PLANEJAMENTO ESTRATGICO 1 Confidencial Restrita Confidencial Uso Interno Pblico SEP/2014 X

BM&FBOVESPA Analyst Day

So Paulo, SP
BM&FBOVESPA Analyst Day SEP/14 2
Forward Looking Statements
This presentation may contain certain statements that express the managements expectations, beliefs and
assumptions about future events or results. Such statements are not historical fact, being based on currently
available competitive, financial and economic data, and on current projections about the industries BM&FBOVESPA
works in.
The verbs anticipate, believe, estimate, expect, forecast, plan, predict, project, target and other
similar verbs are intended to identify these forward-looking statements, which involve risks and uncertainties that
could cause actual results to differ materially from those projected in this presentation and do not guarantee any
future BM&FBOVESPA performance.
The factors that might affect performance include, but are not limited to: (i) market acceptance of BM&FBOVESPA
services; (ii) volatility related to (a) the Brazilian economy and securities markets and (b) the highly-competitive
industries in which BM&FBOVESPA operates; (iii) changes in (a) domestic and foreign legislation and taxation and
(b) government policies related to the financial and securities markets; (iv) increasing competition from new
entrants to the Brazilian markets; (v) ability to keep up with rapid changes in technological environment, including
the implementation of enhanced functionality demanded by BM&FBOVESPA customers; (vi) ability to maintain an
ongoing process for introducing competitive new products and services, while maintaining the competitiveness of
existing ones; (vii) ability to attract new customers in domestic and foreign jurisdictions; (viii) ability to expand the
offer of BM&FBOVESPA products in foreign jurisdictions.
All forward-looking statements in this presentation are based on information and data available as of the date they
were made, and BM&FBOVESPA undertakes no obligation to update them in light of new information or future
development.
This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall
there be any sale of securities where such offer or sale would be unlawful prior to registration or qualification
under the securities law. No offering shall be made except by means of a prospectus meeting the requirements of
the Brazilian Securities Commission CVM Instruction 400 of 2003, as amended.
BM&FBOVESPA Analyst Day SEP/14 3
BM&FBOVESPA Analyst Day
Schedule
OPENING
Edemir Pinto, Chief Executive Officer
PRODUCTS, CLIENTS AND PRICING POLICY
Eduardo Guardia, Chief Product and Investors Relations Officer
CLEARING BM&FBOVESPA AND CORE RISK MODEL
Ccero Vieira, Chief Operations Officer
TECHNOLOGICAL INFRASTRUCTURE DEVELOPMENT
Lus Furtado, Chief Technology Officer
FINANCIAL HIGHLIGHTS
Daniel Sonder, Chief Financial and Corporate Affairs Officer
Q&A SESSION
BM&FBOVESPA Analyst Day SEP/14 4
BM&FBOVESPA Analyst Day
Schedule
OPENING
Edemir Pinto, Chief Executive Officer
PRODUCTS, CLIENTS AND PRICING POLICY
Eduardo Guardia, Chief Product and Investors Relations Officer
CLEARING BM&FBOVESPA AND CORE RISK MODEL
Ccero Vieira, Chief Operations Officer
TECHNOLOGICAL INFRASTRUCTURE DEVELOPMENT
Lus Furtado, Chief Technology Officer
FINANCIAL HIGHLIGHTS
Daniel Sonder, Chief Financial and Corporate Affairs Officer
Q&A SESSION
BM&FBOVESPA Analyst Day SEP/14 5

REVENUE
GROWTH AND
DIVERSIFICATION
OPERATING
EXCELLENCE
FOCUS ON THE
CUSTOMER
INSTITUTIONAL
STRENGTHENING
Strategic Drivers
BM&FBOVESPA Analyst Day SEP/14 6
Markets and Products Development
Searching opportunities to accelerate growth
Pursuit of excellence in customer
service and in developing
products and markets
Main goals
Customer segmentation and
relationship strengthening
To identify market demands and
trends
To link internal and external efforts
(regulators and partners)
To increase efficiency and
assertiveness in addressing market
needs
To execute the companys
commercial and pricing policies
BM&FBOVESPA Analyst Day SEP/14 7
Products and Services Development
Commercial and development areas
Active stance in relationship with customers and in identifying
trends and demands
Segmentation:
regulation, distinct
needs and demands
Local
Institutional
Investors
Banks
Insurers
Agribusiness
Foreign
Investors
Companies
Listed and
Unlisted
Examples of demands and discussions
Securities lending
Treatment of corporate actions; control improvements for the
participants, and tax treatment
Fixed income / OTC derivatives
Strengthening the CCP service and gains from the optimization of
deposited margin due to CORE; new securities on the registration
platform
New products
Fixed income ETFs
Derivatives: inflation, foreign index and agribusiness futures
New listings
Small and medium enterprises (SMEs) and unsponsored BDRs
Attracting new foreign customers
Conversations with MMs and HFTs that do not operate in Brazil yet
Dissemination of the securities lending platform
Regulatory discussions
ICVM 409 reform (qualified investor) and ICVM 476 (restricted
distribution)
BM&FBOVESPA Analyst Day SEP/14 8
Products and Services Development
Focus on the customers demands and needs
Long-term development of products, markets and services
Greater liquidity for listed products
Development of infrastructure for expansion of MM and HFT activity
Capital efficiency generated by CORE enables/encourages the realization of new strategies
Development of the securities lending platform
Marketing listed products and attracting new customers

