSE of IndiaEUREXBM&FBOVESPAChicago Board OptionsExchangeMoscow ExchangeNYSE Euronext (US)NASDAQ OMX (US)NYSE.Liffe EuropeInternational <strong>Securities</strong>ExchangeBSE (India)Osaka SEASX <strong>Derivatives</strong>TradingTAIFEXHKExOMX Nordic ExchangeASX SFE <strong>Derivatives</strong>TradingSingapore ExchangeJohannesburg SE<strong>The</strong> <strong>BRICS</strong> <strong>Securities</strong> <strong>and</strong> <strong>Derivatives</strong> <strong>Markets</strong>2,000Figure 1-2.Top 20 exchanges in terms of contract volume of financial derivatives(January-October 2012)Top 20 exchanges by financial derivatives contract volume (January-October 2012)1,8001,773 1,712 1,6701,3561,6001,4001,2001,1411,000800600946876825 8207835934002000194 168132 126 99 92 85 65 63<strong>BRICS</strong> marketsSource: WFE monthly statistics2. BRAZILIn Brazil, BM&FBOVESPA is the only exchange operator of securities <strong>and</strong> derivativesmarkets. It is a publicly listed company created in 2008 through the integration of the SãoPaulo Stock Exchange (BOVESPA) <strong>and</strong> the Brazilian Mercantile & Futures Exchange(BM&F). <strong>The</strong> Brazilian financial market is under the regulation <strong>and</strong> monitoring of threeauthorities — the National Monetary Council (CMN), the Brazilian Central Bank (BCB)<strong>and</strong> the Brazilian <strong>Securities</strong> <strong>and</strong> Exchange Commission (CVM).CVM is the direct regulator of BM&FBOVESPA; it directly regulates <strong>and</strong> oversees theBrazilian capital markets, including the exchange markets <strong>and</strong> the organised over-the-counter(OTC) markets, <strong>and</strong> the market participants. CMN is responsible for formulating monetary<strong>and</strong> credit policies for the financial <strong>and</strong> capital markets. BCB is responsible for theimplementation of CMN’s policies. BCB also oversees the operation of financial institutionsin Brazil.BM&FBOVESPA itself has incorporated a specific entity for self-regulation —BM&FBOVESPA Market Supervision (BSM). <strong>The</strong> main responsibility of BSM is tosupervise the markets managed by BM&FBOVESPA to ensure compliance with applicablelaws, rules <strong>and</strong> regulations by market participants <strong>and</strong> by the exchange itself.- 3 - Research & Corporate Development, HKEx31 December 2012
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