BM&FBOVESPAS.A.

announcesearnings
forthefirstquarterof2010.
GAAPNetincomereachedR$282.6millionwithearningspershare
ofR$0.14forthequartertoMarch2010,a24.5%climbfromthe
sameperiodoneyearago.Adjustednetincome
(asadjustedbyitemswithnoimpactoncashflow)totaled
R$403.2million,withadjustedEPSofR$0.20.

AdjustednetincomeofR$403.2millionsurged64.1%yearonyear.
1Q10netrevenuesofR$459.1millionclimbed45.0%fromthesamequarterintheprioryear.
1Q10operatingexpensesreachedR$136.6milliondeclining8.2%fromthesameperiodoneyearago
and14.8%quarteronquarter.
Operatingexpensesadjustedbyitemswithnoimpactoncashflow,suchasdepreciationandthe
employeestockoptionsplan,operatingexpensesforthequarteramountedtoR$115.5million,a12.1%yearon
yearincreasefromR$103.1millionfor1Q09.
BothBRL550millionOPEX(adjusted)andBRL302millioninCAPEXguidancewillbereviseddownwards.
1Q10EBITDAtotaledR$334.6millionsoaring89.3%fromthesameperiodintheearlieryear.
EBITDAmarginrosefrom55.8%inthe1Q09to72.9%inthe1Q10.
TheboardofdirectorsapprovedthedistributionofR$137millionbywayof
interestonshareholdersequity,whichaddedtoR$90millionpreviouslypaid,isequivalentto80%of1Q10GAAP
Earnings
FINANCIALHIGHLIGHTS
GAAPNetincomefor1Q10amountedtoR$282.6million(EPSofR$0.141),a24.5%yearonyearincrease.
AdjustednetincomeforthequarteramountedtoR$403.2million(EPSofR$0.201),surging64,1%yearonyear.

1Q10adjustednetincomeadjustmentstoquarterlynetincomeamountedtoR$120.6million,composed
of two items with no impact on cash flow, meaning addition of R$111.6 million, which correlate with
recognitionofdeferredtaxliabilitiesrelatedtoamortizationofgoodwillfortaxpurposes,andR$9.0million
inexpenseswiththestockoptionsplan;

1Q09adjustmentsofR$18.8millionarefullyattributabletoexpenseswiththeemployeestockoptionsplan,
whereas 4Q09 adjustments totaled R$95.1 million, composed of two items with no impact on cash flow,
meaning addition of R$79.6 million, which correlate with recognition of deferred tax liabilities related to
amortizationofgoodwillfortaxpurposes,andR$15.5millioninexpenseswiththestockoptionsplan.

1/13


(inmillionsofBrazilianreais)

1Q10

1Q09

Variation(%)
1Q10to1Q09

4Q09

Variation(%)
1Q10to4Q09

Adjustednetincome
Adjustments
Deferredtaxliabilities
Stockoptionsplan
GAAPnetincome
Outstandingshares
atendofperiod
GAAPEPS(R$)
AdjustedEPS(R$)

403.2

245.8

64.1%

315.3

27.9%

111.6
9.0
282.6

18.8
227.0

24.5%

79.6
15.5
220.2

40.2%
41.9%
28.4%

2,007,361,225

2,000,012,441

0.141
0.201

0.113
0.123

2,004,766,312

24.0%
63.5%

0.110
0.157

28.2%
27.7%

Netrevenuesforthefirstquarterincreased45.0%yearonyeardueprimarilytosoaringvolumestradedonBM&F
segmentmarkets,whichreachedunprecedentedrecordhighs.
1Q10operatingexpensestotaledR$136.6million,andweredown8.2%yearonyearfromR$148.8million,and
14.8%quarteronquarterfromR$160.4million.
The drop in operating expenses between 1Q10 and 1Q09 is due primarily to 25.4% fall in personnel expenses
(mainlyasaresultoftoneddownimpactofexpenseswiththeemployeestockoptionsplan,whichtotaledR$9.0
millionversusR$18.8milliononeyearago)andexpenseswithemployeeterminationsin1Q09(R$18.0millionin
thequarterpresented),inadditiontoa20.3%dropindataprocessingexpenses.
Adjustedoperatingexpensesforthequarterwentup12.1%yearonyear,toR$115.5millionfromR$103.1million
intheearlieryear,butwentdown13.1%toR$132.9millioninthequarteronquartercomparison.
Theadjustmentstooperatingexpenseswerethefollowing:
9 1Q10:R$9.0millionregardingstockoptionsplanandR$12.1millionregardingdepreciation;
9 1Q09:R$18.8millionregardingstockoptionsplan,R$8.9millionregardingdepreciationandR$18.0million
regardingemployeeterminationsinthatquarter;and
9 4Q09:R$15.5millionregardingstockoptionsplanandR$12.0millionregardingdepreciation.

