For the last few years since 2008, we at BM&FBOVESPA (BVMF) have been engaged in the process of improving and refining its pricing policy with the aim of enhancing product efficiency, heightening market liquidity and attracting new local and foreign investors.
An improvement opportunity we had yet to tackle, albeit identified in Circular Letter 70/2008–DP dated October 27, 2008, relates to certain cross subsidies embedded in some of our fees for products and services. Imbalances between costs attributable to our trading and post-trade activities and the fees we charge across these business lines actually detract from the comparability of prices we charge with those that are practiced in other markets, particularly markets which do not operate integrated trading and clearing platforms, meaning markets whose post-trade structure is operated by an independent entity.
Thus, in an important move towards eliminating cross subsidies embedded in our trading and post-trade fee rates, we are now releasing a new pricing policy which will allow for much improved comparability with the fees charged by other exchanges around the world.