2013 Annual Report

MENSAGES Message from the Board of Directors
Pedro Parente Chairman of the Board of Directors
1.1
Message from the CEO

1.1
Edemir Pinto Chief Executive Officer
CONFIDeNce AND INNOVATION

In 2013 uncertainty about the global economic outlook persisted and there was unprecedented turbulence on the home front toward the end of the first half. Peaceful protests organized via social networks multiplied on the streets and in the headlines, although at times a small number of demonstrators unfortunately overstepped the bounds of socially responsible behavior. The findings of many opinion surveys conducted during the year showed that an overwhelming majority of Brazilians disapproved of the excesses committed by this minority. The relative pessimism about Brazil that took hold of the markets at that time did not contaminate BM&FBOVESPA, which has weathered storms of all kinds during its more than 100 years of history. On the contrary, our companys confidence in Brazil emerged far stronger from the episode. Demonstrating the maturity of the nations system of government, the democratic institutions constructed in the past several decades ensured that the tide of protest soon returned within the limits of socially acceptable behavior. The Exchange proceeded with its plan to invest more than R$1 billion. This is the largest investment plan in its history and will result in an even more solid and competitive company. The markets will gain in security and reliability. In addition to the world-class infrastructure we are building and delivering to the markets, BM&FBOVESPA reinforced its commitment to innovation and quality in customer service. We launched new products and strengthened our market development actions, a hallmark of the Exchange. We participated actively in the creation of the Mergers & Acquisitions Committee (CAF), Brazils takeover panel, set up with the support of the World Bank. In addition, we worked with the government to lay the foundations for an important access market that will enable small and medium enterprises to raise funds through public offerings on the Exchange. Another manifestation of our long-term vision was the implementation of BM&FBOVESPAs Sustainability Policy, aligned with the companys strategic principles. Its structure is divided into four lines: environment, corporate governance, market, and social. The policy approved by the Board of Directors formalizes the guidelines for the activities conducted for a long time by the company, which has been a pioneer in this area: it was the first exchange to sign up to the UN Global Compact, participate in the Global Reporting Initiative (GRI), and commit to the Principles for Responsible Investment (PRI). Since 2011 we have published annual reports containing both financial and non-financial information in equal measure. Our partnership with the federal administration enabled BM&FBOVESPA to host new auctions of road and airport concessions, which will drive investment growth and develop the nations infrastructure. These events are eloquent demonstrations of the contribution the capital markets can make to the development of Brazil and the improvement of the lives of all Brazilians through the trust deposited in them by institutions and through financial innovation. Finally, despite the more challenging business environment experienced at the end of 2013 based on the local and international macroeconomic data BM&FBOVESPA is strongly positioned to capture the opportunities that arise. Moreover, we believe that investment in products and technologies is a key factor in growing and diversifying the Exchanges revenue streams, enhancing the quality of the services provided, and consolidating the efficiency and solidity of the Brazilian capital markets. We are confident that the development of BM&FBOVESPAs strategic plan will continue to bear fruit in the years ahead, strengthening the Exchange and the nation. Pedro Parente Chairman of the Board of Directors
OUR pASSION FOR OUR cUSTOMeRS

Our greatest passion is doing the best for our customers. In 2013 this commitment was present in actions by BM&FBOVESPA that will literally change history. For the first time in 45 years the Exchange implemented an enhancement to its best known index, the Ibovespa, which is the benchmark index for the Brazilian capital markets. With this change the index more accurately reflects the portfolio of the most relevant companies listed on BM&FBOVESPA, among other advantages. The enhancements were made to its methodology after long reflection and consultation of market participants, specialists and academics, in a complex process characteristic of adjustments of this magnitude. In 2014 the markets will begin to enjoy the benefits of clearinghouse integration and of CORE, the new unified risk management system, innovations that constitute watersheds in the worlds exchange industry. In 2013 BM&FBOVESPA successfully delivered the equities module of the PUMA Trading System, an integrated trading platform developed in partnership with CME Group. In this way the Exchange is distributing the benefits of its very substantial investment plan throughout the segments in which it operates, and building up market reliability, security and solidity. Through its products, such as the Ibovespa, and its infrastructure, in the shape of PUMA and clearinghouse integration, the Exchange is also helping to promote the liquidity of the assets traded in its environments. BM&FBOVESPA also achieved significant progress in market development. In collaboration with other entities it launched the Mergers & Acquisitions Committee (CAF), Brazils takeover panel, based on voluntary affiliation. To this innovation it added the announcement of a series of measures to attract investment in small and medium enterprises, as part of a project in which government participation has been highly important. These initiatives will transform the market in the long term. The seeds planted by the Exchange in past years are bearing fruit. IPOs resumed in 2013, for example, despite the adverse conditions prevailing at home and abroad, and trading volume in the equity segment set a new historical record. The actions we are taking now, such as implementation of a single integrated clearinghouse, investment in PUMA and the access market for SMEs, are creating a springboard for the Exchange to take further qualitative leaps in the near future. As planned, in 2013 BM&FBOVESPA implemented its Sustainability Policy, which applies to all employees, interns and other internal and external stakeholders. Our firm commitment to sustainability and the encouragement of best practice in this area has a long track record. Since 2011 we have published integrated annual reports simultaneously containing financial and non-financial disclosures. We became a signatory to the UN Global Compact in 2004 and we were the first exchange in an emerging country to commit officially to the Principles for Responsible Investment (PRI), a UN initiative led by institutional investors, and to participate in the Global Reporting Initiative (GRI). On various fronts and in the various segments of its production chain, the Exchange strives to develop and improve the markets it manages, so that the company can fully perform its mission of contributing to the development of Brazil and of the nations business organizations. With the aim of always doing the best, BM&FBOVESPA also made changes to its organizational structure, which now has two departments dedicated exclusively to improving the quality of the services provided and building stronger relationships with customers. Edemir Pinto Chief Executive Officer
ANNUAL REPORT 2013 | BM&FBOVESPA
CONTENTS
pROFILe STRATeGIeS AND RISK MANAGeMeNT ABOUT THIS RepORT CORpORATe GOVeRNANce PeOpLe MANAGeMeNT SUSTAINABILITY MARKeT STReNGTHeNING EDUcATION AND MARKeTING THe MARKeTS ENVIRONMENTAL PERFORMANCE operationaL and financiaL GRI tabLe of contents 6 10 16 20 30 42 54 62 68 86 154
OpeRATIONAL AND FINANcIAL peRFORMANce 74
PROFILE 2 .2 | 2.7 | 2.8
BM&FBOVESPA: one of the worlds largest exchanges

Bolsa de Valores, Mercadorias e Futuros S.A. BM&FBOVESPA S.A. is a public company. Its stock trades under ticker symbol BVMF3 on Novo Mercado, a special listing segment for companies committed to best practice in corporate governance. BVMF3 is also tracked by the Ibovespa, IBrX-50, IBrX and ITAG indexes, among others. 2.1 2.6 Headquartered in the city of So Paulo, the company has representative offices in the United States (New York), United Kingdom (London) and China (Shanghai) to support local market participants and prospect for potential investors. 2.4 2.5
Group companies 2.3

The groups corporate structure is currently as follows:
BM&FBOVESPA MARKET SUPERVISION (BSM) BRAZILIAN COMMODITIES EXCHANGE (BBM) BM&FBOVESPA SETTLEMENT BANK
BM&FBOVESPA UK LTD
BM&FBOVESPA USA INC.
RIO DE JANEIRO STOCK EXCHANGE
BM&FBOVESPA INSTITUTE
Excellence and global benchmark BM&FBOVESPAs prime objectives are managing organized markets for the trading of stocks, bonds and derivatives, as well as providing registration, clearing and settlement services, and above all acting as central counterparty to guarantee cash settlement of all transactions performed in its environments. The company offers a range of products and services, including environments for trading in stocks, bonds, spot foreign exchange, equity derivatives, financial
pRofILe
assets, indexes, rates, agricultural commodities and spot currencies, among others. It lists companies and other issuers of securities, acts as a central securities depository, manages securities lending transactions, and licenses software. BM&FBOVESPA has a diversified and integrated business model, offering a complete custody system. Transactions are processed in an exclusively electronic environment, enabling clients to buy and sell stocks, transfer market risk via hedging, arbitrage prices between markets and/or assets, diversify and allocate investments, and leverage positions. The companys globalization strategy to expand market access is implemented via a partnership with CME Group and permanent dialogue with exchanges in Asia and other Latin American countries. BM&FBOVESPA Market Supervision (BSM) BSM is a civil association set up to oversee the operations of BM&FBOVESPA and its participants in accordance with CVM Instruction 461/2007. It is not consolidated in the companys financial statements. Brazilian Commodities Exchange (BBM) BM&FBOVESPA is the holder of 203 membership shares in BBM, representing an equity interest of 50.12%. BBM is a non-profit civil association whose objectives are to develop and operate systems for the trading of commodities, goods, services and securities in the cash, forward and futures modalities with a view to forming a nationwide market for agricultural commodities with modern price formation mechanisms and an organized commercial system. BM&FBOVESPA Settlement Bank BM&FBOVESPA Settlement Bank, set up in 2004 as a wholly-owned subsidiary of BM&F, facilitates the clearing and cash settlement of transactions performed in its trading environments and functions as an important risk mitigation and operational support mechanism. BM&FBOVESPA USA Inc. A wholly-owned subsidiary headquartered in New York with a representative office in Shanghai. Its mission is to represent BM&FBOVESPA abroad through relationships with other exchanges and regulatory bodies, as well as helping to prospect for new clients and disseminating information on the Brazilian market. BM&FBOVESPA UK LTD A wholly-owned subsidiary headquartered in London. The office was opened in 2009 and since then has promoted the Exchange and its markets, products and services to institutional investors in the Europe, Middle East and Africa region (EMEA). The office is responsible for BM&FBOVESPAs relations with regulators, governments and exchanges in the region, as well as helping to prospect for new clients. Rio de Janeiro Stock Exchange (BVRJ) BVRJ is an inactive stock exchange. BM&FBOVESPA holds 99 membership shares in BVRJ, representing an equity interest of 86.09%. Since 2004 it has let out part of the physical space in its headquarters for the holding of events. BM&FBOVESPA Institute A public-interest civil society organization created in 2007 for the purpose of integrating and coordinating the companys social investment projects. Not consolidated in the companys financial statements. Encouraging best practice By sharing and disseminating values such as corporate governance, a commitment to business sustainability and management excellence, which differentiate Brazilian companies and attract investors from all parts of the world, the Exchange strives to increase the liquidity of the stock issued by listed companies. The launch of the Exchanges new electronic platform has increased its technological and trading capacity. Together with other initiatives, this significant enhancement will contribute to the growth of its market participants and the expansion of investment in the Brazilian economy. The company maintains its commitment to the principles of transparency and ethics consolidated by its special listing segments for issuers with high standards of corporate governance (Novo Mercado, Level 1, Level 2). Social investment focusing on community development is also a priority for BM&FBOVESPA as a signatory to the United Nations Global Compact, a strategic policy initiative for businesses around the world to promote sustainable global economic growth by supporting ten internationally accepted principles in the areas of human rights, labor relations, the environment and anti-corruption. In line with this strong commitment BM&FBOVESPA seeks to embed the concept of sustainability in its products and services, involving all business areas of the company. An example of this policy of inducing best practice is the development of green indicators such as the Corporate Sustainability Index (ISE) and the Carbon Efficient Index (ICO2). Reaffirming the strategic importance of this theme, the company has implemented a Sustainability Policy approved by the Board of Directors and structured into four pillars market, environmental, social, and corporate governance. The policy applies to all employees, interns, trainees and other staff of BM&FBOVESPA, as well as its stakeholders. As the only exchange in operation in Brazil, BM&FBOVESPA recognizes its duty to raise public awareness of the importance of saving and investing for the long term. Its financial education programs serve this purpose by encouraging greater self-provision. BM&FBOVESPA had 1, 430 employees and 89 trainees in 2013. The companys market value was R$21.8 billion on December 31. There were no changes in its size, structure or equity ownership during the year. 2.9 Best Investor Relations by a Latin American Company in the US Market 2.10 In the IR Magazine Awards US 2013, BM&FBOVESPA won the award for Best IR by a Latin American Company in the US Market. Announced at a ceremony in New York, the award winners are chosen after extensive research involving various media, as well as interviews with investors and analysts from the international community. Transparency and independence are hallmarks throughout the process, enhancing the credibility and prestige of these awards. Best Companies for Shareholders For the fourth consecutive year BM&FBOVESPA won the Best Company for Shareholders prize in the category Corporate Governance awarded by Capital Aberto magazine. Exchange of the Year For the second year running, BM&FBOVESPA has received the Exchange of the Year Award for South America, in the category of Exchanges and CCPs, given by the Futures & Options World (FOW) magazine. This year, FOW International Awards recognition went to the industrys best in derivatives and risk management, which have innovated and invested in spite of the economic downturn.
Recognition of transparency and efficiency 2.10

Transparency Trophy In 2013, for the fifth consecutive year, BM&FBOVESPA was awarded the Transparency Trophy in the category Public Companies with Annual Sales of up to R$5 Billion by the National Association of Finance, Administration & Accounting Executives (Anefac), the Accounting, Actuarial & Financial Research Institute Foundation (Fipecafi) and Serasa Experian. In addition to ranking among the 20 most transparent companies in the Brazilian economy, the Exchange was elected Best in Category by Anefac.
annuaL report 2013 | BM&FBOVESPA
STRATEGIEs AND RIsK MANAGEmENT 1.2
BM&FBOVESPA: security, robustness and transparency

In 2013, in line with the tendency seen in recent years, BM&FBOVESPA reaffirmed its commitment to invest heavily to upgrade its technology infrastructure and increase operational efficiency. At the same time the company worked on internal initiatives, focusing on cutting operating costs, growing and diversifying revenue, and increasing the efficiency of its risk management system. It also unremittingly pursued continuous process improvement. BM&FBOVESPA launched strategic initiatives such as the announcement of changes to the methodology for calculating the Bovespa Index (Ibovespa) so that it more accurately reflects the performance of the Brazilian capital markets, and proposals for its listing segments as part of a broad discussion with governmental and private entities to facilitate IPOs by small and medium enterprises. In 2013 the company also changed its pricing policy with the aim of making it more efficient for all segments. The main changes were in pricing for the cash equity market (rebalancing between trading and post-trading fees for institutional investors and day traders; an increased per-volume discount for day traders; and a graded reduction in trading fees per global volume band) and for the fixed-income market (reductions in the public offering registration analysis fee, the permanence, custody and account maintenance fees, and the trading fee for new fixed-income security issues). In 2013 BM&FBOVESPA approved its Sustainability Policy, with a structure divided into four pillars of action: environmental, corporate governance, market, and social, maintaining its commitment to develop a growing array of initiatives that positively differentiate the company.
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STRaTeGIes aND RIsK MaNaGemeNT

BM&FBOVESPA reaffirms its 2014 adjusted expense budget of between R$595 million and R$615 million, and its 2014 investment budget of between R$230 million and R$260 million. In 2015 the budget is expected to be between R$190 million and R$220 million. Part of this investment will result, among other things, in the implementation of the project to integrate the four existing clearinghouses (equities, derivatives, foreign exchange and other assets, especially bonds) into a new, highly secure and robust unified platform based on a faster data processing architecture with the capacity to handle more than 10 million orders per day and calculate risk in real time. This efficiency will further strengthen BM&FBOVESPAs strategic position, as well as fostering market growth and sophistication. Furthermore, the new risk management model (CORE, short for Close Out Risk Evaluation) has the potential to become the new international benchmark in central counterparty risk management. Finally, in 2013 BM&FBOVESPA continued to focus on controlling expenses and on its commitment to guarantee shareholders a return on capital, using most of the cash generated from operations to distribute dividends and buy back shares. Market security and efficiency BM&FBOVESPA has a diversified and vertically integrated business model encompassing trading and post-trading of equities, derivatives and other securities. Another factor that differentiates the company in its commitment to excellence is constant investment in the following: Self-regulation and market supervision Through BM&FBOVESPA Market Supervision (BSM), an independent organization that acts as an ancillary arm of CVM, Brazils securities and exchange commission, in the sphere of securities market surveillance, the Exchange promotes regulation and assures the proper functioning of the markets and participants, bolstering market integrity and investor protection. BSM is also responsible for the Operational Qualification Program (PQO), which certifies the quality of the services provided by brokerage houses, encompassing customer registration, order execution, settlement, risk management, information security and business continuity. initiatives designed to promote local markets internationally, such as BRAiN Brasil Investimentos e Negcios, an institution created to coordinate and promote Brazil as Latin Americas main global investment and business hub. Social and environmental promotion activities The Exchange has a long tradition of social investment through the BM&FBOVESPA Institute. It also sponsors a number of initiatives with the aim of encouraging listed companies to place sustainability on their business agendas. These include the Report or Explain recommendation that listed companies state in the Reference Form whether they publish a regular sustainability report and if not, why not. Projects include the BM&FBOVESPA Athletics Club, the Job Training Association, and the Socio-Environmental Investment Exchange (BVSA). Strategic drivers In 2014 BM&FBOVESPAs strategy will focus on projects to grow and diversify revenue; assure operational excellence by continuously improving systems and processes, especially in risk management; strengthen relations with investors, brokerage houses and issuers by offering high-quality services and products; and further enhance its already high standards of self-regulation. Grounded in the premise of strengthening existing products and services and developing new solutions with high growth potential, the company aims to expand its new issuer motivation and prospecting activities; encourage companies to raise capital by listing on the Bovespa Mais access segment; extend access to new types of investors by launching products and services with a global reach; bolster the liquidity of commodity derivatives; and dynamize the organized over-the-counter market. Products and services The Exchange believes strongly in the development and growing sophistication of the Brazilian capital markets and their participants. For this reason it has introduced new products and services and pursued greater liquidity for existing products. Some products and services have already displayed strong growth in 2013, such as Agribusiness Credit Notes (LCAs), Real Estate Investment Funds (FIIs) and securities lending. Others promise development in 2014, including fixed-income and international index ETFs. The company will also continue to improve the securities lending service in 2014 in terms of tax treatment and the efficiency of the settlement process for these transactions. The service will remain superior to those of other countries inasmuch as BM&FBOVESPA acts as counterparty to and guarantees all securities lending transactions. Another product line is the cross-listing of products licensed by other exchanges, especially derivatives. In 2013 the Exchange launched the Mini Crude Oil Futures Contract (WTI) Based on CME Group Light Sweet Crude Oil Futures. Risk management The Exchange is a global benchmark in risk and collateral management, currently administering four clearinghouses (for equities and fixed income, deriva-
Technological innovation The success of BM&FBOVESPAs activities depends on constant enhancement, on the integration of its trading and post-trading platforms, and on the flexibility to create solutions and respond to its customers requirements. The prime goal of the companys investment in cutting-edge technology is high performance, assuring security, speed and cost effectiveness for market participants.
Issuer relationships, promotion and supervision BM&FBOVESPA constantly invests in the maintenance and development of a favorable environment for companies to raise funds. The total number of companies currently listed on all special corporate governance segments is 195, of which 134 are listed on Novo Mercado. International promotion of its markets As part of its commitment to develop the markets, BM&FBOVESPA actively participates in a range of
The integration of BM&FBOVESPAs post-trading services will result in enhanced operating efficiency and numerous benefits for participants, such as organization of the post-trading environment by type of process instead of type of product; rationalization and standardization of rules, processes, requirements and documentation; the establishment of a single settlement window for all markets
(equities, derivatives, fixed income and foreign exchange), so that credit and debit balances can be totally or partially offset for multilateral netting purposes; the development of an integrated risk model and a single collateral pool; and complete modernization and simplification of the technology infrastructure. Migration of the processes for derivatives registration, clearing and settlement to the new single clearinghouse structure is scheduled for first-half 2014. Once this first stage is completed, migration of the equities clearinghouse will begin.
In parallel with the clearinghouse integration project, in 2013 equities and equity derivatives trading migrated to the BM&FBOVESPA PUMA Trading System, a multi-asset electronic trading platform developed in partnership with CME Group. Adapted to the characteristics of the Brazilian market and the needs of participants, the system presents low latency and high performance, with a round trip time (RTT)) of less than 1 millisecond.
In 2013 BM&FBOVESPA began registering over-the-counter derivatives trades with iBalco, its new OTC system. The first derivative available for registration is the Non-Deliverable Foreign Exchange Forward without the guarantee feature. In 2014 BM&FBOVESPA will add a new registration module to this platform, offering flexibility and speed to participants in the OTC market.
The new data center, scheduled for completion in first-half 2014, will unify the companys main data centers in a scalable environment that will support the growth of its business in the years ahead, as well as mitigating risks and improving the availability and operational security of its technology infrastructure.
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STRaTeGIes aND RIsK MaNaGemeNT

tives, foreign exchange, and other assets) considered systemically important by the Central Bank of Brazil. These clearinghouses act as the central counterparty (CCP) for all trades executed via their systems. The clearinghouses have an advanced risk management structure that stands out among the similar models operated in various countries. Central counterparty Through its clearinghouses BM&FBOVESPA acts as central counterparty to all trades in the equity market (cash, forwards, options, futures, securities lending), derivatives market (futures, forwards, options, swaps), foreign-exchange market (spot dollar), government bond market (cash, forwards, repos, loans) and corporate bond market (cash, loans). By acting as central counterparty, the Exchange assumes responsibility for the settlement of transactions executed through its systems and/or registered with them. As such it intermediates between the parties to each transaction, acting as buyer to all sellers and seller to all buyers for settlement purposes. Thus if participants fail to discharge their obligations to the clearinghouses, by not making payments on time or not delivering assets, for example, BM&FBOVESPA must activate safeguards and ultimately have recourse to its own funds. To manage the risks inherent in this function, the CCP focuses on calculating, controlling and mitigating its credit-risk exposure to participants. Risk calculation and individualized collateral requirements Risk control follows a specific methodology for each market. Risk is calculated using a stress testing model in quasi-real time (several times during the day), and additional collateral or margin deposits are required whenever necessary. Risk calculation and collateral requirements are individualized for each beneficiary owner. Collateral is posted to custody accounts managed by the clearinghouses themselves, and beneficiary owners accounts are completely and effectively segregated from each other. BM&FBOVESPAs clearinghouses have accounts with the Central Bank of Brazil for the settlement of all transactions executed, avoiding exposure to commercial bank credit risk. Safeguards To assure adequate mitigation of the risks assumed, each of BM&FBOVESPAs clearinghouses has its own risk management system and its own safeguards resources and mechanisms that can be used to cover losses relating to settlement failure by one or more participants, such as the collateral pledged by market participants, generally in the form of margin deposits, funds specifically set up for this purpose, special assets, and co-responsibility for settlement assumed by brokerage houses and clearing members or agents. BM&FBOVESPAs equities and derivatives clearinghouses are responsible for settlement and risk management relating to approximately 85% and 90% of the total Latin American equity and derivatives markets respectively. On December 31, 2013, the collateral pledged by participants totaled R$214.4 billion. Regulation and supervision BM&FBOVESPAs clearinghouses have a robust regulation and supervision structure based on exchange self-regulation, on constant assessment and supervision of its risk management and settlement models by the Central Bank of Brazil, and on CVMs supervision of the securities markets, including derivatives.
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ABOUT THIS REPOrT 3.5
BM&FBOVESPA: constantly updating and enhancing its indicators

This annual report details the performance of BM&FBOVESPA and all operations conducted between January 1 and December 31, 2013, at its head offices in So Paulo, Brazil. The previous report was published in 2013 and referred to the companys operations in 2012. 3.1 3.2 3.3 3.6 3.8 The consolidated financial statements were prepared and are presented in accordance with International Financial Reporting Standards (IFRS), applied to the 2013 annual balance sheet and retroactively to the previous year in order to permit comparisons between the two periods. 3.9 No significant restatements or changes have been made with regard to 2012 that influence the comparability of the data and information provided in previous reports. Similarly, there have been no significant changes in the size and structure of the company or its capital structure, and no specific restrictions have been made to the scope, boundaries or measurement methods used. 3.7 3.10 3.11 This is the fifth consecutive annual report published by BM&FBOVESPA in accordance with Global Reporting Initiative guidelines (GRI 3.1), to comply with Level C requirements. BM&FBOVESPA has not tested the contents of this Annual Report for materiality. However, this publication presents the key data and information gleaned from all areas of the company. It presents information on relations with all stakeholder groups, including employees, contractors, suppliers, market participants, shareholders, government and regulators, among others. 3.5 3.9 For computing and updating of indicators, the production of this Annual Report was supported by a firm of communication consultants, especially with regard to social and environmental themes, and reviewed by BM&FBOVESPAs Sustainability Committee and Executive Board.
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aboUT THIs RepoRT

The financial statements were audited by Ernst & Young Terco Auditores Independentes S.S., replacing PricewaterhouseCoopers Auditores Independentes in compliance with article 31 of CVM Instruction 308/99, as amended by CVM Instruction 509/11, which requires auditor rotation. Although auditor rotation is mandatory only every ten years, the company prefers five-year rotation as more in line with best practice in corporate governance, and therefore engaged a new audit firm for FY 2013. 3.13 The 2013 Annual Report will remain available online on the BM&FBOVESPA website (www.bmfbovespa. com.br) and has been printed only in a summarized version on certified paper with vegetable oil-based ink to minimize the environmental impact of this publication. The GRI Content Index is on page 154. 3.12 For more information about this report, contact Investor Relations at the email address ri@bmfbovespa. com.br. 3.4
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CORPORATE GOVERNANcE 4.1
BM&FBOVESPA: transparent management, disciplined regulatory environment and respect for shareholder rights
Governance structure
BM&FBOVESPA seeks constantly to enhance corporate governance, adopting best practices and assuring the alignment of interests between the company, its top management, its minority shareholders, market participants, and other stakeholders. Respect for best practice in corporate governance is all the more imperative for the companys long-term success in light of its widely dispersed equity ownership structure and its institutional responsibility to the development of the markets it manages. Reflecting its commitment to ethics and efficiency, in 2013 BM&FBOVESPA once again won the Transparency Trophy and a Best Companies for Shareholders Award in the category Corporate Governance, as well as winning the IR Magazine Award for Best IR by a Latin American Company in the US Market. Transparent management, a disciplined regulatory environment and respect for the rights of shareholders maximize value creation by the company and provide related parties with elements for informed strategic decision making. General and Extraordinary Shareholder Meetings 4.4 Meetings of the companys shareholders are convened at least two weeks in advance for the first call and one week in advance for the second call. In addition to the powers established by law or by the companys articles of incorporation and bylaws, extraordinary shareholder meetings are empowered, among other things, to decide on the appropriation of annual earnings and their distribution to shareholders; approve grants of incentive stock options or the issuance of stock to executives and employees of the company and its subsidiaries and affiliates.
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CoRpoRaTe GoveRNaNce
To facilitate and encourage participation in shareholder meetings, BM&FBOVESPA allows electronic proxy voting and authorizes some of its executive officers to receive proxy forms with specific instructions to vote on items of business. In addition, the companys website provides channels for contact via the Ombudsman (www.bmfbovespa.com.br/ombudsman), which compiles data and information for review by the Executive Board and Board of Directors at the end of each quarter, and a Contact IR channel available via the Investor Relations portal (http:// ri.bmfbovespa.com.br). Employees are offered regular opportunities to express their opinions through the organizational climate survey (Opinio de Valor). In addition, employee-related decisions, findings and recommendations are frequently submitted to the Board of Directors. Board of Directors BM&FBOVESPA is governed by a Board of Directors and an Executive Board. The members of the Board of Directors are elected by the Annual General Meeting of Shareholders (AGM). The Board of Directors then appoints the members of the Executive Board. All members of both Boards serve two-year terms. According to the companys bylaws, no member of the Board of Directors may be appointed to the Executive Board or those of its subsidiaries and affiliates. 4.2 The Board of Directors has 11 members, six of whom are independent. All members serve concurrent twoyear terms and can be re-elected. This body is responsible for setting and enforcing global strategies, overseeing the system of internal controls, including approval and enforcement of the annual budget, convening general meetings, presenting proposals on the appropriation of annual earnings, appointing, dismissing and monitoring executive directors, and choosing independent auditors. 4.3 The Board of Directors holds regular meetings every two months but can be convened whenever necessary. In 2013 it met 18 times. In 2013 the Annual General Meeting elected a new Board of Directors. Pedro Pullen Parente was elected to succeed Armnio Fraga Neto as Chairman of the Board. The new members of the Board are Alfredo Antnio Lima de Menezes, Andr Santos Esteves, Jos de Menezes Berenguer Neto, Luiz Fernando Figueiredo and Luiz Nelson Guedes de Carvalho. Five members were re-elected: Candido Botelho Bracher, Charles Peter Carey, Claudio Luiz da Silva Haddad, Jos Roberto Mendona de Barros and Marcelo Fernandez Trindade. All members of the Board are experts in economics, finance, environmental management and social investment. Their remuneration and that of the Executive Board, which are established by the Compensation Committee, includes fixed and variable components as well as long-term incentives, currently consisting of the Stock Options Program approved by the AGM. Each year the Chairman conducts a formal assessment of the Board of Directors as a body, analyzing its strategic focus, decision-making process, motivation and alignment of interests, among other items. Advisory Committees to the Board of Directors The Audit Committee, Governance & Nomination Committee, Compensation Committee and Risk Committee report to the Board of Directors in an advisory capacity. Their members serve two-year terms. Audit Committee Evaluates and approves the structure of internal controls, and the internal and external auditing processes, including nomination of the independent audit firm; examines the financial statements and quarterly financial reports. Five members. Governance & Nomination Committee Develops corporate governance, evaluates the adoption of best practices, and selects and nominates candidates to the Board of Directors and Executive Board. Three board members, two of whom are independent. Compensation Committee Reviews, proposes and oversees adjustments to the parameters, guidelines and policy for compensation and benefits to be assigned to top management, committee members and other advisory bodies. Also acts as an advisory body on improvements to the personnel management model. Three board members, two of whom are independent. Risk Committee Analyzes and monitors market, liquidity, credit and systemic risks in the markets managed by the company, with a strategic and structural focus. Four board members. Securities Intermediation Industry Committee Assesses the problems affecting intermediary institutions that participate in the markets managed by BM&FBOVESPA and takes suggestions to the Board, with the objective of helping to strengthen these institutions. More information on the Board of Directors and its committees can be found in the Corporate Governance section of the Investor Relations portal (http:// ri.bmfbovespa.com.br> Corporative Governance). Executive Board Appointed by the Board of Directors, BM&FBOVESPAs Executive Board consists of the Chief Executive Officer and four other executives. The Executive Board executes the strategic guidelines established by the Board of Directors and monitors
Independent Director
Board of Directors Pedro Pullen Marcelo Parente Fernandez Trindade

Chairman, Board of Directors Vice-presidente
Alfredo Antnio Lima de Menezes
Andr Santos Esteves
Candido Botelho Bracher
Charles Peter Carey
Claudio Luiz da Silva Haddad
Jos de Menezes Berenguer Neto
Jos Roberto Mendona de Barros
Luiz Fernando Figueiredo
Luiz Nelson Guedes de Carvalho
Executive Board Edemir Ccero Augusto Pinto Vieira Neto

Chief Executive Officer Chief Operating Officer
Daniel Sonder
Chief Financial Officer
Eduardo Refinetti Guardia

Chief Product & Investor Relations Officer
Luis Otvio Saliba Furtado

Chief Information Officer
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the results. It also establishes guidelines of its own for BM&FBOVESPAs operational, socio-economic and sustainability-related activities, as well as performing within its remit all the activities necessary for the organization to function properly. The company also has a number of committees that assist and advise the Chief Executive Officer, including committees representing agribusiness, the capital markets and other important sectors, the Committee to Enhance Intermediation, the Listing Committee, the Regulations Committee, the Operational Qualification Program Certification Committee, the Market Risk Technical Committee, the Credit Risk Technical Committee, the Corporative Risk Advisory Committee, the Index Committee, and the Sustainability Committee. The members and remits of these committees are available from the companys website (www.bmfbovespa.com.br, in BM&FBOVESPA, Publications). segments report their socio-environmental actions to the market. Another UN-sponsored initiative to which BM&FBOVESPA belongs is Sustainable Stock Exchanges (SSE), which promotes the adoption of a sustainability agenda by exchanges and listed companies worldwide. The company does not perform any activities that pose a threat to health or the environment. Furthermore, it requires responsible practices in selecting and contracting with suppliers, such as those relating to environmental impact, ethical conduct, health and safety, and non-involvement in proven cases of corruption, bribery, forced or slave labor and child labor. Corporate responsibility BM&FBOVESPA seeks to set an outstanding example in corporate responsibility. All employees, interns and contractors have formal work contracts. Every effort is made to ensure that individuals are respected in the workplace. No cases of discrimination on grounds of ethnicity, color, gender, religion, ideology, nationality or social status were reported in 2013. Codes of Conduct The BM&FBOVESPA Code of Conduct establishes rules to avoid conflicts of interest, encompassing relationships with external and internal stakeholders, the treatment of privileged information, and securities trading. The Code of Conduct applies to BM&FBOVESPA and its subsidiaries and affiliates, and is signed by all employees. Suspected infringements are reported in writing to the Code of Conduct Committee. Such reports are never anonymous. The committee appoints a rapporteur to take the necessary steps to investigate each report. The Audit Department monitors all such cases and submits its findings to the Code of Conduct Committee for analysis. The CEO periodically presents decisions, findings and recommendations to the Board of Directors. SO3 The Exchange also has a Supplier Code of Conduct, which covers principles and practices that must be part of the day-to-day routine of all those involved, including: Complying with all laws, rules and regulations that prescribe a minimum age for work, and not employing children aged under 14. Admitting adolescents as apprentices only when previously registered with public and/or non -governmental organizations authorized by the competent government agencies. Guaranteeing school attendance by adolescent apprentices aged over 14, and assuring respect for their labor and social security rights and specific stage of development. Strictly obeying the laws applicable to combating working conditions analogous to slavery, forced labor and child labor, on pain of immediate unilateral termination of contract. In 2013 no cases of infringement or corruption at BM&FBOVESPA were reported to the Code of Conduct Committee, and no significant fines or nonmonetary penalties resulted from non-compliance with laws, rules and regulations in the period. SO4 SO8 Abrasca Code BM&FBOVESPA adheres to the Abrasca Code of Self-Regulation and Best Practice for Publicly Held Companies, declaring that it applies the principles and rules established by the Code except with regard to the standard which calls for a Disclosures Committee to be established, as we have yet to formally create the Committee. Conflicts of interest 4.6 BM&FBOVESPAs policy on conflicts of interest is aligned with the requirements of Law 6404/76. Infringements are reported to the Governance & Nomination Committee for analysis. The committee proposes corrective action for approval by the Board of Directors. The companys bylaws include several rules designed to prevent access to certain kinds of information by members of the Board of Directors involved in conflicts of interest with the company, and to prevent their participation in Board discussions and decisions. The bylaws also determine that the management of BM&FBOVESPA, including members of the Board of Directors, must sign a declaration of adherence to the Insider Information & Trading Policy Manual. In addition, the Conflict of Interest & Related Party Transactions Policy applies to all employees and executives of BM&FBOVESPA and its subsidiaries and affiliates. The company has put in place formal mechanisms for shareholders to express their opinions to top management through the Investor Relations Department. The Ombudsman pursues consensus solutions for any conflicts among investors and participants in the markets managed by BM&FBOVESPA.
Institutional representation 4.12 4.13

BM&FBOVESPA is a member of or signatory to several institutions of an economic, environmental and/or social nature. Associate, Group of Institutes, Foundations and Enterprises (GIFE) Member, Business for Climate Platform (Empresas pelo Clima), FGV seat on advisory board Member, Committee for Social Responsibility and Sustainability FEBRABAN Member, GRI Focal Point Brazil Advisory Group Member, GRI Stakeholder Council Member, Honorary Council, Carbon Disclosure Project (CDP), South America Member, Network of Brazilian Women Leaders for Sustainability, Ministry of the Environment Member, So Paulo Against Violence Institute seat on board Member, Steering Committee, Ethos Indicators, Third Generation Member, Steering Committee, National Register of Companies Committed to Ethics & Integrity (Cadastro Empresa Pr-tica) Member, Sustainability Research Group, Brazilian Institute of Corporate Governance (IBGC) Member, Technical Advisory Council, Carbon Disclosure Project (CDP), South America
Business drivers 4.8

BM&FBOVESPA has been undergoing changes and seeking to identify internally what defines it as an organization, its purposes and aspirations. The Mission Statement, Vision and Values are being drafted. Aspects relating to economic, social and environmental responsibility grounded in the concept of sustainability are constantly evaluated so that they can be integrated into the management of the companys business. BM&FBOVESPA permanently pursues opportunities to broaden the perspectives for its actions. As a company it is committed to socio-environmental responsibility, as evidenced by its participation in initiatives such as the UN Global Compact, to which it was the first exchange in the world to become a signatory. It is also a member of the Carbon Disclosure Projects Technical Advisory Council and ranked among the top ten companies in the categories Disclosure and Performance in CDPs 2012 Brazil report. 4.9 BM&FBOVESPA was the first exchange in any emerging-market country to sign up to the Principles for Responsible Investment (PRI), a UN initiative involving large asset managers and other financial market agents. As a signatory the exchange not only seeks to encourage other investors to join the PRI but also recommends that the companies listed on its equity
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Signatory, Brazilian Business Compact For Integrity & Against Corruption Signatory, Brazilian National Compact for the Eradication of Slave Labor Signatory, Principles for Responsible Investment (UN PRI) member, PRI Engagement Group Brazil Signatory, UN Global Compact member, Brazilian Global Compact Committee Signatory, Voluntary Commitment to the UN Sustainable Stock Exchanges (SSE) initiative (Global Compact, PRI, UNEP-FI, UNCTAD) cially shareholders, brokerage houses, listed companies, government, investors, analysts and suppliers. The companys stakeholder engagement initiatives include application of the AA1000 corporate responsibility management standard, focusing on accounting, auditing and social/ethical reporting; educational campaigns; actions to encourage companies and individuals to participate in socio-environmental initiatives such as the Environmental & Social Investment Exchange (BVSA) and the Em Boa Companhia (In Good Company) website; and regular meetings of its Advisory Committees, set up to build closer ties with the markets with the participation of representatives of various industries.
Responsible practices
BM&FBOVESPA fosters best practice in transparency and management through various initiatives, including the creation of listing segments for companies with high levels of corporate governance and a number of sustainability indexes. In 2012 BM&FBOVESPA adopted Report or Explain guidance recommending that listed companies state in item 7.8 of the Reference Form (Description of the companys relevant long-term relationships not elsewhere described) whether they publish a regular sustainability report and where it is available, or explain why not.
The Report or Explain initiative enables growing numbers of companies to disclose social, environmental, governance-related and other non-financial information, for which there is growing demand from the general public as well as investors, in light of their understanding of the importance of sustainability in business and society. The number of companies listed on BM&FBOVESPA that publish sustainability reports or similar documents, or explain why they do not yet do so, increased from 203 to 293 between May 2012 and June 2013. By December 2013, the number of listed issuers that publish social, environmental and governance-related information had risen to 157, reflecting growing commitment to and valorization of the sustainability agenda by public companies.
Institutional participation 4.12 4.13

