Risk & Return Brazil: BM&F Bovespa plans to integrate clearing houses

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A plan by Brazilian exchange BM&F Bovespa to combine its four existing clearing houses into a single, integrated central counterparty (CCP) by 2014 will result in margin efficiencies of around 30–40%, according to the firm.

São Paulo-based BM&F Bovespa currently runs separate clearing services for equities and equity derivatives, financial and commodity derivatives, foreign exchange, and government securities. Each CCP has its own systems and processes – meaning a dealer that clears a broad

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