(inthousandsofBrazilianreais)
Adjustedoperatingexpenses
Stockoptionsplan
Depreciation
Employeeterminations
Operatingexpenses

1Q10

1Q09

(115,502)
9,000
12,130

(103,050)
18,759
8,951
18,000
(148,760)

(136,632)

Variation(%)
1Q10to1Q09

4Q09

Variation(%)
1Q10to4Q09

12.1%

(132,866)
15,494
12,012

13.1%

8.2%

(160,372)

14.8%

EBITDAforthefirstquarterof2010totaledR$334.6million(marginof72.9%),climbing89.3%yearonyear,as
comparedtoR$176.7million(marginof55.8%)forthesameperiodoneyearago.

2/13

SummaryofIncomeStatement
4Q09

Variation(%)
1Q10to4Q09

424,759

8.1%

8.2%

160,372

14.8%

0.2%

74,104

8.6%

220,174

28.4%

1Q10

Netoperatingrevenues

459,128

316,548

45.0%

Operatingexpenses

136,632

148,760

Interestincome,net

67,696

67,859

282,601

226,980

24.5%

61.6%

71.7%

334,626

176,739

89.3%

72.9%

55.8%

Netincomefortheperiod
Netmargin
EBITDA
EBITDAMargin

1Q09

Variation(%)
1Q10to1Q09

(inthousandsofBrazilianreais)

51.8%
276,399
65.1%

21.1%

0.140782

0.113489

24.0%

0.109825

28.2%

Adjustedoperatingexpenses

115,502

103,050

12.1%

132,866

13.1%

Adjustednetincome

403,248

245,739

64.1%

315,313

27.9%

Earningspershare

QUOTESONTHECOMPANYSPERFORMANCE

The quarter to March 2010 was remarkable both for the record volumes traded on BM&F markets, which hit
newrecordhighs,andforthenegotiationsbywhichweestablishedthebasesofourglobalstrategicpartnership
withtheCMEGroupsayschiefexecutiveofficerEdemirPinto.TheaveragevolumetradedonBM&Fmarkets
reached unprecedented 2.4 million daily contracts in the first quarter, the highlight being 3.1 million daily
contractsinMarch2010alone.Inaddition,intheBovespasegment,IPOsandfollowonofferingsraisedaggregate
grossproceedsinexcessofR$13billionintheperiodtoApril,headds.
ChieffinancialofficerCarlosKawallmadeanoteofthesubstantiallyimprovedresultsforthequarterandofthe
expensesfortheperiod,whichwerewellwithinthebudgetedtarget.ThevolumestradedonBM&Fmarketsvia
DMA and the volume of business coming from the HomeBroker platform of the Bovespa segment confirm the
consistent growth trend of the last few months, including the heightened level of business generated by retail
investorstradinginequities,saysCarlosKawall.

OTHERFINANCIALHIGHLIGHTS

Cash and cash equivalents: short and longterm cash and cash equivalents at the end of the quarter to
March2010amountedtoR$4.0billion,comprisedofthirdpartycollateralspledgedtoourclearingfacilities
intheamountofR$1.17billion,andR$511.0millioninownfinancialresourcesofrestricteduseforbeing
tiedtoourclearingstructure.

Interestincome,net:netinterestincomeforthefirstquarterof2010wasR$67.7million,virtuallyaflatline
whencomparedtothesameperiodoneyearago,withaslightyearonyeardrop(toR$72.8millionfrom
R$74.3million),whereasquarterlyexpensesdeclinedtoR$5.1millionfromR$6.4millionforthequarterto
March2009.

3/13

Recognition of other expenses: we recognized R$9.0 million in expenses related to the employee stock
optionsplanandareversalofexpenseswithleasingagreementsintheamountofR$2.7million.

Deferred tax liabilities: deferred tax liabilities are a result of deferral of R$111.6 million related to a
transitoryadjustmentofthetaxbenefitderivedfromamortizationofgoodwillinthequartertoMarch2010,
withnoimpactoncashflow.

CAPEX:investmentsontheorderofR$26.4millionwerecapitalizedinthequartertoMarch2010,wherein
R$23.6millionareinvestmentsintechnologyandR$2.8millionareinvestmentsinotherprojects(forassets
asourfacilitiesandequipment,utensilsandvehicles).

Analysisofrevenuesandexpenses

Grossrevenues

Operatinggrossrevenuesforthequartersurged45.1%yearonyear,toR$510.7millionfromR$351.9millionone
yearago,duemainlytoareboundintradingactivities,andthusinrevenuesfromtrading.