As part of its business strategy, BM&FBOVESPA participates in several domestic and international associations or organizations, where it is a project or committee member or invited to share its expertise. BRAiN Brasil Investimentos & Negcios (a joint initiative of Anbima, BM&FBOVESPA and Febraban) associate member Ibero-American Federation of Exchanges (FIAB) member, Executive Committee and Working Committee Futures Industry Association (FIA) associate member Brazilian Institute of Corporate Governance (IBGC) sponsoring organization and member of several committees (Guidelines, Legal, Finance, Sustainability, Communication) International Organization of Securities Commissions (IOSCO) member, Self-Regulatory Organizations Consultative Committee (SROCC), Council of Securities Regulators of the Americas (COSRA), and IOSCO Working Group that coordinates Brazilian participation World Federation of Exchanges (WFE) member, Board, Working Committee, Communications and Regulation Task Forces
Stakeholder relationship channels

Listed Companies Listing segments Novo Mercado Corporate Governance Levels 1 & 2 Bovespa Mais Governance indexes Special Corporate Governance Index (IGC) Special Tag Along Index (ITAG) Special Corporate Governance Index - Novo Mercado (IGC-NM) Corporate Governance Trade Index (IGCT) Sustainability indexes Carbon Efficient Index (ICO2) Corporate Sustainability Index (ISE) Dia da Empresa (Your Company Day) Educational Institute Market Maker Program Corporate Governance seals BM&FBOVESPA website BVSA portal Em Boa Companhia - corporate sustainability Novo Valor - sustainability program Shareholders IR portal Quarterly earnings reports Quarterly fact sheets Integrated reporting Employees Voc em Alta - intranet Linha Direta - complaints Opinio de Valor - organizational climate survey Novo Valor - sustainability program Em Ao - voluntary service portal Analysts IR portal Analyst kit Suppliers Supplier Code of Conduct Selection of suppliers based on sustainability criteria Control of supplier register using assessment and certification based on Internal Policy for the Acquisition of Goods & Contracting of Services, which includes a specific item on responsible practices in supplier selection and contracting covering environmental impact, ethical conduct, health and safety, and non-involvement in proven cases of corruption, bribery, forced or slave labor and child labor.
Ombudsman
BM&FBOVESPAs Ombudsman is a channel for communication with stakeholders. The Ombudsman interacts with stakeholders both actively through contacts and visits, and passively through suggestions and complaints received via the internet and by telephone. The Ombudsman prioritizes direct investigation of all cases, submitting the information and data collected to the Executive Board and Board of Directors at the end of each quarter. The service is available to all stakeholders but demand comes mainly from investors, most of whom are customers of brokerage houses. There are no records of complaints regarding data security or privacy breaches in the period, or of any significant fines for failure to comply with the laws and regulations governing the supply and use of products and services. PR8 PR9 The Ombudsman responds to all contacts and invariably makes sure that both the response and the solution offered in each case are evaluated. In 2013 the Exchange began managing process quality and performance internally. The activities of the Ombudsman are described in quarterly reports addressed exclusively to internal stakeholders. At the end of each year, however, the Ombudsman publishes on BM&FBOVESPAs website a consolidated version of the numbers and data for the four quarters, accompanied by charts comparing them with previous years (www.bmfbovespa.com. br/ombudsman).
Brokerage Houses BM&FBOVESPA Service Center (CAB) Educational Institute Operational Qualification Program (PQO) BM&FBOVESPA website BVSA portal Vitrine das Corretoras - online broker search Government entities BM&FBOVESPA Market Supervision (BSM) Investors in general Mobile applications Electronic Channel for Investors (CEI) Financial education courses and programs Educational Institute Linha Direta - complaints Ombudsman Customer Service (SAP) Equity and futures trading simulators Novo Valor - sustainability program
Stakeholder relationships
4.14 4.15 4.16 4.17
BM&FBOVESPA maintains mechanisms not only to assure the proper functioning of its business but also to foster best practice in corporate governance among market participants and other stakeholders, espe-
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Linha Direta BM&FBOVESPA Linha Direta (Direct Line) is the companys new communication channel, in tune with modern market practices linked to the concept of corporate governance. Linha Direta enables employees, interns and other members of staff to report infringements of the Code of Conduct, or any of the companys internal policies and norms, safely and with guaranteed confidentiality. The new channel is also available to the general public by phone 0800-202-2863. Whistleblowers can remain anonymous if they so wish. SAP Indicators are monitored monthly by Customer Service (SAP) to evaluate the satisfaction of brokerage house customers and members of the public who contact BM&FBOVESPA. The findings are described in a management report. They include satisfaction surveys covering the quality of telephone service and average response time. PR5 The number of contacts recorded by SAP in 2013 was 46,943. Response time averaged 1.77 days. The level of satisfaction with telephone service and service via the internet was 98.5% % and de 70.0% % respectively (excellent, very good and good. More details are presented in the table below.
SAP satisfaction survey telephone service Excellent 8,794 84.73% Very good 1,129 10.88% Good 298 2.87% Middling 72 0.66% Poor 86 0.83% Total 10,379 100%
Pesquisa de satisfao SAP Atendimento via site Excellent 135 45.00% Very good 53 17.67% Good 22 7.33% Middling 19 6.33% Poor 71 23.67% Total 300 100%
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PEOpLE MANAGEmENT
BM&FBOVESPA: proud to belong

BM&FBOVESPA constantly invests to maximize the potential of human capital, assuring adequate working conditions, professional development plans, quality of life and well-being for its employees. Management of human resources is an integral part of the companys strategic planning and helps staff in the pursuit of corporate objectives and targets. Processes and guidelines are continuously reviewed to enhance people management and guarantee the pride of belonging, creating bonds between all levels of relationship, both internal and external, from staff to customers and suppliers. In 2013 BM&FBOVESPA stepped up its investment and initiatives in organizational climate management and employee and leader training.
Organizational climate
As part of the evolution of its management model and continuous workplace improvement process, in late 2013 BM&FBOVESPA conducted the second Opinion of Value organizational climate survey to identify opportunities for change, help define new strategies, diagnose the level of employee satisfaction and engagement, and find out about the expectations and aspirations of the workforce. The number of people who took part in the 2013 Opinion of Value Survey was 1,454, which corresponded to a 90% participation rate, outperforming the challenge of reaching 78% when the survey was first launched. In light of these numbers the company believes it is on the right track toward building a better organizational climate, with stronger motivation and made up of professionals who make a difference. Publication of the results will start in February 2014, when action plans will be drawn up to assure continuous improvement of the workplace environment and reinforce the management of organizational climate and engagement.
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Leaders Day Leaders Day is a program comprising two tracks structured training activities and optional individual development activities. The program is for executive directors, officers, managers and senior specialists, and coordinators and specialists. It begins with a detailed external assessment of each leaders competencies using several behavioral tests and exercises. The findings are important to enable leaders themselves to identify strengths and development needs, but they are also useful to the organization since they supply a basis for other program activities. In 2013, 13 new leaders took this part of the program. The results of the assessment are the basis for leaders to take the parallel training and development tracks. In the development track, leaders can optionally be assisted by external coaching with the implementation of an individual development plan based on the competencies assessment report. In 2013, 18 leaders participated in this process. All participants take the training track, which consists of face-to-face modules specially designed for the company by Fundao Dom Cabral, a renowned institution that specializes in executive development. The first module of this track is the People Management Cycle developed on the basis of leader competencies, the companys people management model, and the general findings of the assessment process. The goal is to clarify the leaders role and enable the participants to swap experiences and do practical exercises involving typical everyday real-life situations. The next step following completion of the initial module consists of workshops designed to strengthen the participants grasp of the concepts involved. In 2013 the workshops focused on the people management processes that most require well-qualified managers, especially team target management and feedback. In 2013, the number of leaders trained in the various face-to-face modules of the program was 119. Talent management Given its business model, BM&FBOVESPA aims to retain and attract talented people who can help the company achieve its strategic objectives. To do so it develops mechanisms to encourage staff to stay with the company over the medium to long term. In 2013, BM&FBOVESPA performed a talent and succession mapping and planning exercise involving all departments, units and offices. This annual process aims to prepare leaders to guarantee business continuity now and in future. New Exchange Culture Continuing the New Exchange Culture Project, three priorities were selected in 2013 involving seven important initiatives, organized in working groups led by the organizations executive officers. Among these initiatives, it is important to highlight face-to-face training activities for top management in a special track involving: A cultural module designed to reinforce the role of executives as engagers in the process of cultural change; Strategic planning, a priority linked not only to corporate efficacy but also to organizational climate management, in partnership with the Wharton School of the University of Pennsylvania (Philadelphia). Begun in 2012, this process consists of strategic leadership training customized for BM&FBOVESPA, with the participation of executives in an open strategy program at the Wharton School itself. Profile of BM&FBOVESPAs team LA1 At end-2013, the company had 1,430 employees (448 women and 982 men), and 89 interns (40 women and 49 men). The entire workforce was located in the Southeast Region. All except for interns were employed full-time and had indefinite duration employment contracts. The number of people with special needs (PSN) was 73 at end-2013, in compliance with the 5% quota requirement established by the applicable federal and state laws. Of this contingent, 38 are women and 35 are men. Position Executive Officer Manager Coordinator Staff Intern 2013 34 94 171 1,131 89 2012 34 97 170 1,141 85 2011 37 94 152 1,172 88 In 2013 the company hired 285 people, of whom 189 were employees, 82 were interns, and 14 were PSN. In 2013 the lowest salary paid to an intern corresponded to 186% of the state minimum wage; in the case of employees, the ratio was 177% for men and 205% for women. It is important to stress that no one employed by the company was paid the state Number of employees and interns minimum wage either in 2013 or in previous years. The lowest salary corresponded to 213% of the federal minimum wage for men and 239% for women in 2011, and to 199% for men and 223% for women in 2012. EC5 LA14 Every single employee of BM&FBOVESPA is covered by a collective bargaining agreement. LA4
Ratio of mens to womens basic salary by employee category
LA14
Category Executive Officer Manager Coordinator Staff
2013 85.44% 102.49% 92.26% 84.18%
2012 84.36% 100.81% 93.39% 85.74%
2011 92.12% 101.09% 93.16% 83.99%
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Composition of governance bodies and breakdown of employees per category according to gender, age group, minority group membership, and other diversity indicators LA13 New employee hires New hires by gender* Gender & ethnicity (absolute numbers) 2013 2012 2011 2013 2012 2011 2013 2012 2011 2013 2012 2011 Male Female 2013 2012 2011
185 100
184 119
227 140
Men
Women
Black men 6 20 42 391 35 494 7 24 38 388 34 491 1 2 24 2 29 1 1 20 22 1 21 22
Black women 1 8 1 10 8 8 10 10
Executive Officers Managers Coordinators Staff Interns Total
28 76 125 753 49 1,031
28 77 128 750 50 1,052
30 70 114 784 54 1,052
6 18 46 378 40 488
New hires by age Aged 30 or less Aged 31-50 Aged 51+
2013
2012
2011
214
217
237
70 1
84 2
126 4
Separations Separations by gender * Male Aged 30 or less Aged 31-50 Aged 51+ Special needs (PSN) 73 73 72 72 72 72 Female 2013 2012 2011
Age & PSN (absolute numbers)
2013
2012
2011
2013
2012
2011
2013
2012
2011
2013
2012
2011
188 108
204 117
180 108
Executive Officers Managers Coordinators Staff Interns Total
4 22 462 89 577
6 21 475 85 587
7 26 516 88 637
29 77 140 617 863
28 80 136 612 856
31 79 112 606 828
5 13 9 52 79
6 11 13 54 84
6 8 14 50 78
Separations by age Aged 30 or less Aged 31-50 Aged 51+
2013
2012
2011
152
187
158
123 21
125 9
122 8
Employee turnover LA2
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AGNCIA LUZ
Turnover rate Turnover rate by gender (%) Male Female 2013 12.25 6.83 2012 12.64 7.69 2011 13.54 8.25
chain of fitness centers, which grant discounts on monthly membership fees and waive enrollment fees for employees and interns. Some 614 employees and interns make use of this benefit. Walking & Running Group Periodic personalized training for employees and interns, who must take a physical assessment before participating. The company subsidizes 50% of the fees charged by the outside sports counselors who run this program. Ten people took part in 2013. Flu Vaccine An annual flu vaccination campaign is held to protect employees, interns and contractors. Other forms of prevention are reinforced in addition to vaccination. This program benefited 1,200 people in 2013. Checkup Program Officers, managers and senior specialists are encouraged to have a checkup annually if aged 50 or more, and every two years if aged 49 or less. The focus is on preventing sickness and promoting wellness. In 2013 the program had 46 participants. Support for Breastfeeding This program valorizes the role of women in society and the labor market, as well as contributing to infant development, through comfort and convenience in a space reserved for female staff to continue breastfeeding after they return from maternity leave. The space was used by eight employees in 2013. To commemorate World Breastfeeding Week, the company promoted a meeting with mothers for a chat about the importance of breastfeeding for infants, mothers, families, society and the environment. Nine women took part. Blood Donation Campaign Conducted annually in partnership with the blood bank at Hospital Srio Libans. In 2013, 156 employees participated. Points For You An initiative of the Quality of Life Program to encourage healthy eating and weight loss, when necessary, using the Weight Watchers method. In 2013, 39 people took part.
Turnover rate by age (%) Aged 30 or less Aged 31-50 Aged 51+
2013 12.02 6.34 0.72
2012 13.16 6.81 0.36
2011 13.14 8.25 0.40 Mais Equilbrio Work-Life Balance Mais Voc Personal counseling and support from a multidisciplinary team (psychologist, social worker, nutritionist, psychopedagogue, lawyer, physical therapist, personal trainer, among others) to help employees and their families deal with difficulties at home, stress, legal problems and parenting. Diets are offered for specific situations (e.g. pregnancy, breastfeeding, convalescence), as well as information on physical fitness. The service is free, confidential and available 24x7 by phone and email. It processed 3,350 cases in 2013. Espao Dorival Rodrigues Alves A space for use by employees, interns and other professionals who work with the company to provide more equilibrium and health with comfort and convenience. The Dorival Rodrigues Alves Center covers all three pillars of the Quality of Life Program (work-life balance, wellness, and leisure and culture), offering nutritional guidance, psychological and medical counseling, massage and a mingling area. Mais Sade Wellness Outpatient Clinics Healthcare services including preventive action against diseases, promotion of lifestyle changes and quality of life, diagnosis and treatment, as well as counseling in special cases. The number of medical and nursing cases processed in 2013 totaled 12,318. Fitness To encourage its people to keep fit, the company has an agreement with some units of a
Exchange Kids This initiative enables children aged 5-11 to find out more about their parents workplace, with a full day of games, recreation and educational activities. The number of children who participated in 2013 was 170. The theme was Galaxy Trek. They voyaged to different places, such as Toy Planet and Goodness Planet, and received books and comics donated by employees, interns and other professionals who work with the company to the BM&FBOVESPA Sports & Culture Center, located in Paraispolis, and the Job Training Association. Secretaries Day In 2013 a workshop was held to commemorate the date, with 35 secretaries participating. The subject was Emotional Intelligence at Work Lessons of The Devil Wears Prada. It involved a critical reflection on the key concepts of emotional intelligence and their implications in the workplace. Soccer Tournaments The traditional Seven-a--Side Soccer Tournament attracted 193 participants in 2013. Awards were given to the teams that finished in first, second and third place. Diversity & Voluntary Service Week Activities organized by HR and Sustainability in 2013 included a lecture entitled I dont want to come out of the mirror by a visually impaired female employee, a performance by the Job Training Associations Dance Group, Day in Action, and a competition called Photographing Diversity.
Espao Dorival Rodrigues Alves
* Percentages based on number of new hires and employees leaving during year divided by total workforce in December of each year. Note: Until 2012 the turnover rate was based on separations during the year and final headcount. In 2013 it was based on average new hires and separations and average headcount during the year. The rates for 2011 and 2012 have since been recalculated using the new methodology in order to assure comparability across the entire period.
Quality of life and benefits LA3

Health, leisure, culture and emotional balance are part of BM&FBOVESPAs strategy to stimulate the teams performance and productivity. The company offers far more than the legal benefits (prescription drug discounts, life insurance, emergency loans, food vouchers, meal vouchers, childcare vouchers), including options that raise awareness of the importance of wellbeing and encouraging everyone to participate in the Quality of Life Program. Quality of Life Program The program has three pillars, comprising interlocking activities in work-life balance (Mais Equilbrio), wellness (Mais Sade), and leisure and culture (Mais Lazer e Cultura). It completed three years in 2013, proving that action taken to enhance employees well-being contributes significantly to improvements in the workplace climate. The program includes the Facilities Exchange (Bolsa Facilidades), which provides access to goods and services that contribute to employee wellbeing through partnerships in sports, culture, recreation and leisure.
Pension plan ec3 The company offers a defined-contribution pension plan for voluntary participation by all employees. The number of participants totals 1,043. The plan for employees of BM&FBOVESPA enables participants and the sponsor to invest more from 3.6% to 7% of the monthly salary, with a matching contribution from the company equivalent to 100%. Employees who leave the company before the specified retirement date can keep their plans according to the rules stipulated by the bylaws or cancel, in which case they can opt to transfer 100% of the accumulated employee contributions based on length of service or up to 90% of the accumulated sponsor contributions; alternatively they can withdraw 100% of the accumulated employee contributions and up to 50% of the accumulated sponsor contributions based on length of service.
Mais Lazer e Cultura Leisure & Culture Mothers Day and Fathers Day Cultural, leisure and integration activities were part of the commemorations for both dates in 2013. They included exclusive theater performances for mothers and fathers employed by the company, plus guests if they wished. Mothers Day: 300 people. Fathers Day: 400 people.
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It is important to note that the company has no obligations relating to payments in addition to its contributions as sponsor. Regular contributions are booked under personnel expense for the period during which they are due. Health and safety
LA3 LA8
Compensation model In line with its corporate objectives the companys compensation model aims to assure market-competitive pay levels, attract talent, and retain employees in the medium to long term. Fixed compensation consists mainly of a salary adjusted annually by a collective bargaining agreement with the union that represents the employees category. Pay awards may also be granted for merit, promotion or extra qualifications. Such awards are generally granted to recognize and reward performance and professional development on the basis of regular individual performance assessments. Variable compensation consists of semiannual payouts in accordance with the companys profit sharing program (PLR), which establishes potential monthly salary multiples depending on the companys key performance indicators and the employees seniority and individual performance assessment. All employees are eligible for variable compensation under the rules of the PLR program. Long-term compensation basically consists of stock options granted under the companys Stock Option Plan to align the interests of executives with the companys objectives and foster retention of key personnel. Performance management Performance assessment is a process in which 100% of the workforce take part, in line with the personal development proposition established by the company. The aim is to assure results based on a commitment to merit, considering the planning and target dimension (what) and the behavior expected for each level and function (how). LA12 Each employees individual performance assessment consists of three structured formal conversations with the employees manager during the year, one in the first quarter dealing with targets (what) and competencies (how), and the others in mid-year and at year-end for assessment and recognition. The results in both dimensions determine the employees eligibility for the individual portion of the PRL program agreed with the union.
Measurement starts with self-assessment, which enables employees to reflect on the challenges faced during the period and record their perceptions. The self-assessments are analyzed by managers and departmental meetings are then held to provide feedback. After these meetings, employees access the performance management system to acknowledge receipt of feedback and finalize the process. They then prepare and obtain validation of an individual development plan.
In 2013 employees were again invited to respond to a satisfaction survey on the feedback received. The number of voluntary respondents was 772. Training
LA10
In 2013 the company continued with its employee training and development initiatives, delivering 401 actions in a range of training modalities with 5,938 participations and 1,523 employees and interns trained, for an average of 21 hours per employee.
The companys workplace and operations present a low level of risk to health and safety. All employees have access to a corporate health and dental care plan, which also covers spouses and children up to the age of 21, or 24 for university students. In cases of serious illness requiring care not covered by the plan, benefits may be granted on the basis of an individual analysis. LA8 Employees can also use two outpatient clinics located on the companys premises at Praa Antonio Prado and Rua XV de Novembro, and staffed by physicians and nursing technicians every day of the week. The focus is on occupational medicine but urgent care is also available. The company also has discount agreements with pharmacies. To discuss matters relating to accident and occupational disease prevention, the company has a specialized occupational health and safety service (SESMT) comprising a physician and occupational safety technician, as well as an Internal Workplace Accident Prevention Committee (CIPA) with 18 members corresponding to 1.25% of the total workforce. LA6 The CIPAs main functions are to map all workplace hazards, observe and report risks of accidents, and provide employees with guidance on accident prevention. An Internal Workplace Accident Prevention Week (SIPAT) is organized annually in conjunction with SESMT. In its third edition, SIPAT presented health-related activities designed to encourage more conscious and positive behavior, including workshops on balanced diet, physical assessment, mental balance, blood donation, and measurement of blood pressure, blood sugar and cholesterol. Employees also benefited from ergonomics inspection blitzes, workstation interventions with guidance on posture, and a snooze booth to restore energy. The number of participations during the five-day SIPAT in 2013 totalled 2,936. In the CIPA elections, 1,051 votes were cast, corresponding to 74% of the workforce. Five members and four alternates were elected. LA9
Training modality
No. of employees trained
No. of participations
No. of training actions
Total training hours
Average training hours per employee
Leadership training
In company
119
10
1,280
In company Corporate training (all employees)
2,223
114
16,714
10
Online 1,523 External
1,488
15
7,145
118
118
3,806
Training relating to the companys strategic programs
In company
2,109
144
10,018
Total
1,523
5,938
401
35,157
21
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In-company and external face-to-face corporate training consisted of 232 actions with 2,341 participations. Online training involved 15 actions and totaled 7,145 hours, corresponding to 4 training hours per employee. The number of participations reached 1,488, compared with 258 in the previous year. The company also invested in specific training for leaders. The number of actions totaled 10, with 119 participations and an average of 4 training hours per employee. Inside the Exchange (Por Dentro da Bolsa) The special induction program called Por Dentro da Bolsa (Inside the Exchange) trains employees and interns in the basic concepts that permeate the exchange market, with the aim of assuring the use of a single language throughout the organization and providing an integrated understanding of its products and services and how they are processed internally. The program has six modules, with online content and face-to-face meetings. The first step is a self-assessment enabling individuals to identify gaps in their knowledge of the company. The training modules to be used are identified on the basis of these self-assessments and a review of the requisite knowledge by the heads of the areas concerned. In November 2013, to commemorate the first year of the program, three iPads were raffled among the trainees who completed the knowledge track as an encouragement to general participation. The year ended with 503 participants in the Por Dentro da Bolsa Program (employees and interns). Education Incentive Program This program facilitates access to higher education (undergraduate and graduate courses) and language courses for professionals with growth potential. The number of participations in 2013 was 200, of which 76 were in MBAs and other graduate courses, 16 in undergraduate courses, and 108 in language courses (English and Spanish). Human rights
HR2
In 2013 the company continued to deliver on its commitment to analyze and accredit suppliers in accordance with its procurement policy, focusing above all on the mitigation of risks relating to corporate image, labor claims, child labor and slave labor. The number of suppliers accredited in 2013 totaled 69, representing 58%. In addition, the company requires supplier clearance certificates, credit checks with Serasa Experian, and checks with the Office of the Comptroller General (www.cgu.gov.br) and the Transparency Portal (www. portaltransparencia.gov.br). The standard service agreement contains clauses prohibiting conditions analogous to slave labor. Between June 2010 and December 2013, it had 641 accredited suppliers, 417 of whom were classified by branch of activity. It should be noted that 65% of the suppliers analyzed and accredited could pose some kind of human rights risk. Although supplier evaluation focuses mainly on tax, civil and labor law matters in the federal, state and municipal spheres, the policy calls for notification of the responsible manager if any violation of human rights is detected, and for appropriate steps to be taken. To verify these items, moreover, the company requires prospective suppliers to complete a questionnaire prior to a visit to their premises to make sure they have a procurement policy and an underage apprentice program in place. As in previous years, in 2013 BM&FBOVESPA registered no cases of discrimination on grounds of ethnic origin, color, gender, religion, ideology, nationality or social origin, and received no reports of child labor and slave labor or violation of the rights of indigenous peoples. HR4 HR6 HR7
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BM&FBOVESPA: a benchmark in sustainability

In pursuit of excellence
4.12 4.13
For BM&FBOVESPA sustainability is a new business management model in which the social and environmental dimensions, allied with best corporate governance practices, influence the economic dimension positively, adding value to the company. The company has been a pioneer in many aspects of sustainability. In 2004 BM&FBOVESPA was the first exchange in the world to sign up to the UN Global Compact. In 2010 it was the first exchange in any emerging-market country to commit officially to the Principles for Responsible Investment (PRI), an initiative led by institutional investors from several countries in partnership with the UN Global Compact and the UN Environment Program Finance Initiative (UNEP-FI). In the same year it was the first exchange in the world to become an organizational stakeholder in the Global Reporting Initiative (GRI), a network that sets internationally accepted reporting standards and develops strategic recommendations to enhance sustainability reporting. Since 2011 BM&FBOVESPA has issued Annual Reports containing both financial and non-financial information in a single document at meetings of the Brazilian Association of Capital Market Analysts & Investment Professionals (APIMEC). To encourage analysts and investors to take socio-environmental and corporate governance issues into account in their assessments of stock prices and investment decisions, in 2012 BM&FBOVESPA adopted Report or Explain guidance recommending that listed companies state in the Reference Form whether they publish a regular sustainability report and if not, why not. The initiative has had extremely positive results: by June 2013, 293 listed companies had published sustainability reports or explained their absence. As a founding signatory of the UNs Sustainable Stock Exchanges (SSE) initiative, with Nasdaq OMX, the Johannesburg Stock Exchange, the Istanbul Stock Exchange and the Egyptian Exchange, it has endeav-
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ored to promote responsible long-term investment and the publication of non-financial information by listed companies. In the Sustainable Stock Exchanges Report on Progress, published by PRI, the Global Compact, UNCTAD and Aviva Investors, BM&FBOVESPA was designated as a global reference in sustainability. Elected for a three-year term to the GRI Stakeholder Council, and to chair Focal Point Brazils Advisory Committee, in 2013 BM&FBOVESPA widened its action to promote transparency in the disclosure of non-financial information. The company also supports several initiatives to promote the insertion of sustainability and private social investment into the agenda of listed companies. These include the Socio-Environmental Investment Exchange (BVSA), the Job Training Association, the BM&FBOVESPA Athletics Club, and the BM&FBOVESPA Sports & Cultural Center. As promised in the previous year, in 2013 the Board of Directors approved its Sustainability Policy BM&FBOVESPA, aligned with the companys strategic principles. The policy applies to all employees, interns, trainees and other staff of BM&FBOVESPA, as well as external stakeholders. Its aim is to formalize guidelines for action on the theme. Its structure is divided into four pillars environmental, corporate governance, market, and social. Forty-six meetings were held with executive officers and teams in 17 areas that will be affected in the first year of rollout. Future commitments Implementation of Sustainability Policy In 2014 and 2015, the Sustainability Policy will be implemented in 17 areas of BM&FBOVESPA in accordance with the possibilities offered by their roles and responsibilities, surveyed during 2013-14. Voluntary Service Program In 2014 BM&FBOVESPA will draw up a voluntary service policy for employees, interns and contractors, as an extension of its Sustainability Policy in the Social Pillar, bolstering the Exchanges activities in the sector and encouraging volunteers to act in an organized manner and in line with its strategies. Recognition 2.10 Empresas do Bem 2013, Isto Dinheiro The National Financial Education Strategy (ENEF), developed by BM&FBOVESPA in partnership with several public and private entities, once again won the Exchange a place on the list of the Top 50 Companies for Good (50 Empresas do Bem), a survey by Isto Dinheiro magazine identifying the 50 initiatives that are making Brazil more competitive. Emerging-country companies that best report CO2 emissions BM&FBOVESPA ranked seventh among companies in emerging countries that best report carbon emissions, according to a study by the Environmental Investment Organization, a UK-based climate change and finance think tank. CDP Brazil 100 Climate Change Report For the second year running BM&FBOVESPA is one of the top ten Brazilian companies ranked by the transparency of their disclosure of information on climate change strategies and actions, according to the CDP Brazil 100 Climate Change Report 2013. Published by the Carbon Disclosure Project, a nonprofit organization that works with thousands of companies and more than 722 institutional investors (62 of them Brazilian) from 60 countries to tackle climate change, the report surveys large corporations that have adopted or enhanced positive practices such as reducing energy consumption, implementing automation solutions, and substituting renewables for fossil fuels. In Good Company Corporate Sustainability Program Em Boa Companhia promotes permanent relationships with business organizations through a range of initiatives, including the sharing of information by means of publications and face-to-face meetings with experts in sustainability, among others. Eight events were held in 2013. Details of the sustainability projects implemented by companies listed on BM&FBOVESPA can be found at www.bmfbovespa.com.br/emboacompanhia. Corporate governance and sustainability indexes and funds BM&FBOVESPA maintains a number of indexes that track the performance of companies committed to sustainability. Governance Special Corporate Governance Index Novo Mercado (IGNM) Tracks a theoretical portfolio comprising the stocks of companies that voluntarily adopt high corporate governance standards and are listed on the Novo Mercado segment. Special Corporate Governance Index (IGC) Tracks the stocks of companies listed on Novo Mercado or classified in Levels 1 or 2 of BM&FBOVESPA. Corporate Governance Trade Index (IGCT) Tracks the stocks of IGC companies that meet specific liquidity criteria, such as actively trading in at least 95% of trading sessions during the previous 12 months. Special Tag Along Index (ITAG) Tracks a theoretical portfolio composed of stocks issued by companies that offer minority shareholders better terms than those required by law in the event of a sale by majority shareholders. IT Now ISE Based on the Corporate Sustainability Index (ISE), this exchange-traded fund (ETF) tracks the return on a portfolio comprising stocks issued by companies with a recognized commitment to social responsibility and sustainability. IT Now IGCT Based on the Corporate Governance Trade Index (IGCT), this EFT tracks the stocks of companies that voluntarily adopt high corporate governance standards (listed on the Level 1, Level 2 and Novo Mercado segments) and meet the criteria for inclusion established in its methodology. Sustainability Carbon Efficient Index (ICO2) Tracks the stocks of IBrX-50 companies that agree to participate and undertake to submit greenhouse gas inventory data for publication on the In Good Company website (www.bmfbovespa.com.br/emboacompanhia). Corporate Sustainability Index (ISE) Tracks the return on a portfolio of stocks issued by companies with a recognized commitment to sustainability. Launched in 2005, the ISE has become a benchmark for sustainable management practices in Brazil and worldwide. Companies must complete a specific questionnaire in order to be included in the ISEs portfolio (www.isebvmf. com.br). In 2013 the ISEs board presented the timetable of activities for the process and announced a partnership with the agency Imagem Corporativa to monitor news flows involving the companies tracked by the ISE portfolio. In addition, a face-to-face public hearing was held on the 2014 ISE, as well as workshops on the seven dimensions of the questionnaire. It is important to stress that BM&FBOVESPA chairs ISEs board (CISE), the highest governance body for the index, comprising representatives of 11 institutions.
Sustainable development initiatives

The Novo Valor website www.bmfbovespa.com. br/novo-valor offers information on the Exchanges sustainability and social investment indicators and projects, engaging with investors, companies and brokerage houses to promote the sustainable development of the capital markets, and thereby contributing to the realization of projects. In 2013 it recorded more than 18,400 hits.
Management aligned with the interests of the company and society 4.16
BM&FBOVESPA is permanently committed to the mission of promoting sustainability and private social investment in line with its business strategy.
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In 2013 the Board of Directors approved the Sustainability Policy, structured in four pillars market, environmental, social, and corporate governance: Key guidelines of the sustainability pillars
Market
Maintenance of efficient and secure systems that assure the proper functioning of the market Supervision and surveillance of all transactions performed Product and service offerings that add customer value Encouragement of innovation in products and services Commitment to the development of the capital markets Fostering the disclosure of sustainability practices Developing educational programs and initiatives to popularize products and services
the Sustainability Committee, responsible for strategic guidelines and approval of macro-initiatives; and the Sustainability Task Force, which proposes and manages the agenda. The departments remit also includes managing the social investment programs developed by the BM&FBOVESPA Institute. The Exchange has also put several important measures in place to promote ecoefficiency. The main initiatives are summarized below. GHG inventory BM&FBOVESPA conducted its first inventory of greenhouse gas emissions in 2010, based on data for 2009. Since 2010 the GHG inventory has been verified by a third party in order to assure evolution of the process. The 2012 inventory was released to the public during a Sustainability Week presentation. Emissions totaled 4,303.20 tCOe. As is typical of organizations in the financial services industry, the Exchanges direct emissions are the least significant in the comparison of all three scopes. The inventory was conducted with the support of a consulting firm and checked by KPMG. Details are available at www.registropublicodeemissoes.com.br. The 2013 GHG inventory has not yet been produced, as the process will begin in January 2014. The findings will be published in May. Selective waste collection and recycling All workstations and corridors on every floor of BM&FBOVESPAs buildings have selective waste collection bins to enable comprehensive recycling. All materials including batteries are collected for recycling. The money earned from the sale of recycled material is donated to social projects chosen by employees, interns and contractors. In 2013 the institution selected by the Voluntary Service Committee was Ncleo Assistencial Fraterno, Grupo Mos Estendidas. Use of certified paper All publicity material, stationery and printing paper used by BM&FBOVESPA are certified by the Forest Stewardship Council (FSC).
Use of ecoefficient equipment The company uses only energy-efficient light bulbs, smart air conditioning and next-generation elevators. Green tech Equipment and computer monitors that generate less heat and consume less energy are prioritized. Bicycle parking The Exchange has a bicycle parking facility with lockers and changing rooms to motivate employees to make sustainability part of their day-to-day routine in this way. Car pool and bicycle messengers The Carona Solidria (Solidarity Car Pool) Program encourages employees to share their cars with co-workers via the Caronetas ride sharing website (www. caronetas.com.br/bmfbovespa) and uses the services of bicycle messengers for short distances. The company also has a long track record in social investment. This activity is managed by the BM&FBOVESPA Institute. BM&FBOVESPA Institute SO1 The Institute was established in 2007 to integrate and coordinate BM&FBOVESPAs social investment projects. In 2008 the Institute became a public-interest civil society organization (OSCIP). Its remit is to foster the Exchanges participation in the efforts realized by society to promote sustainable development, focusing on social and economic inclusion initiatives, environmental conservation, and the strengthening of civil society. Special attention is devoted to children and youth because this is considered the best way to encourage the social and economic changes required to build a society in which there is more respect for human rights and better living conditions for all. Through the BM&FBOVESPA Institute, the Exchange supports civil society organizations that focus on health and social assistance. In 2013, 12 institutions received R$240,000. The So Paulo and Rio de Janeiro Job Training Association, the Socio-Environmental Investment Exchange (BVSA), the Athletics Club, the Sports & Cultural Center and the Em Ao voluntary service program are the main initiatives of the BM&FBOVESPA Institute.
Job Training Association The BM&FBOVESPA Job Training Association, a social investment arm of the Exchange linked to the BM&FBOVESPA Institute, was set up to promote social and economic integration of young people from low-income households through educational activities. More than job training, the association is responsible for integral formation of socially excluded young people to make them citizens capable of shaping their own life courses. To do so they must have experiences that help them develop based on their own repertoire and latent potential, thereby building the capability to transform themselves and their surroundings. All programs offered in So Paulo consists of citizenship workshops, vocational education workshops, and additional workshops. In Rio de Janeiro they comprise courses in basic skills, management skills (I, II and III), and specific skills.
AGNCIA LUZ
Environmental
Adoption of eco-efficiency programs in its facilities, optimizing the use of water, energy and paper Management of greenhouse gas (GHG) emissions Adequate management of solid waste, including electronic waste Promotion of environmental best practices across its value chain and among other stakeholders Leveraging Brazilian market growth by offering products and services with an environmental focus
Social
Attracting and retaining talent Developing people Pursuing quality-of-life improvements Fostering good social practices across the value chain and among other stakeholders Promoting private social investment Encouraging volunteerism
Promoting, inducing and assuring best practices in transparency, accountability and corporate governance Guaranteeing efficient risk management Promoting the adoption of codes of conduct Assuring the adoption of best practice in the protection of shareholder rights Commitment to creating shareholder value
Corporate Governance
The complete text of BM&FBOVESPAs Sustainability Policy is available at http://ri.bmfbovespa.com.br, in Corporate Governance, Bylaws, Codes and Policies. Participatory action The Sustainability Department acts in four dimensions: Management of natural resources focusing on ecoefficiency gains; Products and services building sustainability into the Exchanges products and services in partnership with business areas Governance inducing best practice by the market and integrating the concept into internal governance; Relationships stakeholder engagement. Two other multidisciplinary spheres of governance manage sustainability in addition to the department:
Programs Training for Employability (So Paulo) Basic knowledge in administration, focusing on management and communication. Handyman (So Pulo) Construction and building maintenance. This module teaches students how to build a house, including installation of plumbing and electrical systems, flooring and wall tiles, painting, and carpentry for formwork.
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Beauty Space (So Paulo and Rio de Janeiro) Training in hairdressing, makeup, manicure and pedicure, including knowledge about care of the body. Vocational Training Construction Module and Installation Module (Rio de Janeiro) Services provided by Senai/RJ, responsible for technical supervision, pedagogy and certification of both modules. BM&FBOVESPA Athletics Club The BM&FBOVESPA Athletics Club fosters social inclusion, develops new talent, and is a home for professional athletes who constantly represent Brazil in major international competitions. The Club maintains its principal group of athletes in the city of So Caetano do Sul (SP), where its Training Center and headquarters are located on a site granted by the city, but it also supports groups in Campinas and So Jos do Rio Preto. The BM&FBOVESPA Athletics Clubs Training Center was designed from scratch as a smart building, with an integrated complex comprising an indoor gymnasium, outdoor track and complete facilities for the athletes (weight room, physical therapy, nutrition, psychology, changing rooms, press room, administrative offices and storerooms). In 2013 the BM&FBOVESPA Athletics Club won the Brazil Trophy for the 12th consecutive year. It was the overall champion with 564 points and the mens and womens champion with 37 medals (18 gold, 11 silver and 8 bronze). Its athletes were the best of the meet, set new South American and Brazilian records, and qualified for the World Championships. Fourteen of the 32 athletes entered by Brazil for the IAAF World Championships in Moscow were from the BM&FBOVESPA Athletics Club, including Fabiana Murer, Mauro Vincius (Duda), Marlson Gomes dos Santos, Thiago Braz, Augusto Dutra and Ana Claudia Lemos. The Clubs athletes took part in 102 competitions, 44 in Brazil and 58 abroad, and won 474 medals (389 and 85 respectively), of which 238 were gold (196 and 42).
FOTOS: AGNCIA LUZ
stimulate residents to read and take part in cultural activities. In 2013 the theme was the Culture of Indigenous Peoples. More than 350 children, youngsters and professionals engaged in social projects participated, including public school teachers. Eighth Culture Show A grand science and culture expo organized by the main social organizations and public schools in the area, this event is supported by the BM&FBOVESPA Institute, which is also on the Organizing Committee. At the 2013 edition, 8,000 people attended 38 workshops featuring popular dances, visual arts, videomaking, music, and performing arts. IBM lectures Every year IBM volunteers present a series of lectures to interest young people in mathematics, engineering, science and technical careers. This year 42 youngsters from the Job Training Association and 37 from the BM&FBOVESPA Sports & Cultural Center took part. Em Ao In Action is a social mobilization program for employees and others who work at the Exchange, set up to reaffirm and strengthen the companys commitment to the community In 2013, In Action Day involved an intervention in the premises of the BM&FBOVESPA Sports & Cultural Center and a graffiti workshop with Zezo, an internationally recognized artist. Employees, interns and contractors and their families participated in the transformation of this space, which became more colorful and vibrant as a result of their activities. For the second consecutive year the CEO of the Exchange, who is also the president of BM&FBOVESPA Institute, hosted an annual lunch to celebrate with volunteers and recognize the time and energy they donate during the year to the initiatives of the Em Ao program.
In 2013 students taking the Beauty Space program had opportunities for practical experience, providing beauty parlor services to employees of BM&FBOVESPAas part of the commemoration of Womens Month, and to 68 seniors during Seniors Week at CRI Norte (Centro de Referncia do Idoso). In April the BM&FBOVESPA Job Training Association featured in a story published by Bons Fludos magazine (Editora Abril). Entitled Grassroots Prosperity, it described the Handyman program as an opportunity to start a career in the construction industry, which is suffering from a scarcity of skilled labor. The Job Training Association also hosted a Breakfast with Partners, which was attended by Tecnisa, Sherwin Williams and Hospital Samaritano. BVSA With a format similar to a stock exchange, the Socio-Environmental Investment Exchange (BVSA) offers a portfolio of rigorously selected projects run by NGOs throughout Brazil for online donation in a secure and transparent virtual environment. In 2013 BVSA listed five new projects run by Brazilian organizations, with budgets ranging from R$30,000 to R$100,000, and classified according to the eight Millennium Development Goals established by the UN: eradicate extreme poverty and hunger, achieve universal primary education, promote gender equality and empower women, reduce child mortality, improve maternal health, combat HIV/AIDS, malaria and other diseases, ensure environmental sustainability, and develop a global partnership for development. With official support from UNESCO, the website www. bvsa.org.br currently has eight projects available for donation. More than R$13.2 million has so far been raised via BVSA.
Duda: personal best of 8.31m in long jump
Fabiana Murer: seasons personal best of 4.73m in pole vault
Base Category Project The Base Category Project initiates and trains athletes with the aim of complete development in sports starting at age 6 and potentially reaching high performance status. The Junior Club, installed at the BM&FBOVESPA Sports & Cultural Center, offers classes for beginners in athletics with appropriate equipment for children aged 7-12. Training for children and adolescents aged 12-18 aims to develop three poles that already work with athletics: Instituto Elisngela Maria Adriano (Iema) in So Caetano do Sul; Instituto Vanderlei Cordeiro de Lima (IVCL) in Campinas; and Associao Rio-Pretense de Atletismo (Arpa) in So Jos do Rio Preto. BM&FBOVESPA Sports & Cultural Center Located in So Paulo Citys Paraispolis community, the BM&FBOVESPA Sports & Cultural Center fosters integral development for youngsters aged 6-18 through sports, art and culture. The Center houses the Norberto Bobbio Library with some 2,500 titles. The main activities that took place there in 2013 are described below. Sixth Library Week The staff of libraries and other institutions in the Paraispolis community hold this annual event to
Keila Costa: new Brazilian triple jump record
Carlos Chinin: South American decathlon record
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Programs and projects 2013
Name APBM&FBOVESPA Job Training Association
SO1
2013 Sustainability Milestones 4.16