Expanding the retail investor base
Incentive program with market participants
Expanding the portfolio to attend to the investment profile of individuals (Tesouro Direto, Fixed
Income ETFs, FIIs ...)
Discussion about tax treatment simplification in the equities market

Capture of institutional investors diversification into foreign securities
Listing of foreign securities (non-sponsored BDRs and Foreign Index ETF)
Cross-listing of futures contracts
BM&FBOVESPA Analyst Day SEP/14 9
Products and Services Development
Focus on the customers demands and needs
Greater number of listed companies
Discussions with the Government to encourage and facilitate IPOs by SMEs
Financial education for entrepreneurs and support in the companys planning

Fixed Income and OTC markets (product, market and revenue diversification)
Securities registration: (i) marketing of already-available products (CDB, LCA, LCI and COE); ii) new
products (CDB - new types, Financial Bills, COE - physical delivery and repos)
OTC Derivatives: (i) benefits of CORE; (ii) SWAPs and Flexible Options migration to the new
platform (flexibility and operational efficiency); and (iii) development of SWAPs with cash flow
Corporate bonds: (i) acceptance of securities with restricted distribution efforts (ICVM 476); and
(ii) migration of trading to PUMA

Constant fee structure and incentive improvements
Use of pricing policies and incentives as important tools for the development of products,
markets and services, as well as alignment with market participants
Review and monitoring of existing pricing and incentives policies
Long-term development of products, markets and services
BM&FBOVESPA Analyst Day SEP/14 10
Honing of
BM&FBOVESPAs
pricing policy and
incentives
Creation of an
organizational
structure for fees
BOVESPA seg. (disc.
per volume day-trade
and rebalancing)
Rebalancing
trading/pos- trade
2009 2010 2011 2012 2013 2014
Incentive program
for Tesouro Direto
Annual fee adjustment
for issuers
2008
Market Data Pricing
Policy
Charges on
Depository amount in
balance
OTC Products
Products and Services Development
Evolution and governance of pricing policy structure
Markets and products development
Models review
Discounts review
Price recomposition
Pricing new products
BM&F seg. (prices
per volume tiers)
Main drivers
Incentive program for
retail base
BOVESPA seg. (volume
discount for HFTs)
BM&F seg. (disc. over
exchange fees for
HFTs)
2015...
Announc. pricing
revision for
Market Data,
Issuers, DMA
(BM&F seg.) and
Sec. Lending
BM&FBOVESPA Analyst Day SEP/14 11
Products and Services Development
Recent changes in pricing policy and incentives
Products / Market Main changes
SECURITIES LENDING
Elimination of 0.05% incentive for national lenders (settlement rate for
voluntary loan maintained at 0.25% p.a.)
DMA
Elimination of 10% discount for trades via DMA in Derivatives Market
(BM&F Segment)
MARKET DATA Price recomposition and pricing of new products and services
ISSUERS
Elimination of analysis fee discount on the annual fee
Creation of analysis fee for Public Tender Offers, IPOs and Follow-ons
BM&FBOVESPA Analyst Day SEP/14 12
Tax treatment for Retail Investors
BM&FBOVESPA and the Brazilian IRS are developing a
proposal to simplify tax treatment for individual investors
in equities market
Fixed income ETFs
Tax treatment definition
Incentives for SMEs
Tax exemption on capital gains; reduction of maintenance
costs of publicly-held companies; restricted distribution
offering, and entrepreneurial and management
qualification programs
Securities Lending
Tax treatment clarification on payouts(dividends and
interest on capital)
Addressing important issues to foster the long-term development of the
Brazilian capital market
Development Discussions with the Government
Creating incentives and addressing important issues