Revenuesfrom tradingand/orsettlement fortheBovespa segment1 accountedfor 50.9%of

totalgrossrevenuesandamountedtoR$259.8million,soaring64.2%yearonyearasaresult
oftheimprovedvolumetradedinthequartertoMarch2010;and
Revenuesfromtradingand/orsettlementfortheBM&Fsegmentaccountedfor33.5%oftotal
gross revenues and amounted to R$170.9 million, a 34.4% year on year climb primarily
attributabletotheupturninvolumetraded.

1Q10aggregaterevenuesfromtradingand/orsettlementfortheequitiesandderivativesmarketsaccountedfor
84.4%ofourtotalrevenues,ascomparedto81.1%oneyearago.

GrossRevenueComposition 1Q09x1Q10

45.0%

50.9%
Trd/Sttlmnt BovespaSegment
Trd/Sttlmnt BM&FSegment

36.1%

33.5%

OtherRevenues
Dividends

17.4%

15.2%
0.5%

1.5%
R$351.9MM
1Q09

R$510.7MM
1Q10

Source:BM&FBOVESPA
1

TheserevenuestakeintoaccounttherevenuesfromauctionsandsettlementsfortheIPOmarket(IPOsandfollowon
offerings),whichinthequartertoMarch2010grossedR$2.8million,a226.0%climbwhencomparedtoR$0.87millionin
thequartertoMarch2009,buta52.0%quarteronquarterdropwhencomparedtoR$6.2millioninthefourthquarterof
2009.

4/13

WithoutcomputingdividendswereceivedfromtheCME 2intherelevantquarters,revenuesunrelatedtotrading
and settlement activities reached R$77.5 million, or 15.2% of our total revenues for the first quarter of 2010,
whichisup26.6%fromR$61.2millionforthesamequarterayearearlier,whenitaccountedfor17.4%ofour
totalrevenuesfortheperiod.Themainbusinesslinesunrelatedtotradingandsettlementactivitiesare:

Accessfeesfromtradingparticipants:revenuesofR$12.5millionforthefirstquarterof2010accountedfor
2.5%oftotalrevenues,havingclimbed32.1%fromR$9.5millionforthesamequarterintheprioryear.This
increaseisdueprimarilytoincreasedbrokerdemandforpermitcategoriesthatallowforahigherflowof
tradesandordersandforwhichwechargehigheraccessfees.Thisboostindemandistheresultofmarket
reboundhavingpromptedasurgeinorderflowatbrokeragefirms;

Market data (vendors): revenuesforthequarter to March2010amountedtoR$15.9million,or3.1% of

totalrevenues,representinga38.4%yearonyearrise.Thisincreasecorrelateswithimplementationofour
newpricingpolicystartedinApril2009,despitethemoderateimpactthatappreciationintheexchangerate
fortheU.S.dollarmayhavehadonrevenuesoriginatingfromnonresidentcustomers(whichreceivables
aredenominatedinforeigncurrencies).Inaddition,weregistereda16.6%increaseintheaveragenumber
ofcustomersforourmarketdata,whichroseto441.5thousandfrom377.7thousandinthepriorperiod,
withanotemadetothe18.8%riseintheaveragenumberofretailinvestors(nonprofessionalcustomers
forourmarketdata),to391thousandinthequartertoMarch2010from329thousandoneyearago.

Listingfees:revenuesofR$11.5million,or2.3%oftotalrevenuesinthequartertoMarch2010climbed
8.4%yearonyear,duemainlytoournewpricingpolicyonlistingfeeschargedfromissuersandoffering
registrationfees,whichtotaledR$670thousandintheperiod,anddidnotamounttorevenuesinthe1Q09.
Amountspaidinconnectionwiththisfee,aftertheclosingoftheoffering,willbeoffsetfromannualfees
paidbytheissuers.

Depository / Custody / Back Office: 1Q10 revenues of R$20.4 million (4.0% of total revenues) went up
27.1%yearonyearfromR$16.1millionforthesamequartertheyearbefore,asfollows:
9 Depositoryactivities:revenuesincreasetoR$16millionor34.5%yearonyearfrom11.9millionin
the1Q09,duemainlytotheadditionalfeewenowchargeonthevalueofassetsundercustody
(exceptforforeigninvestors),whichwasimplementedinMay2009and,additionally,dueto4.8%
yearonyeargrowthintheaveragenumberofcustodyaccounts(to581.3thousandfrom554.7
thousandpreviously);
9 Treasury Direct (Tesouro Direto): 4.7% year on year drop, to R$3.2 million from R$3.4 million
earlier.

