BM&FBOVESPA announced today the winning institutions in the fourth selection process for market makers for equity options and Ibovespa options. The market maker obligation shall last twelve (12) months as of April 09, 2012.
Citadel Securities LLC, Credit Suisse International and Timber Hill LLC shall be market makers for options on the stocks of PDG Realty S.A. Empreendimentos e Participações (PDRG3), complying with a maximum volatility spread of 5%.
In the case of options on the stock of Companhia Siderúrgica Nacional (CSNA3), the selected institutions were Credit Suisse International and Timber Hill LLC, complying with a maximum volatility spread of 5%.
The institution selected for options on stocks in Cyrela Brasil Realty S.A. Empreendimentos e Participações (CYRE3) was Credit Suisse International, complying with a maximum volatility spread of 0.1%.
The selected institutions presented the lowest maximum volatility spreads, which are defined as the percentage calculated on the basis of the ratio between the implied volatilities of the bid and offer prices for each option.
This means BM&FBOVESPA has completed the competitive bidding process to select market makers for options on ten stocks and on the BOVESPA Index. In the first stage, market makers were selected for options on the stocks of OGX and Itaú Unibanco; in the second of BM&FBOVESPA, Usiminas and the BOVESPA Index; in the third of Banco Bradesco, Gerdau and Banco do Brasil; and in this the final stage, for options on the stocks of Cia Siderúrgica Nacional, PDG Realty and Cyrela.