BM&FBOVESPA Analyst Day SEP/14 13
BM&FBOVESPA Analyst Day
Schedule
OPENING
Edemir Pinto, Chief Executive Officer
PRODUCTS, CLIENTS AND PRICING POLICY
Eduardo Guardia, Chief Product and Investors Relations Officer
CLEARING BM&FBOVESPA AND CORE RISK MODEL
Ccero Vieira, Chief Operations Officer
TECHNOLOGICAL INFRASTRUCTURE DEVELOPMENT
Lus Furtado, Chief Technology Officer
FINANCIAL HIGHLIGHTS
Daniel Sonder, Chief Financial and Corporate Affairs Officer
Q&A SESSION
BM&FBOVESPA Analyst Day SEP/14 14
Clearinghouses Integration and the New Risk Model (CORE)
Post-trade environment after Bovespa-BM&F merger
The BM&FBOVESPA post-trade environment results from the
historical evolution and merger of Bovespa and BM&F
Markets CCP for the following products
Equities, Equity
Derivatives, Corporate
Bonds
Cash equities market, ETFs and BDRs
Corporate bond cash market
Options on single stocks and forwards
Securities Lending (BTC)
Derivatives

Options and futures on BRL Interest Rates, FX, Inflation Indices, Equity Indices and
agribusiness, energy and metal commodities
OTC derivatives (swaps and flexible options)
Foreign Exchange FX spot market (BRL vs. USD)
Government Bonds Cash market & forward market for government bonds and Repos
BM&FBOVESPA Analyst Day SEP/14 15
Clearinghouses Integration and New Risk Model (CORE)
Post-trade environment evolution
Organization of the post-trade
environment by types of assets/products
4 rulebooks and
4 manuals.
4 participant
structures
4 systems /
back-office
processes
4 systems /
processes for risk
management
4 pools of
collateral
4 settlement
windows and 4
multilateral
balances
4 distinct
environments /
IT architectures
4 registration
systems for
participants and
clients.
OTC
derivatives
Corporate
fixed income
Interbank spot
foreign
exchange
Futures, options,
forwards
Securities
lending
Other products
and assets
Equities, ETFs,
BDRs
Rules and Manuals
Structure of market participants
Participants and customer registration
Allocation and transfer
Position control
Clearing and settlement
Risk management
Pool of collateral
Government
Bonds
Organization of the post-trade
environment by process
Exchange and market
participation cost
reduction
Liquidity management
improvement
More efficient
allocation of capital by
investors
Operational and
technological risk
reduction
BM&FBOVESPA Analyst Day SEP/14 16
Clearinghouses Integration and New Risk Model (CORE)
Benefits from Clearinghouse integration
1. DETERMINING
THE CLOSEOUT
STRATEGY
T+0 T+1 T+2 T+3 T+4 T+N
...
Defines the portfolio closeout strategy which,
respecting the settlement restrictions of the
portfolio of assets/markets, should minimize
the risk of a loss associated with the closeout
process, preserving existing hedge strategies
2. RISK EVALUATION
T+0 T+1 T+2 T+3 T+4 T+N
...
Defines the (stress) scenarios associated with
the dynamics of each risk factor relevant to
the portfolio. All assets and contracts are
reevaluated considering the scenarios defined
in this step (full valuation).
3. POTENTIAL P&L
CALCULATION
T+0 T+1 T+2 T+3 T+4 T+N
...
Calculates and aggregates intertemporally P&L
associated with each scenario, considering the
defined closeout strategy
CLOSEOUT RISK
Result: Two risk measuresmarket and
liquiditythat are estimated both jointly and
consistently
PERMANENT LOSS TRANSIENT LOSS
OVERVIEW: CLOSEOUT RISK CALCULATION IN THREE STEPS
BM&FBOVESPA Analyst Day SEP/14 17
2014
Clearinghouses Integration and New Risk Model (CORE)
Timeline project evolution
Publication of a White Paper proposing the unification of BM&FBOVESPAs Clearinghouses

BM&FBOVESPA and IBM: survey into international trends in clearing processes and
technology and the drawing up of a benchmark clearing house model

Visit by international clearing houses and vendors:
DTCC, CME, Nasdaq-OMX, Deutsche Brse, Euroclear, LCH.Clearnet
Atos Origin, Sungard, Chi-Tech, Calypso, Markit, Fortis, Millenium and Cinnober

Analysis of the degree of adherence of each vendor/Clearinghouse to the created
benchmark and the assessment of commercial and strategic aspects