Securitieslending:1Q10revenuesofR$10.5millionaccountedfor2.1%oftotalrevenuesanda71.7%year
onyearsurgewhencomparedtoR$6.1millionforthesamequarterin2009,primarilyduetoa29%risein
thefinancial valueofopeninterestpositionspushinguptheaveragefinancial valueby113.0%toR$18.9
billion from R$8.9 billion in the same quarter one year ago, and also as a result of the market rebound
whichdrovevolumesup29%,to208.8thousandtransactionsfrom161.6thousandpreviously.

RevenuesfromdividendspaidbytheCMEGroupamountedtoR$2,435thousandin1Q10andR$5,371thousandin
1Q09.

5/13

OperatingExpenses

OperatingexpensesforthequartertoMarch2010amountedtoR$136,6million,representing8.2%year
onyearfalland14.8%quarteronquarterdrop.AsadjustedtoeliminateexpensesofR$9.0millionwith
the employee stock options plan and R$12.1 million in depreciation expenses, operating expenses
totaledR$115.5million,rising12.1%yearonyearanddeclining13.1%quarteronquarter.
Themainchangesintheoperatingexpenseslineitemwerethefollowing:

Personnel: 1Q10 expenses with personnel totaled R$63.7 million, or 25.4% year on year decline, which
correlatesmainlywithterminationcostsofR$18.0millionincurredinthefirstquarterof2009,andadrop
to R$9.0 million in expenses with the stock options plan due to employee terminations in the quarter to
March2010,ascomparedtoR$18.8milliononeyearago.
Asadjustedtoeliminateexpenseswiththestockoptionsplanandemployeeterminationsinthequarterto
March 2009, operating expenses increased by 12.4% to R$54.7 million from R$48.7 million, which is
partially due to the effects of annual salary adjustments. Notwithstanding this, when compared to 4Q09,
adjustedpersonnelexpensesforthequartertoMarch2010dropped6.7%duetoatypicaleventsoccurred
in 4Q09, i.e., agreement with the workers union concerning overtime payments and certain employee
terminations.

Dataprocessing:dataprocessingexpensesfell20.3%yearonyear,toR$21.3million,duetoreductionin
expenses related to equipment maintenance and a review of the schedule for implementation of certain
projects.

Thirdpartyservices:outsourcedservicesincreased5.7%yearonyeartoR$9.6million;and

Promotion and marketing: marketing expenses surged 132.5% year on year to R$5.3 million, due to our
concentratedactionscalledforunderour2010marketingandfinancialeducationprograms.

Otherexpenses:expensesunderthislineitemtotaledR$12.6million,versusR$5.5millioninthequarterto
March2009,ayearonyearincreaseof128.1%due:
9 R$3.7 million correlate with intangibles written off (Capex reversal) in connection with
discontinuedprojectsstarted2008and2009;
9 R$1.9million:receivablespreviouslyprovisionedbyBVRJinconnectionwithlitigationrelated
toclaimsinvolvingBVRJsguaranteefund;
9 R$1.0million:laborrelatedprovisions;and
9 R$ 1.2 million: contributions and donations, such as payments made to Associao BRAIN
(BrasilInvestimentos&Negcios),aregionalfinancialcenterproject.

6/13

MAINRECENTDEVELOPMENTS

Pricingpolicyandotherdevelopments
WehaveannouncedthenewdepositoryfacilityfeeschedulewhichweplantoimplementinJune2010.
This new fee schedule is the result of comprehensive work regarding the fee structure for depository
servicesperformed with the aim of eliminating crosssubsidies involving different services weprovide.
Stages2and3ofthefeescheduleandimplementationplanpreviouslyannouncedhavebeencancelled.
AsofMarch2010weimplementedchangestoourpolicyonunexecutedorderfees,pursuanttowhich
wereducedtoR$0.03(fromR$0.04)thefeewechargeonunexecutedordersenteredintheMegaBolsa
system,whilehavingincreasedtoeight(fromsix)theratioofunexecutedordersperexecutedtrade.
Started on April 8, 2010, we have ongoing discussions with market participants regarding the
implementation of a new pricing policy for high frequency trading. The outcomes regarding this
discussionanditsimplementationschedulewillbereleasedsoon.
On April 26,2010, we approvedthe listing regulation for the trading of Unsponsored Level 1 Brazilian
Depositary Receipts Level 1 BDRs in Brazil. With the aim of ensuring institutions that wish to
participateinthismarketcandosounderfairconditions,wewillbeconductingacompetitivebidding
processfortheregistrationandlistingofUnsponsoredBDRsLevel1.Thisnotwithstanding,inviewofthe
invaluable cooperation we received from the Deutsche Bank S.A during the project development, we
have authorized it to fileprior registration application for Unsponsored BDRs Level 1 representing the
followingunderlyingstocks.

