BVMF Overview

BM&FBOVESPA (BVMF) was established in 2008 by a merger between the São Paulo Stock Exchange and Brazilian Mercantile & Futures Exchange. BVMF is located in São Paulo, Brazil and offers customers access to trading stocks, currencies, commodities, and futures on one exchange.

Matching Engine

BVMF provides matching via their Platform Unified Multi Asset-class (PUMA) electronic trading platform and matching engine based on the CME Globex platform. The PUMA matching engine is located in São Paulo, Brazil.

Matching Algorithms

BVMF matches orders by price/time priority. Lower offer prices take precedence over higher offers prices, and higher bid prices take precedence over lower bid prices. If there is more than one bid or offer at the same price level, earlier bids and offers take precedence over later bids and offers, respectively.

Under price/time priority of orders, a bid is filled at the best price by the earliest entered offer at that price. If additional contract units are needed to fill the bid, then the next oldest offer at that price is matched until all of the liquidity at that price has been exhausted. Matching begins at the next best price until the order is completely filled.

Connectivity options

The TT® platform supports connectivity to the exchange, so you do not have to contact the exchange regarding connectivity options.