2012 217 young participants in So Paulo and 287 in Rio de Janeiro. 2011 252 young participants in So Paulo and 287 in Rio de Janeiro. January Em Boa Companhia Global Reporting Initiative (GRI) Workshops Free workshops are offered by BM&FBOVESPA in partnership with GRI on the production of sustainability reports in accordance with GRI standards. Five workshops are held, with a total of 159 participants. February 2012 Annual Report Published R$64,000 donated to 16 new projects first listed in January 2012. For the fifth consecutive year BM&FBOVESPA publishes an integrated annual report with financial, social and environmental results according to GRI guidelines. The report is simultaneously presented at a meeting of the Brazilian Association of Capital Market Analysts & Investment Professionals (APIMEC). March Em Boa Companhia Inaugural ISE Workshop Tenth consecutive win of Brazil Trophy, Interior Open Games and Regional Games. The inaugural meeting of the 2013 ISE process is held on March 5. Announcements include the 2013 timetable of activities and the partnership with Imagem Corporativa, the agency that monitors news flows involving companies tracked by the ISE. The importance and value of the ISE are discussed with executives and experts. Presentations covering concepts, case studies and initiatives by other exchanges around the world are delivered. Some of the companies that disclosed their answers to the ISE questionnaire take part in a panel session on the advantages of transparency for investors, among other topics. The launch of the process is followed by a workshop on communication and sustainability for journalists and other media professionals. April ISE Questionnaire Review Workshops Activities conducted in partnership with the Getulio Vargas Foundation (FGV) include six workshops to re-
view the ISE questionnaire in the seven dimensions evaluated, and five thematic workshops. IIRC Proposal Launched On April 16 the International Integrated Reporting Council (IIRC), a global coalition that promotes the integration of financial, sustainability and governance information into mainstream corporate reporting, launches a proposed new international integrated reporting framework at BM&FBOVESPA and in nine other countries. Sustainability Policy Approved On April 4 the Board of Directors approves BM&FBOVESPAs Sustainability Policy, aligned with the companys main strategies and targeting internal and external stakeholders. May Greenhouse Gas Inventory BM&FBOVESPAs 2012 GHG inventory is published on May 5 during a Sustainability Week presentation. The inventory is checked by KPMG. ISE face-to-face public hearing A hearing takes place for public consultation regarding the 2014 ISE on May 10. June ISE Workshop: Human Rights A workshop is held on June 17 to discuss human rights in the corporate sphere, based on a UN report, with presentations covering the UN Guiding Principles on Business & Human Rights, the key concepts of ISO 26000 (Social Responsibility), and practical examples of diversity in business organizations. The workshop is inspired by the 2011 report presented to the UN by Special Representative John Ruggie, who proposed the Protect, Respect and Remedy Framework. ISE Workshop: Economic-Financial Dimension A workshop called Challenges of the Economic-Financial Dimension is held on June 18 to discuss business management aiming at the long term, one of the most challenging aspects of sustainable development.
2013 238 young participants in So Paulo and 254 in Rio de Janeiro. R$614,000 donated to 17 listed projects.
Socio-Environmental Investment Exchange (BVSA)
R$473,000 donated to 15 listed projects.
R$543,000 donated to 13 listed projects.
BM&FBOVESPA Athletics Club
Team of 57 athletes. Out of 32 athletes entered for the Moscow World Championships, 14 were from the Club, including Fabiana Murer and Marlson Gomes. Twelfth consecutive win of Brazil Trophy.
Team of 79 athletes. Out of 36 athletes entered for the London Olympics, 12 were from the Club, including Fabiana Murer and Marlson Gomes. Eleventh consecutive win of Brazil Trophy, plus two Brazilian and two South American records.
Team of 89 athletes, including Fabiana Murer and Marlson Gomes.
BM&FBOVESPA Sports & Cultural Center
Average of 743 children and adolescent users, with 477 book loans to 181 people.
Average of 800 children and adolescent users, with 1,045 book loans to 232 people.
Average of 800 children and adolescent users, with 930 book loans to 309 people.
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Em Boa Companhia Seminar on Corporate Reporting On June 20 the Brazilian Business Council for Sustainable Development (CEBDS) and BM&FBOVESPA host the Brazilian Seminar on Corporate Transparency & Sustainable Development to discuss the state of the art in corporate reporting models, focusing specifically on the introduction of integrated reporting. The seminar is attended by representatives of several sectors from Brazil and abroad. July BM&FBOVESPA launches Sustainability Policy The company begins internal and external dissemination of its Sustainability Policy. The policy is aligned with its strategic principles and applies to all employees, interns, trainees and other staff, as well as stakeholders. Its aim is to formalize guidelines for action on the theme. Its structure is divided into four pillars environmental, corporate governance, market, and social plus a new mission: Promote sustainability and private social investment aligned with strategy, contributing to the institutional strengthening of BM&FBOVESPA. Em Boa Companhia GRI Post-Conference A GRI post-conference meeting is held in partnership with BM&FBOVESPA on July 29 to present and discuss changes to the requirements for defining the structure and content of G4 GRI sustainability reporting. August Report or Explain Update The number of companies publishing sustainability reports or explaining why not has increased by 90, which represents growth from 45.31% to 66.29% in the proportion of companies joining the Report or Explain initiative. October Greenhouse Gas Emission Offset BM&FBOVESPA offsets unreducible 2011 and 2012 GHG emissions by purchasing 7,148 carbon credits (or 7,148 metric tons of CO2 equivalent) created under the Koyoto Protocol Clean Development Mechanism (CDM) and known as Certified Emission Reductions (CERs). The credits purchased come from small-scale renewable energy projects registered with the UN. Em Boa Companhia Report or Explain Workshop A workshop called Sustainability: A Strategic and Urgent Agenda is held on October 7 to encourage sustainability reporting and clarify doubts on the topic. PRI in Person BM&FBOVESPA takes part in the annual conference of the UN-supported Principles for Responsible Investment (PRI), held at Cape Town, South Africa. 53rd General Assembly and Annual Meeting of the World Federation of Exchanges (WFE) BM&FBOVESPA participates in a panel session at the Mexico meeting to launch the Sustainable Stock Exchanges State of Disclosure Report. November COP-19 BM&FBOVESPA participates in the 19th UN Climate Change Conference, COP-19, at Warsaw, Poland, on November 18-22, as an observer with the Brazilian delegation led by the Ministry of Foreign Affairs. The conference brings together negotiators from 195 countries to discuss ways to address the problems caused by global warming. 30th Annual Session of ISAR (International Standards of Accounting & Reporting) Launch of Best Practice Guidance for Policymakers & Stock Exchanges on Sustainability Reporting Initiatives, November 6-8, Geneva, Switzerland. Translated into six languages, the official UN document is the first initiative deriving from the agreement established by Sustainable Stock Exchanges (SSE), to which BM&FBOVESPA is a signatory. 2014 ISE Seminar A seminar called The Impact of Sustainability on Reputation and Investor Decisions presents the ninth ISE portfolio, to remain in force between January 6, 2014, and January 2, 2015. The event is attended by 168 people. X ray of 2014 portfolio The new portfolio comprises 51 stocks issued by 40 companies, representing 18 sectors and worth an aggregate R$1.14 trillion in market cap, equivalent to 47.16% of the total market value of the companies listed on BM&FBOVESPA (based on closing prices on November 26, 2013). All but one of the 37 stocks in the 2013 portfolio were reselected for the 2014 portfolio. In 2013, 22 of the 40 companies represented by the new portfolio authorized disclosure of their questionnaire answers (14 out of 37 in 2012). The ISE process was again externally audited by KPMG, which helped make it even more credible. December Social Responsibility Day The Exchange donates part of the fees earned on a days equity trading to the private social investment projects listed on BVSA. In annual terms 50% of its donations are distributed equally to all projects and 50% to the projects chosen by brokerage houses via a voting hotsite. ISE 2014 portfolio by numbers 100% of the companies in the portfolio publish sustainability reports. 95% use the GRI guidelines as a basis for their sustainability reports. 93% maintain the direct involvement of top management in the production of their sustainability reports. 100% have formally inserted a commitment to sustainable development in their strategies. 98% have programs to raise awareness and educate the public on sustainable development. 95% have a Sustainability Department that reports to top management. 58% have a Sustainability Committee that reports to the Board of Directors.
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BM&FBOVESPA: promoting liquidity and security for investors

State-of-the-art technology
BM&FBOVESPA invests continuously in new technology and launches products and services to offer instruments that are more effective and secure, and to increase liquidity for investors and participants in its markets. In 2013 BM&FBOVESPA unveiled its new Operations Control Center, assuring faster and more efficient communication to meet the needs of participants.
The new Operations Control Center was named Arminio Fraga Neto in recognition of the leadership and valuable contributions made by the outgoing Chairman of the Board.
The highlights in 2013 were completion of the certification stages of the clearinghouse integration project and of migration from Mega Bolsa to the BM&FBOVESPA PUMA Trading System, the launch of iBalco, new contract launches, changes to the Ibovespa methodology, the preparation of proposals to facilitate IPOs by small and medium enterprises, a program of incentives to attract more individual investors, and pricing policy changes. Clearinghouse integration The post-trading integration project is a BM&FBOVESPA initiative to create an integrated clearinghouse, which will consolidated the activities of its four existing clearinghouses equities, derivatives, bonds and foreign exchange into a new unified platform.
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MaRKeT STReNGTHeNING
The introduction of new technologies, concepts and solutions is revolutionizing important services provided by the Exchange and enhancing the companys competitiveness in the global arena. One of the highlights of this project is CORE (CloseOut Risk Evaluation), a system developed to minimize the risks to which a central counterparty is exposed while maximizing efficiency and robustness. The new unified platform is extremely secure and robust, and based on a faster data processing architecture with the capacity to process more than 10 million trades per day and calculate risk in real time. The migration process will involve one clearinghouse at a time, with the new platform taking over operations and positions for the clearinghouse concerned, after which it will be deactivated. The derivatives segment will be first, followed by equities. The requirements for foreign exchange and bonds are being considered and may potentially entail a later supplementary phase. In 2013 a survey was conducted to check the stage of participant preparedness with regard to the development of the new clearinghouse (derivatives segment) and to provide input for preventive action, support and risk mitigation. Implementation of the derivatives phase is planned for the first quarter of 2014. Clearing activities involve several areas of the Exchange, such as settlement, risk control, collateral management, pricing, the central securities depository, registration, the integrated broker management system (SINACOR), and IT. This means the projects are interrelated and occur simultaneously. All information on BM&FBOVESPAs post-trading integration project is available from the website http:// ipn.bmfbovespa.com.br. PUMA Trading System The multi-asset trading platform developed in partnership with CME Group is one of the linchpins of BM&FBOVESPAs growth, since it will replace all existing trading systems with far higher processing capacity than current market levels. In 2013 the migration of equities and equity derivatives trading from Mega Bolsa to the BM&FBOVESPA PUMA Trading System was finalized as planned. Mock trading sessions were held throughout the year to validate all solutions that interact with the PUMA Trading System, including internal and external tests. As a result, all trading in derivatives, spot foreign exchange, equities and equity derivatives is integrated into a single platform with high processing capacity and very low order latency, which is world-class, with a round trip time (RTT) of less than 1 millisecond. iBalco In 2013 BM&FBOVESPA began registering over-thecounter derivatives trades with iBalco, its new OTC system. The first derivative available for registration is the Non-Deliverable Foreign Exchange Forward without the guarantee feature. Forwards in more than 20 currencies are available to participants in this market for registration with the new system. Registration can be retroactive, and orders can be corrected and cancelled. The changes align the methodology for the Exchanges flagship index with best practice in other countries and adapt the Ibovespa to current conditions in the capital markets, as well as making it more robust in light of the growth expected for Brazil. Initiatives for small and medium enterprises Considering the importance of SMEs to the national economy and the challenges they face in pursuing sustainable forms of financing, representatives of government and the private sector have joined forces to discuss alternatives ways of fostering the growth of SMEs via the capital markets. In 2013 the Brazilian Industrial Development Agency (ABDI), the National Development Bank (BNDES), BM&FBOVESPA, the Securities & Exchange Commission (CVM) and the Brazilian Innovation Agency (FINEP) established the Small Offerings Technical Committee. The project was presented to the Finance Ministry in July. Program of incentives to attract more individual investors To drive growth in the number of retail investors and encourage direct participation by individuals in the cash equity market as a means of disseminating a culture of investment and long-term savings, BM&FBOVESPA decided to grant a certain amount of credit to brokerage houses based on the number of new investors originated by these institutions, the balance of their custody holdings, and the length of time new investors trade through their accounts. The program entered into force on September 30, 2013, and is scheduled to end on September 30, 2018. Products and services In 2013 BM&FBOVESPA intensified fixed-income operations by facilitating access to the bonds issued by the National Treasury via incentives for brokerage houses that distribute this product, and exempting investors from exchange fees when they trade federal government bonds. In the variable income markets, the securities lending system (BTC) expanded thanks to the improvements made in the previous year, and the company intensified its market maker programs for options on other securities with high liquidity. It also stepped up the marketing of Real Estate Investment Funds (FIIs). In response to market demand, Unsponsored Level I Brazilian Depository Receipts (BDRs) began trading in the exchange market. Another highlight in 2013 was the launch of crystal sugar and anhydrous ethanol derivatives, making BM&FBOVESPA the worlds first exchange to offer the productive sector a complete portfolio of sugar-energy commodities; and of new derivatives referencing the average rate for one-day repurchase agreements, backed by federal government bonds. The following products were launched in 2013: Cash-Settled Crystal Sugar Futures Contract Anhydrous Fuel Ethanol Futures Contract with Physical Delivery Futures Contract Referencing the Average Rate for One-Day Repurchase Agreements (OC1) Call Option on the Index of the Average Rate for One-Day Repurchase Agreements (ITC) Put Option on the Index of the Average Rate for One-Day Repurchase Agreements (ITC) U.S. Dollar Spread Futures Contract Referencing One-Day Repurchase Agreements (DCO) U.S. Dollar Swap with Reset Referencing One-Day Repurchase Agreements (SCS) Forward Rate Agreement on One-Day Repurchase Agreements Structured Transaction (FRO) Foreign Exchange Forward Cash-Settled Mini Crude Oil Futures Contract Based on CME Group Light Sweet Crude Oil (WTI) Futures Contract Market makers Market makers are participants who undertake to guarantee minimum liquidity and facilitate price discovery for a certain number of assets accredited for this purpose, playing a key role in the efficiency of the capital markets.
Operating efficiency
Ibovespa methodology In September 2013 BM&FBOVESPA announced changes to the Bovespa Index (Ibovespa) methodology for implementation in two stages. The portfolio that will be in force between January and April 2014 will be obtained using the average of the weightings defined on the basis of the old and new methodologies. From May 2014 the weighting system used for the index will be based solely on the new methodology. The changes include free float weighting, reformulation of the negotiability index, new criteria for inclusion, permanence and exclusion, and a limit on the number of stocks issued by any one company to be included in the Ibovespa portfolio. The documents New Methodology for the Bovespa Index and Manual of Definitions & Procedures for BM&FBOVESPA Indices are available from the website www.bmfbovespa.com.br, in Markets, Equities, Indices, Bovespa Index Ibovespa.
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FOTOS: AGNCIA LUZ
In 2013 BM&FBOVESPA held competitive biddings to select market makers for the following products: Cash-Settled Crystal Sugar Futures Contract Cash-Settled Hydrous Ethanol Futures Contract S&P 500 Futures Contract Settled in Cash to the CME Group S&P 500 Quotation Cash-Settled Mini Crude Oil Futures Contract Based on CME Group Light Sweet Crude Oil (WTI) Futures Contract Options on the Stocks of BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros (BVMF3), and Usinas Siderrgicas de Minas Gerais S.A. Usiminas (USIM5) Options on the Stocks of Companhia Siderrgica Nacional (CSNA3), PDG Realty S.A. Empreendimentos e Participaes (PDGR3), and Cyrela Brazil Realty S.A. Empreendimentos e Participaes (CYRE3) Options on the Stocks of OGX Petrleo e Gs Participaes S.A. (OGXP3), and Ita Unibanco Holding S.A. (ITUB4) Options on the Stocks of Banco Bradesco S.A. (BBDC4), Gerdau S.A. (GGBR4), and Banco do Brasil S.A. (BBAS3) Options on Bovespa Index (IBOV) Resumption of IPOs For the equity market BM&FBOVESPA offers four special listing segments: Novo Mercado, Corporate Governance Levels 1 and 2, and Bovespa Mais, each with specific corporate governance requirements in addition to the mandatory standards established by Brazilian corporation law (Lei das SAs). Em 2013, 10 companies made initial public offering and three more companies listed on Bovespa Mais Altus Sistema de Automao, Cia. guas do Brasil, and Nortec Qumica. Market development events BM&FBOVESPA constantly holds conferences, lectures, seminars, forums and workshops to strengthen the markets it manages. The 2013 highlights included the following events:
ALTUS
ALUPAR
ANIMA
BIOSEV
BB SEGURIDADE
CPFL
CVC
LINX
NORTEC QUMICA
SER EDUCACIONAL
SMILES
TUPY
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Risk Management and Commodity Trading Conference International Conference on Corporate Governance IPO Forum IPO Immersion Course Ibero-American Federation of Exchanges (FIAB) Seminar Seminar on CVM Guidance for Public Companies Seminar on Outlook for Agribusiness in 2013-14 Workshop on Integrated Reporting Outlook and Role of IR Workshops on BDRs, ETFs and Securities Lending Treasury Direct To foster investment in Treasury Direct, BM&FBOVESPA ceased charging the 0.01% exchange fee on purchases of federal government bonds as of January 2, 2013. Equities and fixed income In the Bovespa segment, BM&FBOVESPA lowered the exchange fee for trading in the cash equity market, extending to all day traders the volume band discount policy hitherto applicable to high-frequency traders (HFTs). Per-volume exchange fees were also gradually reduced across the board, benefiting all investors. In the fixed-income market, changes were made to the public offering registration analysis fee, the permanence, custody and account maintenance fees, and the exchange fee for new fixed-income security issues in October 2013. The changes were implemented in two stages, the first in April and the second in December 2013. Issuers In 2013 BM&FBOVESPA published a new Pricing Policy for Issuers, changing some operational procedures and fees but not raising any prices then in force. OTC market BM&FBOVESPA also decided to make changes to the prices charged in the organized over-the-counter (OTC) market. Exchange fees and settlement fees were altered to assure better alignment with the prices charged in the exchange market. The changes published will enter into force for transactions performed as of January 2014. Market data feed The Exchange waived the fee for the BM&F segment market data feed solely to non-professional customers or brokerage houses and distributors, such as home broker online trading systems and small devices (tablets, smartphones etc.), between June and December 2013.
Pricing policy
BM&FBOVESPA has been making efforts to enhance its Pricing Policy in order to assure an even more competitive product offering, increase the liquidity of its markets and attract new investors.
With 800 attendees, a Seminar on the Outlook for Agribusiness in 2013-14 was held by BM&FBOVESPA and the Agriculture Ministry in So Paulo.
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EDUCATION AND MARKeTING THe MARKeTS
BM&FBOVESPA: disseminating knowledge to thousands of people

BM&FBOVESPA Educational Institute
Since 1987 the BM&FBOVESPA Educational Institute has been the leading center of capital markets education for the Brazilian economy. It has trained more than 50,000 people in the period. In line with the companys strategy of fostering a culture of long-term investment, and with its commitment to bringing investors and issuers together in a single environment, the BM&FBOVESPA Educational Institute acts to develop the financial markets by means of education and training. Targeting a wide variety of groups, from beginners in investment to executives, the Educational Institutes courses range from introductory concepts to the most complex solutions for the training of professionals. Its knowledge base originates in BM&FBOVESPAs various fields of expertise, and the solutions it offers encompass both continued education for financial market professionals and the development of companies, based on the principles of best practice in corporate governance and sustainability. In addition to acting as the main center of education and training for its markets, the BM&FBOVESPA Educational Institute offers two free MBA courses for market professionals: an MBA in Capital Markets & Derivatives, and an MBA in Financial Risk Management. In partnership with UBS Business School, it also offers an MBA in Economics, Financial Information & Capital Markets for Journalists, for media professionals who specialize in covering economic, financial and business affairs. In 2013 the Educational Institute hosted the Sixth International Financial & Capital Markets Conference. More than 700 people took part in the leading event of its kind in Latin America, placing Brazil in the forefront of the debate on global economic trends.
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EDUCaTIoN aND maRKeTING THe maRKeTs

ROBERT SHILLER /AGNCIA LUZ
BM&FBOVESPA Educational Institutes operating segments Financial education Education is a major driver of the nations development. For this reason the BM&FBOVESPA Educational Institute devotes significant efforts to programs and projects in which information and financial education are key words, including Educar, Dinheiro no Bolso, and TV Educao Financeira (videos available from YouTube), as well as simulators and online and face-to-face courses.
Robert Shiller, Nobel Economics Laureate in 2013, addresses the Sixth International Financial & Capital Markets Conference.
Courses/programs Online PQO certification In-company Face-to-face Por Dentro da Bolsa MBA Total
No. of courses 513 96 49 67 69 1 807
Participants 4,069 2,506 1,665 1,194 1,056 21 10,796
Capital and derivatives markets Education, training and specialization for professionals in the financial services industry (brokerage houses, banks, investment funds and companies). The offering also includes specific training courses to operate the systems managed by the Exchange and to impart the skills professionals require in order to perform in compliance with the standards of excellence demanded by the markets. Companies Specializing in the education and training of professionals who operate in the markets managed by BM&FBOVESPA, the Educational Institute offers a range of products tailored to the needs of companies and staff in terms of content, workload and methodology, including face-to-face, distance and mixed delivery courses, training sessions, seminars, presentations, and 100% customized in-company training. Certification The BM&FBOVESPA Educational Institute offers certification of brokerage house professionals in back office, risk management, compliance, trading, sales and technology. This certification is one of the requirements of the Operational Qualification Program (PQO). The number of participants in the courses delivered by the Educational Institute in 2013 totaled 10,796. Desafio BM&FBOVESPA A challenge competition that simulates the capital markets for students of public and private high schools throughout So Paulo State. The project has involved more than 15,000 people since its creation. In 2013 the number of schools enrolled reached 373 and the number of participants was 1,907.
FOTOS: AGNCIA LUZ
Main financial education programs Visits to the Exchange Located on the ground floor of the building on Rua XV de Novembro, the Raymundo Magliano Filho Visitor Center welcomes 450 people a day on average. Visitors watch a 3D institutional video, presentations and a mock trading session. The number of visitors totaled 97,039 in 2013. BM&FBOVESPA Vai at Voc True to its name, the BM&FBOVESPA Goes Where You Are program consists of visits to institutions (companies, universities and associations), trade shows and other events to disseminate information about the investment options offered by the Exchange. In 2013 the program benefited 5,721 people.
The Educational Institute seeks to introduce course participants to the most innovative elements in knowledge of the financial markets. It has its own faculty of experts and an infrastructure of classrooms and study labs. Its library has a large collection and computerized access to facilitate the work of researchers. It also has a Memory Center, responsible for documenting, safekeeping, conserving and disseminating the history of BM&FBOVESPA.
Educar This program, whose name means Educating, delivers financial education lectures and courses free of charge to different audiences of children, youth and adults. Its 325 courses had 14,940 participants in 2013.
Turma da Bolsa Exchange Kids, consisting of a financial education portal for children and programs aired by the Futura TV channel, ended 2013 with 8,582 registered children and recorded 7,461 visits.
In 2013 the BM&FBOVESPA Educational Institute moved to new premises with more modern classrooms and integrated spaces.
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EDUCaTIoN aND maRKeTING THe maRKeTs

Courses and institutional presentations In addition to Educar, the Exchange offers online courses on personal finance and the stock market, as well as institutional presentations. The tables below show the numbers of participants and accesses in 2013. Institutional presentation attendees Primary school students High school students University students Companies General public Total 100 2,650 6,326 1,318 2,744 13,138 Dinheiro no Bolso Money In Your Pocket, a TV program in competition format for young people produced by Futura channel in partnership with BM&FBOVESPA, encourages the new generations to consume consciously and manage their assets responsibly, transmitting concepts in economics, finance, investment, the stock market, credit and entrepreneurship in an attractive and playful manner. Marketing the markets 73,127 67,340 140,467 BM&FBOVESPA is a benchmark in the production of material on the markets it manages, and develops an array of products offering information about these markets. Publications BM&FBOVESPA produces several electronic bulletins with different types of information on its markets and indexes. Users can register to receive email notifications when bulletins are available on the website. The Exchange also periodically publishes educational leaflets about its markets and services, supporting material for the various courses it offers, and the Nova Bolsa magazine, as well as the Annual Report. All this material can be accessed on the website www. bmfbovespa.com.br, in BM&FBOVESPA, Publications. Simulator Futures Folhainvest Uol Invest Total No. of participants 90,873 906,807 293,578 1,291,258 Digital communication The companys website (www.bmfbovespa.com.br) offers information on the Exchanges products and services for investors and the main participants in its markets, as well as content for the general public and potential investors. In 2013 it recorded 21,464,627 visits. BM&FBOVESPA also offers a wealth of audiovisual material via YouTube (www.youtube.com/bmfbovespa) on financial education and the products traded in its markets. The videos posted to this channel were viewed 550,180 times in 2013. Facebook users are offered financial education and sustainability tips, the Educational Institutes syllabus, recommended videos etc. The number of followers on Facebook, Twitter and LinkedIn totaled 231,582 in 2013. Several free apps can be downloaded from BM&FBOVESPAs website with information on its markets, real-time indexes, stock quotes, commodities and futures, as well as charts and news (www.bmfbovespa. com.br, in Services, Information Services). The apps are also available from all the main social networks. In 2013, submissions to the 25th edition of the BM&FBOVESPA Journalism Awards comprised 135 stories produced by 93 professionals and published by 30 vehicles in several states. Six journalists won awards in five categories: Newspapers So Paulo/Rio de Janeiro; Magazines So Paulo/ Rio de Janeiro; Print Media Other Capitals & Interior; Online Media; and Derivatives. Press Awards An initiative of the Education Advisory Committee, these awards recognize the role of the press in disseminating information about the capital markets and explaining to the general public why they are important. The information on risks, opportunities and rights published by the press help people make better-informed investment decisions. Stories published during the period specified in the rules compete for awards to journalists in three categories: Newspapers, Magazines, and Digital Media. Winners are announced annually. Contestants must enroll via the committees website (www.comitedeeducao.cvm.gov.br). The eighth edition was held in 2013. CVM & BM&FBOVESPA Essay Competition For young university students enrolled in undergraduate courses recognized by the Education Ministry (MEC), rewarding academic production and encouraging research on the capital markets.
How to Invest in Shares course participants Total Online course accesses Financial Education & Personal Finance Stock Market Total Online chat participants Total 589 7,236
Simulators The Exchange has created simulators in partnership with several institutions to enable anyone to learn how to invest in stocks, bonds or derivatives, and how to diversify and grow a portfolio. The user receives a virtual amount of cash and can simulate securities trades in real time, create an investment portfolio, and win prizes.
Awards and competitions

BM&FBOVESPA continuously encourages activities that contribute to the dissemination and development of the Brazilian market. The following initiatives are worth highlighting in this context. BM&FBOVESPA Journalism Awards Created in 1988 to recognize the medias contribution to the development of the capital and derivatives markets in Brazil.
www.bmfbovespa.com.br/revista
No 17/ 2013
ENSAIO
AS BOAS AES DE DIVIDENDOS
ESPORTE
O FUTEBOL RUMO PROFISSIONALIZAO
TROPA DE ELITE
JORNALISMO
A VOLTA DOS IPOs
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ABRIR CAPITAL NO NOVO MERCADO MULTIPLICOU O VALOR DA EMPRESA

Alberto Menache, Presidente da Linx
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ENVIRONMENTAL PERFORMANCE
BM&FBOVESPA: example of climate change strategies

Adopt best management practices to climate change is a major priority for BM&FBOVESPA. The company monitors water and energy consumption, greenhouse gas emissions and waste reduction on a monthly basis to mitigate its environmental impact.
Greenhouse gas emissions (GHG)

In 2010 BM&FBOVESPA produced its first inventory of greenhouse gas emissions using 2009 data and began reporting GHG to the Carbon Disclosure Project (CDP). The 2012 inventory was made available in May 2013, testifying to the companys commitment to assuring the progress of corporate climate change initiatives. The inventory covered all member companies of the BM&FBOVESPA group, and was checked by KPMG. GHG emissions totaled 4,303.2 metric tons of COe in 2012. The company again posted its 2012 GHG inventory to the Public Emissions Registry, an initiative of Brazils GHG Protocol Program, again winning a Gold Seal for filing a complete inventory verified by an independent third party (http://registropublicodeemissoes.com.br). The inventory showed that the use of generators remained the main stationary source of direct GHG emissions, accounting for 87% of the total. There were no material changes in emissions of natural gas and LPG. Emissions from fire extinguishers and cooling gas were calculated on the basis of the amount of gas used to recharge equipment in the buildings on Rua Florncio de Abreu and Praa Antonio Prado.
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It should be noted that cooling gas is recharged every two years. The last recharge was in 2012, when in addition a certain amount of HFC-125 was accidentally released from the clean agent system on the site where the new data center is being built. These two factors explain why HFC-125 gas accounted for such a large proportion of Scope 1 emissions (73.9%). Own fleet emissions were calculated by taking fuel expenditure and estimating average consumption in liters. Emissions from electricity consumption rose 9.56% compared with 2011, owing to expansion of the national grid (the mean factor was 0.0292 tCO2e/MWh in 2011 and was altered to 0.0653 tCO2e/MWh in 2012). The main sources of Scope 3 emissions identified were third-party logistics, air travel, employee commuting, taxis, and mileage refunds. Emissions due to executive air travel and mobile sources accounted for the largest proportion (95.97%), followed by fugitive emissions (2.48%) and waste management (1.55%). EN29 In 2013 there were no fines or non-monetary sanctions for non-compliance with environmental laws and regulations. EN28 The 2013 GHG inventory has not yet been produced. The process is scheduled to begin in January 2014, and the results will be available in May. Initiatives to mitigate environmental impact in 2013 EN18 EN26 Emission offsets BM&FBOVESPA reiterates its commitment to reduce GHG emissions voluntarily. As in previous years, in 2013 the company did not establish a reduction target but undertook a number of initiatives to reduce or optimize emissions. GHG emissions that cannot be reduced are offset annually. This initiative is retroactive to 2011 and 2012, and is also geared to fostering best practice in sustainability among listed companies. In 2013 BM&FBOVESPA offset unreducible 2011 and 2012 GHG emissions by purchasing 7,148 carbon credits (or 7,148 metric tons of CO2 equivalent) created under the Koyoto Protocol Clean Development Mechanism (CDM) and known as Certified Emission Reductions (CERs). The credits purchased by BM&FBOVESPA were generated by the following small-scale renewable energy projects registered with the UN: Central Energtica do Rio Pardo Cogeneration Project (Cerpa) BT Geradora de Energia Eltrica S.A. Ferradura Small Hydro Power Plant Araputanga Centrais Eltricas S.A. Arapucel Small Hydroelectric Power Plants Project Rialma Companhia Energtica III S.A. Santa Edwiges III Small Hydro Power Plant GHG emission offsetting is one more step in the process begun in 2009, when the Exchange produced its first GHG inventory to identify, manage and reduce the environmental impact of its activities and contribute voluntarily to the global effort to achieve climate stability. Taxi policy BM&FBOVESPAs policy restricting the use of taxis has significantly reduced annual CO2 emissions by this source, from 86.04t (493,048.1 per km traveled) in 2011 to 66.38t (380,037.4 per km) in 2012 and 66.09t (378,675 per km) in 2013. Outsourcing of printing Developed in the previous year, the project to outsource printing yielded significant results in terms of a reduction in paper consumption in the buildings on Praa Antonio Prado and Rua XV de Novembro. At end-2013 both had only 63 printers, compared with 179 before the project was implemented. Annual paper consumption fell by 42.17% or 164,459 pages, from 390,919 to 225,560 20,643 in color (9.15%) and 204,918 in gray scale (90.85%). Most documents are printed on both sides of the page and in monochrome. Employees must touch a proximity reader with their ID badge to release print jobs, which are deleted from the queue after 60 minutes to avoid waste. Annual Report For the fifth consecutive year the company is publishing an integrated annual report according to GRI guidelines, featuring financial results alongside socio-environmental data and information on corporate governance, sustainability and management best practice. Environmental performance indicators Indirect energy consumption by primary energy source (in gigajoules) Fonte de energia Energy source 2013 83.618 2012 81.478
EN4
2011 79.696
Energy saving due to conservation and efficiency improvements (in gigajoules) EN5 Improvements 2013 2012 210 21 92 2011 210 21 92
Deactivation of extra bulbs on stairs in Praa Antonio Prado and Rua XV de Novembro buildings 210 Deactivation of an elevator in Praa Antonio Prado building during offpeak hours 21 Rules on weekend use of air conditioning 92 Replacement of halogen with LED bulbs Raymundo Magliano Filho Visitor Center (Rua XV de Novembro) 53 Installation of photocells for staircase lighting Rua XV de Novembro building and Rua Joo Brcola entrance (Praa Antonio Prado) 11 Deactivation of extra bulbs on facade of Praa Antonio Prado building and in colocation area 72 Total 459
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- - 350
- - 323
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Total volume of water withdrawn by source EN8 2013 Total water consumption (m3/year)
Sole source is water utility (Sabesp).
Total weight of waste by type and disposal method 2012 39.479 2011 41.659 Non-hazardous waste (in metric tons) Type
EN16
EN22
37.758
2013 Disposal Landfill Sold 163.1 Weight (t) 102.9 60.2
Direct and indirect GHG emissions and electricity consumption Scopes 1 & 2 (in metric tons of CO2)
EN19 EN20
2012 Electricity Fire extinguishers Own fleet Natural gas Cooling gas Generators LPG Total direct and indirect emissions (tCO2e)
Notas
2011 675.79 1.53 12.33 6.09 282.36 42.82 0.88 1,021.80
2010 1,024.10 24.94 9.68 5.17 86.6 28.47 0.70 1,179.66
Restaurants, organic & non-recyclable (WCs) Recycling Total
1,631.24 1.92 11.30 6.12 482.84 71.23 0.88 2,205.53
Hazardous waste (in metric tons) Type Toner cartridges (units) Bulbs (units) Total units 2013 Disposal Returned Units 187 2012 Disposal Returned Units 219 2011 Disposal Returned Correct disposal 2,127 Units 292
O inventrio de emisses de GEE de 2013 ainda no foi elaborado, pois o processo comear em janeiro de 2014. O resultado estar disponvel a partir de maio. Consumo de 482,84 tCO2e de gases refrigerantes em 2012 referente ao gs refrigerante R-22, que, apesar de considerado um GEE, no includo no Protocolo de Quioto por j ser regulado pelo Protocolo de Montreal, que restringe emisses de gases prejudiciais camada de oznio. Quaisquer emisses de GEE decorrentes de operaes fora do territrio nacional so de relato opcional e desagregado no Registro Pblico de Emisses do Programa Brasileiro GHG Protocol. Desta forma, as emisses de Escopo 2 da BM&FBOVESPA contemplam emisses ocorridas em outros pases onde a companhia possui instalaes. Em 2011, as emisses apresentadas representam somente a parcela referente ao Brasil. A BM&FBOVESPA no emite nenhuma substncia destruidora da camada de oznio, de NOx nem de SOx.
Decontaminated 4,342
4,155
Decontaminated 7,188
6,969
1,835
Type
2013 Disposal Correct disposal Weight (t) 0.0861
Indirect GHG emissions Scope 3 (in metric tons of CO2) EN17 2012 Employee commuting Mileage refunds Third-party logistics Taxis Air travel Total indirect emissions 646.04 0.076 3.2 59.5 1,388.82 2,097.64 2011 509.71 2.22 3 72.81 1,358.78 1,946.52 2010 386.13 2.58 38.33 65.8 1,242.30 1,735.14
Batteries (weight) Outpatient clinic (weight)
Incinerated 0.1341
0.0480
Incinerated 0.1206
0.0333
Incinerated 0.0989
0.0189
Total peso
Notes
Copiers and printers are leased. Toner cartridges are returned to the leasing company, which is responsible for final disposal. Bulbs are counted by unit, not by weight. Batteries are left in electronic waste collection and recycling bins belonging to C&A stores, which send them to contractors who specialize in decontamination. Healthcare waste from outpatient clinics is collected by the municipal government, which is also responsible for incineration. Correct disposal: batteries and bulbs are sent to firms that specialize in decontamination before disposal. BM&FBOVESPA also disposed of 170 liters of cooking oil in 2013.
The 2013 GHG inventory has not yet been produced. The process is scheduled to begin in January 2014, and the results will be available in May.
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OPERATIONAL AND FINANCIAL PERFORMANCE
BM&FBOVESPA: investments in products and new technology to strengthen its strategic position
The markets, products and services operated by BM&FBOVESPA had important developments throughout 2013. The stock market has seen a boost in trading activity which led to record high value traded in the wake of an upsurge in turnover velocity and despite an unmoving equity market capitalization. In contrast, while the volumes traded in financial and commodity derivatives were somewhat subdued, the average rate per contract (RPC) went up, raising revenues, primarily because a substantial portion of the volumes correlate with contracts for which we charge U.S. dollar-denominated fees, so that ultimately these revenues were positively influenced by the depreciation of the Brazilian real against the U.S. dollar. A striking note of market performance over the year was that while in the first half of 2013 value traded in cash equities as well as volume traded in financial and commodity derivatives hit record highs, in the second half of the year trading value and volumes plummeted, unveiling a turnabout in the market mood triggered by sinking risk appetite and deteriorating market expectations, as hot money outflows increased. Ultimately, diversified revenue base and innovation in products and services offerings, including securities lending services, exchange traded real estate funds (FIIs), Treasury Direct services, agribusiness credit bills (LCAs), besides the impact of the market making program for options on single stocks and R$23 billion worth of capital raised from equity offerings, the largest outcome in three years, led to a growth of 3.5% in the total revenue over 2012. Moreover, in 2013 we continued to execute our business strategy and in doing so implemented a number of projects and initiatives aimed to support our future growth and strengthen our competitive position. For example, over the year we made significant headway
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in advancing our R$ 1.5 billion capital expenditure plan (2010-2015), with the delivery of our PUMA Trading System and the start of readiness tests for the derivatives module of the clearing and settlement system developed for our new integrated clearing facility, which is set to implement in the first half of 2014. As for our market develop plans, a milestone over the year was releasing the new methodology for the Bovespa Index (Ibovespa), which is set to be implemented based on a two-phased approach. As the stock market benchmark index, the Bovespa Index has a unique strategic importance for it provides the basis for a number of other exchange-traded products and multiple trading and investment strategies. Additionally, we are moving forward with the process of revising the pricing policies for markets we operate, introducing new price schedules and broker incentives, especially day traders. Once again, our unwavering commitment towards controlling costs and expenses drove us to successfully contain the build-up in adjusted expenses below the average inflation rate. In addition, we continue to pledge steadfast commitment towards returning higher rates for shareholders by combining cash distributions and share buybacks effectively and without affecting our solid financial position. The BM&FBOVESPA shares (BVMF3) fell 21.0% yearon. This performance is aligned with Ibovespa variation in 2013, which tumbled 15.5%, reflecting market uncertainties about the lackluster economic landscape, particularly in the second half of the year. Last, but not least, BM&FBOVESPA is well-positioned to capture future growth opportunities the Brazilian market will certainly continue to offer, though it must be said the economic outlook as 2013 came to a close became more challenging in light of the present macroeconomic conditions in Brazil and overseas, of investor sentiment and current flow of investment money, all of which adversely affects investors and market participants. Nonetheless, we believe our investments in product development and technology infrastructure are key factors for the future growth and diversification of our revenue base, for the improvement of our services, and will be critical in consolidating the efficiency and strength of the Brazilian capital markets. It is our firm belief the development and implementation of our business strategy will continue to bear fruit in the years ahead.
Operating performance
Bovespa Segment The value traded in the stock market and equity derivatives markets (options and forwards) established a new all-time record in 2013, reaching an average of R$7.4 billion per day, an increase of 2.3% year-over-year. The analysis of average daily trading value for the last five years shows compound annual growth rate shot up 8.8%. The performance of the cash equity market, with a 3.4% year-on rise, was the primary driver of the year-over-year surge in average daily trading value, explained mainly by heightened turnover velocity, which went up to 72.9% from 70.0% one year ago, due mainly to greater investor demand for more sophisticated products, including securities lending and borrowing, coupled with increase in high frequency trading. In the options market, in turn, the average daily value traded in options on single stocks and stock indices tumbled 17.8% from the earlier year due mainly to a 19.0% plunge in average daily value traded in options on Petrobras and Vale stocks, which, however, retained their post as top traded options on stocks, having accounted for 69.5% of the overall value traded in 2013. On the bright side, our market making program continues to bear fruit, with options on ten new single stocks and options on Ibovespa, whose traded value soared 43.8% to R$70.1 million from R$48.8 million the year before. Our market making program aims at providing liquidity to single stocks while widening the range of option product offerings. Bovespa segment Average Daily Trading Value
Average equity market capitalization - Turnover velocity

