NASDAQ OMX and BM&FBOVESPA sign commercial partnership contract
First Published 31st December 1969
NASDAQ OMX partners with BM&FBOVESPA to distribute data, launches order routing service to connect U.S. and Brazilian Broker/Dealers
Bob Greifeld, Chief Executive Officer, NASDAQ OMX Group "We are very pleased to formalize our relationship with BM&FBOVESPA through a contract that we are confident will open up new revenue streams and opportunities for both companies and investors."
The Nasdaq OMX Group has announced that it has signed a commercial contract with BM&FBOVESPA regarding global distribution of market data and the provisioning of Nasdaq OMX products and corporate services to public companies in Brazil. The contract confirms terms regarding market data and corporate services covered in the previously announced Memorandum of Understanding entered between the two companies on Oct. 23rd, 2009.
In addition to the contract regarding market data and corporate services, Nasdaq OMX separately advised BM&FBOVESPA of its intention to develop a communications system to facilitate the routing of orders between participating brokers located in the United States and brokers located in Brazil. This state-of-the-art connectivity service will enable participating North-American broker dealers to send orders for cash equities traded in BM&FBOVESPA through contractual relationship with a Brazilian broker, and participating Brazilian brokers to send orders for cash equities traded in Nasdaq OMX through a contractual relationship with a North-American broker dealer. Launch of a communications system by a technology subsidiary of NASDAQ OMX will be subject to any required regulatory approvals and other customary conditions.
"We believe our agreement with the BM&FBOVESPA is a strong blueprint for how global exchanges can cooperate and leverage their global networks, key assets and the benefits of their geography," said Bob Greifeld, Chief Executive Officer of the Nasdaq OMX Group. "We are very pleased to formalize our relationship with BM&FBOVESPA through a contract that we are confident will open up new revenue streams and opportunities for both companies and investors. Brazil is a dynamic and fast-growing market on a global scale as well as within the Latin American region. We are thrilled to have the opportunity to partner with BM&FBOVESPA, an important global exchange player, to expand our respective businesses. Nasdaq OMX is also pleased to launch a high-speed connectivity service for U.S. and Brazilian brokers."
He added, "With agreements such as this one we will provide benefits to investors by enhancing global market transparency and access to corporate governance services on multiple continents."