BM&FBOVESPA, the exchange created in 2008 with the merger of the Brazilian Mercantile & Futures Exchange (BM&F) and the So Paulo Stock Exchange (Bovespa), has stopped open outcry trading.
As of 1 July 2009, transactions involving derivatives contracts based on financial assets and commodities in the BM&F segment will be carried out exclusively in the Exchange’s electronic trading system, which already accounted for over 98% of the 22 million contracts traded in that segment in June. In 2000, only 4% of trades at the exchange were conducted electronically.
The last open outcry floor session will occurred on 30 June 2009., followed by a ceremony to honor the professionals who worked on the floor.
Over the next few months, the area where the open outcry trading floor is located will be totally redesigned and included in the Exchange’s regular public visitation schedule, which currently utilizes the BM&FBOVESPA space, where visitors receive information about financial market activities and instruction on how the stock and derivatives markets work. This new area will also be used to centralize the Exchange’s self-regulation activities.
The Chicago Board of Trade will remain as one of the major open outcry exchanges.