Short-list of vendors: Cinnober, Calypso and Millenium

2013 2012 2011 2010
BM&FBOVESPA Analyst Day SEP/14 18
Development of a concept test for the Cinnober systems and other candidates at the
BM&FBOVESPA Data Center
Mini prototype of a Clearinghouse
Implementation of selected products
Functional and non-functional testing
Contracting of Cinnober
Transfer of source code
Transfer of know-how
Exclusivity in Brazil
Other exchanges commercialization rights of the system
Start of the development of systems of (Oct/2011)
Registration of participants, registration of instruments
Capture, allocation, give-up, position control, fee structure, settlement
Price calculator, margin calculation, intraday risk, collateral, back-test
Information services, legacy systems
2014 2013 2012 2011 2010
Clearinghouses Integration and New Risk Model (CORE)
Timeline project evolution
BM&FBOVESPA Analyst Day SEP/14 19
Continuation of IT development

Contracting of the Finance Concepts consulting firm to aid the risk systems
development
Marco Avellaneda NYU (Quant of the Year in Risk Magazine)
Rama Comt Columbia University

Official presentation of the project to the board and president of BACEN

Official launch of the project at an event with the participation of BACEN, CVM,
FEBRABAN, ANBIMA and 400 guests
2014 2013 2012 2011 2010
Clearinghouses Integration and New Risk Model (CORE)
Timeline project evolution
BM&FBOVESPA Analyst Day SEP/14 20
Continuation of IT development

Submission to BACEN of the rules and manual of the new Clearinghouse
Access Rules
Access Manual
BM&FBOVESPA Clearinghouse Rules
BM&FBOVESPA Clearinghouse Operating Procedures Manual
BM&FBOVESPA Clearinghouse Risk Management Manual

Start of participant certification
Starts in July 2013
Staggered opening to the market of the systems modules
Complete integrated tests as of November 2013
Execution of the mandatory testing script as of December 2013
2014 2013 2012 2011 2010
Clearinghouses Integration and New Risk Model (CORE)
Timeline project evolution
BM&FBOVESPA Analyst Day SEP/14 21
Continuation of the certification of participants

Start of parallel production in April

11 parallel production cycles
Data migration at the weekend
Old and new Clearinghouses running in parallel on Monday, Tuesday and Wednesday
Checking of trades, positions and settlement prices
Checking of risk calculation through an independent prototype

Disaster recovery test

Approval by BACEN of the New Clearinghouses rules and systems

Implementation of the new Clearinghouse on August 18, 2014
2014 2013 2012 2011 2010
Clearinghouses Integration and New Risk Model (CORE)
Timeline project evolution
BM&FBOVESPA Analyst Day SEP/14 22
Clearinghouses Integration and New Risk Model (CORE)
Derivatives clearinghouse migration results
Roughly R$20 billon released in collateral