66.6% 1.83 63.8% 2.33 64.2% 2.37 70.0% 2.41 72.9% 2.41
2009
2010
2011
2012
2013
Average Capitalization (R$ trilions)
Turnover Velocity (%)
The average equity market capitalization kept a flat line from the prior year. Nonetheless, an analysis by sector shines a light on cyclical and non-cyclical consumer sector stocks, as well as financial sector stocks and others, with rallies in these stocks having accounted collectively for over 56% of the overall trading value in terms of sector distribution. However, the analysis also shows a plunge in market capitalization in traditional sectors as oil & gas & biofuels, telecom and utilities sector stocks, resulting in an unmoving average capitalization over 2012.
Average market capitalization by sector (In R$ billions, except as otherwise indicated) Industry Classification Construction and Transportation Consumer Financial Basic Materials Oil.Gas and Biofuels Telecommunications Utilities Others* Total 2012 121.07 548.37 641.25 335.19 330.80 135.14 247.24 57.92 2,416.98 Total Part. (%) 2012 5.0% 22.7% 26.5% 13.9% 13.7% 5.6% 10.2% 2.4% 2013 118.83 645.78 712.88 310.92 239.82 100.74 216.49 67.90 2,413.36 Total Part. (%) 2013 4.9% 26.8% 29.5% 12.9% 9.9% 4.2% 9.0% 2.8% Var. 2013/2012 -1.8% 17.8% 11.2% -7.2% -27.5% -25.5% -12.4% 17.2% -0.1%
*Includes Capital Goods and Services and Information Technology.
(In R$ millions, except as otherwise indicated) Bovespa segment Average Daily Trading Value (In R$ millions, except as otherwise indicated) Markets Cash Forward Options Total 2009 4.943,7 96,5 245,0 5.286,8 2010 6.031,6 147,4 307,9 6.488,6 2011 6.096,3 118,0 276,3 6.491,6 2012 6.861,3 103,4 280,1 7.250,7 2013 7.094,5 91,5 230,3 7.417,7 CAGR 2009-2013 9,5% -1,3% -1,5% 8,8% Var. 2013/2012 3,4% -11,5% -17,8% 2,3%
The year-on average daily number of trades increased again jumping 14.0% year-over-year, nearly a threefold volume increase from 2009. This growth rate is attributable primarily to greater sophistication of market participants and increased high frequency trading activity, which despite being highly quantitative uses small orders, driving down the average ticket size per trade. We should note that in preparation of our future growth, the throughput capacity of our trading systems far exceeds current volumes. On a year-over-year comparison of overall value traded by investor group, foreign investors continue to top the rank, having accounted for 43.7% of the
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Bovespa segment Average Daily Number of Trades (In R$ thousands, except as otherwise indicated) Markets Cash Forward Options Total 2009 270.6 1.3 60.4 332.3 2010 349.8 1.6 79.3 430.6 2011 476.5 1.1 89.6 567.2 2012 653.0 1.0 126.4 780.4 2013 780.0 0.8 108.5 889.3 CAGR 2009-2013 30.3% -12.4% 15.8% 27.9% Var. 2013/2012 19.4% -19.7% -14.1% 14.0%
18.6 2009 28.5 48.7
Average daily volume traded in ETFs (In R$ millions)
Average daily volume traded in FIIs Number of Investors

97.1 101.2 31.7 99.3 7.8 0.9 2009 19.4 1.5 2010 35.3 3.7 2011 2012 2013 14.6
115.9
2010
2011
2012
2013
ADTV (R$ millions)
Number of investors (thousands)
overall value traded for the year, which translates into a 10.6% year-on build-up in active trading and substantially explains the growth in value traded on markets comprising our Bovespa segment. The runnersup were local institutional investors, who accounted for 32.8% of the overall trading value. Trading activity by retail investors accounted for 17.9% of the overall value traded (from 15.2% a year ago), whereas the segments average number of active retail investors jumped to 632.0 thousand from 603.9 thousand in the earlier year, a 4.6% year-on rise in number of active retail investors.
The year closed with a total of 17 equity offerings (10 IPOs, 7 follow-on offerings) with aggregate gross proceeds of R$23.0 billion, the largest in the last three years. Two featured products in recent years has been exchange-traded funds (ETFs) and exchange-traded real estate funds (FIIs), which in the first, the average daily value traded tumbled 14.3% over 2012 and the second increased 116.4% year-over-year. Additionally, regarding FIIs, the number of investors surged 4.2% year-on-year to 101.2 thousand, practically composed by individuals, as 2013 came to a close.
BM&F Segment The average daily volume traded (ADTV) in financial and commodity derivatives markets (BM&F segment) fell 1.8% as compared to the prior year, whereas an analysis of average daily trading volume for the last five years shows compound annual growth rate (CAGR) of 17.0%. Nonetheless, the average rate per contract climbed 7.6% year-over-year, which ultimately favored an increase in revenues from trading fees. The volume of trading in Brazilian-interest rate contracts, the most actively traded contract group in the segment, shrank 3.6% as compared to the earlier year, having accounted for 65.2% of the overall volume traded. The analysis of average daily trading volume for the last five years shows compound annual growth rate surged 21.8% for this contract group. In turn, the average daily volume traded in forex contracts, the second contract group more actively traded in the segment, kept a virtual flat line from the prior year.
The rise in quarterly average rate per contract (RPC) for financial and commodity derivatives contracts is explained primarily by the following factors: The average RPC for Brazilian-interest rate contracts rose 4.2% year-over-year, to R$1,046 (versus R$1,004 previously) due mainly to greater concentration of trading in longer-term Brazilian interest rate contracts (5th standard maturity date, or longer) which we charge at higher average RPC, for which we charge comparatively higher fee rates; A 15.0% year-on surge in average RPC charged for trades in forex contracts, coupled with a 21.3% surge in average RPC for U.S. dollar-denominated interest rate contracts, in either case explained by 10.5% year-on average appreciation of the Brazilian real against the U.S. dollar, since our rates for these contracts are denominated in U.S. dollars. Other variables contributing to the rise in average RPC include volume distribution between futures and options contracts, intraday trading volumes and volume distribution by type of investor.
Distribution of average daily trading value by investor category (In R$ billions)

0.2 0.5 1.9 2.2 1.7 Institution 0.1 0.6 2.3 2.2 1.4 Foreign 0.1 0.6 2.9 2.3 1.3 0.1 0.5 3.2 2.4 1.1 Companies and Others
0.1 0.4 1.8 1.4 1.6
2009
Retail
2010
2011
Financial Institutions
2012
2013
Average daily volume (ADV) (In thousands of contracts except as otherwise indicated) Interest Rates in BRL 2009 843.5 447.1 80.0 78.3 10.2 52.6 9.3 1,521.0 2010 1,683.6 540.6 89.4 89.7 12.9 75.6 12.9 2,504.7 2011 1,797.2 495.5 123.3 145.2 13.2 114.4 11.7 2,700.6 2012 1,925.7 493.9 143.1 149.8 11.2 165.7 9.2 2,898.7 2013 1,856.7 494.1 113.6 155.9 9.2 208.2 10.1 2,847.8 CAGR (2009-13) 21.8% 2.5% 9.2% 18.8% -2.7% 41.0% 2.1% 17.0%
Equity Offerings (In R$ billions)

IPOs Follow on
70.1
14.5
74.4 45.9
22.2 55.6 26.8 7.5 23.8 63.2 11.2
FX Rates Stock Indices Interest Rates in USD

18.0
10.8 7.2
30.4 8.8 2004

( )
34.3
15.1 15.4
13.9
4.3 4.5 8.5 5.4
13.2
9.3 3.9
23.0
5.7 17.3
Commodities Mini Contracts OTC Total
2005
2006
2007
2008
2009
2010*
2011
2012
2013
* Data for 2010 do not include the oil reserves assignment Brazils Government agreed with Petrobras in an oil-for-shares swap implemented within the scope of the Petrobras offering, which however was not extended to the investing public.
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Average rate per contract (RPC) (In Brazilian reais) Var. 2013/2012 4.2% 15.0% 15.6% 21.3% 13.2% 3.0% -20.4% 7.6% lending is used by investors that develop and implement stock market strategies as securities borrowers (short-sellers) and by investors that look for additional return as lenders. Treasury Direct platform Tesouro Direto (Treasury Direct) is a platform developed in collaboration with the Brazilian Treasury, which we operate for the trading of government bonds and debt securities through the Internet. Trading on this platform has sustained the uptrend of the last few years. The average financial value of government bonds and debt securities held in custody at our central securities depository (CSD) climbed 9.0% year-on-year to hit R$9.8 billion as the year closed in 2013. The average number of investors dealing through the Treasury Direct platform rose 12.7% to 95.1 thousand from 84.3 thousand one year ago. With the goal of diversifying revenues, we have been encouraging the growth of Treasury Direct dealings through our distribution channels. Average annual financial value of open interest positions (In R$ billions)
40.8 30.2 20.5 12.7 32.0
Interest Rates in BRL FX Rates Stock Indices Interest Rates in USD Commodities Mini Contracts OTC Average
2009 0.979 2.161 1.620 1.357 2.307 0.176 1.655 1.365
2010 0.889 1.928 1.564 1.142 2.168 0.128 1.610 1.134
2011 0.918 1.894 1.614 0.941 2.029 0.129 1.635 1.106
2012 1.004 2.205 1.524 1.015 2.239 0.116 1.769 1.191
2013 1.046 2.535 1.761 1.231 2.534 0.119 1.409 1.282
2009
2010
2011
2012
2013
Dealings on the Treasury Direct platform

9.0 6.1 2.9 36.3 3.9 42.3 64.4 84.3 9.8 95.1
2009
2010
2011
2012
2013
Financial performance
Revenues Total revenues (before PIS/COFINS and services taxes deduction) for the year ended December 31, 2012, amounted to R$2,370.2 million, rising 3.5% year-overyear due primarily to revenue increases from operations in the segment for financial and commodity derivatives as well as other revenues unrelated to trading and clearing activities, counterbalanced, however, by decrease in revenues from the Bovespa segment. Revenues from trading and clearing fees BM&F segment. This line item increased 5.9% year-overyear totaling R$916.5 million, and accounted for 38.7% of total revenues, as a result mainly of a 7.6% year-on climb in average RPC, which, however, was not fully captured due to a 1.8% tumble in volumes traded within the segment. Revenues from trading and clearing fees Bovespa segment. This line item gave back 1.0% year-over-year totaling R$1,024.0 million, and accounted for 43.2% of total revenues. This fall is explained by a 4.5% margin drop (to 5.422 basis points from 5.676 basis points one year ago) attributable primarily to changes in pricing policy,
Average number of investors (thousands) Average value under custody (R$ billions)
which were counterbalanced by a 2.3% upsurge in average trading value. Other operating revenues. Other operating revenues hit R$429.7 million, a 10.4% rise from the year-ago, and accounted for 18.1% of total revenues, as a result primarily of changes in revenue line items unrelated to trading and clearing activities, as follows:
The volume distribution by investor category shows trading activity by financial institutions picked up to account for 35.9% of the overall yearly volume, for the first time outperforming institutional investors, whose share of overall volume traded dropped to 32.7% from 34.5% one year ago.
Securities lending Our securities lending services showed strong growth in 2013, with the average financial value of open interest positions having soared 27.5% year-over-year. Additionally, over the last five years this market hit compound annual growth rate of 33.8%. Securities
Distribution of average daily trading volume (ADTV) by investor category (buy and sell sides) (In millions of contracts)
0.1 0.2 1.2 0.1 0.3 1.4 0.1 0.3 1.4
0.1 0.2 1.1 0.1 0.2 0.6 0.7 1.3 2.0 1.4
Securities lending. Revenues of R$102.2 million (4.3% of total revenues) soared 32.6% year-overyear due mainly to a 27.9% year-on rise in financial value of open interest positions at year-end, whose average reached R$40.8 billion. Depositary, custody. Revenues of R$116.3 million (4.9% of total revenues) went up 13.2% year-onyear explained mainly by a 4.6% increase in average number of custody accounts (assets held in custody at our central securities depository) as well as the higher revenues derived from operating the Treasury Direct platform and from registration of transactions in agribusiness credit bills (locally known as LCAs, Letras de Crdito do Agronegcio).
1.7
1.9
1.9
2.0
1.9
1.8
2009
Financial Institutions
2010
Institutional
2011
Foreign Retail
2012
Companies
2013
Central Bank
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Trading Participant access. A 7.4% fall in revenues (to R$47.4 million) from access fees charged from member brokerage firms is attributable primarily to changes in status correlated with the range of services they provide to market participants. Expenses Expenses totaling R$797.2 million rose 4.5% yearover-year. Set forth below is a discussion of the principal changes in operating expense line items. Personnel and related charges. This expense line totaled R$356.1 million, up slight 0.6% year-onyear. However, this comparison is hampered due to a R$27.5 million provision we recognized in 2012 in connection with our employees healthcare plan. As adjusted to eliminate the provision, this line item would have recorded a 9.1% year-on rise in expenses with personnel, reflecting mainly the annual wage increase prescribed under our collective bargaining agreement and a fall in capitalized personnel expenses related to ongoing projects (capitalized personnel expenses for 2013 came R$9.5 million short of the amount capitalized one year ago). Data processing. The expenses in this line item totaled R$111.8 million, up 8.7% year-on-year due mainly to an increase in expenses with software and hardware services and maintenance related to platforms rolled out over the year, including the equities module of our PUMA Trading System in April 2013. Depreciation and amortization. The expenses in this line item totaled R$119.7 million, up 27.6% year-on-year primarily due to the start of operations of our new information technology platforms, in particular, the ensuing additional depreciation of the equities module of our PUMA Trading System; and the ERP solution implemented in the beginning of 2013. Outsourced services. The expenses in this line item totaled R$46.0 million, down 10.6% year-onyear primarily on account of a decline in expenses with advisory and consulting services related to strategic projects. Marketing and promotion. This expense line hit R$15.0 million plummeting 22.0% year-on-year due primarily to the reprioritization of our marketing campaigns for the year and cuts in advertising expenses. Taxes. This expense line totaled R$55.9 million, a 32.1% upsurge from the earlier year due mainly to taxes paid on income from dividends earned on our equity investment in the CME Group shares (a R$51.0 million tax payment in 2013 versus R$37.4 million the year before). Sundry expenses. This expense line hit R$55.7 million, down 13.7% year-on-year attributable primarily to a R$15 million transfer of proceeds from fines to BM&FBOVESPA Market Surveillance (BSM) by the end of 2012 designed to fund the operations of BSM. Equity in results of investees Our net share of gain from the equity-method investment in CME Group shares went up 14.8% from one year ago, totaling R$171.4 million, where R$64.8 million were provisioned as recoverable tax paid abroad. This rise reflects mainly the effects of the currency depreciation vis--vis the U.S. dollar. Interest income, net Net interest income for the year hit R$181.5 million, down 13.1% year-on-year due primarily to a 34.1% jump in interest expenses (R$118.5 million in 2013) attributable mainly to the currency depreciation against the U.S. dollar, as most our interest expenses correlate with debt under global senior notes issued in a July 2010 cross-border offering. In turn, our interest income was up mere 0.9% virtually keeping a steady line from the prior year. Income tax and social contribution Income before taxes totaled R$1,687.5 million, up 1.7% year-on-year. The line item comprising income tax and social contribution plus deferred income tax and social contribution totaled R$606.6 million, where current income tax and social contribution totaled R$60.1 million Main lines items under Liabilities and Shareholders Equity Current liabilities amounting to R$2,710.8 soared 63.2% year-on-year and accounted for 10.5% of total liabilities and shareholders equity as of December 31, 2013. This rise is due primarily to a climb in to(composed mainly by R$64.8 million in tax paid overseas that we recognized under equity in results of investee, of which R$3.7 million refers to temporary credits to be used by the Company in the future). In addition, deferred income tax and social contribution totaled R$546.5 million, and break down as follows: Recognition of deferred tax liabilities of R$555.6 million related to temporary differences attributable mainly to amortization of goodwill for tax purposes, with no impact on cash flow; and Recognition of deferred tax assets amounting to R$9.2 million related to temporary tax losses and other temporary credits to be used by the Company in the future. Main Line items of The Audited Consolidated Balance Sheet Statement as of December 31, 2013 Total assets as of December 31, 2013, amounted to R$25,896.7 million, up 7.2% year-on-year. Cash and cash equivalents, including financial investments (current and non-current), totaled R$4,870.8 million and accounted for 18.8% of total assets. Non-current assets totaled R$21,577.2 million, where long-term receivables amount to R$1,135.4 million (including non-current financial investments totaling R$820.8 million), the investments total R$3,346.3 million, property and equipment amount to R$423.2 million and intangible assets amount to R$16.672.3 million. Intangible assets consist primarily of goodwill related to expectations of future profitability in connection with the acquisition of Bovespa Holding. Goodwill has been tested for impairment pursuant to a valuation report prepared by an independent specialist firm, which found no adjustments were required to the carrying value of goodwill as of December 31, 2013. tal cash collateral pledged by market participants (to R$2,073.0 million at year-end from R$1,134.2 million one year ago) whose contra asset accounts are cash equivalents and financial investments. Non-current liabilities closed the year at R$3,886.9 million and consist primarily of R$1,426.2 million worth of debt issued abroad (global senior notes) plus deferred income tax and social contribution amounting to R$2,295.8 million. Shareholders equity totaled R$19,298.9 million as of December 31, 2013, consisting mainly of capital stock totaling R$2,540.2 million and capital reserves of R$16,056.7 million.
Other financial information