Stockissuer
1.AppleInc.

2.GoogleInc.

3.BankofAmericaCorporation
4.ArcelorMittalCIAAds

5.GoldmanSachsGroupInc.
6.BillitonLimitedCommon
7.WalMartStoresInc.

8.ExxonMobilCorporation
9.McDonaldsCorp

10.PfizerInc.

Primarylisting
NasdaqGS
NasdaqGS
NyseEuronext
NyseEuronext
NyseEuronext
NyseEuronext
NyseEuronext
NyseEuronext
NyseEuronext
NyseEuronext

Technologydevelopments
Started from April 9, 2010, we implemented the new version of our MegaDirect gateway system for
connection and order routing to the MegaBolsa system, with new functionality and improved
connectivity.ThisfollowsMegadirectV1,launchedbackinOctober2009,whichbroughtlatencytenfold
downfrompreviousGateways.
On April 13, 2010, we announced our partnership with Trading Technologies TT, a trading screen
providerwhoseserverwewillhostatourdatacenterunderacolocationarrangement,forTTcustomer
togaindirectaccessourtradingsystems.

7/13

Dated April 16, 2010, we announced the improvements to the Financial Community Communication
Network,orRCCF,andtheBM&FBOVESPACommunicationNetwork,orRCB,designedtolowersystem
latencybothformarketdatafeedsandfortradingpurposes.
AsofMarch9,2010,wehavelicensedSunGardGlobalTrading(formerlyGLTrade)tooperateasDMA
ProviderforthederivativesmarketsoftheBM&Fsegment.
DatedMarch3,2010,welaunchedSinacor+,anupgradeversionofthebrokersmanagementintegrated
system software we developed, which presents new and improved functionalities and manages back,
middleandfrontofficeactivities.Welicenseoursoftwaretomarketparticipants.

AnalysisofOperatingData
BM&FSegment
Average daily volume traded: volume increased by 66.7% year on year, to average 2.45 million daily
contractsfrom1.47millionin1Q09,witha57.4%quarteronquarterrise.Thehighlightfortheperiodwere
BRLinterestratecontracts,whichclimbed86.3%yearonyearto1,605.8thousandfrom861.8thousandin
thesameperiodoneyearago.VolumestradedinstockindexandFXderivativesrose17.0%and55.8%year
onyear.
Commodityderivatives: averagedaily volumetraded climbedby14.1%yearonyear and2.1% quarter on
quarter.Averagerevenuepercontractdropped9.6%yearonyearand19.9%quarteronquarter.Therisein
volume traded is due primarily to a 230% year on year surge in volume traded in cashsettled corn
derivatives, to 2.4 thousand daily contracts from 400 daily contracts previously. The decline in RPC when
comparedtoboth1Q09and4Q09isduemainlytothefluctuationsinexchangerate,whichaffectsRPCas
someofourfeesforcommoditiescontractsaredenominatedinU.S.dollars.
Averagerevenuepercontract(RPC):RPCforthequarterwasR$1.126,a16.3%yearonyearfalland15.5%
quarteronquarterdrop,ineithercaseduemainlytothefollowingfactors:
9 IncreaseinvolumestradedinBRLinterestratecontracts,inparticularshortertermcontractsfor
whichwechargelowerfees;
9 AppreciationoftheBrazilianrealagainsttheU.S.dollar,whichnegativelyimpactedrevenueper
contract for FX. USD interest rate and commodity derivatives, regarding which we charge fees
denominatedin,orbasedonU.S.dollars;and
9 Toalesserdegree,discountsontransactionfeeswhichwegranttoDMAusersandhigh
frequencytraders.

CMEGlobex:TheorderflowcomingthroughtheCMEGlobexroutingsystemreachedaveragevolumetraded
of171.0thousanddailycontracts(buy+sell),whichrepresents2.7%oftheoverallvolumeforMarch2010,
withapeakof176thousandcontractsinFebruaryand120thousandcontractsinJanuary.
High frequency trading: theorder flow from highfrequency traders reached a record high in March 2010,
with average 209 thousand daily contracts traded (buy + sell). Despite this record in volume, the share of
highfrequencytradingintheoverallvolumetradedwasjust3.5%duetotheequallyunprecedentednumber
ofBRLinterestratecontractstradedinthesamemonth,atypeofcontractcomparativelylessindemandby
these traders. In March 2010 high frequency traders accounted for 29.2% of the volume traded in index
8/13

based contracts, 58.7% of the volume traded in mini contracts and 7.3% of the volume traded in FX
contracts.