R$15 billion reduction in required collateral

R$5 billion increase to the value of deposited
collateral

R$12 billion withdrawn in the early days of
activity

More than 5,000 margin simulation exercises
per day
BM&FBOVESPA Analyst Day SEP/14 23
New Risk Model (CORE) derivatives market
Simulations of positions and required collateral
FX DERIVATIVES POSITIONS
# Position 1 Position 2
Position 1
Collateral
(R$)
Position 2
Collateral
(R$)
Collateral
Sum (R$)
Collateral
Strategy
(R$)
Efficiency
(%)
1
Buy 1 FX future 1
month maturity
Sell 2 USD calls at the
money 1 month
maturity
14,392.24 52,117.39 66,509.63 40,260.78 -39%
2
Sell 1 FX future 1
month maturity
Sell 2 USD puts at the
money 1 month
maturity
14,372.09 30,457.36 44,829.46 25,805.53 -42%
3
Buy 1 FX future 1
month maturity
Sell DI X DOL swap 1
month maturity
14,392.24 28,965.85 43,358.09 27,604.17 -36%
4
Buy 1 USD call at
the money 1 month
maturity
Sell 1 USD call at the
money 2 months
maturities
0.00 26,107.45 26,107.45 1,125.75 -96%
5
Buy DI X DOL swap 1
month maturity
Sell 1 USD call at the
money 1 month
maturity
12,927.47 26,058.69 38,986.16 26,058.70 -33%
BM&FBOVESPA Analyst Day SEP/14 24
IBOVESPA (INDICE) DERIVATIVES POSITION
# Position 1 Position 2
Position 1
Collateral
(R$)
Position 2
Collateral
(R$)
Collateral
Sum (R$)
Collateral
Strategy
(R$)
Efficiency
(%)
1
Buy 1 IBV future 1
month maturity
Sell 2 IBV calls at
the money 1
month maturity
9,978.51 21,866.37 31,844.89 22,898.02 -28%
2
Sell 1 IBV future 1
month maturity
Sell 2 IBV puts at
the money 1
month maturity
9,965.79 28,686.52 38,652.31 27,298.53 -29%
3
Buy 1 IBV future 1
month maturity
Sell DI X IBV swap
1 month maturity
9,978.51 13,897.11 23,875.62 19,014.06 -20%
4
Buy 1 IBV call at the
money 1 month
maturity
Sell 1 IBV call at
the money 2
month maturities
0.00 11,938.80 11,938.80 2,321.21 -81%
5
Buy DI X IBV swap 1
month maturity
Sell 1 IBV call at
the money 1
month maturity
18,989.09 11,906.08 30,895.17 19.957.02 -35%
6
Sell 1 IBV future 1
month maturity
IBV ETF deposited
as collateral
9,886.34 2,477.20 12,363.54 8,874.32 -28%
New Risk Model (CORE) derivatives market
Simulations of positions and required collateral
BM&FBOVESPA Analyst Day SEP/14 25
BRL INTEREST RATES (DI) DERIVATIVES POSITION
# Position 1 Position 2
Position 1
Collateral
(R$)
Position 2
Collateral
(R$)
Collateral
Sum (R$)
Collateral
Strategy
(R$)
Efficiency
(%)
1
Sell 1 DI future 1
year maturity
Sell 2 IDI call at the
money 1 year
maturity
1,352.44 8,199.29 9,551.73 8,254.90 -14%
2
Buy 1 DI future 1
year maturity
Sell 2 IDI put at the
money 1 year
maturity
1,462.51 5,973.76 7,436.27 5,059.93 -32%
3
Buy 1 DI future 1
year maturity
Sell DI X PRE swap 1
year maturity
1,462.51 2,818.85 4,281.36 3,286.75 -23%
4
Buy 1 IDI call at the
money 1 year
maturity
Sell 1 IDI call at the
money 1.5 year
maturity
0.00 4,950.55 4,950.55 2,475.91 -50%
5
Buy DI X PRE swap
1 year maturity
Sell 1 IDI call at the
money 1 year
maturity
2,818.85 4,099.65 6,918.50 4,099.65 -41%
6
Sell 1 DI future 1
year maturity
LTN deposited 1 year
maturity as collateral
1,348.03 13.46 1,361.49 1,333.93 -2%
New Risk Model (CORE) derivatives market
Simulations of positions and required collateral
BM&FBOVESPA Analyst Day SEP/14 26
AGRIBUSINESS DERIVATIVES POSITION LIVE CATTLE
# Position 1 Position 2
Position 1
Collateral (R$)
Position 2
Collateral
(R$)
Collateral
Sum (R$)
Collateral
Strategy
(R$)
Efficiency
(%)
1
Buy 1 live cattle future
1 month maturity
Sell 2 live cattle call at
the money 1 month
maturity
1,513.22 5,122.21 6,635.42 6,264.55 -6%
2
Sell 1 live cattle future 1
month maturity
Sell 2 live cattle put at
the money 1 month
maturity
1,459.98 4,119.83 5,579.81 5,067.12 -9%
3
Buy 1 live cattle call at
the money 1 month
maturity
Sell 1 live cattle call at
the money 2 month
maturities
0.00 2,566.52 2,566.52 693.91 -73%
# Position 1 Position 2
Position 1
Collateral
(R$)
Position 2
Collateral
(R$)
Collateral
Sum (R$)
Collateral
Strategy
(R$)
Efficiency
(%)
1
Buy 1 coffee future
1 month maturity
Sell 2 coffee call at the
money 1 month maturity
5,056.81 16,169.32 21,226.13 15,218.66 -28%
2
Sell 1 coffee future
1 month maturity
Sell 2 coffee put at the
money 1 month maturity
4,988.16 23,750.46 28,738.61 22,093.67 -23%
3
Buy 1 coffee call 1
month maturity
Sell 1 coffee call at the
money 2 month
maturities
0.00 10,413.74 10,413.74 2,387.78 -77%
New Risk Model (CORE) derivatives market
Simulations of positions and required collateral
AGRIBUSINESS DERIVATIVES POSITION - COFFEE
BM&FBOVESPA Analyst Day SEP/14 27
# Position 1 Position 2
Position 1
Collateral
(R$)
Position 2
Collateral
(R$)
Collateral
Sum (R$)
Collateral
Strategy
(R$)
Efficiency
(%)
1
Buy 1 corn future 1
month maturity
Sell 2 corn call at the
money 1 month
maturity
759.39 1,847.66 2,607.05 1,859.93 -29%
2
Sell 1 corn future 1
month maturity
Sell 2 corn put at the
money 1 month
maturity
704.20 2,275.20 2,979.40 2,348.57 -21%
3
Buy 1 corn call at
the money 1 month
maturity
Sell 1 corn call at the
money 2 month
maturities
0.00 1,188.86 1,188.86 543.54 -54%
New Risk Model (CORE) derivatives market
Simulations of positions and required collateral
AGRIBUSINESS DERIVATIVES POSITION - CORN
BM&FBOVESPA Analyst Day SEP/14 28
BM&FBOVESPA Analyst Day
Schedule
OPENING
Edemir Pinto, Chief Executive Officer
PRODUCTS, CLIENTS AND PRICING POLICY
Eduardo Guardia, Chief Product and Investors Relations Officer
CLEARING BM&FBOVESPA AND CORE RISK MODEL
Ccero Vieira, Chief Operations Officer
TECHNOLOGICAL INFRASTRUCTURE DEVELOPMENT
Lus Furtado, Chief Technology Officer
FINANCIAL HIGHLIGHTS
Daniel Sonder, Chief Financial and Corporate Affairs Officer
Q&A SESSION
BM&FBOVESPA Analyst Day SEP/14 29
Project
+400 employees involved; 23 simultaneous projects
46 legacy systems were deprecated and 31 new other were
installed
Almost 1,000 new servers (physical and virtual)
State-of-the-art technology; Trade technology applied to Post-
Trade
Multiple stakeholders
+65 market participants (the majority adopts SINACOR)
+20 workshops
6 months of certification tests
Partnership with regulators (BACEN and CVM)