Capital expenditures We capitalized investments on the order of R$289.2 million in 2013, including R$278.6 million related to investments in technology infrastructure and IT resources, particularly as related to the new integrated clearinghouse, whereas R$10.6 million refer to investments in other projects, including modernization and improvements to our infrastructure. 2014 Adjusted Opex Budget; 20142015 Capex Budget In December 2013 we announced the 20142015 capex budget and the 2014 adjusted opex budget, as follows: The 2014 budget for adjusted operating expenses has been set within an interval between R$595 million and R$615 million, indicating growth in line with expected inflation for the year, while between 2012 and 2013 the adjusted expenses increased only 2.2%, to R$575.8 million from R$563.5 million, significantly below the official inflation; The capex budget for 2014 has been set within an interval between R$230.0 million and R$260.0 million, and for 2015 an interval between R$190.0 million and R$220.0 million.
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Earnings distributions Our board of directors declared over the year a total of R$719.5 million by way of dividends and interest on shareholders equity, meaning an agreement of 80% out of GAAP net income for the nine months period ended September 30, 2013. Moreover, at the coming annual shareholders meeting we are set to submit to shareholders an additional distribution proposal in the equivalent of R$145.7, which should total 80% of our GAAP net income for the year ended December 31, 2013. Share buyback program The buyback transactions over the course of 2013 totaled 43.9 million shares (average price per share of R$12.08) or an aggregate of R$530.6 million, where 20.9 million shares have been repurchased within the scope of our 2012-2013 share buyback program (started June 2012), while the remainder, or 23.1 million shares, were bought back within the scope of our 2013-2014 program approved in June 2013.
1074 852 901 865
Additionally, we repurchased in 2014 a total of 37.0 million shares, at average price per share of R$10.02, or an aggregate of R$370.4 million, thus bringing the aggregate buyback under the 2013-2014 buyback program to the total authorized repurchases of 60 million shares. Value Added Statement
EC1
In 2013, BM&FBOVESPA increased its capacity to generate and distribute wealth to its wide range of publics, with value added in the period at BRL 2,465.4 million, up 3.8% on 2012. The graph below shows how this amount was distributed, with the highlights being: taxes of BRL 900.9 million in 2013, up 5.7% and including BRL 546.5 million in deferred tax in relation to the amortization of goodwill with no impact on cash flow; the 19.5% reduction to the value distributed to shareholders in 2013, justified by the payment of 80% of profits in the form of dividends and interest on own capital, compared with the 100% of the previous year; and the fact that most retained profit was redirected to the share buyback program, in line with the Companys commitment to generate value and return of capital for its shareholders.
354
356 95 127 -
216
2012 2013 Taxes
2012 2013 Employees
2012 2013 Shareholders
2012 2013 Outsourced
2012 2013 Retained
84
85
DEMONSTRAES FINANCEIRAS
Balano patrimonial em 31 de dezembro de 2013 e de 2012 (Em milhares de reais)
BM&FBOVESPA Ativo Notas 2013 2012 2013
Consolidado 2012
Circulante Disponibilidades Aplicaes financeiras Contas a receber Outros crditos Tributos a compensar e recuperar Despesas antecipadas 4 (a) 4 (b) 5 6 19 (d)
4.245.974 1.191.676 2.784.750 52.696 80.889 120.380 15.583
3.387.845 36.326 3.093.547 55.093 4.654 180.442 17.783
4.319.483 1.196.589 2.853.393 54.227 79.272 120.396 15.606
3.536.282 43.642 3.233.361 56.849 4.141 180.458 17.831
No-circulante
21.275.216
20.487.000
21.577.176
20.610.832
Realizvel a longo prazo Aplicaes financeiras Imposto de renda e contribuio social diferidos Depsitos judiciais Outros crditos Despesas antecipadas 4 (b) 19 14 (g) 6
749.413 437.367 203.037 108.265 744
603.951 371.231 132.286 97.510 2.924
1.135.424 820.778 203.037 108.665 2.200 744
808.868 573.636 132.286 97.822 2.200 2.924
Investimentos Participao em coligada Participaes em controladas Propriedades para investimento 7 (a) 7 (a) 7 (b)
3.434.624 3.312.606 122.018 -
3.014.319 2.893.632 120.687 -
3.346.277 3.312.606 33.671
2.928.820 2.893.632 35.188
Imobilizado
418.854
356.579
423.150
360.993
Intangvel gio Softwares e projetos
16.672.325 16.064.309 608.016
16.512.151 16.064.309 447.842
16.672.325 16.064.309 608.016
16.512.151 16.064.309 447.842
Total do ativo
25.521.190
23.874.845
25.896.659
24.147.114
87
Balano patrimonial em 31 de dezembro de 2013 e de 2012 (Em milhares de Reais) (continuao) BM&FBOVESPA Passivo e patrimnio lquido Circulante Garantias recebidas em operaes Proventos e direitos sobre ttulos em custdia Fornecedores Obrigaes salariais e encargos sociais Proviso para impostos e contribuies a recolher Imposto de renda e contribuio social Juros a pagar sobre emisso de dvida no exterior Dividendos e juros sobre capital prprio a pagar Outras obrigaes No-circulante Emisso de dvida no exterior Imposto de renda e contribuio social diferidos Provises para riscos tributrios, cveis e trabalhistas Benefcios de assistncia mdica ps-emprego Outras obrigaes Patrimnio lquido Capital e reservas atribudos aos acionistas da controladora Capital social Reserva de capital Reservas de reavaliao Reservas de lucros Aes em tesouraria Outros resultados abrangentes Dividendo adicional proposto Participao dos acionistas no-controladores Total do passivo e patrimnio lquido 2.540.239 16.056.681 21.360 794.773 (955.026) 680.499 145.703 19.284.229 25.521.190 2.540.239 16.037.369 21.946 577.884 (484.620) 316.397 388.703 19.397.918 23.874.845 2.540.239 16.056.681 21.360 794.773 (955.026) 680.499 145.703 19.284.229 14.663 25.896.659 2.540.239 16.037.369 21.946 577.884 (484.620) 316.397 388.703 19.397.918 15.964 24.147.114 12 19 14 18 (c) 13 15 13 12 11 17 10 Notas 2013 2.355.261 2.072.989 49.925 36.679 73.954 24.755 42.129 1.428 53.402 3.881.700 1.426.193 2.295.774 83.371 25.940 50.422 19.284.229 2012 1.409.279 1.134.235 43.975 60.333 73.588 27.502 36.882 1.845 30.919 3.067.648 1.242.239 1.739.644 58.232 27.533 19.397.918 2013 2.710.846 2.072.989 49.925 45.474 74.911 25.979 1.433 42.129 1.428 396.578 3.886.921 1.426.193 2.295.774 88.592 25.940 50.422 19.298.892 Consolidado 2012 1.660.609 1.134.235 43.975 60.562 74.492 28.358 2.564 36.882 1.845 277.696 3.072.623 1.242.239 1.739.644 63.207 27.533 19.413.882
88
Demonstrao do resultado Exerccios findos em 31 de dezembro de 2013 e de 2012 (Em milhares de reais, exceto quando indicado de outra forma) BM&FBOVESPA Notas Receitas Despesas Administrativas e gerais Pessoal e encargos Processamento de dados Depreciao e amortizao Servios de terceiros Manuteno em geral Comunicaes Promoo e divulgao Impostos e taxas Honorrios do conselho/comits Diversas Resultado de equivalncia patrimonial Resultado financeiro Receitas financeiras Despesas financeiras Resultado antes da tributao sobre o lucro Imposto de renda e contribuio social Corrente Diferido 19 (c) 21 7 22 (341.772) (108.659) (117.924) (35.686) (10.942) (16.688) (14.647) (54.825) (8.078) (57.999) 175.131 179.357 296.487 (117.130) 1.685.492 (603.976) (57.485) (546.491) (341.957) (99.220) (91.944) (48.641) (10.013) (17.464) (18.758) (41.909) (6.634) (66.041) 157.652 206.260 294.291 (88.031) 1.656.170 (581.880) (63.659) (518.221) (356.120) (111.797) (119.661) (45.957) (11.982) (16.921) (15.043) (55.886) (8.078) (55.715) 171.365 181.535 300.023 (118.488) 1.687.535 (606.588) (60.097) (546.491) (353.880) (102.805) (93.742) (51.434) (10.809) (17.635) (19.280) (42.294) (6.634) (64.567) 149.270 208.851 297.217 (88.366) 1.659.791 (585.535) (67.314) (518.221) 20 2013 2.098.224 (767.220) 2012 2.034.839 (742.581) 2013 2.131.795 (797.160) Consolidado 2012 2.064.750 (763.080)
Lucro lquido do exerccio Atribudo aos: Acionistas da BM&FBOVESPA Participao dos no-controladores
1.081.516
1.074.290
1.080.947
1.074.256
1.081.516 -
1.074.290 -
1.081.516 (569)
1.074.290 (34)
Lucro por ao atribudo aos acionistas da BM&FBOVESPA (expresso em R$ por ao) Lucro bsico por ao Lucro diludo por ao
15 (h) 0,563638 0,562158 0,556512 0,555066
89
Demonstrao do resultado abrangente Exerccios findos em 31 de dezembro de 2013 e de 2012 (Em milhares de reais) BM&FBOVESPA 2013 2012 2013 Consolidado 2012
Lucro lquido do exerccio Outros resultados abrangentes a serem reclassificados para resultado do exerccio em perodos subsequentes
1.081.516
1.074.290
1.080.947
1.074.256
361.917
188.140
361.917
188.140
Variao cambial sobre investimento em coligada no exterior Hedge de investimento lquido no exterior Efeito fiscal sobre Hedge de investimento lquido no exterior Resultado abrangente de coligada no exterior Marcao a mercado de ativos financeiros disponveis para venda Outros resultados abrangentes no reclassificados para resultado do exerccio em perodos subsequentes Ganhos atuariais com benefcios de assistncia mdica ps-emprego, lquido de impostos
431.530 (183.049) 62.237 51.234 (35) 2.185 2.185
240.676 (102.632) 34.895 15.180 21 -
431.530 (183.049) 62.237 51.234 (35) 2.185 2.185
240.676 (102.632) 34.895 15.180 21 -
Outros resultados abrangentes do exerccio
364.102
188.140
364.102
188.140
Total do resultado abrangente do exerccio
1.445.618
1.262.430
1.445.049
1.262.396
Atribudo aos: Acionistas da BM&FBOVESPA Acionistas no-controladores
1.445.618 1.445.618 -
1.262.430 1.262.430 -
1.445.049 1.445.618 (569)
1.262.396 1.262.430 (34)
90
Demonstrao das mutaes do patrimnio lquido Exerccios findos em 31 de dezembro de 2013 e de 2012 (Em milhares de Reais) Atribuvel aos acionistas da controladora Reservas de lucros (Nota 15(e)) Capital social Reserva de capital Reservas de reavaliao (Nota 15(c)) Reserva legal Reservas estatutrias Aes em tesouraria (Nota 15(b)) Outros resultados abrangentes Dividendo adicional proposto Lucros acumulados Participao dos acionistas no controladores
Nota
Total
Total do patrimnio lquido
Saldos em 31 de dezembro de 2011
2.540.239
16.033.895
22.532
3.453
800.572
(521.553)
128.257
233.605
19.241.000
16.491
19.257.491
Variao cambial sobre investimento no exterior Hedge de investimento, lquido de impostos Resultado abrangente de coligada no exterior Marcao a mercado de ativos financeiros disponveis para venda
240.676 (67.737) 15.180 21
240.676 (67.737) 15.180 21
240.676 (67.737) 15.180 21
Total do resultado abrangente
188.140
188.140
188.140
Efeito em participao dos no controladores
(493)
(493)
Realizao da reserva de reavaliao - controladas
(586)
586
Recompra de aes
15(b)
(16.303)
(16.303)
(16.303)
Alienao de aes em tesouraria - exerccio de opes
18
(28.832)
53.236
24.404
24.404
Reconhecimento de plano de opes de aes
18
32.306
32.306
32.306
Aprovao/pagamento dividendo
15(g)
(226.727)
(233.605)
(460.332)
(460.332)
Lucro lquido do exerccio Destinaes do lucro: Dividendos Juros sobre capital prprio Saldos em 31 de dezembro de 2012 Demonstrao das mutaes do patrimnio lquido Exerccios findos em 31 de dezembro de 2013 e de 2012 (Em milhares de Reais) 15(g) 15(g)
1.074.290
1.074.290
(34)
1.074.256
2.540.239
16.037.369
21.946
3.453
586 574.431
(484.620)
316.397
388.703 388.703
(984.876) (90.000) -
(595.587) (90.000) 19.397.918
15.964
(595.587) (90.000) 19.413.882
(continuao) Atribuvel aos acionistas da controladora Reservas
91
de lucros (Nota 15(e)) Capital social Reserva de capital Reservas de reavaliao (Nota 15(c)) Reserva legal Reservas estatutrias Aes em tesouraria (Nota 15(b)) Outros resultados abrangentes Dividendo adicional proposto Lucros acumulados
Nota
Total
Participao dos acionistas no controladores
Total do patrimnio lquido
Variao cambial sobre investimento no exterior Hedge de investimento, lquido de impostos Resultado abrangente de coligada no exterior Ganhos atuariais com benefcios de assistncia mdica ps-emprego Marcao a mercado de ativos financeiros disponveis para venda
431.530 (120.812) 51.234 2.185 (35)
431.530 (120.812) 51.234 2.185 (35)
431.530 (120.812) 51.234 2.185 (35)
Total do resultado abrangente
364.102
364.102
364.102
Efeito em participao dos no controladores
(732)
(732)
Realizao da reserva de reavaliao - controladas
(586)
586
Recompra de aes
15(b)
(531.215)
(531.215)
(531.215)
Alienao de aes em tesouraria - exerccio de opes
18(a)
(8.824)
60.809
51.985
51.985
Reconhecimento de plano de opes de aes
18(a)
28.136
28.136
28.136
Aprovao/pagamento dividendo
15(g)
(388.703)
(388.703)
(388.703)
Lucro lquido do exerccio Destinaes do lucro: Dividendos Juros sobre capital prprio Constituio de reservas estatutrias 15(g) 15(g)
1.081.516
1.081.516
(569)
1.080.947
216.889
145.703 -
(815.213) (50.000) (216.889)
(669.510) (50.000) -
(669.510) (50.000) -
2.540.239
16.056.681
21.360
3.453
791.320
(955.026)
680.499
145.703
19.284.229
14.663
19.298.892
92
Demonstrao dos fluxos de caixa Exerccios findos em 31 de dezembro de 2013 e de 2012 (Em milhares de reais) BM&FBOVESPA 2013 Fluxo de caixa das atividades operacionais Lucro lquido do exerccio Ajustes por: Depreciao/amortizao Resultado na venda de imobilizado Baixa de software e projetos Imposto de renda e contribuio social diferidos Resultado de equivalncia patrimonial Variao em participao minoritria Despesas relativas ao plano de opes de aes Despesas de juros Proviso para perdas em contas a receber Variao de aplicaes financeiras e garantias de operaes Variao em tributos a compensar e recuperar Variao em contas a receber Variao em outros crditos Variao em despesas antecipadas Variao de depsitos judiciais Variao em proventos e direitos sobre ttulos em custdia Variao em fornecedores Variao em provises para impostos e contribuies a recolher Variao em imposto de renda e contribuio social Variao em obrigaes salariais e encargos sociais Variao em outras obrigaes Variao em proviso para riscos tributrios, cveis e trabalhistas Variao em benefcios de assistncia mdica ps-emprego Caixa lquido proveniente das atividades operacionais Fluxo de caixa das atividades de investimento Recebimento pela venda de imobilizado Pagamento pela aquisio de imobilizado Dividendos recebidos Aquisio de softwares e projetos Caixa lquido utilizado nas atividades de investimento 1.092 (128.860) 98.080 (216.849) (246.537) 2.046 (67.377) 124.470 (191.815) (132.676) 1.174 (129.044) 98.080 (216.849) (246.639) 2.103 (67.557) 124.470 (191.815) (132.799) 117.924 432 546.491 (175.131) 28.136 91.636 1.628 26.513 124.909 769 2.205 4.380 (10.755) 5.950 (23.654) (2.747) 366 72.905 25.139 1.717 1.920.329 91.944 (202) 3.620 518.221 (157.652) 32.306 80.199 1.156 (383.112) 9.847 (11.188) 7.179 (3.314) (3.332) 4.937 4.295 (3.506) 14.278 37.291 3.902 1.321.159 119.661 432 546.491 (171.365) (417) 28.136 91.636 1.628 (83.322) 124.909 994 559 4.405 (10.843) 5.950 (15.088) (2.379) (1.131) 419 169.304 25.385 1.717 1.918.028 93.742 (202) 3.620 518.221 (149.270) (493) 32.306 80.199 1.156 (456.021) 11.797 (11.491) 8.203 (3.313) (2.774) 4.937 4.153 (3.456) (1.922) 14.497 105.558 3.963 1.327.666 1.081.516 1.074.290 1.080.947 1.074.256 2012 2013 Consolidado 2012
93
BM&FBOVESPA 2013 Fluxo de caixa das atividades de financiamento Alienao de aes em tesouraria - exerccio de opes de aes Recompra de aes Variao em financiamentos Juros pagos Pagamento de dividendos e juros sobre capital prprio Caixa lquido utilizado nas atividades de financiamento Aumento (reduo) lquido de caixa e equivalentes de caixa Saldo de caixa e equivalentes de caixa no inicio do exerccio Saldo de caixa e equivalentes de caixa no final do exerccio 51.985 (531.215) (316) (85.168) (1.108.630) (1.673.344) 448 36.326 36.774 24.404 (16.303) (75.723) (1.148.251) (1.215.873) (27.390) 63.716 36.326 51.985 (531.215) (316) (85.168) (1.108.630) (1.673.344) (1.955) 43.642 41.687 2012 2013
Consolidado 2012
24.404 (16.303) (75.723) (1.148.251) (1.215.873) (21.006) 64.648 43.642
94
Demonstrao do valor adicionado Exerccios findos em 31 de dezembro de 2013 e de 2012 (Em milhares de reais) BM&FBOVESPA 2013 1 - Receitas Sistema de negociao e/ou liquidao Outras receitas 2 - Bens e servios adquiridos de terceiros Despesas (a) 2.334.355 1.940.508 393.847 244.621 244.621 2012 2.256.736 1.899.881 356.855 260.137 260.137 2013 2.370.229 1.940.508 429.721 257.415 257.415 Consolidado 2012 2.289.023 1.899.881 389.142 266.530 266.530
3 - Valor adicionado bruto (1-2)
2.089.734
1.996.599
2.112.814
2.022.493
4 - Retenes Depreciao e amortizao
117.924 117.924
91.944 91.944
119.661 119.661
93.742 93.742
5 - Valor adicionado lquido produzido pela sociedade (3-4)
1.971.810
1.904.655
1.993.153
1.928.751
6 - Valor adicionado recebido em transferncia Resultado de equivalncia patrimonial Receitas financeiras
471.618 175.131 296.487
451.943 157.652 294.291
471.388 171.365 300.023
446.487 149.270 297.217
7 - Valor adicionado total a distribuir (5+6)
2.443.428
2.356.598
2.464.541
2.375.238
8 - Distribuio do valor adicionado Pessoal e encargos Honorrios do conselho/comits Impostos, taxas e contribuies (b) Federais Municipais Despesas financeiras Juros sobre capital prprio e dividendos
2.443.428 341.772 8.078 864.856 30.076 117.130 865.213
2.356.598 341.957 6.634 817.538 28.148 88.031 1.074.290 -
2.464.541 356.120 8.078 870.039 30.869 118.488 865.213 215.734
2.375.238 353.880 6.634 822.993 29.109 88.366 1.074.256 -
Constituio de reservas estatutrias 216.303 (a) Despesas (exclui pessoal, honorrios do conselho, depreciaes e impostos e taxas). (b) Inclui: impostos e taxas, PIS e Cofins, impostos sobre servios, imposto de renda e contribuio social correntes e diferidos.
95
NOTAS EXPLICATIVAS S DEMONSTRAES FINANCEIRAS
Em 31 de dezembro de 2013 e de 2012 (Em milhares de reais) 1. Contexto operacional A BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros (BM&FBOVESPA) uma sociedade annima de capital aberto com sede na cidade de So Paulo, e que tem como objeto social exercer ou participar em sociedades que exeram as seguintes atividades: Administrao de mercados organizados de ttulos e valores mobilirios, zelando por organizao, funcionamento e desenvolvimento de mercados livres e abertos para a negociao de quaisquer espcies de ttulos ou contratos que possuam como referncia ou tenham por objeto ativos financeiros, ndices, indicadores, taxas, mercadorias, moedas, energias, transportes, commodities e outros bens ou direitos direta ou indiretamente relacionados a tais ativos, nas modalidades a vista ou de liquidao futura; Manuteno de ambientes ou sistemas adequados realizao de negcios de compras e vendas, leiles e operaes especiais envolvendo valores mobilirios, ttulos, direitos e ativos, no mercado de bolsa e no mercado de balco organizado; Prestao de servios de registro, compensao e liquidao, fsica e financeira, por meio de rgo interno ou sociedade especialmente constituda para esse fim, assumindo ou no a posio de contraparte central e garantidora da liquidao definitiva, nos termos da legislao vigente e de seus prprios regulamentos; Prestao de servios de depositria central e de custdia fungvel e infungvel de mercadorias, de ttulos e valores mobilirios e de quaisquer outros ativos fsicos e financeiros; Prestao de servios de padronizao, classificao, anlises, cotaes, estatsticas, formao profissional, realizao de estudos, publicaes, informaes, biblioteca e software sobre assuntos que interessem BM&FBOVESPA e aos participantes dos mercados por ela direta ou indiretamente administrados; Prestao de suporte tcnico, administrativo e gerencial para fins de desenvolvimento de mercado, bem como exerccio de atividades educacionais, promocionais e editoriais relacionadas ao seu objeto social e aos mercados por ela administrados; Exerccio de outras atividades afins ou correlatas expressamente autorizadas pela Comisso de Valores Mobilirios; e Participao no capital de outras sociedades ou associaes, sediadas no Pas ou no exterior, seja na qualidade de scia, acionista ou associada na forma da regulamentao em vigor. A BM&FBOVESPA organiza, desenvolve e prov o funcionamento de mercados livres e abertos de ttulos e valores mobilirios, nas modalidades a vista e de liquidao futura. Suas atividades esto organizadas por meio de seus sistemas de negociao e de suas clearings e abrangem operaes com ttulos e valores mobilirios, mercado interbancrio de cmbio e ttulos custodiados no Sistema Especial de Liquidao e de Custdia (Selic). A BM&FBOVESPA desenvolve solues tecnolgicas e mantm sistemas de alta performance, visando proporcionar aos seus clientes segurana, rapidez, inovao e eficincia de custos. O sucesso de suas atividades depende da melhoria e do aperfeioamento contnuo e integrao de suas plataformas de negociao e liquidao e de sua capacidade de desenvolver e licenciar tecnologias de ponta necessrias ao bom desempenho de suas funes. Por meio da controlada Bolsa Brasileira de Mercadorias, atua no registro e na liquidao de operaes envolvendo mercadorias, bens e servios para entrega fsica, bem como dos ttulos representativos desses produtos, nos mercados primrio e secundrio e nas modalidades a vista, a termo e de opes. Com o intuito de atender aos clientes e s especificidades de seu mercado de atuao, por meio de sua subsidiria integral, Banco BM&FBOVESPA de Servios de Liquidao e Custdia S.A., oferece aos detentores de direitos de acesso e s suas clearings a centralizao da custdia dos ativos depositados como margem de garantia das operaes. As subsidirias BM&FBOVESPA (UK) Ltd., localizada na cidade de Londres, e a BM&F (USA) Inc., localizada na cidade de Nova Iorque e tambm com escritrio de representao em Xangai, tm como objetivo representar a BM&FBOVESPA no exterior, mediante o relacionamento com outras bolsas e agentes reguladores e auxiliar a prospeco de novos clientes para o mercado. 2. Elaborao e apresentao das demonstraes financeiras As presentes demonstraes financeiras foram aprovadas pelo Conselho de Administrao da BM&FBOVESPA em 13 de fevereiro de 2014. As demonstraes financeiras foram elaboradas e esto sendo apresentadas de acordo com as prticas contbeis adotadas no Brasil. A preparao das demonstraes financeiras requer o uso de certas estimativas contbeis crticas e tambm o exerccio de julgamento por parte da Administrao no processo de aplicao das polticas contbeis da BM&FBOVESPA. Aquelas reas que requerem maior nvel de julgamento e possuem maior complexidade, bem como as reas nas quais premissas e estimativas so significativas para as demonstraes financeiras consolidadas, esto divulgadas na Nota 3(w). (a) Demonstraes financeiras consolidadas As demonstraes financeiras consolidadas foram preparadas e esto sendo apresentadas conforme as prticas contbeis adotadas no Brasil, incluindo os pronunciamentos emitidos pelo Comit de Pronunciamentos Contbeis (CPCs) e conforme as normas internacionais de relatrios financeiros (International Financial Reporting Standards IFRS), emitidas pelo International Accounting Standards Board IASB. As demonstraes financeiras consolidadas incluem os saldos da BM&FBOVESPA, das empresas controladas e das entidades de propsito especfico, representadas por fundos de investimento conforme demonstrado a seguir:
98
Participao % Sociedades e entidades controladas Banco BM&FBOVESPA de Servios de Liquidao e Custdia S.A. (Banco BM&FBOVESPA) Bolsa Brasileira de Mercadorias Bolsa de Valores do Rio de Janeiro BVRJ (BVRJ) BM&F (USA) Inc. BM&FBOVESPA (UK) Ltd. Fundos de investimento exclusivos: Bradesco Fundo de Investimento Renda Fixa Letters BB Pau Brasil Fundo de Investimento Renda Fixa HSBC Fundo de Investimento Renda Fixa Longo Prazo Eucalipto (b) Demonstraes financeiras individuais As demonstraes financeiras individuais da controladora foram preparadas conforme as prticas contbeis adotadas no Brasil emitidas pelo Comit de Pronunciamentos Contbeis (CPCs) e so publicadas com as demonstraes financeiras consolidadas. Nas demonstraes financeiras individuais (BM&FBOVESPA) as controladas so contabilizadas pelo mtodo de equivalncia patrimonial. Os mesmos ajustes so feitos tanto nas demonstraes financeiras individuais quanto nas demonstraes financeiras consolidadas para chegar ao mesmo resultado e patrimnio lquido atribuvel aos acionistas da controladora. 3. a. Principais prticas contbeis Consolidao As seguintes prticas contbeis so aplicadas na elaborao das demonstraes financeiras consolidadas. Controladas Controladas so todas as entidades nas quais a BM&FBOVESPA tem o poder de determinar as polticas financeiras e operacionais, geralmente acompanhado de uma participao de mais do que metade dos direitos a voto (capital votante). A existncia e o efeito de possveis direitos a voto atualmente exercveis ou conversveis so considerados quando se avalia se a BM&FBOVESPA controla outra entidade. As controladas so totalmente consolidadas a partir da data em que o controle transferido para a BM&FBOVESPA. A consolidao interrompida a partir da data em que o controle termina. Transaes entre companhias, saldos e ganhos no realizados em transaes entre as empresas so eliminados. Os prejuzos no realizados tambm so eliminados a menos que a operao fornea evidncias de uma reduo ao valor recupervel (impairment) do ativo transferido. As prticas contbeis das controladas so alteradas quando necessrio para assegurar a consistncia com as prticas adotadas pela BM&FBOVESPA. Coligadas Coligadas so todas as entidades sobre as quais a BM&FBOVESPA tem influncia significativa, mas no o controle. Os investimentos em coligadas so contabilizados pelo mtodo de equivalncia patrimonial e so, inicialmente, reconhecidos pelo seu valor de custo. O investimento da BM&FBOVESPA em coligadas inclui o gio identificado na aquisio, lquido de qualquer reduo ao valor recupervel de ativos (impairment) acumulada, se houver. A participao da BM&FBOVESPA nos lucros ou prejuzos de coligadas ps-aquisio reconhecida na demonstrao do resultado e sua participao na movimentao em reservas ps-aquisio reconhecida nas reservas. As movimentaes cumulativas ps-aquisio so ajustadas contra o valor contbil do investimento. Quando a participao da BM&FBOVESPA nas perdas de uma coligada for igual ou superior a sua participao nessa coligada, incluindo quaisquer outros recebveis, a BM&FBOVESPA no reconhece perdas adicionais, a menos que tenha incorrido em obrigaes ou efetuado pagamentos em nome da coligada. Os ganhos no realizados das operaes entre a BM&FBOVESPA e suas coligadas so eliminados na proporo da participao da BM&FBOVESPA nas coligadas. As perdas no realizadas tambm so eliminadas, a menos que a operao fornea evidncias de uma reduo ao valor recupervel (impairment) do ativo transferido. As prticas contbeis das coligadas so alteradas ou ajustadas, quando necessrio, para assegurar consistncia com as prticas adotadas pela BM&FBOVESPA. b. Reconhecimento de receita As receitas de prestao de servios e as originadas do sistema de negociao e liquidao so reconhecidas no momento da realizao das transaes, de acordo com a competncia. Os valores recebidos a ttulo de anuidades, caso da listagem de valores mobilirios e de alguns contratos de comercializao de informaes sobre o mercado, so reconhecidos proporcional e mensalmente no resultado em relao ao perodo da prestao do servio. Caixa e equivalentes de caixa Os saldos de caixa e Equivalentes de caixa para fins de demonstrao dos fluxos de caixa incluem dinheiro em caixa e depsitos bancrios. 100,00 53,28 86,95 100,00 100,00
d.
Instrumentos financeiros (i) Classificao e mensurao A BM&FBOVESPA classifica seus ativos financeiros sob as seguintes categorias: mensurados ao valor justo por meio do resultado, emprstimos e recebveis e disponveis para venda. A classificao depende da finalidade para a qual os ativos financeiros foram adquiridos. A Administrao determina a classificao de seus ativos financeiros no reconhecimento inicial. Devido natureza e objetivo da BM&FBOVESPA e de suas aplicaes financeiras, estas so classificadas basicamente como ativos financeiros mensurados ao valor justo atravs do resultado, designados pela Administrao no momento inicial da contratao. Ativos financeiros mensurados ao valor justo por meio do resultado Os ativos financeiros mensurados ao valor justo por meio do resultado so ativos financeiros mantidos para negociao ativa e frequente (instrumentos financeiros derivativos classificados como ativos circulantes) ou ativos designados pela entidade, no reconhecimento inicial, como mensurados ao valor justo por meio do resultado (demais instrumentos financeiros (Nota 4)). Os ganhos ou as perdas decorrentes de variaes no valor justo desses instrumentos financeiros so apresentados na demonstrao do resultado em "resultado financeiro" no perodo em que ocorrem. Emprstimos e recebveis Incluem-se nessa categoria os emprstimos concedidos e os recebveis que so ativos financeiros no derivativos com pagamentos fixos ou determinveis, no cotados em um mercado ativo. So includos como ativo circulante, exceto aqueles com prazo de vencimento superior a 12 meses aps a data do balano (estes so classificados como ativos no circulantes). Os emprstimos e recebveis da BM&FBOVESPA compreendem, substancialmente, contas a receber de clientes. Os emprstimos e recebveis so contabilizados pelo custo amortizado, utilizando o mtodo de juros efetivos, deduzidos de qualquer perda por reduo do valor recupervel. Ativos financeiros disponveis para venda Os ativos financeiros disponveis para venda so no derivativos designados nessa categoria ou que no so classificados em nenhuma outra categoria. Os ativos financeiros disponveis para venda so contabilizados pelo valor justo. Os juros de ttulos disponveis para venda, calculados com o uso do mtodo da taxa de juros efetiva, so reconhecidos na demonstrao do resultado como receitas financeiras. A parcela correspondente variao no valor justo lanada contra o resultado abrangente lquida de impostos, sendo realizada contra resultado quando da sua liquidao ou por reduo em seu valor recupervel (impairment). A Administrao monitora periodicamente suas posies e eventuais riscos de reduo ao valor recupervel desses ativos financeiros. Considerando a natureza desses ativos (substancialmente ttulos pblicos de alta liquidez) a BM&FBOVESPA no possui histrico de reduo significativa ao valor recupervel. O valor contbil do ativo financeiro ajustado diretamente pela reduo ao valor recupervel com impacto no resultado do exerccio. Recuperaes subsequentes de valores anteriormente baixados so reconhecidas no resultado do exerccio. Valor justo Os valores justos dos investimentos com cotao pblica so baseados nos preos atuais de mercado. Para os ativos financeiros sem mercado ativo ou cotao pblica, a BM&FBOVESPA estabelece o valor justo atravs de tcnicas de avaliao. (ii) Instrumentos derivativos Inicialmente, os derivativos so reconhecidos pelo valor justo na data em que um contrato de derivativos celebrado e so, subsequentemente, mensurados ao seu valor justo, com as variaes deste valor lanadas contra o resultado. (iii) Hedge de investimento lquido Qualquer ganho ou perda do instrumento de hedge relacionado com a parcela efetiva do hedge reconhecido no resultado abrangente, lquido dos efeitos tributrios. O ganho ou perda relacionado com a parcela no efetiva imediatamente reconhecido no resultado. Os ganhos e as perdas acumuladas no patrimnio so includos na demonstrao do resultado quando a operao objeto de cobertura parcialmente alienada ou vendida. (iv) Anlise de efetividade do hedge A BM&FBOVESPA adota como metodologia de teste de efetividade retrospectiva a razo dos ganhos ou perdas acumuladas na dvida com os ganhos ou perdas no investimento lquido (Dollar offset method on a cumulative and spot basis). Para a demonstrao prospectiva, a BM&FBOVESPA utiliza cenrios de estresse aplicados sobre a margem de efetividade (80% a 125%).
e.
Contas a receber, outros crditos e proviso para perdas As contas a receber de clientes correspondem aos valores a receber de emolumentos e pela prestao de servios no decurso normal das atividades da BM&FBOVESPA. Se o prazo de recebimento equivalente a um ano ou menos (ou outro que atenda o ciclo normal da BM&FBOVESPA), as contas a receber so classificadas no ativo circulante. Caso contrrio, esto apresentadas no ativo no circulante. As contas a receber de clientes so, inicialmente, reconhecidas pelo valor da transao e ajustadas pela proviso para crditos de liquidao duvidosa, se necessria.
c.
f.
Despesas antecipadas As despesas antecipadas registram basicamente os valores decorrentes de contratos de manuteno de softwares e prmios de seguros, sendo essas despesas amortizadas conforme a durao do contrato em vigor.
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100
g.
Ativo no circulante mantido para venda Os ativos no circulantes so classificados como ativos mantidos para venda quando seu valor contbil for recupervel, principalmente, por meio de uma venda e quando essa venda for praticamente certa. Estes ativos so avaliados pelo menor valor entre o valor contbil e o valor justo menos os custos de venda. Ativos intangveis gio O gio (goodwill) representado pela diferena positiva entre o valor pago e/ou a pagar pela aquisio de um negcio e o montante lquido do valor justo dos ativos e passivos da adquirida. O gio de aquisies registrado como Ativo intangvel. Se a adquirente apurar desgio, dever registrar o montante como ganho no resultado do perodo, na data da aquisio. O gio testado anualmente para verificar perdas (impairment), e indcios de possvel impairment so reavaliados em perodos menores. gio contabilizado pelo seu valor de custo menos as perdas acumuladas por impairment. Perdas por impairment reconhecidas sobre o gio no so revertidas. O gio alocado a Unidades Geradoras de Caixa (UGCs) para fins de teste de impairment. A alocao feita para as Unidades Geradoras de Caixa que devem se beneficiar da combinao de negcios da qual o gio se originou. Softwares e projetos Licenas adquiridas de programas de computador so capitalizadas com base nos custos incorridos e amortizadas ao longo de sua vida til estimada, pelas taxas descritas na Nota 9. Os gastos associados ao desenvolvimento ou manuteno de softwares so reconhecidos como despesas na medida em que so incorridos. Os gastos diretamente associados a softwares identificveis e nicos, controlados pela BM&FBOVESPA e que, provavelmente, geraro benefcios econmicos maiores que os custos por mais de um ano, so reconhecidos como ativos intangveis. A despesa de amortizao reconhecida no resultado a menos que seja includa no valor contbil de outro ativo. Nesses casos, a amortizao de ativos intangveis utilizados para atividades de desenvolvimento includa como parte do custo de outro ativo intangvel. Os gastos com o desenvolvimento de softwares reconhecidos como ativos so amortizados usando-se o mtodo linear ao longo de suas vidas teis, pelas taxas demonstradas na Nota 9.
o.
h.
Arrendamento mercantil Os arrendamentos mercantis de imobilizado nos quais a BM&FBOVESPA fica substancialmente com todos os riscos e benefcios de propriedade so classificados como arrendamento financeiro. Os arrendamentos financeiros so registrados como se fosse uma compra financiada, reconhecendo, no seu incio, um ativo imobilizado e um passivo de financiamento (arrendamento). O imobilizado adquirido nos arrendamentos financeiros depreciado pela vida til. Os arrendamentos mercantis nos quais uma parte significativa dos riscos e benefcios de propriedade ficam com o arrendador so classificados como arrendamentos operacionais. Os pagamentos feitos para os arrendamentos operacionais (lquidos de todo incentivo recebido do arrendador) so reconhecidos diretamente no resultado.
p.
Benefcios a funcionrios (i) Obrigaes de penso A BM&FBOVESPA mantm um plano de aposentadoria, na modalidade de contribuio definida, com participao voluntria aberta a todos os funcionrios. A BM&FBOVESPA no tem obrigaes relativas a pagamentos adicionais sua contribuio como patrocinadora. As contribuies regulares so includas nos custos de pessoal do perodo em que so devidas. (ii) Incentivo com base em aes (opes de aes) A BM&FBOVESPA mantm um plano de Incentivo de longo prazo, estruturado por meio de outorgas de opes de compra de aes, no mbito do Plano de Opo de Compra de Aes da BM&FBOVESPA - stock option (Plano de Opo). O objetivo conceder, aos colaboradores da BM&FBOVESPA e de suas sociedades controladas, a oportunidade de se tornarem acionistas da BM&FBOVESPA, obtendo, em consequncia, um maior alinhamento dos seus interesses com os interesses dos acionistas, bem como possibilitar BM&FBOVESPA e s suas controladas atrair e manter vinculados a ela administradores e empregados. O valor justo das opes concedidas reconhecido como despesa, durante o perodo no qual o direito adquirido (perodo durante o qual as condies especficas de aquisio de direitos devem ser atendidas). Na data do balano, a BM&FBOVESPA revisa suas estimativas da quantidade de opes cujos direitos devem ser adquiridos com base nas condies estabelecidas. A BM&FBOVESPA reconhece o impacto da reviso das estimativas iniciais, se houver, na demonstrao do resultado, em contrapartida a reserva de capital no patrimnio lquido. (iii) Participao nos lucros A BM&FBOVESPA possui remunerao varivel semestral, constituda e paga em dinheiro por meio do Programa de Participao nos Lucros e Resultados (PLR). O programa define potenciais de mltiplos de salrio mensal atribudos em funo dos indicadores de desempenho individuais, os quais consideram fatores prprios de cada funo (nvel de cargo), e os indicadores de desempenho global da BM&FBOVESPA, tendo por objetivo alinhar a remunerao dos colaboradores com os resultados da BM&FBOVESPA. A proviso que contempla o programa de participao dos empregados nos resultados contabilizada conforme o regime de competncia. (iv) Outras obrigaes ps-emprego A BM&FBOVESPA oferece benefcio de assistncia mdica ps-aposentadoria para empregados que adquiriram este direito at maio de 2009. O direito a esses benefcios est condicionado permanncia do empregado no emprego at a idade de aposentadoria e a concluso de um tempo mnimo de servio. Os custos esperados desses benefcios so acumulados durante o perodo do emprego ou da expectativa de usufruto do benefcio, usando metodologia atuarial que considera expectativa de vida do grupo em questo, aumento dos custos decorrente da idade e da inflao mdica, inflao e taxa de desconto. Destes custos so deduzidas as contribuies que os participantes efetuam conforme regra especfica do Plano de Assistncia Mdica. Os ganhos e as perdas atuariais apurados no plano de extenso de assistncia mdica psaposentadoria so reconhecidos em conformidade com as regras da IAS 19 e do CPC 33 - Benefcios a Empregados, com base em clculo atuarial elaborado por aturio independente cujas premissas esto apresentadas na Nota 18(c). Essas obrigaes so mensuradas, anualmente, por aturios independentes qualificados.
i.
Imobilizado Os bens do imobilizado so avaliados pelo valor do custo de aquisio, formao ou construo, deduzido da depreciao acumulada. As depreciaes so calculadas pelo mtodo linear e levam em considerao o tempo de vida til econmica estimada dos bens e o seu valor residual. Os valores residuais e a vida til dos ativos so revisados e ajustados, se apropriado, no fim de cada exerccio. Os custos subsequentes so includos no valor contbil ou reconhecidos como um ativo separado, conforme apropriado, somente quando forem provveis que fluam benefcios econmicos futuros associados ao item e que o custo do item possa ser mensurado com segurana. Todos os outros reparos e manutenes so lanados em contrapartida ao resultado, quando incorridos. A despesa de depreciao reconhecida no resultado a menos que seja includa no valor contbil de outro ativo. A depreciao de ativos imobilizados utilizados para atividades de desenvolvimento includa como parte do custo de um ativo intangvel.
j.
Ativos e passivos contingentes, provises para riscos tributrios, cveis e trabalhistas e obrigaes legais O reconhecimento, a mensurao e a divulgao das provises para riscos tributrios, cveis e trabalhistas, contingncias ativas e passivas e das obrigaes legais so efetuados de acordo com os critrios definidos no CPC 25/IAS 37. Depsitos judiciais Os depsitos judiciais so vinculados a processos judiciais de natureza fiscal, cvel e trabalhista e so atualizados monetariamente e apresentados no ativo no circulante.
k.
q.
Financiamentos e emprstimos Os financiamentos e emprstimos so reconhecidos, inicialmente, pelo valor justo, lquido dos custos da transao incorridos e so, subsequentemente, demonstrados pelo custo amortizado. Qualquer diferena entre os valores captados (lquidos dos custos da transao) e o valor de liquidao reconhecida na demonstrao do resultado durante o perodo em que os emprstimos estejam em andamento, utilizando o mtodo da taxa de juros efetiva. Converso em moeda estrangeira Os itens includos nas demonstraes financeiras de cada uma das empresas do consolidado BM&FBOVESPA so mensurados usando a moeda do principal ambiente econmico no qual a empresa atua (moeda funcional). As demonstraes financeiras esto apresent adas em Reais, que a moeda funcional da BM&FBOVESPA. As operaes com moedas estrangeiras so convertidas em Reais, utilizando as taxas de cmbio vigentes nas datas das transaes ou da avaliao, na qual os itens so remunerados. Os ganhos e as perdas cambiais resultantes da liquidao dessas transaes e da converso pelas taxas de cmbio do final do exerccio, referentes a ativos e passivos monetrios em moedas estrangeiras, so reconhecidos na demonstrao do resultado, exceto quando diferidos no resultado abrangente originados de operaes de hedge de investimento no exterior. No caso de variao cambial de investimentos no exterior, que apresentam moeda funcional diferente da BM&FBOVESPA, as variaes no valor do investimento decorrentes exclusivamente de variao cambial so registradas na rubrica Ajuste de Avaliao Patrimonial, no resultado abrangente da BM&FBOVESPA, e somente so levados ao resultado do exerccio quando o investimento for vendido ou baixado para perda. Para o clculo da equivalncia patrimonial, os lucros no realizados nas operaes com controladas e coligadas so eliminados.
l.
Garantias recebidas em operaes Valores recebidos dos participantes do mercado como garantia contra a inadimplncia ou insolvncia. Montantes recebidos em dinheiro so registrados como um passivo e demais garantias que no em dinheiro so controladas gerencialmente. Ambos os tipos de garantias recebidas no esto sujeitas a juros ou quaisquer outros encargos. Outros ativos e passivos So demonstrados pelos valores conhecidos e de realizao/liquidao, acrescidos, quando aplicvel, dos correspondentes rendimentos e encargos, variaes monetrias e/ou cambiais incorridos at a data dos balanos. Reduo ao valor recupervel de ativos (impairment) Os ativos que tm uma vida til indefinida, como o gio, no esto sujeitos amortizao e so testados anualmente para a verificao de impairment, e indcios de possvel impairment so reavaliados em perodos menores. Os ativos que esto sujeitos amortizao so revisados para a verificao de impairment sempre que eventos ou mudanas nas circunstncias indicarem que o valor contbil pode no ser recupervel. Uma perda por impairment reconhecida pelo valor ao qual o valor contbil do ativo excede seu valor recupervel. Este ltimo o valor mais alto entre o valor justo de um ativo menos os custos de venda e o seu valor em uso. Para fins de avaliao do impairment, os ativos so agrupados nos nveis mais baixos para os quais existam fluxos de caixa identificveis separadamente (Unidades Geradoras de Caixa (UGC)). Os ativos no financeiros, exceto o gio, que tenham sofrido impairment, so revisados subsequentemente para a anlise de uma possvel reverso do impairment na data de apresentao do relatrio.
r.
m.
n.
s.
Tributos A BM&FBOVESPA uma sociedade annima com fins lucrativos e, portanto, tem seus resultados sujeitos a determinados tributos e contribuies.
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102
(i) Imposto de renda e contribuio social corrente e diferido O imposto de renda e a contribuio social do exerccio corrente e diferido so calculados com base nas alquotas de 15%, acrescidas do adicional de 10% sobre o lucro anual tributvel excedente de R$240 para imposto de renda e 9% sobre o lucro tributvel para contribuio social sobre o lucro lquido, e consideram a compensao de prejuzos fiscais e base negativa de contribuio social, limitada a 30% do lucro real. O imposto de renda e a contribuio social diferidos so calculados sobre os prejuzos fiscais de imposto de renda, a base negativa de contribuio social e as correspondentes diferenas temporrias entre as bases de clculo do imposto sobre ativos e passivos e os valores contbeis das demonstraes financeiras. Impostos diferidos ativos so reconhecidos na extenso em que seja provvel que o lucro futuro tributvel esteja disponvel para ser utilizado na compensao das diferenas temporrias e/ou prejuzos fiscais. (ii) Demais tributos Os demais tributos incidentes sobre emolumentos de prego, compensao e liquidao de transaes e outros servios, foram calculados s alquotas de 1,65% para o PIS e de 7,60% para a Cofins, e registrados no resultado, como reduo, na rubrica Receitas. O Banco BM&FBOVESPA calcula as contribuies de PIS e Cofins s alquotas de 0,65% e 4%, respectivamente e CSLL a 15%. As controladas Bolsa Brasileira de Mercadorias e Bolsa de Valores do Rio de Janeiro (BVRJ) so entidades sem fins lucrativos e calculam o PIS alquota de 1% sobre a folha de pagamento. A BM&FBOVESPA e suas controladas sofrem incidncia de ISS sobre a prestao de servios, s alquotas de 2% a 5%, dependendo da natureza do servio prestado. t. Lucro por ao Para fins de divulgao do lucro por ao, o lucro bsico por ao calculado pela diviso do lucro lquido atribuvel BM&FBOVESPA, disponvel aos acionistas pela quantidade mdia de aes em aberto durante o perodo; j o lucro por ao diludo calculado de maneira similar ao lucro por ao bsico, exceto pelo fato de que as quantidades de aes em circulao so ajustadas para refletir aes adicionais em circulao caso as aes com potencial de diluio, atribuveis a opes de compra de aes (Nota 15(h)), tivessem sido emitidas durante os perodos respectivos. Distribuio de dividendos e juros sobre capital prprio A distribuio de dividendos e juros sobre capital prprio para os acionistas da BM&FBOVESPA reconhecida como um passivo nas demonstraes financeiras ao final do exerccio, com base no estatuto social da BM&FBOVESPA. Qualquer valor acima do mnimo obrigatrio somente provisionado na data de aprovao pelos acionistas, em Assembleia Geral. O benefcio fiscal dos juros sobre o capital prprio reconhecido na demonstrao do resultado. Apresentao de informaes por segmentos Os segmentos operacionais esto apresentados de modo consistente com o relatrio interno fornecido para a Diretoria Executiva, onde se concentra a tomada das principais decises operacionais da BM&FBOVESPA e responsvel por implementar as estratgias definidas pelo Conselho de Administrao. Estimativas e julgamentos contbeis crticos i) Equivalncia patrimonial A BM&FBOVESPA aplica o mtodo de equivalncia patrimonial para avaliar investimentos em empresas que possui habilidade de exercer influncia significativa. O julgamento da BM&FBOVESPA quanto ao nvel de influncia sobre os investimentos leva em considerao fatores chaves, tais como percentual de participao, representao no Conselho de Administrao, participao nas definies de polticas e negcios e transaes materiais entre as companhias. No caso do investimento na CME Group, suas demonstraes financeiras originalmente preparadas consoante as normas contbeis dos Estados Unidos (USGAAP) so ajustadas para as normas contbeis vigentes no Brasil antes do clculo da referida equivalncia patrimonial. ii) Reduo ao valor recupervel de ativos A BM&FBOVESPA testa, em periodicidade anual ou quando requerido, eventuais redues ao valor recupervel dos ativos, especificamente relacionadas ao gio e ao ativo permanente, de acordo com prtica contbil descrita na Nota 3(n). As anlises de sensibilidade esto apresentadas nas notas 7 e 9. iii) Classificao de instrumentos financeiros A BM&FBOVESPA classifica os ativos financeiros nas categorias de (i) mensurados ao valor justo por meio do resultado e (ii) disponveis para venda. A classificao depende do propsito para o qual os ativos financeiros foram adquiridos. A Administrao determina a classificao dos ativos financeiros no seu reconhecimento inicial. O registro dos ativos financeiros, a partir da sua classificao inicial, est descrito na Nota 3(d). iv) Plano de opo de aes (stock options) A BM&FBOVESPA oferece a administradores, empregados e prestadores de servios plano de opo de aes. O valor justo dessas opes reconhecido como despesa no perodo em que o direito adquirido. A Administrao revisa a quantidade estimada de opes que atingiro as condies de vesting e reconhece subsequentemente o impacto da alterao nas estimativas iniciais, se houver, na demonstrao do resultado, em contrapartida conta de reserva de capital no patrimnio lquido, conforme apresentado na Nota 3(p). v) Assistncia mdica ps-aposentadoria As obrigaes com o plano de assistncia mdica dependem de clculos atuariais, que utilizam uma srie de premissas, as quais esto divulgadas na Nota 18(c). Mudanas nas premissas podero afetar o valor contbil das obrigaes com o plano de assistncia mdica.
4. a.
Disponibilidades e aplicaes financeiras Disponibilidades BM&FBOVESPA 2012 62 36.264 36.326 36.326
Descrio Caixa e bancos conta movimento em moeda nacional Bancos conta movimento em moeda estrangeira Caixa e equivalentes de caixa Bancos conta movimento em moeda estrangeira - Recursos de terceiros (1) Total de disponibilidades
2013 267 36.507 36.774 1.154.902 1.191.676
Descrio Caixa e bancos conta movimento em moeda nacional Bancos conta movimento em moeda estrangeira Caixa e equivalentes de caixa Bancos conta movimento em moeda estrangeira - Recursos de terceiros (1) Total de disponibilidades
2013 417 41.270 41.687 1.154.902 1.196.589
Consolidado 2012 305 43.337 43.642 43.642
u.
v.
w.
(1)
Recursos restritos de terceiros vinculados liquidao integral de operao de cmbio (Clearing de Cmbio), cuja liquidao ocorreu em 02 de janeiro de 2014.
As disponibilidades so mantidas em instituies financeiras nacionais ou no exterior de primeira linha. Os depsitos em moeda estrangeira so preponderantemente em dlares.
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b.
Aplicaes financeiras As aplicaes financeiras por categoria, natureza e faixa de vencimento esto demonstradas a seguir:
Ativos financeiros disponveis para venda BM&FBOVESPA Ttulos pblicos federais Letras Financeiras do Tesouro 2013 2012 Letras do Tesouro Nacional Notas do Tesouro Nacional 31.032 116 31.148 16.148 16.148 23.042 72 275 23.389 47 47 70.269 188 275 70.732 55.877 948 293 57.118
Acima de Sem vencimento At 3 meses 3 meses e at 12 meses
Acima de 12 meses e Acima de 5 at 5 anos anos
Descrio
Ativos financeiros mensurados a valor justo por meio do resultado Fundos de investimento financeiro (1) Conta remunerada - Depsitos no exterior Operaes compromissadas (2) Ttulos pblicos federais Letras Financeiras do Tesouro Letras do Tesouro Nacional Notas do Tesouro Nacional Outras aplicaes (3) 9.096 242.945 156.115 20 257.903 48 179.416 836.379 20 48 9.096 748.766 88.549 49 11.698 2.347.806 21.849 6.919 2.347.806 21.849 6.919 2.581.259 34.457 -
Total de aplicaes financeiras Curto prazo Longo prazo
255.393
2.353.230
244.770
526.453
294.325
3.674.171 2.853.393 820.778
3.806.997 3.233.361 573.636
(1) Referem-se a investimentos em fundos de investimento financeiro, cujas carteiras esto preponderantemente compostas por aplicaes em ttulos pblicos federais e operaes compromissadas, que possuem como benchmark de rentabilidade o CDI. No consolidado, os saldos dos fundos de investimento esto distribudos de acordo com a natureza da carteira e vencimento, na proporo do patrimnio lquido investido. O patrimnio lquido dos fundos de investimento includos no processo de consolidao das demonstraes financeiras de: (i) Bradesco FI Renda Fixa Letters R$1.529.024 (2012 - R$1.820.865); (ii) BB Pau Brasil FI Renda Fixa R$340.641 (2012 - R$201.652); (iii) HSBC FI Renda Fixa Longo Prazo Eucalipto R$254.933 (2012 - R$106.947); (iv) Araucria Renda Fixa FI R$ 235.954 em 31 de dezembro de 2012. (2) Contratadas junto a bancos de primeira linha e lastreadas em ttulos pblicos federais.
Total de aplicaes financeiras Curto prazo Longo prazo
2.378.751
242.945
163.054
257.951
179.416
3.222.117 2.784.750 437.367
3.464.778 3.093.547 371.231
(3) Referem-se substancialmente a aplicaes em ouro. (4) Os principais fundos de investimento no exclusivos so: (i) Bradesco Empresas FICFI Referenciado DI Federal, no valor de R$62.432 (2012 - R$214.783); (ii) Araucria Renda Fixa FI R$101.031; (iii) FI Jacarand Renda Fixa R$59.722. Os ttulos pblicos encontram-se custodiados no Selic; as cotas de fundos de investimentos esto custodiadas junto aos respectivos administradores; e as aes esto custodiadas junto Clearing de Aes e Renda Fixa Privada da prpria BM&FBOVESPA.
CONSOLIDADO Acima de Sem vencimento At 3 meses 3 meses e at 12 meses Acima de 12 meses e Acima de 5 at 5 anos anos
Descrio
2013
2012
No houve reclassificao de instrumentos financeiros entre categorias no exerccio. Valor justo A BM&FBOVESPA adota o CPC 40/IFRS 7 para instrumentos financeiros mensurados pelo valor justo, o que requer divulgao das mensuraes do valor justo pelo nvel das hierarquias ali especificadas.
Ativos financeiros mensurados a valor justo por meio do resultado Fundos de investimento financeiro (4) Conta remunerada - Depsitos no exterior Operaes compromissadas (2) Ttulos pblicos federais Letras Financeiras do Tesouro Letras do Tesouro Nacional Notas do Tesouro Nacional Outras aplicaes (3) 9.099 255.393 288.579 9.996 2.322.082 196.252 4.308 228.622 394.567 108.449 48 503.064 294.278 294.278 1.173.676 122.753 48 9.099 3.603.439 1.139.441 112.849 49 12.691 3.749.879 223.256 23.038 2.023.507 28.062 223.256 23.038 2.051.569 214.813 34.457 2.235.579
O valor justo dos principais instrumentos financeiros determinado da seguinte maneira: Fundos de investimento financeiro valor justo determinado com base no valor da cota apurada no ltimo dia til, divulgada pelo respectivo Administrador. Ttulos pblicos federais so valorizados de acordo com os valores e preos divulgados pela Associao Brasileira das Entidades dos Mercados Financeiro e de Capitais ANBIMA ou, na ausncia destes, pelo preo definido pela Administrao que melhor reflita seu valor de venda, apurado atravs de pesquisas junto a outras instituies. Operaes compromissadas so valorizadas diariamente conforme a taxa de mercado da negociao da operao. Os ativos financeiros mensurados a valor justo por meio do resultado e os instrumentos financeiros derivativos so classificados como nvel 1, isto , possuem preos cotados (no ajustados) em mercados ativos. No houve reconhecimento de reduo ao valor recupervel (impairment) dos instrumentos financeiros disponveis para venda no exerccio. Instrumentos financeiros derivativos Os instrumentos financeiros derivativos esto representados por contratos de mercado futuro de taxa de juros (DI1) demonstrados ao seu valor de mercado. Esses contratos so integrantes das carteiras dos fundos exclusivos que foram consolidados (Nota 2(a)) e so utilizados com o objetivo de
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cobrir exposies ao risco de taxa de juros prefixada, passando-as para taxa de juros ps-fixada (CDI). Embora tais derivativos tenham o objetivo de proteo, por opo da Administrao a contabilizao de hedge (hedge accounting) no adotada para esses casos. O resultado lquido entre as operaes com derivativos e o instrumento financeiro relacionado refere-se posio vendida de contratos de juros futuros, com valor de mercado de R$16.528 (R$5.121 em 31 de dezembro de 2012). Os contratos de DI1 tm os mesmos vencimentos que as posies prefixadas a que esto relacionados. Poltica de gesto de riscos financeiros A BM&FBOVESPA possui poltica de aplicao do saldo em caixa que privilegia alternativas de baixssimo risco, de altssima liquidez e risco soberano, cuja performance geral esteja atrelada taxa Selic/CDI, o que se traduz em proporo expressiva de ttulos pblicos federais na sua carteira, sendo adquiridos de forma direta, via operaes compromissadas lastreadas em ttulos pblicos e tambm por intermdio de fundos exclusivos e abertos. Anlise de sensibilidade O quadro a seguir demonstra a exposio lquida de todos os instrumentos financeiros (ativos e passivos) por fator de risco de mercado, classificados de acordo com os seus indexadores: Exposio aos Fatores de Risco (Consolidado) 2013 Fator de Risco Juros Posio Ps-fixada Juros Posio Prefixada Cambial Ouro Inflao Risco Queda do CDI/Selic Alta da pr Alta da moeda Queda do ouro Queda da inflao Percentual 97,53% 0,45% 1,77% 0,24% 0,01% 100,00% 2012 Percentual 95,40% 3,59% 0,68% 0,32% 0,01% 100,00%
Risco de Liquidez A tabela a seguir apresenta os principais instrumentos financeiros passivos do grupo BM&FBOVESPA por faixas de vencimento, representados em sua totalidade por passivos financeiros no derivativos (fluxos de caixa no descontados):
Sem Vencimento Garantias recebidas em operaes Emisso de dvida no exterior (1)