BovespaSegment
Average daily value traded: average daily value traded in 1Q10 amounted to R$6.6 billion, soaring 68.9%
overthesameperiodoneyearago,butarepresentinga3.5%quarteronquarterdrop.
Turnovervelocity:turnovervelocityclimbedto64.7%inthequarterpresentedfrom61.8%oneyearearlier,
howeverhavingretreatedfromthepriorquarterwhenitreached71.6%,duemainlytothehighturnoverof
October2009.
Average daily number of trades: The average daily number of trades for the quarter grew 46.0% year on
year, to 406thousandtrades versus278 thousandtradesone yearbefore. Likewise, theaveragerevenue
pertradewentuptoapproximatelyR$16.0thousandfromaboutR$14.0oneyearago.
Investors: Thenumber of active custody accounts closed the quarter at 581.0 thousand,or 6.1%up from
548.0thousandaccountsoneyearago,andaflatlinefrom576.0thousandinthepriorquarter.
Securitiesofferings:ThequartertoMarch2010recordedfiveinitialpublicofferings,whichwereconducted
byMultiplos,Aliansce,OSX,BRPropertiesandEcorodovias,inadditiontothreefollowonofferingsbyInpar,
PDG Realty and Gafisa, grossing aggregate proceeds of R$ 8.8 billion. In addition, in April 2010, two IPOs
(MillsandJulioSimes)andthreefollowonsofferings(JBS,EvenandHypermarcas)havebeencarriedout
which raised gross proceeds of R$ 4.3 billion. There are ten offerings in the pipeline (seven IPOs, three
followonsofferings).

Collaterals
CollateralspledgedbyparticipantsasofMarch31,2010,amountedtoanaggregateofR$123.3billion,up21.2%
fromtotalpledgedcollateralsofR$101.6billionatend2009.Thisquarteronquartergrowthisduetothehigh
volumestradedinourmarketsintheselasttwoquarters,inparticularthevolumestradedonBM&Fderivatives
markets,wherecollateralspledgedwentuptoR$76.9billioninthequartertoMarch2010,fromR$60.6billionin
theearlierquarter.

9/13

CONSOLIDATEDINCOMESTATEMENT
inthousandsofBRL

1Q10

1Q09

OperatingRevenues
Trading/ClearingSystemsBM&F
Derivatives
ForeignExchange
Securities
BrazilianCommoditiesExchange
BM&FBank
Trading/ClearingSystemsBovespa
Tradingfees
Clearingfees
SecuritiesLending
Listing
Depositaryandcustody
Tradingaccess(Brokers)
OtherOperatingRevenues
Vendors
Commoditiesclassificationfees
Others
Dividends
Revenuedeductions
PISandCofins
Servicetax
NetOperatingRevenues
OperatingExpenses
Personnel
Dataprocessing
Deprec.andAmortization
ThirdPartyServices
Maintenance
Communications
Leases
Supplies
Marketing
Taxes
BoardCompensation
Other
OperatingIncome
FinancialIncome
FinancialRevenues
FinancialExpenses
IncomebeforeTaxes
IncomeTaxandSocialContribution
IncomeTax
Deferredincometax
MinorityInterest
NetIncome
NetMargin
EBITDA
EBITDAMargin
Sharecount
Earningspershare

510,660
173,948
166,203
4,704
28
1,114
1,899
314,823
190,930
68,905
10,520
11,511
20,436
12,521
21,889
15,941
277
3,236
2,435
(51,532)
(45,887)
(5,645)
459,128
(136,632)
(63,718)
(21,266)
(12,130)
(9,637)
(2,682)
(5,971)
(665)
(472)
(5,328)
(1,145)
(1,048)
(12,570)
322,496
67,696
72,771
(5,075)
390,192
(107,843)
(495)
(107,348)
252
282,601
61.6%
334,626
72.9%
2,007,361,225
0.140782

351,918
130,547
121,434
5,692
44
1,406
1,971
200,503
113,732
44,464
6,127
10,621
16,084
9,475
20,868
11,521
215
3,761
5,371
(35,370)
(31,066)
(4,304)
316,548
(148,760)
(85,462)
(26,683)
(8,951)
(9,119)
(2,826)
(4,991)
(825)
(477)
(2,292)
(495)
(1,129)
(5,510)
167,788
67,859
74,303
(6,444)
235,647
(8,372)
(1,135)
(7,237)
(295)
226,980
71.7%
176,739
55.8%
2,000,012,441
0.113489

AdjustedNetIncome
AdjustedOperatingExpenses
AdjustedEBITDA
AdjustedEBITDAMargin
Adjustedearningspershare