Consistent and safe migration
11 parallel production cycles
Low occurrence of incidents
Multiple records of trades in the BM&F segment
Sept 09 261,314 trades
Sept 12 292,669 trades
BM&FBOVESPA Clearinghouse
Challenges in the implementation of the derivatives phase
Highlights of the first phase of Clearinghouses Integration
PUM
A
TRS RTC
SDM
P
A
R
T
I
C
I
P
A
N
T
E
S

/

B
A
C
E
N

MF
XML
NEG
XML
ESP
EC
FIX
ML
ARQ
SPE
C
BMF
SER
VI
OS
TR/T
A
CIP
SMP
MTA/
XFB
MQ MUM
NGA
COR
E
NEA
R
SLF
LNR
PLF
LFC
Fee/B
RM
TAX
SI
C
O
R
P
SITE
CORP
ADAP
TER
SINC
AD
DFSC
ORPA
GA
RISC
O
CLF
LNR
LFC
STB
MUM
MF
MQ
BMFI
NFRA
P
LIG
SG
G
LI
G
S
G
G
TF
DIN
IPN
CED
CEI
SI
RGT
MU
M
C
A
BM
FC
A
CAU
CA
S
PD
CAC
Ra
da
r
MUM
STB
Blc
RRT
R
T
CONTR
OL-M
CLS
PUM
A
TRS RTC
SDM
P
A
R
T
I
C
I
P
A
N
T
E
S

/

B
A
C
E
N

MF
XML
NEG
XML
ESP
EC
FIX
ML
ARQ
SPE
C
BMF
SER
VIO
S
TR/T
A
CIP
SMP
MTA/
XFB
MQ MUM
NGA
COR
E
NEA
R
SLF
LNR
PLF
LFC
Fee/B
RM
TAX
SI
C
O
R
P
SITE
CORP
ADAP
TER
SINC
AD
DFSC
ORPA
GA
RISC
O
CLF
LNR
LFC
STB
MUM
MF
MQ
BMFI
NFRA
P
LIG
SG
G
LI
G
S
G
G
TF
DIN
IPN
CED
CEI
SI
RGT
MU
M
C
A
BM
FC
A
CAU
CA
S
PD
CAC
Ra
da
r
MUM
STB
Blc
RRT
R
T
CONTR
OL-M
CLS
BM&FBOVESPA Analyst Day SEP/14 30
The risk systems (CORE and NEAR) demand complex development
Require robust and sophisticated infrastructure
As an example, calculate and process +1.3bn instrument prices
We have built a dedicated Simulation environment, meeting demands from market participants
The simulator can be used by screen or by messages and files
Production
Simulation
BM&FBOVESPA Clearinghouse and CORE
New services for the market
Deepening the relationship with participants
# of transactions simulated (in thousands)
BM&FBOVESPA Analyst Day SEP/14 31
The derivatives phase represented an important step and now we
have a new and complex challenge ahead
BM&FBOVESPA Clearinghouse
Challenges in the implementation of the equities phase