(1) Valores convertidos pela PTAX venda de fechamento.
Menos de 1 ano
Entre 1 e 2 anos
Entre 2 e 5 anos
Acima de 5 anos
2.072.989 79.947 79.947 240.060 1.596.413
Risco de Crdito e Gesto de Capital A BM&FBOVESPA privilegia alternativas de investimento de baixssimo risco, em que mais de 99% da alocao dos ativos est vinculada a ttulos pblicos federais, cujos ratings definidos pelas agncias Standard & Poor's e Moody's so, respectivamente, "A-" e "Baa2" para emisses de longo prazo em moeda local e caracterizados como grau de investimento, de forma a obter altssima liquidez e risco soberano, cuja performance geral esteja atrelada taxa CDI/Selic. A emisso das Notas Snior (Nota 12) foi vinculada ao aumento da participao na CME e criao de uma parceria estratgica entre as companhias. Alm disso, serve como hedge para a exposio em dlares gerada pelo aumento da participao acionria no CME Group. 5. Contas a receber O saldo de contas a receber est composto da seguinte forma: BM&FBOVESPA Descrio Emolumentos Anuidades Vendors - Difuso de Sinal Taxas de depositria e custdia Outras contas a receber Subtotal Proviso para perdas em contas a receber Total 2013 10.972 5.485 11.620 23.592 8.704 60.373 (7.677) 52.696 2012 13.379 5.323 11.282 21.588 10.207 61.779 (6.686) 55.093 Consolidado Descrio Emolumentos Anuidades Vendors - Difuso de Sinal Taxas de depositria e custdia Outras contas a receber Subtotal Proviso para perdas em contas a receber Total 2013 12.287 5.485 11.620 23.592 9.172 62.156 (7.929) 54.227 2012 14.621 5.323 11.282 21.588 10.910 63.724 (6.875) 56.849
Risco de Taxa de Juros Advm da possibilidade de oscilaes das taxas de juros futuras para os respectivos vencimentos poderem gerar um impacto sobre os valores justos das operaes da BM&FBOVESPA. Posio Ps-fixada Como poltica de aplicaes financeiras e tendo em vista a necessidade de liquidez imediata com o menor impacto possvel das flutuaes das taxas, a BM&FBOVESPA mantm seus ativos e passivos financeiros atrelados a taxas de juros flutuantes ou ps-fixadas. O quadro a seguir apresenta uma avaliao sobre os possveis impactos no resultado no caso de uma variao de 25% e 50% sobre o cenrio provvel da taxa CDI/Selic, para os prximos trs meses. Impacto no resultado Cenrio Fator de risco Aplicaes financeiras Taxas do indexador Posio Prefixada A BM&FBOVESPA possui parte de suas aplicaes financeiras em taxas prefixadas resultando em uma exposio lquida aplicada em taxas de juros prefixadas. No entanto em termos percentuais, tendo em vista os valores envolvidos, seus impactos na carteira no so considerados relevantes. CDI/Selic CDI/Selic -50% 38.813 4,98% Cenrio -25% 57.703 7,47% Cenrio provvel 76.268 9,96% Cenrio 25% 94.520 12,45% Cenrio 50% 112.471 14,94%
Risco Cambial Decorre da possibilidade de oscilaes das taxas de cmbio sobre a aquisio de insumos, a venda de produtos e a contratao de instrumentos financeiros ativos e passivos poderem gerar impactos nos valores envolvidos em moeda nacional. Alm de valores a pagar e a receber em moedas estrangeiras, incluindo-se o pagamento de juros das senior unsecured notes no prximo perodo semestral, a BM&FBOVESPA possui depsitos de terceiros em moeda estrangeira para a garantia de liquidao de operaes por parte de investidores estrangeiros e ainda, recursos prprios no exterior. Em 31 de dezembro de 2013 a exposio lquida da BM&FBOVESPA em moeda estrangeira negativa em R$64.049 (positiva em R$26.455 em 31 de dezembro de 2012). Tendo em vista os valores lquidos envolvidos, seus impactos na carteira no so considerados relevantes.
Os valores apresentados acima so preponderantemente em Reais e cerca de 90% vencem em at 90 dias. Em 31 de dezembro de 2013 os valores vencidos acima de 90 dias apresentavam o montante de R$7.682 (R$6.742 em 31 de dezembro de 2012) na BM&FBOVESPA. A metodologia de provisionamento aprovada pela Administrao baseia-se em uma anlise do comportamento histrico das perdas incorridas. Portanto, para faixas definidas de dias de atraso, de acordo com o comportamento histrico, atribudo um percentual sobre o valor vencido que visa refletir a expectativa futura de no recebimento.
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Movimentao da proviso para perdas com crdito: BM&FBOVESPA Saldo em 31 de dezembro de 2011 Adies Reverses Baixas Saldo em 31 de dezembro de 2012 Adies Reverses Baixas Saldo em 31 de dezembro de 2013 6. Outros crditos Os outros crditos esto compostos da seguinte forma: BM&FBOVESPA 2013 Circulante Dividendos a receber - CME Group (Nota 16) Valores a receber Partes relacionadas (Nota 16) Imveis destinados venda Adiantamento a empregados Outros Total 71.878 3.307 3.812 1.814 78 80.889 2.272 1.986 396 4.654 Consolidado 2013 Circulante Dividendos a receber - CME Group (Nota 16) Valores a receber Partes relacionadas (Nota 16) Imveis destinados venda Adiantamento a empregados Outros Total No-circulante Corretoras em liquidao judicial (1) Total 71.878 285 3.812 1.841 1.456 79.272 2.200 2.200 968 2.026 1.147 4.141 2.200 2.200 2012 2012 6.315 2.162 (1.006) (785) 6.686 1.872 (244) (637) 7.677 Consolidado 6.315 2.351 (1.006) (785) 6.875 1.982 (283) (645) 7.929
7. a.
Investimentos Participaes em controladas e coligadas As participaes em controladas e coligadas esto compostas da seguinte forma:
Sociedades
Patrimnio lquido
Quantidade total de aes patrimoniais
Resultado ajustado
% Participao
Investimento 2013
Investimento 2012
Resultado equivalncia patrimonial 2013
Resultado equivalncia patrimonial 2012
Controladas Banco BM&FBOVESPA de Liquidao e Custdia S.A. Bolsa Brasileira de Mercadorias Bolsa de Valores do Rio de Janeiro - BVRJ BM&F (USA) Inc. BM&FBOVESPA (UK) Ltd. 59.028 14.437 60.674 1.189 1.353 24.000 403 115 1.000 1.000 6.670 (726) (3.097) 131 45 100 53,28 86,95 100 100 59.028 7.692 52.756 1.189 1.353 55.143 8.079 55.449 937 1.079 6.670 (387) (2.693) 131 45 5.494 (641) 3.390 200 (61)
122.018 Coligada CME Group, Inc. (1) Imposto de renda a compensar pago no exterior (2) 49.570.587 333.855 2.089.091 5,1 3.312.606 -
120.687
3.766
8.382
2.893.632 -
106.518 64.847
89.074 60.196
3.312.606
2.893.632
171.365
149.270
Total
3.434.624
3.014.319
175.131
157.652
Resumo das principais informaes contbeis das sociedades controladas e coligadas em 31 de dezembro de 2013:
Descrio Ativo Passivo Receitas
Banco BM&FBOVESPA 406.689 347.660 22.026
Bolsa Brasileira de Mercadorias 16.541 2.105 6.456
Bolsa de Valores do Rio de Janeiro BVRJ 74.209 13.535 8.559
BM&F (USA) Inc. 1.352 163 2.019
BM&FBOVESPA (UK) Ltd. 1.807 454 1.402
CME Group, Inc. 127.151.174 77.580.587 6.878.576
(1) Saldo de contas a receber de corretoras em liquidao judicial, que considera como garantia os ttulos patrimoniais do devedor caucionados.
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Movimentao dos investimentos:

Controladas Coligada
Investimentos
Banco BM&FBOVESPA
Bolsa Brasileira de Mercadorias
Bolsa de Valores do Rio de Janeiro - BVRJ
BM&F (USA) Inc.
BM&FBOVESPA (UK) Ltd.
CME Group, Inc.
percentual (25bps) na taxa de crescimento da perpetuidade (de 4,66% para 4,41% ao ano) reduz o valor em uso em aproximadamente 5%. As variaes dos parmetros que afetam o valor em uso, para efeitos desta anlise de sensibilidade, foram determinadas com base em um desvio padro das taxas de desconto dos ltimos quatro anos (que melhor refletem a atual estrutura de capital do CME Group), para o primeiro, e de um desvio padro das mdias de sries de 30 anos da variao do PIB real americano, para o segundo. O valor em uso apresenta menor sensibilidade s variaes na receita lquida projetada. Considerando-se uma reduo do crescimento mdio anual da receita da ordem de 10% no perodo de 2014 a 2018, o valor em uso reduzido em aproximadamente 4%. Nenhum desses trs cenrios de sensibilidade acima, analisados isoladamente, revelou valores inferiores ao custo contbil do investimento em 31 de dezembro de 2013.
Total
(2) (3)
Refere-se ao imposto a compensar pago por coligada no exterior, conforme Lei n 9.249/95 e Instruo Normativa n 213/02 da Secretaria da Receita Federal do Brasil. Em julho de 2010, a BM&FBOVESPA emitiu ttulos em dlares que permitiram a proteo ( hedge de investimento lquido) de parte do risco cambial do investimento no CME Group atravs da designao de instrumento financeiro no derivativo (emisso de dvida no exterior), conforme apresentado na Nota 12. Apresentamos no quadro a seguir os efeitos de sensibilidade no resultado abrangente originado pela variao cambial do investimento no CME Group que no est coberta pela parcela designada como hedge: Impacto no patrimnio lquido Queda na taxa de cmbio Alta na taxa de cmbio 25% 2,9283 50% 3,5139 -50% -25% 1,7570
49.628
8.720
52.059
646
1.016
2.673.386
2.785.455
Equivalncia patrimonial
5.494
(641)
3.390
200
(61)
89.074
97.456
Variao cambial (3)
91
124
240.462
240.677
Resultado abrangente de coligada/controlada
21
15.180
15.201
Taxa de Cmbio
Dividendos recebidos (124.470) (124.470)
1,1713
Variao cambial sobre investimento em coligada no exterior Variao cambial sobre hedge de investimento lquido no exterior Efeito fiscal sobre a variao cambial sobre hedge de investimento lquido no exterior
(1.656.303) 716.836 (243.724) (1.183.191)
(828.152) 358.418 (121.862) (591.596)
828.152 (358.418) 121.862 591.596
1.656.303 (716.836) 243.724 1.183.191
55.143
8.079
55.449
937
1.079
2.893.632
3.014.319
6.670
(387)
(2.693)
131
45
106.518
110.284
Efeito lquido
Variao cambial (3) 121 229 431.180 431.530
b.
Resultado abrangente de coligada/controlada (35) 51.234 51.199
Propriedades para investimento So representados por imveis alugados, de propriedade da controlada BVRJ Bolsa de Valores do Rio de Janeiro, registrados ao custo e depreciados taxa de 4% ao ano. Consolidado
Dividendos/JCP recebidos/a receber
(2.750)
(169.958)
(172.708)
Saldo em 31 de dezembro de 2011

