Definition of Bolsa de Mercadorias & Futuros (BM&F)

Brazil's derivatives exchange, based in São Paulo, formed in 1991 with the merger of the São Paulo Commodities Exchange, created in 1917, and the Brazilian Mercantile & Futures Exchange (BM&F), established in 1985. In 1997, a second merger joined BM&F and the Rio de Janeiro-based Brazilian Futures Exchange. BM&F trades U.S. dollar-denominated futures on feeder cattle, robusta coffee, cotton; and crystal sugar, and futures and options on live cattle, Arabica coffee, corn, and soybeans. Gold futures and options are also traded. Spot contracts are traded on Arabica coffee. Forward contracts are traded on 250-gram gold, and spot contracts on 10-gram and 0.225-gram gold. Futures and options are traded on the Ibovespa stock index, and options on the flexible Ibovespa. BM&F trades U.S. dollar futures and options, flexible U.S. dollar options, and an array of interest rate futures and options. Futures on Global Bonds are also traded. In 2002, BM&F launched the Bolsa Brasileira de Mercadorias (BBM) to create an integrated domestic market for trading agricultural commodities. That year it also bought the Bolsa de Valores De Rio de Janeiro (BVRJ), which is now a fully owned subsidiary. Trading on the BM&F is conducted from Monday to Friday, from 9 A.M. to 5 P.M. with after-hours sessions from 2:45 P.M. to 8 P.M. After-hours transactions are cash settled on T + 2. Trading on the BVRJ is from 8:30 A.M. to 6 P.M. except Fridays when markets close at 4 P.M. www.bmf.com.br.