Examples of new developments needed for the equities
phase
Integration with the CSD
Settlement of securities (restrictions, failures, integration
with securities lending system)
Securities lending
Covered options and forward transactions
Corporate actions (split, reverse split, dividends / interest
on capital and others)
Unification of registration system procedures
Settlement window unification
Higher volumes
Risk more risk factors, higher volume of calculations

BM&FBOVESPA Analyst Day SEP/14 32
New Data Center
Expanding capacity and greater operational efficiency
Feb/13 Jun/13 Oct/13
New data center will allow IT infrastructure consolidation and the
expansion of services provided to customers
2Q14: Conclusion of commissioning
2H14: Infrastructure (installation of racks and telecoms infrastructure, cabling)
1H15: Connectivity with participants and with other Data Centers; NPROD environments migration
2H15: Certification and parallel production environment for the equities phase of the BM&FBOVESPA
Clearinghouse
BM&FBOVESPA Analyst Day SEP/14 33
Migration of corporate fixed-income trading
(BovespaFIX / SOMA FIX) to PUMA
Volatility bands for the BOVESPA segment,
preventing distortions generated by sudden price
changes in a very short timeframe
Changes to the Ibovespa methodology
Beginning of the migration to the new trading screen
Estao ePUMA in the BOVESPA segment
(elimination of performance bottlenecks of the
current screen)
Conclusion of the migration to the new trading
screen in BM&F segment (eliminating performance
bottlenecks)
Volatility bands for the BM&F segment
New system for indice calculation (replacing the
current system licensed from Euronext)
MM Structure: new monitoring system, allowing the
expansion and protections of MM programs (avoids
undue executions of orders at times of high volatility)
New market data system (for low investment
customers)
Evolution of the LiNe pre-trade risk system (new
features; lower latency and standard deviation)
New contingency FIX session for orders cancellation
PROJECTS SUCCESSFULLY COMPLETED ONGOING MAINTENANCE
Continuous Development of the PUMA Platform
High availability and constant evolution
RESILIENCE AND AVAILABILITY
438 uninterrupted trading days*
* Until Sep. 26, 2014
BM&FBOVESPA Analyst Day SEP/14 34
PUMA Platform
High availability and performance
BM&F segment
BOVESPA segment
Capacity and resilience of the system tested in times of high
volatility and message peaks
The entire trading infrastructure must be
adequately sized for peak message traffic:

BOVESPA Segment Apr. 29th
Peak of msgs/min: 619,063
Average msgs/min: 60,000 - 70,000

BM&F Segment Aug. 13th
Peak of msgs/min: 85,388
Average msgs/min: 7,000 - 8,000
BM&FBOVESPA Analyst Day SEP/14 35
BM&FBOVESPA Analyst Day
Schedule
OPENING
Edemir Pinto, Chief Executive Officer
PRODUCTS, CLIENTS AND PRICING POLICY
Eduardo Guardia, Chief Product and Investors Relations Officer
CLEARING BM&FBOVESPA AND CORE RISK MODEL
Ccero Vieira, Chief Operations Officer
TECHNOLOGICAL INFRASTRUCTURE DEVELOPMENT
Lus Furtado, Chief Technology Officer
FINANCIAL HIGHLIGHTS
Daniel Sonder, Chief Financial and Corporate Affairs Officer
Q&A SESSION
BM&FBOVESPA Analyst Day SEP/14 36
Intangibles value disregards goodwill; 2014 data related to June, 2014.
Financial Highlights
Expenses control discipline without sacrificing business development
The CAPEX program initiated in 2010 renewed the Company's IT,
operations and service platform
268
204
258
289
230-260
190-220
2010 2011 2012 2013 2014E 2015E
NEW
DATA CENTER
Capex R$ MM
...
Property and
equipment
+
Intangibles
(R$ MM)
519 647 809 1,031 1,079
Market
Maker
BTC SINACOR
BM&FBOVESPA Analyst Day SEP/14 37
253 257
271
Adj. expenses
284
306
332
363
1H11 1H12 1H13 1H14
Adj. Expenses corrected by inflation
Expenses control provides efficiency gains for the company
Budget review
Adjusted OPEX 2014 budget reduced to
R$585-595 MM (from R$595-615 MM )
Expenses are expected to grow significantly
below inflation based on the new budget
585
563 576
585 - 595
2011 2012 2013 2014E
Consider the IPCA of services variation from July, 2011 to June, 2014.
Consistent reduction to expenses
Enhancement in management tools and
budget practices within the company
Review of contracts and prioritization of
activities
Headcount management
Adjusted expenses R$ MM
Half year adjusted expenses R$ MM
Financial Highlights
Expenses discipline without sacrificing business development
BM&FBOVESPA Analyst Day SEP/14 38
129.8
154.4
1H11
1H14
P
e
r
s
o
n
n
e
l
e
x
p
e
n
d
i
t
u
r
e

