Algorithmic Descriptions Regulation - Comment Letter - BM&FBOVESPA - December 31, 2010

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Feasibility Study on the Adoption of Standardized Computer-readable Algorithmic Descriptions
December 31, 2010

From the comment letter:

  • "Complex derivatives" terminology is not used in Brazil; instead, local markets understand derivatives as being exchange-traded and OTC-registered. "It is very important to mention that according to Brazilian market regulators, all OTC derivatives in Brazil (or involving Brazilian counterparts) shall be registered at a registering central authorized by Central Bank. OTC derivatives can be bilateral or guaranteed (having BMFBovespa as a central counterparty)."
  • "FpML over FIXML message specification is going to meet all the Exchange needs for OTC derivatives."
  • "Market Surveillance can be conducted using this data, especially when in conjunction with data coming from our trading systems for standard derivatives."

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