Saldos em 31 de dezembro de 2013 59.028 7.692 52.756 1.189 1.353 3.312.606 3.434.624
36.700
Depreciao Saldo em 31 de dezembro de 2012
(1.512) 35.188
(1)
Em julho de 2010, com a aquisio de 3,2% das aes do CME Group no valor de R$1.075.119, a BM&FBOVESPA elevou a participao societria de 1,8% para 5%, e passou a contabilizar o investimento por equivalncia patrimonial de acordo com o CPC 18/IAS 28, por entender que os aspectos estratgicos da parceria entre as duas companhias caracterizam a existncia de influncia significativa da BM&FBOVESPA sobre o CME Group. Em 31 de dezembro de 2013, o valor justo do investimento com base na cotao de mercado das aes, foi de R$3.119.716. Considerando que o valor de mercado do investimento no CME Group est inferior ao valor contbil, a Administrao da BM&FBOVESPA realizou o teste de reduo do valor recupervel (impairment), na data-base de 30 de novembro de 2013. O resultado da avaliao no revelou a necessidade de reconhecimento de perda ao investimento no CME Group. Para o teste, a Administrao da BM&FBOVESPA adotou a metodologia dos fluxos de caixa descontados. Tendo como base as expectativas de crescimento dos mercados em que o CME Group atua, foi projetado o fluxo de caixa que considera as receitas e despesas relacionadas s suas atividades em dlares nominais. Os fluxos operacionais foram projetados para o perodo de dezembro de 2013 a dezembro de 2018. A perpetuidade foi obtida atravs da extrapolao do fluxo de caixa livre de 2018 por uma taxa de crescimento equivalente esperada para o PIB nominal americano no longo prazo, de 4,66% ao ano. A taxa de desconto antes dos impostos utilizada no clculo do valor presente dos fluxos de 11,43% ao ano. As duas principais variveis que afetam o valor em uso calculado para o investimento so as taxas de desconto e de crescimento da perpetuidade. As anlises de sensibilidade mostram que um aumento de 1,0 ponto percentual (100bps) na taxa de desconto antes dos impostos (de 11,43% para 12,43% ao ano) reduz o valor em uso em aproximadamente 13%, enquanto que a reduo de 0,25 ponto
Depreciao Saldo em 31 de dezembro de 2013
(1.517) 33.671
A receita com o aluguel destes imveis no exerccio findo em 31 de dezembro de 2013 foi de R$8.362 (R$7.406 em 31 de dezembro de 2012).
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8.
Imobilizado BM&FBOVESPA Aparelhos e equipamentos de computao Imobilizado em andamento Mveis e utenslios Aparelhos e equipamentos de computao Imobilizado em andamento Consolidado
Movimentao
Edifcios
Mveis e utenslios
Instalaes
Outros
Total
Movimentao
Edifcios
Instalaes
Outros
Total
Saldos em 31 de dezembro de 2011 Adies Baixas Transferncia (Nota 9) Realocaes/ajustes Depreciao Saldos em 31 de dezembro de 2012 Adies Baixas Realocaes Transferncia para ativos mantidos para venda Depreciao Saldos em 31 de dezembro de 2013
116.975 (21) 4.001 (3.011) 117.944 1.449 (9) (21) (3.812) (2.050) 113.501
16.010 1.142 (39) 3.474 (2.837) 17.750 2.472 (78) (3.388) 16.756
117.588 26.786 (348) (848) 3.686 (46.361) 100.503 13.596 (257) (45.102) 68.740
47.036 1.233 18 12.359 (6.010) 54.636 2.694 (25) (7.324) 49.981
33.177 1.533 (1.436) 1.060 (3.395) 30.939 3.535 (1.155) 21 (3.385) 29.955
21.804 36.683 758 (24.438) 34.807 105.114 139.921
352.590 67.377 (1.844) (72) 142 (61.614) 356.579 128.860 (1.524) (3.812) (61.249) 418.854
Saldos em 31 de dezembro de 2011 Adies Baixas Transferncia (Nota 9) Realocaes/ajustes Depreciao Saldos em 31 de dezembro de 2012 Adies Baixas Realocaes Transferncia para ativos mantidos para venda Depreciao Saldos em 31 de dezembro de 2013
118.499 (22) 4.001 (3.098) 119.380 1.449 (9) (21) (3.812) (2.138) 114.849
16.101 1.159 (56) 3.474 (2.894) 17.784 2.498 (104) (3.399) 16.779
117.672 26.878 (368) (848) 3.686 (46.422) 100.598 13.648 (301) (45.135) 68.810
47.463 1.233 18 12.359 (6.075) 54.998 2.694 (25) (7.395) 50.272
35.625 1.604 (1.455) 1.060 (3.408) 33.426 3.641 (1.167) 21 (3.402) 32.519
21.804 36.683 758 (24.438) 34.807 105.114 139.921
357.164 67.557 (1.901) (72) 142 (61.897) 360.993 129.044 (1.606) (3.812) (61.469) 423.150
Em 31 de dezembro de 2013 Em 31 de dezembro de 2013 Custo Depreciao acumulada Saldo contbil lquido 214.682 (101.181) 113.501 49.398 (32.642) 16.756 337.389 (268.649) 68.740 80.984 (31.003) 49.981 78.316 (48.361) 29.955 139.921 139.921 900.690 (481.836) 418.854 Custo Depreciao acumulada Saldo contbil lquido Em 31 de dezembro de 2012 Custo Em 31 de dezembro de 2012 Custo Depreciao acumulada Saldo contbil lquido 221.333 (103.389) 117.944 48.569 (30.819) 17.750 333.073 (232.570) 100.503 78.333 (23.697) 54.636 77.060 (46.121) 30.939 34.807 34.807 793.175 (436.596) 356.579 Depreciao acumulada Saldo contbil lquido 223.669 (104.289) 119.380 49.052 (31.268) 17.784 334.064 (233.466) 100.598 79.373 (24.375) 54.998 79.638 (46.212) 33.426 34.807 34.807 800.603 (439.610) 360.993 217.018 (102.169) 114.849 49.904 (33.125) 16.779 338.424 (269.614) 68.810 82.024 (31.752) 50.272 80.991 (48.472) 32.519 139.921 139.921 908.282 (485.132) 423.150
No exerccio, a BM&FBOVESPA incorporou como parte do custo de desenvolvimento de projetos o montante de R$3.133 referentes depreciao de equipamentos utilizados no desenvolvimento destes projetos. Imveis da BM&FBOVESPA com valor contbil de aproximadamente R$38.831 esto sendo dados em garantia de processos judiciais. A BM&FBOVESPA no tem permisso de ceder estes ativos como garantia para outros processos judiciais ou vend-los. A depreciao do imobilizado considera a vida til esperada dos mesmos. As taxas anuais de depreciao dos bens classificados no ativo imobilizado em 31 de dezembro de 2013 e de 2012 so as seguintes: Edifcios Mveis e utenslios Aparelhos e equipamentos de computao Instalaes Outros 2,5% 10% 10 a 25% 10% 11% a 33%
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9.
Intangvel
Softwares e projetos
BM&FBOVESPA Consolidado
gio O gio no montante de R$16.064.309 est fundamentado em expectativa de rentabilidade futura e por laudo de avaliao econmico-financeira do investimento. De acordo com as diretrizes do CPC 01/IAS 36, o gio por expectativa de rentabilidade futura (goodwill) deve ser anualmente submetido ao teste de reduo ao valor recupervel (impairment), ou em prazos mais curtos quando houver indicadores de impairment. O gio contabilizado pelo seu valor de custo menos as perdas acumuladas por impairment. Perdas por impairment reconhecidas sobre o gio no so passveis de reverso. As premissas adotadas para a projeo dos fluxos de caixa futuros da BM&FBOVESPA, no segmento BOVESPA (Unidade Geradora de Caixa UGC), foram baseadas na anlise de sua performance nos ltimos anos, na anlise e nas expectativas de crescimento do seu mercado de atuao, alm das expectativas e estratgias da Administrao. A BM&FBOVESPA utiliza especialistas externos e independentes para auxiliar na mensurao do valor recupervel do ativo (valor em uso). O laudo apresentado pelos especialistas no revelou a necessidade de ajustes negativos ao valor do gio em 31 de dezembro de 2013. Tendo como base as expectativas de crescimento do segmento Bovespa, foi projetado o fluxo de caixa que considera as receitas e despesas relacionadas s atividades do segmento. O perodo de projeo desses fluxos se estende de dezembro de 2013 at dezembro de 2023. J a perpetuidade foi apurada atravs da extrapolao do fluxo de caixa de 2023 por uma taxa de crescimento equivalente esperada para o PIB nominal no longo prazo, de 7,63% ao ano. A Administrao entende que um perodo de projeo de dez anos se fundamenta na percepo de que o mercado de capitais brasileiro, no segmento de renda varivel, deve experimentar um crescimento prolongado, at atingir a maturidade de longo prazo. Para se determinar o valor presente do fluxo projetado utilizou-se uma taxa mdia de desconto antes dos impostos de 16,56% ao ano no perodo de dezembro de 2013 at dezembro de 2017. A partir de ento, a taxa de desconto se estabiliza em 15,24% ao ano, capturando as expectativas de variaes inflacionrias do perodo. As duas principais variveis que afetam o valor em uso calculado so as taxas de desconto e de crescimento da perpetuidade. A Administrao da BM&FBOVESPA realizou anlises de sensibilidade para determinar os impactos de mudanas nessas variveis sobre o valor em uso calculado. A taxa de desconto equivalente antes dos impostos para todo o perodo de 15,45% ao ano, e um aumento de 1,10 ponto percentual (110bps) dessa taxa (de 15,45% para 16,55% ao ano) reduz o valor em uso em aproximadamente 12%. Com relao taxa de crescimento da perpetuidade, uma reduo de 0,50 ponto percentual (50bps) na mesma (de 7,63% para 7,13% ao ano) reduz o valor em uso em aproximadamente 5%. As variaes dos parmetros que afetam o valor em uso, para efeitos desta anlise de sensibilidade, foram determinadas com base em um desvio padro das taxas de desconto dos ltimos cinco anos, para o primeiro, e de um desvio padro das mdias de sries de 10 anos da variao do PIB real brasileiro, para o segundo. O valor em uso apresenta menor sensibilidade s variaes na receita lquida projetada. Considerando-se uma reduo do crescimento mdio anual da receita da ordem de 15% no perodo de 2014 a 2023, o valor em uso reduzido em aproximadamente 15%. Nenhum desses trs cenrios de sensibilidade acima, analisados isoladamente, revelou valores inferiores ao custo contbil do investimento em 31 de dezembro de 2013.
Movimentao Saldos em 31 de dezembro de 2011 Adies Baixas Transferncia (Nota 8) Realocaes/ajustes Amortizao Saldos em 31 de dezembro de 2012 Adies Realocaes Amortizao Saldos em 31 de dezembro de 2013
Custo de softwares gerados internamente em desenvolvimento 127.332 186.884 (803) (55.331) 258.082 232.295 (216.223) 274.154
Softwares gerados internamente Projetos concludos 53.150 (3.620) 53.114 (12.148) 90.496 216.223 (34.264) 272.455
Softwares 109.333 41.181 875 2.306 (54.431) 99.264 5.117 (42.974) 61.407
Total 289.815 228.065 (3.620) 72 89 (66.579) 447.842 237.412 (77.238) 608.016
Total 289.818 228.065 (3.620) 72 89 (66.582) 447.842 237.412 (77.238) 608.016
Em 31 de dezembro de 2013 Custo Amortizao acumulada Saldo contbil lquido 274.154 274.154 319.342 (46.887) 272.455 297.789 (236.382) 61.407 891.285 (283.269) 608.016 891.285 (283.269) 608.016
Em 31 de dezembro de 2012 Custo Amortizao acumulada Saldo contbil lquido 258.082 258.082 103.118 (12.622) 90.496 292.680 (193.416) 99.264 653.880 (206.038) 447.842 653.880 (206.038) 447.842
Referem-se a custos com aquisio de licenas e desenvolvimento de softwares e sistemas com taxas de amortizao de 10% a 33% ao ano, e com a implantao e o desenvolvimento em curso de novos sistemas e softwares. No exerccio, a BM&FBOVESPA incorporou como parte do custo de desenvolvimento de projetos o montante de R$17.430 referentes amortizao de softwares utilizados no desenvolvimento destes projetos. Os projetos em andamento referem-se, substancialmente, ao desenvolvimento de uma nova plataforma de negociao eletrnica para diferentes tipos e classes de ativos (concludo em 2013), a construo de uma nova arquitetura de negcios e de TI para apoiar a Integrao da Infraestrutura de Post-trade e do desenvolvimento de uma nova Plataforma de Registro de Derivativos de Balco. 10. Proventos e direitos sobre ttulos em custdia Representam os dividendos e juros sobre capital prprio recebidos de companhias abertas a serem repassados aos agentes de custdia e por estes a seus clientes, detentores da titularidade das aes dessas companhias abertas.
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11. Proviso para impostos e contribuies a recolher BM&FBOVESPA Descrio Impostos e contribuies retidos na fonte a recolher PIS e Cofins a recolher ISS a recolher Total 2013 8.036 14.732 1.987 24.755 2012 8.935 16.426 2.141 27.502 Consolidado Descrio Impostos e contribuies retidos na fonte a recolher PIS e Cofins a recolher ISS a recolher Total 2013 9.139 14.845 1.995 25.979 2012 9.607 16.548 2.203 28.358
13. Outras obrigaes BM&FBOVESPA 2013 Circulante Valores a pagar Partes relacionadas (Nota 16) Compra de aes em tesouraria a liquidar Agentes de custdia Valores a repassar - Tesouro Direto Adiantamento recebido pela venda de imvel Aes preferenciais a liquidar Servios de terceiros Outros Total No-circulante Valores a pagar Partes relacionadas (Nota 16) Total 50.422 50.422 18.208 7.672 5.939 3.390 8.192 1.838 862 7.301 53.402 15.051 5.348 1.974 1.838 2.119 4.589 30.919 2012
12. Emisso de dvida no exterior A BM&FBOVESPA emitiu senior unsecured notes em julho de 2010 com valor nominal total de US$ 612 milhes ao preo de 99,635% do valor nominal, o que resultou numa captao de US$ 609 milhes (equivalentes na data a R$1.075.323). A taxa de juros de 5,50% ao ano, com pagamento semestral nos meses de janeiro e julho e com o principal vencendo em 16 de julho de 2020. A taxa efetiva foi de 5,6 4% ao ano, o que inclui o desgio e outros custos relacionados captao. O saldo atualizado do emprstimo em 31 de dezembro de 2013 de R$1.468.322 (R$1.279.121 em 31 de dezembro de 2012), o que inclui o montante de R$42.129 (R$36.882 em 31 de dezembro de 2012) referente aos juros incorridos at a data-base. Os recursos advindos da oferta foram utilizados para a aquisio de aes do CME Group na mesma data. As notes possuem clusula de resgate antecipado parcial ou total, que possibilitam o seu resgate por opo da BM&FBOVESPA, pelo maior valor entre: (i) principal mais juros apropriados at a data e (ii) juros apropriados at a data acrescido do valor presente dos fluxos de caixa remanescentes, descontados pela taxa dos US Treasuries aplicveis para o prazo remanescente acrescida de 0,40% ao ano (40 basis points ao ano). Estas notes foram designadas como instrumento de cobertura para a parte equivalente a US$ 612 milhes (notional) do investimento no CME Group Inc. (Nota 7), com o objetivo de proteger o risco de variao cambial. Assim sendo, a BM&FBOVESPA adotou a contabilidade de hedge de investimento lquido, de acordo com o disposto no Pronunciamento Tcnico CPC 38/IAS 39. Para tanto, efetuou a designao formal das operaes documentando: (i) objetivo do hedge, (ii) tipo de hedge, (iii) natureza do risco a ser coberto, (iv) identificao do objeto de cobertura (hedged item), (v) identificao do instrumento de cobertura (hedging instrument), (vi) demonstrao da correlao do hedge e objeto de cobertura (teste de efetividade retrospectivo) e (vii) a demonstrao prospectiva da efetividade. A aplicao dos testes de efetividade descritos nas prticas contbeis (Nota 3(d) (iv)) no revelou inefetividade durante o exerccio findo em 31 de dezembro de 2013. O valor justo da dvida, apurado com dados de mercado, de R$1.528.652 em 31 de dezembro de 2013 (R$1.418.205 em 31 de dezembro de 2012) (Fonte: Bloomberg).
Consolidado Descrio Valores a pagar Partes relacionadas (Nota 16) Compra de aes em tesouraria a liquidar Agentes de custdia Valores a repassar - Tesouro Direto Adiantamento recebido pela venda de imvel Servios de terceiros Aes preferenciais a liquidar Depsitos a vista (1) Obrigaes com operaes compromissadas (2) Operaes de cmbio (Banco BM&FBOVESPA) Outros Total No-circulante Valores a pagar Partes relacionadas (Nota 16) Total 50.422 50.422 2013 17.827 7.672 5.939 3.390 8.192 1.296 1.838 111.067 227.309 3.837 8.211 396.578 2012 15.000 5.348 1.974 2.354 1.838 62.941 175.125 6.365 6.751 277.696
(1)
Referem-se a depsitos a vista mantidos por pessoas jurdicas no Banco BM&FBOVESPA, com finalidade exclusiva para liquidao de ajustes e posies de operaes realizadas no mbito da BM&FBOVESPA e do SELIC Sistema Especial de Liquidao e Custdia, nos termos da Carta Circular do Banco Central do Brasil n 3.196 de 21 de julho de 2005. Referem-se a captaes no mercado aberto efetuadas pelo Banco BM&FBOVESPA, compostas por compromissos de recompra para 02 de janeiro de 2014 (2012 02 de janeiro de 2013), com lastro em Letras Financeiras do Tesouro LFT e Letras do Tesouro Nacional LTN.
(2)
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14. Provises para riscos tributrios, cveis e trabalhistas, ativos e passivos contingentes e depsitos judiciais a. Contingncias ativas A BM&FBOVESPA no possui nenhum ativo contingente reconhecido em seu balano, assim como no possui, no momento, processos judiciais que gerem expectativa de ganhos futuros relevantes. Provises para riscos tributrios, cveis e trabalhistas A BM&FBOVESPA e suas controladas figuram como rs em processos judiciais e administrativos de natureza trabalhista, tributria e cvel, decorrentes do curso normal de suas atividades. Os processos judiciais e administrativos so classificados por probabilidade de perda em provvel, possvel e remota, mediante avaliao da BM&FBOVESPA e de seus consultores jurdicos, na qual se utilizam parmetros como as decises judiciais e o histrico de perdas em aes semelhantes. Os processos em que as expectativas de perda so provveis compem-se principalmente da seguinte forma: Os processos trabalhistas, em sua maioria, referem-se a reclamaes apresentadas por ex-empregados da BM&FBOVESPA e funcionrios de empresas prestadoras de servios terceirizados, em razo do suposto descumprimento de normas trabalhistas; Os processos cveis versam sobre questes atinentes responsabilidade civil da BM&FBOVESPA e suas controladas; Os processos tributrios versam em sua quase totalidade sobre a incidncia de PIS e Cofins sobre (i) receitas da BM&FBOVESPA e (ii) recebimento de juros sobre capital prprio. c. Obrigaes legais Representadas em sua quase totalidade por processos nos quais a BM&FBOVESPA postula a no-incidncia de contribuio previdenciria adicional sobre a folha de pagamentos e pagamentos feitos a autnomos. Movimentao dos saldos A movimentao das provises e das obrigaes legais pode assim ser detalhada: BM&FBOVESPA Cveis Saldos em 31 de dezembro de 2011 Provises Utilizao de provises Reverso de provises Reavaliao dos riscos Atualizao monetria Saldos em 31 de dezembro de 2012 Provises Utilizao de provises Reverso de provises Reavaliao dos riscos Atualizao monetria Saldos em 31 de dezembro de 2013 4.492 247 (22) (4) 248 4.961 2.848 (57) (2) 492 8.242 Trabalhistas 7.121 5.879 (83) (940) (1.551) 884 11.310 14.832 (2.507) (572) (280) 1.793 24.576 Obrigaes Legais 28.579 4.552 (7.609) 1.599 27.121 6.118 1.825 35.064 Tributrias 14.138 702 14.840 649 15.489 Total 54.330 10.678 (7.714) (944) (1.551) 3.433 58.232 23.798 (2.564) (574) (280) 4.759 83.371 Cveis Saldos em 31 de dezembro de 2011 Provises Utilizao de provises Reverso de provises Reavaliao dos riscos Atualizao monetria Saldos em 31 de dezembro de 2012 Provises Utilizao de provises Reverso de provises Reavaliao dos riscos Atualizao monetria Saldos em 31 de dezembro de 2013 8.248 247 (22) (4) 727 9.196 2.848 (57) (2) 982 12.967 Trabalhistas 7.915 6.327 (104) (1.344) (1.688) 944 12.050 14.836 (2.536) (774) (375) 1.871 25.072 Obrigaes Legais 28.579 4.552 (7.609) 1.599 27.121 6.118 1.825 35.064 Tributrias 14.502 (367) 705 14.840 649 15.489
Consolidado Total 59.244 11.126 (8.102) (1.348) (1.688) 3.975 63.207 23.802 (2.593) (776) (375) 5.327 88.592
b.
d.
De acordo com a caracterstica das provises no h previso para o momento do desembolso de caixa, se ocorrer. e. Perdas possveis Os processos enquadrados na categoria de perda possvel so assim classificados em decorrncia de incertezas geradas quanto a seu desfecho. So aes judiciais ou procedimentos administrativos para cujo objeto ainda no foi estabelecida jurisprudncia ou que dependem de verificao e anlise dos fatos ou, ainda, que apresentam aspectos especficos que reduzem a probabilidade de perda. A BM&FBOVESPA e suas controladas possuem aes de natureza cvel, tributria e trabalhista, envolvendo riscos de perda classificados pela Administrao como possveis, com base na avaliao da BM&FBOVESPA e de seus consultores jurdicos, para os quais no h proviso constituda. Esses processos compem-se principalmente da seguinte forma: Os processos trabalhistas referem-se, em sua maioria, a reclamaes apresentadas por ex-empregados da BM&FBOVESPA e exempregados de empresas prestadoras de servios terceirizados, em razo do suposto descumprimento de normas trabalhistas. O valor envolvido nos processos classificados como possveis em 31 de dezembro de 2013 de R$34.688 na controladora (R$41.881 em 31 de dezembro de 2012) e de R$34.688 no consolidado (R$41.917 em 31 de dezembro de 2012); O maior nmero de processos cveis versa sobre questes atinentes a responsabilidade civil por perdas e danos. O valor total de perdas classificadas como possveis relacionadas a processos cveis em 31 de dezembro de 2013 de R$81.315 na controladora e R$81.911 no consolidado (R$95.812 em 31 de dezembro de 2012 na controladora e no consolidado); A quase totalidade do valor considerado para 31 de dezembro de 2013 e de 2012 decorre da possibilidade de a BM&FBOVESPA vir a ser obrigada a entregar aes de emisso da BM&FBOVESPA (incorporadora da BM&F S.A.), em quantidade correspondente s aes resultantes da converso do ttulo patrimonial de corretora de mercadorias da antiga BM&F, ou indenizar o valor correspondente, na hiptese de vir a ser acolhida alegao de ilegalidade do cancelamento do referido ttulo da antiga BM&F, suscitada por corretora de mercadorias em regime falimentar; O valor total envolvido nos processos tributrios classificados como possveis de R$577.004 na controladora e no consolidado (R$537.333 em 31 de dezembro de 2012). Os principais processos tributrios da BM&FBOVESPA e de suas controladas referem-se s seguintes questes: (i) enquadramento das antigas BM&F e Bovespa, em perodo anterior s operaes de desmutualizao, como sujeitos passivos da Contribuio para o Financiamento da Seguridade Social (COFINS), que objeto de duas aes declaratrias de inexistncia de relao jurdico-tributria em face da Unio Federal, nas quais as antigas bolsas pleiteiam a no-incidncia da referida contribuio social sobre as receitas decorrentes do exerccio das atividades para as quais foram constitudas, receitas estas que no se enquadram no conceito de faturamento. O valor envolvido nas referidas aes, em 31 de dezembro de 2013, de R$53.091 (R$50.836 em 31 de dezembro de 2012). (ii) cobrana de Imposto de Renda Retido na Fonte (IRRF), relativo ao ano calendrio de 2008, em decorrncia de entendimento da Receita Federal do Brasil (RFB) no sentido de que a BM&FBOVESPA seria responsvel pela reteno e recolhimento do IRRF incidente sobre o suposto ganho de capital auferido pelos investidores no-residentes da Bovespa Holding S.A., em razo da incorporao de aes desta companhia pela BM&FBOVESPA. O valor envolvido no referido processo administrativo em 31 de dezembro de 2013 de R$165.225 (R$153.935 em 31 de dezembro de 2012).
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(iii) na qualidade de sucessora da Bovespa Holding S.A., a dedutibilidade, para fins de apurao do IRPJ e da CSLL, de despesas pagas por essa companhia referentes comisso das instituies intermedirias responsveis pela oferta pblica secundria de distribuio de suas aes, realizada em 2007, bem como responsabilidade pelo recolhimento do valor referente ao IRRF sobre parte dos pagamentos realizados aos intermedirios que participaram da referida oferta pblica. O valor envolvido no referido processo administrativo, em 31 de dezembro de 2013, de R$126.755 (R$117.797 em 31 de dezembro de 2012), assim classificados: (i) R$118.015 (R$109.676 em 31 de dezembro de 2012) como chance de perda possvel; e (ii) R$8.739 (R$8.121 em 31 de dezembro de 2012), referente multa isolada por no reteno do Imposto de Renda na Fonte, como chance de perda remota. (iv) suposta incidncia de contribuies previdencirias sobre opes outorgadas com base no Plano de Opes de Compra de Aes da BM&F S.A., assumido pela BM&FBOVESPA e passveis de exerccio, pelos beneficirios do Plano, nos anos de 2007 e 2008, bem como multa isolada decorrente da no reteno na fonte de imposto de renda supostamente incidente sobre referidas opes. Os questionamentos da Receita Federal do Brasil assentam-se no entendimento de que as opes de compra de aes outorgadas a trabalhadores possuem natureza salarial, por representar uma contraprestao por servios prestados. Os valores envolvidos nos referidos processos administrativos, em 31 de dezembro de 2013, so de (i) R$86.844 (R$81.118 em 31 de dezembro de 2012), referente s contribuies previdencirias supostamente devidas, classificado como chance de perda possvel; e (ii) R$46.252 (R$43.202 em 31 de dezembro de 2012), referente multa isolada pela no reteno do imposto de renda, classificado como chance de perda remota. (v) supostas diferenas de recolhimento de IRPJ e CSLL que decorrem de questionamento acerca do limite de dedutibilidade dos juros sobre o capital prprio creditado pela BM&FBOVESPA em favor de seus acionistas no ano-calendrio de 2008. O valor total envolvido no referido processo administrativo de R$119.672 (R$ 110.675 em 31 de dezembro de 2012), includos juros de mora e multa de ofcio. f. Perdas remotas A BM&FBOVESPA, na condio de sucessora da antiga Bovespa, e a controlada BVRJ, figuram como rs em uma ao indenizatria por danos materiais e morais, ajuizada por Naji Robert Nahas, Selecta Participaes e Servios SC Ltda. e Cobrasol - Companhia Brasileira de leos e Derivados, em razo de alegadas perdas no mercado de aes sofridas em junho de 1989. O valor atribudo causa pelos autores de R$10 bilhes. Com relao aos danos materiais e morais reclamados, os autores pleiteiam que a BM&FBOVESPA e a BVRJ sejam condenadas, na proporo de suas responsabilidades. Foi proferida sentena julgando totalmente improcedentes os pedidos formulados pelos autores, deciso essa confirmada pelo Tribunal de Justia do Rio de Janeiro, por meio de acrdo publicado em 18 de dezembro de 2009. Os autores interpuseram recursos especial e extraordinrio, os quais foram inadmitidos. Houve interposio de agravos ao Superior Tribunal de Justia e ao Supremo Tribunal Federal, tendo sido dado provimento ao recurso dirigido ao Superior Tribunal de Justia, para permitir a apreciao do recurso especial interposto pelos autores. Foi admitida a apreciao do recurso especial. Atualmente aguarda-se o julgamento deste recurso. A BM&FBOVESPA entende que as chances de perda nessa ao so remotas. A BM&FBOVESPA recebeu, em 29 de novembro de 2010, auto de infrao da RFB, efetuando a cobrana de IRPJ (R$301.686 de principal, acrescidos de multas e juros) e CSLL (R$108.525 de principal, acrescidos de multas e juros) correspondentes ao valor desses tributos que, na viso da RFB, a BM&FBOVESPA teria deixado de recolher nos exerccios de 2008 e 2009 por fora da amortizao, para fins fiscais, do gio gerado quando da incorporao de aes da Bovespa Holding S.A., aprovada em AGE de 08 de maio de 2008. Em outubro de 2011, a Delegacia da Receita Federal de Julgamento em So Paulo proferiu deciso na impugnao apresentada pela BM&FBOVESPA, mantendo, em seus aspectos fundamentais, o referido auto de infrao. A BM&FBOVESPA apresentou recurso ao Conselho Administrativo de Recursos Fiscais em novembro de 2011, sendo que em dezembro de 2013 este rgo administrativo julgador proferiu deciso negando provimento ao recurso apresentado pela BM&FBOVESPA, mantendo, assim, o referido auto de infrao. O resultado foi de trs votos favorveis e trs votos contrrios ao recurso apresentado pela BM&FBOVESPA, tendo sido decidido com voto de qualidade do Presidente da turma, representante da Receita Federal do Brasil. A BM&FBOVESPA aguardar a publicao da deciso para analisar, em conjunto com seus assessores legais, a estratgia recursal mais apropriada a ser adotada. A BM&FBOVESPA considera que o risco de perda associada a esse procedimento fiscal remoto e continuar a amortizar, para fins fiscais, o referido gio, na forma da legislao vigente. A BM&FBOVESPA, na qualidade de sucessora da Bolsa de Mercadorias & Futuros - BM&F (BM&F) e conforme divulgado em seu Formulrio de Referncia (item 4.3), figura como r em aes civis pblicas e aes populares propostas com a finalidade de apurar a prtica de possveis atos de improbidade administrativa, bem como de obter o ressarcimento de supostos danos ao errio, em decorrncia de operaes realizadas pelo Banco Central do Brasil em janeiro de 1999 no mercado futuro de dlar administrado pela antiga BM&F. Em 15 de maro de 2012, as referidas demandas foram julgadas em primeira instncia procedentes para condenar a maioria dos rus nos referidos processos, dentre eles a BM&F. As condenaes somadas atingem o montante de R$ 7.005 milhes, dos quais, segundo uma das decises proferidas, podero ser deduzidos os ganhos que o Banco Central do Brasil obteve em razo da no utilizao de reservas internacionais, no montante de at R$5.431 milhes. A BM&FBOVESPA tambm foi condenada ao pagamento de multa civil no valor de R$1.418 milhes. Os valores so referentes a janeiro de 1999 e devero ser corrigidos monetariamente, acrescidos de juros moratrios, e de verbas de sucumbncia. A BM&FBOVESPA acredita na total improcedncia dessas aes e continuar a no provisionar em suas demonstraes financeiras qualquer montante relacionado s referidas aes judiciais, tendo em vista o risco remoto de perda. Foram apresentados os recursos de apelao, recebidos no efeito suspensivo. Atualmente, aguarda-se a apreciao desses recursos pelo Tribunal Regional Federal da 1 Regio. g. Depsitos judiciais BM&FBOVESPA Descrio Obrigaes legais Tributrias Cveis Trabalhistas Total 2013 33.645 64.922 4.948 4.750 108.265 2012 27.234 62.129 4.700 3.447 97.510 2013 33.645 65.165 4.948 4.907 108.665 Consolidado 2012 27.234 62.213 4.700 3.675 97.822
Do total dos depsitos judiciais tributrios, merecem destaque os seguintes: (i) R$47.315 (R$44.975 em 31 de dezembro de 2012) referentes aos processos que discutem o enquadramento das bolsas como sujeito passivo da COFINS, classificados pela BM&FBOVESPA como de perda possvel, conforme mencionado no item e desta nota; e (ii) R$11.425 (R$10.845 em 31 de dezembro de 2012) referentes aos pro cessos que discutem incidncia do PIS e da COFINS sobre o recebimento de juros sobre capital prprio. Do total de depsitos relativos s Obrigaes Legais, R$33.208 (R$26.799 em 31 de dezembro de 2012) referem-se a processos nos quais a BM&FBOVESPA postula a no-incidncia de contribuio previdenciria adicional sobre a folha de pagamento e pagamentos feitos a autnomos, bem como em relao ao questionamento sobre a legalidade da cobrana do Fator Acidentrio de Preveno. Em razo da existncia de depsitos judiciais referentes a processos de natureza tributria classificados como de perda possvel, o total de contingncias passivas tributrias e de obrigaes legais inferior ao total de depsitos relacionados aos processos tributrios. 15. Patrimnio lquido a. Capital social O capital social da BM&FBOVESPA no montante de R$2.540.239 est representado por 1.980.000.000 aes ordinrias nominativas com direito a voto e sem valor nominal dos quais, 1.893.582.856 aes ordinrias encontram-se em circulao em 31 de dezembro de 2013 (1.931.572.495 aes ordinrias em 31 de dezembro de 2012). A BM&FBOVESPA est autorizada a aumentar o seu capital social at o limite de 2.500.000.000 de aes ordinrias, por deliberao do Conselho de Administrao, independentemente de reforma estatutria. b. Aes em tesouraria Programa de recompra de aes Em reunio realizada em 26 de junho de 2012, o Conselho de Administrao aprovou o Programa de Recompra de Aes da Companhia, com incio em 02 de julho de 2012 e trmino em 28 de junho de 2013. A BM&FBOVESPA adquiriu o total de 20.862.700 de aes relativas este programa, todas no primeiro semestre de 2013, o que representou 34,77% do total previsto no programa de recompra no montante de 60.000.000 de aes ordinrias. Em reunio realizada em 25 de junho de 2013, o Conselho de Administrao aprovou novo Programa de Recompra de Aes da Companhia, com incio em 1 de julho de 2013 e trmino em 30 de junho de 2014. O limite de aes que poder ser adquirido pela BM&FBOVESPA de 60.000.000 de aes ordinrias, que representam 3,13% do total de aes em circulao. At 31 de dezembro de 2013, a BM&FBOVESPA adquiriu 23.050.000 de aes, o que representa 38,42% do total previsto no programa de recompra. As aes adquiridas no mbito do Programa de Recompra de Aes podero ser canceladas ou utilizadas para atender ao exerccio das opes de compra de aes pelos beneficirios do Plano de Opo de Compra de Aes da BM&FBOVESPA. A seguir demonstramos a movimentao das aes em tesouraria no exerccio: Quantidade Saldo em 31 de dezembro de 2011 Aquisio de aes - Programa de Recompra Aes alienadas opes de aes (Nota 18) Saldo em 31 de dezembro de 2012 Aquisio de aes - Programa de Recompra Aes alienadas opes de aes (Nota 18) Saldo em 31 de dezembro de 2013 52.008.012 1.732.200 (5.312.707) 48.427.505 43.912.700 (5.923.061) 86.417.144 Valor 521.553 16.303 (53.236) 484.620 531.215 (60.809) 955.026
Custo mdio das aes em tesouraria (R$ por ao) Valor de mercado das aes em tesouraria
11,051 955.774
121
122
c.
Reservas de reavaliao Constitudas em decorrncia das reavaliaes de obras de arte da BM&FBOVESPA e dos imveis da controlada BVRJ em 2007, com base em laudos de avaliao firmados por peritos avaliadores independentes. Reserva de capital Refere-se substancialmente aos valores originados quando da incorporao das aes da Bovespa Holding em 2008, e a outros eventos societrios permitidos pela Lei das Sociedades Annimas, tais como (i) incorporao ao capital social, (ii) resgate, reembolso ou compra de aes, e (iii) eventos associados ao plano de opo de aes. Reservas de lucros (i) Reserva legal A reserva legal constituda anualmente como destinao de 5% do lucro lquido do exerccio e no poder exceder a 20% do capital social. A reserva legal tem por fim assegurar a integridade do capital social e somente poder ser utilizada para compensar prejuzo e aumentar o capital. (ii) Reservas estatutrias Possuem a finalidade de compor fundos e mecanismos de salvaguarda necessrios para o adequado desenvolvimento das atividades da BM&FBOVESPA, assegurando a boa liquidao e o ressarcimento de prejuzos decorrentes da intermediao de operaes realizadas em seus preges e/ou registradas em quaisquer de seus sistemas de negociao, registro, compensao e liquidao e nos servios de custdia. Conforme disposio estatutria, o Conselho de Administrao poder, caso considere o montante da reserva estatutria suficiente para o atendimento de suas finalidades, propor que parte dos valores integrantes da aludida reserva sejam revertidos para a distribuio aos acionistas da Companhia. h.
Dividendos Dividendos Dividendos Juros sobre o capital prprio Dividendos
10/05/2012 07/08/2012 06/11/2012 06/11/2012 19/02/2013
31/07/2012 31/10/2012 17/12/2012 17/12/2012 30/04/2013
0,116161 0,124359 0,067921 0,046599 0,201237
224.341 240.065 131.181 90.000 388.703 1.074.290
d.
e.
Total proposto/deliberado referente ao exerccio de 2012 (1)
Proposta de pagamento de dividendos complementares (acima do mnimo obrigatrio) relativos ao resultado do exerccio social de 2013, a ser referendado pela Assembleia Geral de Acionistas.
A Administrao da BM&FBOVESPA optou pela no constituio de reserva de lucros a realizar da diferena entre o montante reconhecido de equivalncia patrimonial e o valor recebido a ttulo de dividendos decorrente da participao na coligada CME Group (Nota 7). Lucro por ao
f.
Outros resultados abrangentes Possuem a finalidade de registrar os efeitos da (i) variao cambial dos investimentos no exterior, (ii) hedge accounting sobre investimento no exterior (Nota 12), (iii) resultado abrangente de coligada e controladas e (iv) ganho/perda atuarial com benefcios de assistncia mdica psemprego. Dividendos e juros sobre capital prprio Conforme disposio estatutria, aos acionistas esto assegurados dividendos e/ou juros sobre capital prprio, que somados correspondam, no mnimo, a 25% do lucro lquido do exerccio, ajustado nos termos da legislao societria. 2013 Lucro lquido do exerccio Constituio de reserva legal (1) Base de clculo dos dividendos 1.081.516 1.081.516 2012 1.074.290 1.074.290
Bsico 2013 Numerador Lucro lquido disponvel para os acionistas da BM&FBOVESPA Denominador Mdia ponderada de aes em circulao 1.918.813.109 1.081.516
Consolidado 2012
g.
1.074.290
1.930.398.048
Lucro por ao bsico (em R$)
0,563638
0,556512
Diludo 2013 Numerador
Consolidado 2012
Dividendos Juros sobre o capital prprio Total deliberado no exerccio
815.213 50.000 865.213
984.290 90.000
Lucro lquido disponvel para os acionistas da BM&FBOVESPA Denominador
1.081.516
1.074.290
1.074.290
Mdia ponderada de aes em circulao ajustada pelos efeitos dos planos de opes de aes
1.923.866.237
1.935.428.473
(1) Constituio de reserva legal no requerida em funo de seu valor somado ao valor das reservas de capital ultrapassar 30% do capital social. Os dividendos e juros sobre o capital prprio deliberados referentes ao resultado do exerccio esto demonstrados no quadro a seguir: Lucro por ao diludo (em R$) 0,562158 0,555066
Descrio Dividendos Juros sobre o capital prprio Dividendos Dividendos Dividendos (1)
Data de deliberao 09/05/2013 09/05/2013 08/08/2013 07/11/2013 13/02/2014
Data de pagamento 07/06/2013 07/06/2013 30/09/2013 27/11/2013 -
Bruto por ao (R$) 0,084638 0,025870 0,146943 0,118341 -
Valor Total Bruto 163.580 50.000 280.670 225.260 145.703 865.213
16. Transaes com partes relacionadas a. Transaes e saldos com partes relacionadas
Total proposto/deliberado referente ao exerccio de 2013
123
124
(1) Descrio Banco BM&FBOVESPA de Servios de Liquidao e Custdia S.A. (1) Contas a receber Juros sobre capital prprio a receber Ressarcimento de despesas Bolsa Brasileira de Mercadorias (1) Contas a receber Contas a pagar Contribuio mnima sobre ttulos patrimoniais (emolumentos) Aluguel de imvel Ressarcimento de despesas BM&F (USA) Inc. (1) Contas a pagar Despesas diversas BM&FBOVESPA (UK) Ltd. (1) Contas a pagar Despesas diversas Bolsa de Valores do Rio de Janeiro (1) Contas a receber Ressarcimento de despesas CME Group Dividendos a receber Contas a pagar Despesas financeiras BM&FBOVESPA Superviso de Mercados Contas a receber Contas a pagar Doao / Contribuio Ressarcimento de despesas Associao BM&F Contas a receber Contribuio Ressarcimento de despesas Outras partes relacionadas Contas a receber Contas a pagar Despesas diversas Ressarcimento de despesas 7 (10) 26 (100) 91 104 2 115 496 (2.173) 538 276 (8.061) 826 (15.000) (561) 3.171 (15.000) 2.801 71.878 (60.178) (437) 2 1 25 5 b. (117) (164) (1.394) (1.208) (2.012) (1.839) 9 (100) 21 (51) (1.159) 23 88 (1.198) 22 92 2013 Ativo / (passivo) 2012 2013 Receita / (despesa) 2012
Empresas controladas includas no processo de consolidao.
As principais transaes recorrentes com partes relacionadas esto descritas a seguir e foram efetuadas nas seguintes condies: A BM&FBOVESPA paga mensalmente Bolsa Brasileira de Mercadorias emolumentos mnimos. O pagamento realizado Bolsa Brasileira de Mercadorias pela BM&FBOVESPA se d por fora do estatuto social daquela entidade, o qual estabelece que dever do associado (como o caso da BM&FBOVESPA) pagar pontualmente as contribuies devidas em decorrncia da propriedade do ttulo. A Bolsa Brasileira de Mercadorias reembolsa periodicamente a BM&FBOVESPA pelas despesas relativas contratao de recursos e utilizao da infraestrutura disponibilizados pela BM&FBOVESPA, para auxlio na execuo de suas atividades.
673 2.338
1.283 8.314 6.450
A BM&FBOVESPA, em prol do desenvolvimento de mercado, e de modo a reforar o compromisso de Associado Instituidor com o desenvolvimento de mercados administrados pela Bolsa Brasileira de Mercadorias, decidiu oferecer gratuitamente Bolsa Brasileira de Mercadorias servios de tecnologia prestados pelo Associado Instituidor que sejam necessrios para o desenvolvimento dos mercados administrados pela Bolsa Brasileira de Mercadorias, no valor de R$2.970, a serem executados em um prazo mximo de 5 anos, a partir de abril de 2013, mediante a prvia aprovao do Associado Instituidor. Os valores devidos pelo Banco BM&FBOVESPA BM&FBOVESPA so relativos aos recursos da Companhia utilizados pelo Banco para exerccio de suas atividades, devidamente relacionados em contrato firmado entre as partes. Tais valores so pagos mediante apresentao de documento descritivo elaborado pela BM&FBOVESPA e aprovado pelo Banco, de acordo com as condies estabelecidas no contrato. O contas a pagar ao CME Group refere-se parcela remanescente relativa a aquisio de licena perptua de uso dos mdulos pertencentes ao CME Group da plataforma eletrnica de negociao multiativos PUMA Trading System, desenvolvida em parceria com o CME Group. A BSM possui um acordo de transferncia e de recuperao de custos firmado com a BM&FBOVESPA, o qual prev o reembolso BM&FBOVESPA do valor pago por conta de despesas relativas contratao de recursos e infraestrutura, disponibilizados BSM para auxlio na execuo de suas atividades de superviso. Tais custos so apurados mensalmente de acordo com metodologia definida em contrato firmado entre as partes e tambm englobam as atividades relacionadas ao Mecanismo de Ressarcimento de Prejuzos, uma vez que tal mecanismo administrado pela BSM. A BM&FBOVESPA paga mensalmente a BM&F (USA) Inc. e a BM&FBOVESPA (UK) Ltd. pela prestao de servios de representao no exterior, mediante o relacionamento com outras bolsas e agentes reguladores e auxiliar a prospeco de novos clientes para o mercado de capitais brasileiro. A Associao BM&F, Associao Bovespa, Instituto BM&FBOVESPA e Associao Profissionalizante BM&FBOVESPA reembolsam periodicamente a BM&FBOVESPA pelas despesas relativas contratao de recursos e utilizao da infraestrutura disponibilizados pela BM&FBOVESPA, para auxlio na execuo de suas atividades.
Remunerao do pessoal-chave da Administrao O pessoal-chave da Administrao inclui os Conselheiros, Diretores Estatutrios, Diretor de Auditoria, Diretor de Riscos Corporativo, Diretor do Banco BM&FBOVESPA e Diretora de Recursos Humanos. 2013 Benefcios a administradores Benefcios de curto prazo (salrios, participao nos lucros, etc.) Benefcios de resciso de contrato de trabalho Remunerao baseada em aes (1) 28.943 787 12.931 24.427 9.529 2012
(1) Refere-se despesa apurada no exerccio relativa s opes de aes detidas pelo pessoal-chave da Administrao, despesa esta reconhecida conforme critrios descritos na Nota 18. 17. Garantia das operaes A BM&FBOVESPA, atuando como contraparte central garantidora dos mercados, administra quatro cmaras de compensao e liquidao (clearings) consideradas sistemicamente importantes pelo Banco Central do Brasil: as Clearings de Derivativos, de Cmbio, de Ativos e de Aes e Renda Fixa Privada (CBLC). As atividades desenvolvidas pelas clearings da BM&FBOVESPA so amparadas pela Lei 10.214/01, que autoriza a compensao multilateral de obrigaes, determina o papel de contraparte central das clearings sistemicamente importantes e permite a utilizao das garantias prestadas por participantes inadimplentes para a liquidao de suas obrigaes no mbito das clearings, inclusive nos casos de insolvncia civil, concordata, interveno, falncia e liquidao extrajudicial. Por intermdio de suas clearings, a BM&FBOVESPA atua como contraparte central garantidora dos mercados de derivativos (futuros, termo, opes e swaps), de cmbio (dlar pronto), de ttulos pblicos federais (operaes a vista e a termo, definitivas e compromissadas, bem como emprstimos de ttulos), de renda varivel (operaes a vista, termo, opes, futuros e emprstimo de ttulos) e de ttulos privados (operaes a
125
126
vista e de emprstimo de ttulos). Em outras palavras, ao exercer o papel de clearing, a BM&FBOVESPA torna-se responsvel pela boa liquidao das operaes realizadas e/ou registradas em seus sistemas, na forma dos regulamentos em vigor. A atuao da BM&FBOVESPA como contraparte central a expe ao risco de crdito dos participantes que utilizam seus sistemas de liquidao. Caso um participante no realize os pagamentos devidos ou a entrega dos ativos ou das mercadorias devidas, caber BM&FBOVESPA acionar seus mecanismos de garantia, de forma a assegurar a boa liquidao das operaes registradas, no prazo e na forma previstos. Em caso de falha ou insuficincia dos mecanismos de garantia das clearings, a BM&FBOVESPA pode ter de recorrer a seu prprio patrimnio como ltimo recurso capaz de assegurar a boa liquidao das operaes. As clearings da BM&FBOVESPA no apresentam exposio direta ao risco de mercado, uma vez que no possuem posies liquidamente compradas ou liquidamente vendidas nos diversos contratos e ativos negociados. No entanto, o aumento da volatilidade dos preos pode afetar a magnitude dos valores a serem liquidados pelos diversos participantes do mercado, podendo tambm elevar a probabilidade de inadimplncia de tais participantes. Alm disso, conforme j destacado, as clearings so responsveis pela liquidao das operaes de participante que se torne inadimplente, o que pode resultar em perdas para a BM&FBOVESPA caso os valores devidos superem o valor das garantias disponveis. Assim, apesar da inexistncia de exposio direta ao risco de mercado, este capaz de impactar e potencializar os riscos de crdito assumidos. Cada clearing da BM&FBOVESPA conta com sistema de gerenciamento de risco e estrutura de salvaguardas prprias. A estrutura de salvaguardas de uma clearing representa o conjunto de recursos e mecanismos que podem ser por ela utilizados para a cobertura de perdas relacionadas falha de liquidao de um ou mais participantes. Os referidos sistemas e estruturas encontram-se detalhadamente descritos nos regulamentos e nos manuais das respectivas clearings, tendo sido objeto de testes e de homologao pelo Banco Central do Brasil, na forma da Resoluo 2.882/01 do Conselho Monetrio Nacional e da Circular 3.057/01 do Bacen. As estruturas de salvaguardas das clearings baseiam-se, em larga medida, no modelo de repartio de perdas denominado defaulter pays, no qual o montante de garantias depositadas por cada participante deve ser capaz de absorver, com elevado grau de confiana, as potenciais perdas associadas ao seu inadimplemento. Consequentemente, o valor exigido em garantia dos participantes constitui o elemento de maior importncia na nossa estrutura de gerenciamento dos potenciais riscos de mercado advindos de nossa atuao como contraparte central garantidora. Para a maioria dos contratos e operaes com ativos, o valor exigido em garantia dimensionado para cobrir o risco de mercado do negcio, ou seja, sua volatilidade de preo, durante o horizonte de tempo esperado para a liquidao das posies de um participante inadimplente. Esse horizonte de tempo pode variar de acordo com a natureza dos contratos e ativos negociados. Os modelos utilizados para o clculo da margem de garantia baseiam-se, de uma forma geral, no conceito de teste de estresse, isto , metodologia que busca aferir o risco de mercado considerando no somente a volatilidade histrica recente dos preos, mas tambm a possibilidade de surgimento de eventos inesperados que modifiquem os padres histricos de comportamento dos preos e do mercado em geral. Os principais parmetros utilizados pelos modelos de clculo de margem so os cenrios de estresse, definidos pelo Comit de Risco de Mercado para os fatores de risco que afetam os preos dos contratos e ativos negociados nos nossos sistemas. Para a definio dos cenrios de estresse, o Comit de Risco de Mercado utiliza uma combinao de anlises quantitativa e qualitativa. A anlise quantitativa feita com o apoio de modelos estatsticos de estimao de risco, como EVT (extreme value theory), estimao de volatilidades implcitas e por meio de modelos condicionais do tipo Garch (Generalized Autoregressive Conditional Heteroskedasticity), alm de simulaes histricas. A anlise qualitativa, por sua vez, considera aspectos relacionados conjuntura econmica e poltica, nacional e internacional, e seus possveis impactos sobre os mercados administrados pela BM&FBOVESPA. As operaes nos mercados da BM&FBOVESPA esto garantidas por depsitos de margem em moeda, ttulos pblicos e privados, cartas de fiana e aes, dentre outros. As garantias depositadas em moeda, no montante de R$2.072.989 (R$1.134.235 em 31 de dezembro de 2012), so registradas contabilmente no passivo em Garantias Recebidas em Operaes e as demais garantias, no montante de R$212.316.376 (R$175.347.681 em 31 de dezembro de 2012) so controladas gerencialmente. Em 31 de dezembro de 2013 o total das garantias depositadas de R$214.389.365 (R$176.481.916 em 31 de dezembro de 2012), compostas por clearing conforme segue: a. Estrutura de salvaguardas da Clearing de Derivativos i) Garantias depositadas pelos participantes do mercado de derivativos: Composio Ttulos Pblicos Federais Cartas de Fiana Aes Certificados de Depsito Bancrio (CDBs) Garantias depositadas em moeda Ouro Outros Total 2013 118.581.479 2.796.183 4.019.309 1.185.727 701.705 56.182 66.000 127.406.585 2012 85.901.802 2.696.602 3.532.128 933.447 741.243 67.677 179.521 94.052.420