403,248
(115,502)
343,626
74.8%
0.200885

245,739
(103,050)
195,498
61.8%
0.122869

10/13

Var.
1Q10/1Q09

4Q09

45.1%
33.2%
36.9%
17.4%
36.4%
20.8%
3.7%
57.0%
67.9%
55.0%
71.7%
8.4%
27.1%
32.1%
4.9%
38.4%
28.8%
14.0%
54.7%
45.7%
47.7%
31.2%
45.0%
8.2%
25.4%
20.3%
35.5%
5.7%
5.1%
19.6%
19.4%
1.0%
132.5%
131.3%
7.2%
128.1%
92.2%
0.2%
2.1%
21.2%
65.6%
1188.1%
56.4%
1383.3%
185.4%
24.5%

Var.
1Q10/4Q09

473,890
133,997
125,793
5,160
16
955
2,073
317,088
191,615
73,830
10,533
10,034
21,153
9,923
22,805
14,569
1,088
2,387
4,761
(49,131)
(43,347)
(5,784)
424,759
(160,372)
(74,124)
(31,186)
(12,012)
(17,303)
(2,865)
(6,969)
(984)
(740)
(5,947)
(994)
(1,367)
(5,881)
264,387
74,104
81,534
(7,430)
338,491
(118,371)
(1,410)
(116,961)
54
220,174
51.8%
89.3% 276,399
65.1%
2,004,766,312
24.0% 0.109825

7.8%
29.8%
32.1%
8.8%
75.0%
16.6%
8.4%
0.7%
0.4%
6.7%
0.1%
14.7%
3.4%
26.2%
4.0%
9.4%
74.5%
35.6%
48.9%
4.9%
5.9%
2.4%
8.1%
14.8%
14.0%
31.8%
1.0%
44.3%
6.4%
14.3%
32.4%
36.2%
10.4%
15.2%
23.3%
113.7%
22.0%
8.6%
10.7%
31.7%
15.3%
8.9%
64.9%
8.2%
366.7%
28.4%

64.1% 315,313
12.1% (132,866)
75.8% 291,893

27.9%
13.1%
17.7%

63.5% 0.157282

21.1%
12.0%
28.2%

27.7%

CONSOLIDATEDBALANCESHEET

(inthousandsofBrazilianreais)

ASSETS

3/31/2010

12/31/2009

CurrentAssets
Cashandcashequivalents
Financialinvestments
Accountsreceivablenet
Otherreceivablesnet
Taxesrecoverableandprepaid
Deferredinc.taxandsocialcontrib.
Prepaidexpenses

3,532,710
48,238
3,320,428
72,565
19,244
56,487
9,057
6,691

2,778,968
50,779
2,599,784
40,205
22,656
51,143
5,688
8,713

NoncurrentAssets

18,469,480

18,422,215

Longtermreceivables
Financialinvestments
Otherreceivablesnet
Deferredincometaxandsocialcontri
Judicialdeposits

748,986
616,412
4,555
41,860
86,159

715,951
585,648
4,555
40,853
84,895

Investments
Investmentinsubsidiarycompany
OtherInvestments

1,319,386

1,319,386

1,319,439

1,319,439

Propertyandequipment

278,277

268,895

Intangibleassets
Goodwill
Softwareandprojects

16,122,831
16,064,309
58,522

16,117,930
16,064,309
53,621

22,002,190

21,201,183

TOTALASSETS

LIABILITIESANDSHAREHOLDERS'EQUITY
CurrentLiabilities
Collateralfortransactions
Earnings/rightsonsecurit.incustody
Suppliers
Salariesandsocialcharges
Provisionfortaxesandcontrib.payable
Incometaxandsocialcontribution
Financing
Divid.andinterestonowncap.payable
Redemptionofpreferredshares
Otheraccountspayable
Revenuestoappropriate

3/31/2010

12/31/2009

1,645,579
1,171,426
31,490
27,588
37,916
23,972
780
9,065
62,816
1,839
246,992
31,695

1,162,075
810,317
31,897
21,443
43,237
24,616
3,697
9,295
20,839
1,839
194,895

424,727

313,002

Financing
163
DeferredIncomeTaxandSocialContrib. 372,784
Prov.forconting.andlegalobligations 51,780

2,495
261,060
49,447

NoncurrentLiabilities

Minorityinterestinsubsidiaries

16,378

16,357

Shareholders'Equity
Capital
Capitalreserve
Revaluationreserves
Legalreserve
Statutoryreserves
Treasurystock
Retainedearnings

19,915,506
2,540,239
16,675,489
23,406
3,453
706,119
(214,889)
181,689

19,709,749
2,540,239
16,666,489
23,551
3,453
706,119
(230,102)

