As of March 12, 2007, BOVESPA will change its trading hours, as follows:
Trading System – continuous session from 10:00 a.m. to 5:00 p.m. – for all listed companies on the cash market, forward and options markets, according to the following schedule:
Pre-opening fixing – from 9:45 a.m. to 10:00 a.m. – input of orders for the calculation of the theoretical opening price;
Closing call – from 4:55 p.m. to 5:00 p.m. – in the Trading System for all the indexes stocks and stocks traded on the cash market.
After-Market trading session:
Pre-opening – from 5:30 p.m. to 5:45 p.m. – period for cancellation of bids and asks of the regular trading session;
Trading session – from 5:45 p.m. to 7:00 p.m. – limited by the special parameters established for this session.
Options Market
Equity Options Exercise:
On pre-expiration dates – from 10:00 a.m. to 4:00 p.m. – Blocking and Exercise;
On expiration dates – From 10:00 a.m. to 11:00 a.m. – Only Blocking;
From 11:00 a.m. to 1:00 p.m. – Exercise and Blocking.
Index Options Exercise:
On pre-expiration dates – from 10:00 a.m. to 1:00 p.m. – Blocking and Exercise;
On expiration dates – From 10:00 a.m. to 1:00 p.m. – Only Blocking;
From 1:00 p.m. to 5:00 p.m. – Exercise and Blocking.
Note: Currently, the Brazilian time zone is at GMT -03:00.