46.7
55.4
1H11
1H14
D
a
t
a
p
r
o
c
e
s
s
i
n
g
21.1
17.7
1H11
1H14
T
h
i
r
d

p
a
r
t
y
s
e
r
v
i
c
e
s
24.1
5.2
1H11
1H14
M
a
r
k
e
t
i
n
g
Prioritization of activities, review of contracts and enhancement of
processes has resulted in greater efficiency
Diligent process of managing resources and headcount sizing
Average annual wage increase of 7.2% and recognition of
individual talents
Prioritization of activities and projects
Review of contracts
Strategic review of marketing activities
Financial Highlights
Pursuit of greater efficiency and an active stance in controlling expenses
R$ MM
19.0%
-15.9%
-78.4%
Includes personnel capitalization and excludes stock option and bonus expenses, Calculated based on the annual wage increase between 2011 and 2013 for
personnel expenditure and the IPCA of services accumulated from July, 2011 to June, 2014 for the other lines of expenses
Nominal Var. Real Var.
-37.7%
-84.0%
-3.3%
12.3
7.1
1H11
1H14
C
o
m
m
u
n
i
c
a
t
.
Reduced costs from the posting of trading and custody
statements, as a result of changes to the submission process
Higher expenses with maintenance of new IT platforms
Expenses reduction with service providers and deprecation of
legacy IT platforms
18.8% -12.0%
-41.9% -57.0%
BM&FBOVESPA Analyst Day SEP/14 39
Financial Highlights
Stock Granting accounting
Honing of the Companys long-term remuneration practices
Main changes and impacts
Executives begin to receive stocks
Payment of 60.3% in social charges will result
in increased expenses and have an impact on
cash
Expenses from charges vary according to the
price of the stock on delivery date (volatility
of expenses)
100% of expenses are deductible (principal +
social charges), which neutralizes most of the
impact on the net income
Expenses impacted from 2015 onwards,
which will have grown during the transition
period (4 years)
Alignment of interests and
retaining executives
Link executives remuneration
to the performance of the
stocks
Increase the perceived value of
the stock of securities granted
Ensure that the Companys
incurred expenditure is
effective
BM&FBOVESPA Analyst Day SEP/14 40
Data of BM&FBOVESPA (not consolidated): excludes variation in financial transactions and collateral pledged by participants, proceeds raised in connection with the
acquisition of CME Group shares in 2010. Data from June, 2014 and excludes third party resources (investors collateral, resources deposited in the BM&FBOVESPA Bank
and others).
Financial Highlights
Financial solidity combined with return of excess capital to shareholders
Distribution of most of the cash generation, reaffirming the
commitment to return capital to shareholders
Payout
(% of GAAP earnings)
2009: 80%
2010: 100%
2011: 87%
2012: 100%
2013: 80%
1H14: 80%
Buyback
Almost 12% of free
float repurchased in
almost 6 years (2H08-
1H14)
+
(Accumulated between January, 2009 and June, 2014, in R$ million)
Cash Generation after Investments and Interest Payments
Cash Position
R$1,962 MM

Indebtedness
R$1,381 MM

Rating
Moodys
Baa1 (issuer global scale)
Baa2 (issuer BR scale)
Baa1 (global notes)
S&P
BBB+ (counterparty cred.)
A-2 (issuer)
BM&FBOVESPA Analyst Day SEP/14 41

REVENUE
GROWTH AND
DIVERSIFICATION
OPERATING
EXCELLENCE
FOCUS ON THE
CUSTOMER
INSTITUTIONAL
STRENGTHENING
Strategic Drivers
BM&FBOVESPA Analyst Day SEP/14 42
BM&FBOVESPA Analyst Day
Schedule
OPENING
Edemir Pinto, Chief Executive Officer
PRODUCTS, CLIENTS AND PRICING POLICY
Eduardo Guardia, Chief Product and Investors Relations Officer
CLEARING BM&FBOVESPA AND CORE RISK MODEL
Ccero Vieira, Chief Operations Officer
TECHNOLOGICAL INFRASTRUCTURE DEVELOPMENT
Lus Furtado, Chief Technology Officer
FINANCIAL HIGHLIGHTS
Daniel Sonder, Chief Financial and Corporate Affairs Officer
Q&A SESSION
BM&FBOVESPA Analyst Day SEP/14 43
www.bmfbovespa.com.br
Departamento de Relaes com Investidores
55 11 2565-4729 / 4418 / 4207/4834
ri@bmfbovespa.com.br