22,002,190

21,201,183

TOTALLIAB.ANDSHAREHOLDERS'EQUITY

11/13

OPERATINGDATAFORTHEBM&FSEGMENT

AVERAGEDAILYTRADEDCONTRACTS(THOUSANDS)
Product

1Q10

1Q09

1Q10/1Q09(%)

4Q09

1Q10/4Q09(%)

BRLInt.ratecontracts

1,605.8

861.8

86.3%

800.8

100.5%

USDInt.ratecontracts

77.9

92.5

15.8%

83.2

6.4%

FXContracts

589.8

378.6

55.8%

494.1

19.4%

Indexbasedcontracts

85.2

72.8

17.0%

98.4

13.5%

Commoditycontracts

11.5

10.1

14.1%

11.3

2.1%

OTCcontracts

15.3

4.8

219.5%

13.8

11.1%

WebTrading

68.2

51.2

33.3%

57.6

18.4%

Total

2,453.6

1,471.7

66.7%

1,559.2

57.4%

AVERAGERATEPERCONTRACTRPC(BRL)
Product

1Q10

1Q09

1Q10/1Q09(%)

4Q09

1Q10/4Q09(%)

BRLInt.ratecontracts

0.838

0.886

5.4%

1.037

19.2%

USDInt.ratecontracts

1.218

1.554

21.6%

1.017

19.7%

FXContracts

1.929

2.422

20.4%

1.927

0.1%

Indexbasedcontracts

1.527

1.572

2.9%

1.577

3.2%

Commoditycontracts

1.878

2.077

9.6%

2.345

19.9%

OTCcontracts

1.526

2.192

30.4%

1.508

1.2%

WebTrading

0.134

0.185

27.7%

0.150

10.6%

Total

1.126

1.345

16.3%

1.333

15.5%

12/13

OPERATINGDATAFORTHEBOVESPASEGMENT

AVERAGEDAILYTRADEDVALUE(BRLMILLIONS)
1Q10/1Q09
1Q10
1Q09
(%)
StocksandEquityDeriv.

4Q09

1Q10/4Q09
(%)

6,598.2

3,906.2

68.9% 6,839.8

3.5%

6,110.1

3,622.5

68.7% 6,377.1

4.2%

488.1

283.7

72.0%

462.7

5.5%

Forwardmarket

157.9

66.6

137.0%

134.8

17.2%

Optionsmarket(stocks/indices)

330.2

217.1

52.1%

327.9

0.7%

1.4

1.8

24.5%

1.5

7.5%

6,599.6

3,908.1

68.9% 6,841.3

3.5%

Cashmarket
Derivatives

Fixedincomeandotherspotsecurities
Total

AVERAGEDAILYNUMBEROFTRADES
1Q10/1Q09
1Q10
1Q09
(%)
StocksandEquityDeriv.
Cashmarket
Derivatives
Forwardmarket
Optionsmarket(stocks/indices)
Fixedincomeandotherspotsecurities
Total

4Q09

1Q10/4Q09
(%)

406,420 278,324

46.0% 391,793

3.7%

326,660 216,645

50.8% 318,872

2.4%

79,761 61,678

29.3%

72,921

9.4%

1,923 937

105.3%

1,821

5.6%

77,838 60,742

28.1%

71,100

9.5%

10.4 8

35.8%

6.6

57.2%

46.0% 391,800

3.7%

406,431 278,331

OTHERSTATISTICALDATA
Product
Marketcapitalization(R$billions)

1Q10

1Q09

2,356

Averagemarketcapitalization(R$billions)

1,486

Variation(%)
1Q10/1Q09
58.6%

Variation(%)
1Q10/1Q09

4Q09
2,335

0.9%

2,331

1,441

61.7%

2,237

4.2%

IbovespaatClosing

70,372

40,926

71.9%

68,588

2.6%

IbovespaAverage

67,975

39,717

71.1%

65,997

3.0%

1,037

705

47.1%

873

18.9%

581

548

6.1%

576

1.0%

19

10

97.6%

16

22.9%

AssetsunderCustody(R$billions)
Numberofcustodyaccounts(inthousands)
Securitieslending
Openinterestpositions(R$billions)
Bovespalistings
TurnoverVelocity(annualized)

469

432

8.6%

434

8.1%

64.7%

61.8%

4.7%

71.6%

9.6%

TRADEMARGIN

(basispoints)

Market

1Q10

Equities

1Q09

4Q09

6.6

6.5

6.5

Cashmarket

6.0

5.9

5.9

Derivatives

14.0

14.0

14.2

Equityforwardcontracts
Equityandindexoptions(cashmarket)

13.0

13.0

13.2

14.5

14.3

14.7

6.6

6.6

6.5

TotalBOVESPA

13/13