ii) Outras garantias Co-responsabilidade pela liquidao da corretora e do membro de compensao que atuaram como intermedirios, bem como garantias depositadas por tais participantes. Fundo de Desempenho Operacional, com valor de R$1.009.985 (R$1.099.786 em 31 de dezembro de 2012), formado por recursos aportados por detentores de direito de liquidao na Clearing de Derivativos (membros de compensao) e detentores de direito de negociao irrestrito, com a finalidade exclusiva de garantir as operaes. O Fundo de Desempenho Operacional apresenta a posio a seguir: Composio Ttulos Pblicos Federais Cartas de Fiana Certificados de Depsito Bancrio (CDBs) Aes Garantias depositadas em moeda Valores depositados Valores que garantem a participao do membro de compensao / negociador Garantias excedentes 2013 852.276 141.000 5.720 10.765 224 1.009.985 2012 919.462 150.800 4.946 11.074 13.504 1.099.786
808.500 201.485
874.000 225.786
Fundo de Operaes do Mercado Agropecurio, com valor de R$50.000 em 31 de dezembro de 2013 e de 2012, destinado a manter recursos da BM&FBOVESPA para garantir a boa liquidao de operaes com contratos referenciados em commodities agropecurias. Fundo Especial dos Membros de Compensao, com valor de R$40.000 em 31 de dezembro de 2013 e de 2012, destinado a manter recursos da BM&FBOVESPA para garantir a boa liquidao das operaes, independentemente do tipo de contrato. Fundo de Liquidao de Operaes, com valor de R$356.099 (R$386.803 em 31 de dezembro de 2012), formado por garantias aportadas pelos Membros de Compensao da Clearing, destinado a garantir a boa liquidao das operaes, depois de esgotados os recursos dos dois fundos anteriores. O Fundo de Liquidao apresenta a posio a seguir: Composio Ttulos Pblicos Federais Cartas de Fiana Garantias depositadas em moeda Aes Valores depositados Valores que garantem a participao do membro de compensao / negociador Garantias excedentes 2013 322.274 30.750 3.075 356.099 2012 342.942 36.684 4.000 3.177 386.803
252.000 104.099
270.500 116.303
Patrimnio especial com valor de R$45.729 (R$42.245 em 31 de dezembro de 2012), para atendimento do disposto no Artigo 5 da Lei 10.214, de 27 de maro de 2001, e do disposto no Artigo 19 da Circular 3.057 do BACEN, de 31 de agosto de 2001.
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b. Estrutura de salvaguardas da Clearing de Aes e Renda Fixa Privada (CBLC) i) Garantias depositadas pelos participantes do mercado da Clearing de aes e renda fixa privada (CBLC): 2013 34.423.146 42.654.968 1.616.091 239.198 1.055.421 212.527 86.429 80.287.780 2012 32.749.964 40.975.737 2.596.140 522.080 312.288 369.910 193.705 77.719.824
Fundo Operacional da Clearing de Cmbio, com valor de R$50.000 em 31 de dezembro de 2013 e de 2012, com a finalidade de manter recursos da BM&FBOVESPA para cobrir danos decorrentes de falhas operacionais ou administrativas. Patrimnio especial com valor de R$45.799 (R$42.295 em 31 de dezembro de 2012), para atendimento do disposto no Artigo 5 da Lei 10.214, de 27 de maro de 2001, e do disposto no Artigo 19 da Circular 3.057 do BACEN, de 31 de agosto de 2001. d. Estrutura de salvaguardas da Clearing de Ativos i) Garantias depositadas pelos participantes do mercado de ttulos pblicos federais: Composio Ttulos Pblicos Federais ii) Outras garantias Fundo Operacional da Clearing de Ativos, com valor de R$40.000 em 31 de dezembro de 2013 e de 2012, com a finalidade de manter recursos da BM&FBOVESPA para cobrir prejuzos decorrentes de falhas operacionais ou administrativas dos participantes. Patrimnio especial com valor de R$32.200 (R$29.747 em 31 de dezembro de 2012), para atendimento do disposto no Artigo 5 da Lei 10.214, de 27 de maro de 2001, e do disposto no Artigo 19 da Circular 3.057 do BACEN, de 31 de agosto de 2001. e. Fundos de Garantia As controladas Bolsa Brasileira de Mercadorias e Bolsa de Valores do Rio de Janeiro (BVRJ) administram Fundos de Garantia, entidades de propsitos especficos sem personalidade jurdica prpria. A responsabilidade mxima desses Fundos de Garantia limitada ao montante de seus respectivos patrimnios. 2013 757.487 2012 1.046.977
Composio Ttulos Pblicos Federais Aes Ttulos Internacionais (1) Certificados de Depsito Bancrio (CDBs) Cartas de Fiana Garantias depositadas em moeda Outros Total (1)
Ttulos dos governos norte-americano e alemo, bem como ADRs (American Depositary Receipt).
ii) Outras garantias Co-responsabilidade pela liquidao da corretora e do agente de compensao que atuaram como intermedirios, bem como garantias depositadas por tais participantes. Fundo de Liquidao, com valor de R$395.910 (R$421.786 em 31 de dezembro de 2012), formado por garantias aportadas pelos Agentes de Compensao, destinado a garantir a boa liquidao das operaes. Composio Ttulos Pblicos Federais Garantias depositadas em moeda Total 2013 393.283 2.627 395.910 2012 416.212 5.574 421.786
18. Benefcios a empregados a. Stock options Incentivo de Longo Prazo A BM&FBOVESPA conta com um Plano de Opo de Compra de Aes (Plano de Opo), aprovado na Assembleia Geral Extraordinria realizada em 8 de maio de 2008, e alterado na Assembleia Geral Extraordinria realizada em 18 de abril de 2011, pelo qual so elegveis a receber opes de compra de aes os colaboradores da BM&FBOVESPA e de suas sociedades controladas. O Plano de Opo delega amplos poderes ao Conselho de Administrao para aprovar as outorgas de opes e administr-las, por meio de Programas de Opo de Compra de Aes (Programas), os quais devem definir, entre outras condies especficas: (i) os respe ctivos beneficirios; (ii) o nmero total de aes da BM&FBOVESPA objeto de outorga; (iii) a diviso da outorga em lotes, se for o caso; (iv) o preo de exerccio; (v) o prazo de carncia e o prazo para o exerccio da opo; (vi) eventuais restries transferncia das aes recebidas pelo exerccio da opo; e (vii) eventuais disposies sobre penalidades. O Plano tambm permite que o Conselho de Administrao aprove a concesso de opes com condies diferenciadas a determinados beneficirios (Opes Adicionais). A outorga ou o exerccio das Opes Adicionais devero ser necessariamente condicionados (i) aquisio pelo beneficirio de aes de emisso da BM&FBOVESPA, mediante o uso de recursos prprios e nos percentuais, termos e condies definidos em cada Programa (Aes Prprias); e (ii) observncia de um perodo de restrio alienao das Aes Prprias (lock-up). Atualmente, existem sete Programas para outorga de opes sob o referido Plano de Opes, que foram aprovados pelo Conselho de Administrao.
Patrimnio especial com valor de R$48.874 (R$45.138 em 31 de dezembro de 2012), para atendimento do disposto no Artigo 5 da Lei 10.214, de 27 de maro de 2001, e do disposto no Artigo 19 da Circular 3.057 do BACEN, de 31 de agosto de 2001. c. Estrutura de salvaguardas da Clearing de Cmbio i) Garantias depositadas pelos participantes do mercado de cmbio: Composio Ttulos Pblicos Federais Garantias depositadas em moeda Total ii) Outras garantias Fundo de Participao, com valor de R$215.809 (R$214.675 em 31 de dezembro de 2012), formado por garantias aportadas pelos participantes da Clearing de Cmbio, destinado a garantir a boa liquidao das operaes. Composio Ttulos Pblicos Federais Garantias depositadas em moeda Total 2013 214.809 1.000 215.809 2012 214.675 214.675 2013 4.782.607 1.154.906 5.937.513 2012 3.662.691 4 3.662.695
A BM&FBOVESPA reconheceu despesas relativas s outorgas do Plano de Opo no montante de R$28.136 no exerccio findo em 31 de dezembro de 2013 (R$32.306 em 31 de dezembro de 2012), em contrapartida de reservas de capital no patrimnio lquido. A BM&FBOVESPA considerou nos clculos um percentual estimado de turnover entre 11% e 20%, ou seja, a quantidade estimada de opes que no atingir o vesting, em razo de colaboradores que optarem por deixar a BM&FBOVESPA ou que sejam desligados sem a aquisio do direito de vesting. Em 31 de dezembro de 2013, a BM&FBOVESPA utilizava 1,69% (1,50% em 31 de dezembro de 2012) do limite total de 2,5% do capital social para concesso, restando 0,81% do capital social para novos programas. Uma vez exercidas as opes pelos beneficirios sero emitidas aes novas, mediante aumento de capital da BM&FBOVESPA, ou sero utilizadas aes em tesouraria. O preo de exerccio por ao corresponde mdia do preo de fechamento dos 20 preges anteriores data de concesso, observados prazos de carncia (vesting) para seu exerccio. As condies dos programas prevem que a opo poder ser exercida aps o vencimento de cada perodo de carncia, limitado a um prazo mximo definido no Programa. Cumprido o prazo de carncia, a opo poder ser exercida total ou parcialmente. Se a opo for exercida parcialmente, o titular poder exercer o remanescente dentro dos prazos j estipulados. A opo no exercida nos prazos e condies estipulados nos respectivos programas ser considerada automaticamente extinta, sem direito indenizao. Na hiptese de trmino da relao do beneficirio com a BM&FBOVESPA em razo de destituio ou renncia ao mandato de administrador, por demisso ou resciso do contrato de prestao de servios sem justa causa, ou ainda por desligamento voluntrio: (i) as opes j liberadas do prazo de carncia podero ser exercidas, respeitado o prazo mximo de exerccio fixado no respectivo programa; e (ii) as opes cujo prazo de carncia no tiver decorrido caducaro, sem direito a indenizao. Caso o beneficirio venha a falecer ou tornar-se permanentemente invlido para o exerccio de sua funo na BM&FBOVESPA, os direitos decorrentes das opes podero ser exercidos, conforme o caso, pelo prprio beneficirio ou por seus herdeiros e sucessores, que podero
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exercer tais direitos, tendo ou no decorridos os prazos iniciais de carncia, por um perodo de um ano a contar da data do bito ou invalidez permanente, aps o qual estaro extintos, sem direito a indenizao. Adicionalmente, em virtude da incorporao da BM&F S.A., a BM&FBOVESPA incorporou o Plano de Opo de Compra de Aes de emisso da BM&F S.A., aprovado na Assembleia Geral de Acionistas da BM&F S.A. realizada em 2007. As opes de aes outorgadas do referido plano j atingiram em sua totalidade a condio de vesting. Total de opes outorgadas
02/01/2013
02/01/2017
10,78
2.481.509 9.926.036
(187.500) (675.000)
(37.500)
2.294.009 9.213.536
5,55
Programa adicional 2012
02/01/2013 02/01/2013
02/01/2016 02/01/2018
6,74 6,74
1.098.045 1.098.045 2.196.090
(52.833) (52.832) (105.665)
1.045.212 1.045.213 2.090.425
6,98 6,98
Plano
Data de outorga
Carncia at
Preo de exerccio (R$ por ao)
Outorgadas
Exercidas e canceladas em perodos anteriores
Canceladas e vencidas no perodo findo em 31/12/2013
Exercidas no perodo findo em 31/12/2013
Contratos em aberto em 31/12/2013
Valor justo das opes na data de outorga (R$ por ao)
Total dos Planos
75.174.054
(33.131.843)
(2.648.602)
(5.923.061)
33.470.548
BM&F S.A.
18/12/2007 18/12/2007 18/12/2007
18/12/2009 18/12/2010 18/12/2011
1,00 1,00 1,00
6.652.596 6.329.396 6.244.396 19.226.388
(6.652.596) (6.276.896) (6.067.896) (18.997.388)
(52.500) (176.500) (229.000)
21,81 21,54 21,32
Programa 2008
19/12/2008 19/12/2008 19/12/2008 19/12/2008
30/06/2009 30/06/2010 30/06/2011 30/06/2012
5,174 5,174 5,174 5,174
1.132.966 1.132.966 1.132.959 1.132.959 4.531.850
(1.085.353) (1.042.128) (970.897) (790.935) (3.889.313)
(4.400) (3.150) (625) (8.025) (16.200)
(15.088) (30.088) (83.737) (181.062) (309.975)
28.125 57.600 77.700 152.937 316.362
3,71 3,71 3,71 3,71
Programa 2009
01/03/2009 01/03/2009 01/03/2009 01/03/2009
31/12/2009 31/12/2010 31/12/2011 31/12/2012
6,60 6,60 6,60 6,60
2.486.750 2.486.750 2.486.750 2.486.750
(2.111.527) (1.946.000) (1.569.900) (702.250)
(100.000)
(205.013) (264.550) (527.440) (1.082.750)
170.210 276.200 389.410 601.750
2,93 2,93 2,93 2,93
9.947.000
(6.329.677)
(100.000)
(2.079.753)
1.437.570
Programa 2010
03/01/2011 03/01/2011 03/01/2011 03/01/2011
03/01/2011 03/01/2012 03/01/2013 03/01/2014
12,91 12,91 12,91 12,91
3.488.000 3.488.000 3.488.000 3.488.000 13.952.000
(796.375) (844.125) (812.375) (881.125) (3.334.000)
(207.250) (141.875) (161.250) (286.750) (797.125)
(426.500) (390.125) (328.250) (1.144.875)
2.057.875 2.111.875 2.186.125 2.320.125 8.676.000
4,50 4,50 4,50 4,50
Programa 2011
02/01/2012 02/01/2012 02/01/2012 02/01/2012
02/01/2013 02/01/2014 02/01/2015 02/01/2016
10,07 10,07 10,07 10,07
3.180.500 3.180.500 3.180.500 3.180.500 12.722.000
(143.125) (143.125) (143.125) (143.125) (572.500)
(15.000) (147.500) (221.250) (296.250) (680.000)
(1.625.500) (181.250) (170.000) (120.000) (2.096.750)
1.396.875 2.708.625 2.646.125 2.621.125 9.372.750
2,79 2,79 2,79 2,79
Programa adicional 2011
02/01/2012 02/01/2012
02/01/2015 02/01/2017
5,04 5,04
1.336.345 1.336.345 2.672.690
(4.483) (4.482) (8.965)
(114.174) (160.438) (274.612)
(25.208) (25.208)
1.192.480 1.171.425 2.363.905
4,19 4,19
Programa 2012
02/01/2013 02/01/2013 02/01/2013
02/01/2014 02/01/2015 02/01/2016
10,78 10,78 10,78
2.481.509 2.481.509 2.481.509
(125.000) (175.000) (187.500)
(37.500) -
2.319.009 2.306.509 2.294.009
5,55 5,55 5,55
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Total de opes exercidas Plano BM&F S.A. Preo mdio de mercado (R$ por ao) 13,94 14,05 12,65 Quantidades exercidas 160.000 9.000 60.000 229.000 Preo mdio de mercado (R$ por ao) 13,70 13,79 12,38 11,92 Plano BM&FBOVESPA
Percentual de diluio
2013 BM&F S.A. BM&FBOVESPA TOTAL
Perodo de exerccio 1 trimestre 2 trimestre 3 trimestre 4 trimestre Total de opes exercidas em 2013
Quantidades exercidas 2.604.915 2.043.738 814.400 231.008 5.694.061
Data de outorga
18/12/2007
19/12/2008
01/03/2009
03/01/2011
02/01/2012
02/01/2012
02/01/2013
02/01/2013
Opes de aes em aberto
316.362
1.437.570
8.676.000
9.372.750
2.363.905
9.213.536
2.090.425
33.470.548
Aes em circulao
1.893.582.856
0,00%
0,02%
0,08%
0,46%
0,49%
0,12%
0,49%
0,11%
1,77%
Movimentao consolidada Quantidade Saldo em 31 de dezembro de 2011 Opes outorgadas Opes exercidas (Nota 15(b)) Opes canceladas e vencidas Saldo em 31 de dezembro de 2012 Opes outorgadas Opes exercidas (Nota 15(b)) Opes canceladas e vencidas Saldo em 31 de dezembro de 2013 22.418.092 15.394.690 (5.312.707) (2.579.990) 29.920.085 12.122.126 (5.923.061) (2.648.602) 33.470.548
2012 BM&F S.A. BM&FBOVESPA TOTAL
Data de outorga
18/12/2007
19/12/2008
01/03/2009
03/01/2011
02/01/2012
02/01/2012
Opes de aes em aberto
229.000
642.537
3.617.323
10.618.000
12.149.500
2.663.725
29.920.085
Aes em circulao
1.931.572.495
0,01%
0,03%
0,19%
0,55%
0,63%
0,14%
1,55%
Efeitos decorrentes do exerccio de opes 2013 Valor recebido pelo exerccio de opes (-) Custo das aes em tesouraria alienadas 51.985 (60.809) 2012 24.404 (53.236)
Efeito na alienao de aes
(8.824)
(28.832)
Modelo de apreamento das opes Para a apurao do valor justo das opes concedidas, a BM&FBOVESPA considerou de forma consistente ao longo do tempo os seguintes aspectos: a) O modelo de opes de aes outorgado pela BM&FBOVESPA permite exerccio antecipado a partir de determinada data no futuro (data de vesting), compreendida entre a data de outorga e a data mxima para exerccio; b) O ativo objeto das opes paga dividendos entre a data de outorga e a data mxima para exerccio. Dessa forma, a opo considerada apresenta caractersticas do modelo europeu (exerccio antecipado no permitido) at a data de vesting e caractersticas do modelo americano (possibilidade de exerccio antecipado) entre a data de vesting e a data mxima para exerccio. Opes com essas propriedades so denominadas opes do tipo Bermuda ou Mid-Atlantic, e seu preo deve, por construo, situar-se entre o preo de uma opo do modelo europeu e o preo de uma opo do modelo americano de caractersticas equivalentes. Com relao ao pagamento de dividendos, deve-se levar em conta dois efeitos sobre o preo da opo considerada: (i) a queda no valor das aes aps as suas datas ex-dividendos e; (ii) a influncia desses pagamentos sobre a deciso de exerccio antecipado. Levando-se em conta os fatores acima descritos, para a determinao do valor justo das opes concedidas foi empregado um Modelo Binomial (Cox-Ross-Rubinstein) modificado que considera a existncia de dois perodos distintos com relao possibilidade de exerccio antecipado (antes e depois das datas de vesting). Esse modelo apresenta resultados equivalentes aos do modelo de Black & Scholes para opes europias simples, possuindo a vantagem de incorporar, conjuntamente, as caractersticas de exerccio antecipado e de pagamento de dividendos associadas opo em questo. As principais premissas consideradas no apreamento das opes foram:
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134
a) As opes foram avaliadas considerando-se os parmetros de mercado vigentes na data de outorga do plano; b) Para estimativa da taxa de juros livre de risco foram utilizados os contratos de juros futuros negociados para o prazo mximo de exerccio das opes; c) Por ser uma entidade recm-listada poca da outorga do plano da BM&F S.A. e da primeira outorga do plano BM&FBOVESPA, a volatilidade histrica no expressava suficiente informao sobre a volatilidade das aes, tendo em vista inclusive os prazos contratuais de exerccio. Dessa forma, a BM&FBOVESPA utilizou como estimativa de volatilidade de suas aes para estas outorgas a volatilidade implcita de entidades similares (bolsas de valores internacionais) com liquidez suficiente para garantir a qualidade dos dados apurados; d) Para a definio da volatilidade empregada pelo modelo de apreamento, da segunda a quinta outorgas do plano BM&FBOVESPA, foram avaliadas trs medidas comumente empregadas em finanas: (i) volatilidades implcitas; (ii) volatilidades estimadas via modelo auto-regressivo (GARCH) e; (iii) volatilidades estimadas via modelo de mdia mvel com ponderao exponencial (EWMA). Embora a utilizao exclusivamente de volatilidades implcitas, isto , volatilidades computadas com base nos preos observados no mercado, oferea estimativas mais acuradas, a negociao de opes das aes objeto das referidas outorgas possua baixa liquidez nas datas de outorga, alm de se referirem a maturidades inferiores. Dessa forma, a BM&FBOVESPA utilizou como estimativa de volatilidade de suas aes a mdia entre a volatilidade implcita observada e a volatilidade estimada via modelo EWMA, considerando que os resultados obtidos com o modelo GARCH no foram satisfatrios; e) Os preos das aes foram ajustados de forma a incorporar o efeito do pagamento de dividendos; e f) Como prazo de vencimento das opes foi utilizado o prazo mximo de exerccio das opes outorgadas. Foram consideradas as demais premissas clssicas associadas aos modelos de precificao de opes, como inexistncia de oportunidades de arbitragem e volatilidade constante ao longo do tempo. b. Previdncia complementar O Fundo de Penso Multipatrocinado das Instituies do Mercado Financeiro e de Capitais (Mercaprev) estruturado na modalidade de contribuio definida, tendo como patrocinadoras a Ancord, BM&FBOVESPA, Sindival, Souza Barros e Talarico, com participao voluntria aberta a todos os funcionrios. A contribuio mensal do participante a soma de 1% de contribuio de uma Unidade Previdenciria (equivalente a R$ 3.000,00 e reajustado conforme dissdio) mais o percentual escolhido pelo funcionrio entre 1 a 7 % do valor acima de uma UP at o limite do salrio do participante. A contribuio mensal da patrocinadora equivale a 100% do valor escolhido pelo participante. A BM&FBOVESPA no tem obrigaes relativas a pagamentos adicionais sua contribuio como patrocinadora. Em caso de trmino do vnculo empregatcio antes da data de aposentadoria prevista, o participante poder manter o plano dentro das regras estabelecidas pelo regulamento ou solicitar o cancelamento da inscrio, e neste caso, poder optar: (i) pela portabilidade de 100% do saldo das reservas constitudo pelas contribuies do participante e conforme o tempo de empresa, at 90% do saldo das reservas constitudo pelas contribuies da patrocinadora, ou (ii) pelo resgate de 100% do saldo das reservas constitudo pelas contribuies do participante e conforme o tempo de empresa, at 50% saldo das reservas constitudo pelas contribuies da patrocinadora. Em qualquer das opes acima no h custos adicionais BM&FBOVESPA. c. Assistncia mdica ps-aposentadoria
2013 Custo do servio corrente Juros sobre a obrigao de benefcio definido Total includo no resultado do exerccio 173 2.367 2.540
Os valores reconhecidos na demonstrao do resultado abrangente esto apresentados a seguir: 2013 Efeito da alterao de premissas financeiras Efeito da experincia do plano Custo do servio passado Total includo na demonstrao do resultado abrangente (11.408) 4.340 3.758 (3.310)
A sensibilidade do passivo atuarial s mudanas nas principais premissas em 31 de dezembro de 2013 est apresentada a seguir: Aumento de 0,5% Taxa de desconto Inflao mdica (1.636) 1.914 Expectativa de vida +1 Tbua de mortalidade 1.045 Reduo de 0,5% 1.814 (1.747) Expectativa de vida -1 (1.029)
A BM&FBOVESPA mantm um plano de assistncia mdica ps-aposentadoria para um grupo determinado de colaboradores e ex-colaboradores. Em 31 de dezembro de 2013, o passivo atuarial referente a esse plano de R$25.940 (R$ 27.533 em 31 de dezembro de 2012), calculado considerando as seguintes premissas: 2013 Taxa de desconto Inflao econmica Inflao mdica Tbua de mortalidade Expectativa mdia de vida em anos de um pensionista que se aposenta aos 65 anos: Aposentadoria na data do balano (65 anos) Aposentadoria em 25 anos (40 anos hoje) 20 anos 20 anos 6,5% a.a. 4,5% a.a. 3,0% a.a. AT-2000 2012 4,0% a.a. 4,5% a.a. 3,0% a.a. AT-2000
A movimentao na obrigao de benefcio definido durante o exerccio est demonstrada a seguir: 2013 No incio do exerccio Custo do servio corrente Custo do servio passado Custo dos juros Benefcio pago pelo plano Efeito da alterao de premissas financeiras Efeito da experincia do plano No final do exerccio Os valores reconhecidos na demonstrao do resultado esto apresentados a seguir: 27.533 173 3.758 2.366 (822) (11.408) 4.340 25.940
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19. Imposto de renda e contribuio social sobre o lucro a. Imposto de renda e contribuio social diferidos
Os saldos de ativos e passivos diferidos apresentam-se como segue: BM&FBOVESPA e Consolidado Descrio Contingncias tributrias, cveis e trabalhistas Constituio sobre prejuzo fiscal e base negativa Variao cambial sobre emisso de dvida no exterior Outras diferenas temporrias Total do ativo diferido 2013 16.554 29.107 120.499 36.877 203.037 2012 12.402 29.107 58.262 32.515 132.286
b. Perodo estimado de realizao Os ativos diferidos de imposto de renda e contribuio social decorrentes de diferenas temporrias so reconhecidos contabilmente levando-se em considerao a realizao provvel desses crditos, com base em projees de resultados futuros elaboradas e fundamentadas em premissas internas e em cenrios econmicos futuros que podem, portanto, sofrer alteraes. A expectativa de realizao do ativo fiscal diferido (incluindo o prejuzo fiscal de R$29.107) de R$35.244 at um ano e R$167.793 acima de um ano e para o passivo diferido a expectativa de realizao acima de um ano. Em 31 de dezembro de 2013 o valor presente do ativo fiscal diferido, levando em conta a expectativa de realizao de R$149.225. Como a base tributvel do imposto de renda e da contribuio social sobre o lucro lquido decorre no apenas do lucro que pode ser gerado, mas tambm da existncia de receitas no tributveis, despesas no dedutveis, incentivos fiscais e outras variveis, no existe correlao imediata entre o lucro lquido da BM&FBOVESPA e o resultado de imposto de renda e contribuio social. Portanto, a expectativa da utilizao dos crditos fiscais no deve ser tomada como nico indicativo de resultados futuros da BM&FBOVESPA. Para fins fiscais, o saldo do gio dedutvel na apurao do imposto de renda e contribuio social em 31 de dezembro de 2013 de R$6.406.038 (R$8.040.296 em 31 de dezembro de 2012). A realizao do passivo fiscal diferido ocorrer medida que a diferena entre a base fiscal do gio e seu valor contbil for revertida, isto , quando o valor contbil do ativo for reduzido ou liquidado. c. Reconciliao da despesa do imposto de renda e da contribuio social
Amortizao fiscal de gio (1) Outros
(2.295.347) (427)
(1.739.699) 55
Os valores de imposto de renda e contribuio social demonstrados nos resultados da controladora e consolidado apresentam a reconciliao a seguir em seus valores alquota nominal: BM&FBOVESPA 2013 2012 1.656.170
Total do passivo diferido
(2.295.774)
(1.739.644) Resultado antes do imposto de renda e contribuio social 1.685.492
Diferido lquido
(2.092.737)
(1.607.358)
(1) Passivo diferido de imposto de renda e contribuio social decorrente da diferena temporria entre a base fiscal do gio e seu valor contbil no balano patrimonial, tendo em vista que o gio continua a ser amortizado para fins fiscais, mas deixou de ser amortizado a partir de 1 de janeiro de 2009 nos registros contbeis, resultando em uma base fiscal menor que o valor contbil do gio. Essa diferena temporria poder resultar em valores a serem adicionados no clculo do resultado tributvel de exerccios futuros, quando o valor contbil do ativo for reduzido ou liquidado, fazendo assim com que seja necessria a constituio de uma obrigao fiscal diferida. Movimentao dos ativos e passivos de imposto de renda diferido no exerccio: BM&FBOVESPA e Consolidado Debito(crdito) na demonstrao do resultado 4.152 4.362 8.514 Debito(crdito) no resultado abrangente 62.237 62.237
Imposto de renda e contribuio social antes das adies e excluses, calculados taxa nominal de 34% Adies: Plano de opes de aes Despesas no dedutveis - permanentes (1) Excluses: Equivalncia patrimonial Juros sobre capital prprio
(573.067) (106.539) (9.566) (96.973) 75.610 58.610 17.000 20 (603.976)
(563.098) (102.015) (10.984) (91.031) 84.202 53.602 30.600 (969) (581.880)
2012 Ativo diferido Contingncias tributrias, cveis e trabalhistas Diferido sobre prejuzo fiscal e base negativa Variao cambial sobre emisso de dvida no exterior Outras diferenas temporrias Total do ativo diferido Passivo diferido Amortizao fiscal de gio Outros Total do passivo diferido Diferido lquido (1.739.699) 55 (1.739.644) (1.607.358) 12.402 29.107 58.262 32.515 132.286
2013 Outros 16.554 29.107 120.499 36.877 203.037 Imposto de renda e contribuio social
(555.648) 643 (555.005) (546.491)
(1.125) (1.125) 61.112
(2.295.347) (427) (2.295.774) (2.092.737)
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Consolidado 2013 Resultado antes do imposto de renda e contribuio social Imposto de renda e contribuio social antes das adies e excluses, calculados taxa nominal de 34% Adies: Plano de opes de aes Despesas no dedutveis - permanentes (1) Excluses: Equivalncia patrimonial Juros sobre capital prprio Outros Imposto de renda e contribuio social (1) 1.687.535 2012 1.659.791
e. Regime Tributrio de Transio A Medida Provisria n 627, de 11 de novembro de 2013, e a Instruo Normativa da Receita Federal do Brasil n 1.397, de 16 de setembro de 2013, alteraram de forma significativa as regras tributrias federais, em especial no que tange aos ajustes necessrios para o encerramento do Regime Tributrio de Transio institudo pela Lei n 11.941, de 27 de maio de 2009. Os dispositivos da Medida Provisria entraro em vigor obrigatoriamente a partir do ano-calendrio de 2015, sendo dada a opo de aplicao antecipada de seus dispositivos a partir do ano-calendrio de 2014. Com base na anlise efetuada pela Administrao sobre os possveis impactos tributrios dos novos dispositivos da Medida Provisria n 627 (a qual no foi convertida em Lei at a presente data), a BM&FBOVESPA pretende optar pela aplicao antecipada de seus dispositivos a partir do ano-calendrio de 2014 (art. 71), admitindo-se que a Medida Provisria seja regulamentada e convertida em Lei em termos essencialmente equivalentes ao do texto atual em seus principais aspectos. 20. Receita
BM&FBOVESPA 2013 2012 2013 Consolidado 2012
(573.762) (108.110) (9.566) (98.544) 75.264 58.264 17.000 20 (606.588)
(564.329) (101.589) (10.984) (90.605) 81.352 50.752 30.600 (969) (585.535)
Sistema de negociao e/ou liquidao - BM&F Derivativos Cmbio Ativos Sistema de negociao e/ou liquidao - Bovespa (1) Negociao - emolumentos de prego Transaes - compensao e liquidao Outras
916.530 897.098 19.424 8
865.874 848.858 16.999 17
916.530 897.098 19.424 8
865.874 848.858 16.999 17
1.023.978 192.985 804.570 26.423
1.034.007 243.181 769.221 21.605
1.023.978 192.985 804.570 26.423
1.034.007 243.181 769.221 21.605
Refere-se substancialmente a R$64.847 de imposto de renda a compensar pago no exterior (Nota 7).
d. Tributos a compensar e recuperar Os tributos a compensar e recuperar esto demonstrados como segue: BM&FBOVESPA Descrio IRPJ/CSLL antecipado - Exerccio atual IRRF - Aplicaes financeiras - Exerccio atual Saldo negativo IRPJ/CSLL - Exerccios anteriores Impostos no exterior compensar PIS/Cofins compensar Tributos diversos Total 2013 7.989 49.252 13.904 24.765 20.138 4.332 120.380 2012 24.797 46.924 79.425 17.402 11.017 877 180.442
Outras receitas Emprstimos de valores mobilirios Listagem de valores mobilirios Depositria, custdia e back-office Acesso dos participantes de negociao Vendors - cotaes e informaes de mercado Bolsa Brasileira de Mercadorias - emolumentos e contribuies Banco - Intermediao financeira e tarifas bancrias Outras
393.847 102.186 47.126 116.305 47.705 69.236 11.289
356.855 77.063 45.625 102.763 51.540 67.668 12.196
429.721 102.186 47.126 116.305 47.705 69.236 5.067 22.023 20.073
389.142 77.063 45.625 102.763 51.540 67.668 4.931 19.708 19.844
Consolidado Descrio IRPJ/CSLL antecipado - Exerccio atual IRRF - Aplicaes financeiras - Exerccio atual Saldo negativo IRPJ/CSLL - Exerccios anteriores Impostos no exterior compensar PIS/Cofins compensar Tributos diversos Total 2013 7.988 49.252 13.904 24.765 20.138 4.349 120.396 2012 24.797 46.924 79.425 17.402 11.017 893 180.458
Dedues PIS e Cofins Impostos sobre servios
(236.131) (206.711) (29.420)
(221.897) (194.022) (27.875)
(238.434) (208.416) (30.018)
(224.273) (195.555) (28.718)
Receita
2.098.224
2.034.839
2.131.795
2.064.750
(1)
Em abril de 2013, devido a mudanas na poltica de preos do mercado a vista, as tarifas de Negociao e ps-negociao (Transaes) para os investidores institucionais locais e day traders foram rebalanceadas, e as tarifas de Negociao para os demais grupos de investidores foram reduzidas.
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21. Despesas diversas BM&FBOVESPA Descrio Despesas com provises diversas (1) Energia eltrica, gua e esgoto Contribuies e donativos Viagens Despesas com entidades no exterior Locaes Materiais de consumo Emolumentos mnimos BBM (Nota 16) Seguros Gastos com conduo e transportes Baixa de ativo intangvel Outras Total 2013 21.691 9.853 7.760 4.080 3.406 2.427 1.394 1.159 947 928 4.354 57.999 2012
22. Resultado financeiro BM&FBOVESPA 2013 Receitas financeiras 7.237 10.498 24.011 4.900 3.047 2.406 2.974 1.198 941 1.074 3.620 4.135 66.041 Resultado financeiro Despesas financeiras Juros e variao cambial de dvida no exterior Variao cambial Outras despesas financeiras (91.636) (15.674) (9.820) (117.130) 179.357 (80.199) (5.305) (2.527) (88.031) 206.260 Consolidado 2013 Receitas financeiras Receita de ativos financeiros mensurados ao valor justo Variao cambial Outras receitas financeiras 268.336 15.464 16.223 300.023 Despesas financeiras Juros e variao cambial de dvida no exterior Variao cambial Outras despesas financeiras (91.636) (15.677) (11.175) (118.488) (80.199) (5.305) (2.862) (88.366) 208.851 275.726 7.888 13.603 297.217 2012 Receita de ativos financeiros mensurados ao valor justo Variao cambial Outras receitas financeiras 264.884 15.464 16.139 296.487 272.623 7.888 13.780 294.291 2012
Consolidado Descrio Despesas com provises diversas (1) Energia eltrica, gua e esgoto Contribuies e donativos Viagens Locaes Materiais de consumo Seguros Gastos com conduo e transportes Baixa de ativo intangvel Outras Total (1) 2013 21.795 10.068 7.836 4.645 3.152 1.477 953 959 4.830 55.715 2012 8.091 10.723 24.132 5.476 3.024 3.013 951 1.094 3.620 4.443 64.567 Resultado financeiro Referem-se substancialmente a provises para contingncias e provises para perdas em contas a receber.
181.535
23. Informaes sobre segmentos de negcios Apresentamos as informaes consolidadas com base nos relatrios utilizados para tomadas de decises da Diretoria Executiva, sendo os segmentos divididos em Bovespa, BM&F, Produtos Corporativos e Institucionais. Devido natureza das operaes, a Diretoria Executiva no se utiliza de informaes sobre ativos e passivos por segmento para a tomada de decises. Segmento Bovespa O Segmento Bovespa compreende as etapas dos ciclos de negociao de ttulos e valores mobilirios, de renda varivel e renda fixa, nos mercados de bolsa e Mercado de Balco Organizado (MBO). A BM&FBOVESPA administra os mercados de bolsa e MBO nacionais para a negociao de valores mobilirios de renda varivel, os quais incluem aes, recibos de aes, certificados de depsito sobre aes de empresas brasileiras ou estrangeiras (BDR - Brazilian Depository Receipts), derivativos sobre aes, bnus de subscrio, cotas de diferentes tipos de fundos de investimentos fechado, cotas representativas de certificados de investimento audiovisual, opes no padronizadas (warrants) de compra e de venda sobre valores mobilirios, e outros ttulos e valores mobilirios autorizados pela CVM. Segmento BM&F O Segmento BM&F abrange as principais etapas dos ciclos de negociao e liquidao de ttulos e contratos: (i) sistemas de negociao em ambientes de prego eletrnico e prego via internet (WebTrading); (ii) sistemas de registro, compensao e liquidao de operaes,
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integrados a sistema de gerenciamento de risco destinado a assegurar a boa liquidao das operaes registradas; e (iii) sistemas de custdia de ttulos do agronegcio, de ouro e de outros ativos. Alm disso, esse segmento abrange a negociao de mercadorias, de cmbio pronto, de ativos da dvida pblica, dos servios prestados pelo Banco BM&FBOVESPA e pela Bolsa Brasileira de Mercadorias. Produtos Corporativos e Institucionais Referem-se principalmente aos servios prestados como depositria dos valores mobilirios, bem como emprstimos dos valores mobilirios e listagem de valores mobilirios (registro de emissores de ttulos e valores mobilirios para negociao em nossos sistemas), sinais de informaes, servios de classificao de commodities e fornecimento de produtos tecnolgicos.
2013 Consolidado Sistema de negociao e/ou liquidao Dedues Receita Produtos Corporativos e Institucionais 389.142 (37.285) 351.857
2012 Consolidado
Segmento Bovespa 1.034.007 (101.786) 932.221
Segmento BM&F 865.874 (85.202) 780.672
Total 2.289.023 (224.273) 2.064.750
Despesa ajustada Depreciao e amortizao
(231.739) (44.243) (12.496) (3.054) (30.427)
(176.482) (32.954) (10.563) (2.717) (26.497)
(155.266) (16.545) (9.247) (2.874) (7.976)
(563.487) (93.742) (32.306) (8.645) (64.900)
Segmento Bovespa Sistema de negociao e/ou liquidao Dedues Receita 1.023.978 (106.470) 917.508
Segmento BM&F 916.530 (92.703) 823.827
Produtos Corporativos e Institucionais 429.721 (39.261) 390.460
Total 2.370.229 (238.434) 2.131.795
Stock Options PCLD e outras provises Outras
Despesa total Despesa ajustada Depreciao e amortizao Stock Options PCLD e outras provises Repasse de multas Outras (214.956) (53.086) (10.232) (9.116) (250) (22.706) (170.388) (41.008) (8.858) (8.671) (236) (21.438) (190.421) (25.567) (9.046) (4.263) (75) (6.843) (575.765) (119.661) (28.136) (22.050) (561) (50.987) Imposto de renda e contribuio social Despesa total (310.346) (250.599) (236.215) (797.160) Lucro lquido do exerccio Resultado 607.162 573.228 154.245 1.334.635 Resultado financeiro Resultado
(321.959)
(249.213)
(191.908)
(763.080)
610.262
531.459
159.949
1.301.670
149.270
208.851
(585.535) 610.262 531.459 159.949 1.074.256
171.365
Resultado financeiro
181.535
Imposto de renda e contribuio social Lucro lquido do exerccio 607.162 573.228 154.245
(606.588) 1.080.947
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24. Outras informaes a. A BM&FBOVESPA busca no mercado apoio de consultores de seguros para estabelecer coberturas compatveis com seu porte e suas operaes. As principais coberturas, em 31 de dezembro de 2013, foram contratadas pelos montantes a seguir indicados, consoante aplices de seguros: Importncias seguradas 453.621 109.000 16.133
Ramo da Aplice Valores em risco, danos materiais, prdios e equipamentos Responsabilidade civil Obras de arte
b. A Associao Profissionalizante BM&FBOVESPA APBM&FBOVESPA uma associao civil sem fins lucrativos que tinha como objetivo desenvolver atividades educacionais, de assistncia social e de incentivo ao esporte, estas ltimas por meio da manuteno do projeto Clube de Atletismo BM&FBOVESPA e da concesso de patrocnios a atletas (atividades estas incorporadas por associao especfica, denominada Clube de Atletismo BM&FBOVESPA, em julho de 2013). A APBM&FBOVESPA mantida pelo Instituto BM&FBOVESPA, associao civil sem fins lucrativos que, por sua vez, possui a BM&FBOVESPA como associado fundador. A APBM&FBOVESPA figura como r em processos judiciais e administrativos de natureza tributria, classificados como probabilidade de perda possvel, que, em sua maioria, referem-se a questionamentos da Receita Federal do Brasil sobre contribuies previdencirias supostamente devidas por essa associao em razo de pagamentos realizados a terceiros e aos patrocnios pagos aos atletas integrantes do Clube de Atletismo BM&FBOVESPA. Caso o desfecho desses processos seja desfavorvel para a APBM&FBOVESPA, a BM&FBOVESPA poder vir a desembolsar recursos para garantir a manuteno das atividades da APBM&FBOVESPA. O valor envolvido nas referidas aes em 31 de dezembro de 2013 de R$17.475. 25. Pronunciamentos contbeis emitidos recentemente e aplicveis em perodos futuros Os pronunciamentos a seguir entraro em vigor para exerccios iniciados a partir de 1 de janeiro de 2014 e no foram adotados antecipadamente. Na anlise da Administrao estes pronunciamentos no traro impactos significativos para as demonstraes financeiras. Alterao do IAS 32 Instrumentos Financeiros: Apresentao Essa alterao foi emitida para esclarecer os requerimentos de compensao de instrumentos financeiros no Balano Patrimonial. IFRS 9 Instrumentos Financeiros Pronunciamento que visa substituir o IAS 39 - Instrumentos Financeiros: Reconhecimento e Mensurao. Em Novembro de 2009 o IASB emitiu a IFRS 9, introduzindo novos requerimentos para classificar e mensurar ativos financeiros. Em Outubro de 2010, o IASB alterou a norma incorporando os requerimentos para os passivos financeiros. Em Novembro de 2013, o IASB emitiu nova alterao, incorporando os requerimentos sobre hedge accounting. IAS 36 Reduo ao Valor Recupervel dos Ativos Essa alterao introduz requerimentos de divulgaes da mensurao dos valores recuperveis dos ativos, em decorrncia da emisso do IFRS 13. 26. Eventos subsequentes a. Em reunio realizada em 13 de fevereiro de 2014, o Conselho de Administrao props a distribuio de dividendos complementares relativos ao exerccio findo em 31 de dezembro de 2013 no montante de R$145.703, a ser referendado pela Assembleia Geral de Acionistas. b. A BM&FBOVESPA concluiu o programa de recompra de aes aprovado pelo Conselho de Administrao em 25 de junho de 2013 (Nota 15(b)) atravs da recompra de 36.950.000 de aes (61,58% do total previsto) no montante de R$370.418 entre 1 e 29 de janeiro de 2014, respeitando o perodo de vedao negociao conforme determina a Instruo CVM 358.
RELATRIO DOS AUDITORES INDEPENDENTES
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31 DE DEZEMBRO DE 2013 AOS ADMINISTRADORES E ACIONISTAS BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros Examinamos as demonstraes financeiras individuais da BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros (a Companhia) e as demonstraes financeiras consolidadas da BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros e suas controladas (Consolidado), que compreendem o balano patrimonial individual e consolidado em 31 de dezembro de 2013 e as respectivas demonstraes individuais e consolidadas do resultado, do resultado abrangente, das mutaes do patrimnio lquido e dos fluxos de caixa para o exerccio findo nessa data, assim como o resumo das principais prticas contbeis e demais notas explicativas. Responsabilidade da Administrao sobre as Demonstraes Financeiras A administrao da Companhia responsvel pela elaborao e adequada apresentao das demonstraes financeiras individuais de acordo com as prticas contbeis adotadas no Brasil e dessas demonstraes financeiras consolidadas de acordo com as normas internacionais de relatrio financeiro (IFRS) emitidas pelo International Accounting Standards Board (IASB) e as prticas contbeis adotadas no Brasil, assim como pelos controles internos que ela determinou como necessrios para permitir a elaborao de demonstraes contbeis livres de distoro relevante, independentemente se causada por fraude ou erro. Responsabilidade dos Auditores Independentes Nossa responsabilidade a de expressar uma opinio sobre essas demonstraes financeiras com base em nossa auditoria, conduzida de acordo com as normas brasileiras e internacionais de auditoria. Essas normas requerem o cumprimento de exigncias ticas pelo auditor e que a auditoria seja planejada e executada com o objetivo de obter segurana razovel de que as demonstraes financeiras esto livres de distoro relevante. Uma auditoria envolve a execuo de procedimentos selecionados para obteno de evidncia a respeito dos valores e das divulgaes apresentados nas demonstraes financeiras. Os procedimentos selecionados dependem do julgamento do auditor, incluindo a avaliao dos riscos de distoro relevante nas demonstraes financeiras, independentemente se causada por fraude ou erro. Nessa avaliao de riscos, o auditor considera os controles internos relevantes para a elaborao e a adequada apresentao das demonstraes financeiras da Companhia para planejar os procedimentos de auditoria que so apropriados nas circunstncias, mas no para expressar uma opinio sobre a eficcia dos controles internos da Companhia e empresas controladas. Uma auditoria inclui tambm a avaliao da adequao das prticas contbeis utilizadas e a razoabilidade das estimativas contbeis feitas pela Administrao, bem como a avaliao da apresentao das demonstraes financeiras individuais e consolidadas tomadas em conjunto. Acreditamos que a evidncia de auditoria obtida suficiente e apropriada para fundamentar nossa opinio. Opinio sobre as demonstraes financeiras individuais Em nossa opinio, as demonstraes financeiras individuais acima referidas apresentam adequadamente, em todos os aspectos relevantes, a posio patrimonial e financeira da BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros em 31 de dezembro de 2013, o desempenho de suas operaes e os seus fluxos de caixa para o exerccio findo nessa data, de acordo com as prticas contbeis adotadas no Brasil. Opinio sobre as demonstraes financeiras consolidadas Em nossa opinio, as demonstraes financeiras consolidadas acima referidas apresentam adequadamente, em todos os aspectos relevantes, a posio patrimonial e financeira da BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros e suas controladas em 31 de dezembro de 2013, o desempenho consolidado de suas operaes e os seus fluxos de caixa consolidados para o exerccio findo nessa data, de acordo com as normas internacionais de relatrio financeiro (IFRS) emitidas pelo International Accounting Standards Board (IASB) e as prticas contbeis adotadas no Brasil.
nfase Conforme descrito na Nota 2, as demonstraes financeiras individuais foram elaboradas de acordo com as prticas contbeis adotadas no Brasil. No caso da BM&FBOVESPA S.A. Bolsa de Valores, Mercadorias e Futuros, essas prticas diferem das IFRS, aplicveis s demonstraes financeiras separadas, somente no que se refere avaliao dos investimentos em controladas e coligadas pelo mtodo de equivalncia patrimonial, uma vez que para fins de IFRS seria custo ou valor justo. Nossa opinio no est ressalvada em funo desse assunto. Outros assuntos Demonstrao do valor adicionado Examinamos tambm as demonstraes do valor adicionado (DVA), individuais e consolidadas, referentes ao exerccio findo em 31 de dezembro de 2013, preparadas sob a responsabilidade da Administrao da Companhia, cuja apresentao requerida pela legislao societria brasileira para companhias abertas, e como informao suplementar pelas IFRS que no requerem a apresentao da DVA. Essas demonstraes foram submetidas aos mesmos procedimentos de auditoria descritos anteriormente e, em nossa opinio, esto adequadamente apresentadas, em todos os seus aspectos relevantes, em relao s demonstraes financeiras tomadas em conjunto. Auditoria dos valores correspondentes ao exerccio anterior Os valores correspondentes ao exerccio findo em 31 de dezembro de 2012, apresentados para fins de comparao, foram anteriormente auditados por outros auditores independentes que emitiram relatrio datado de 19 de fevereiro de 2013, respectivamente, sem modificaes. So Paulo, 13 de fevereiro de 2014
ERNST & YOUNG Auditores Independentes S.S. CRC-2SP015199/O-6
Flvio Serpejante Peppe Contador CRC-1SP172167/O-6
Ktia Sayuri Teraoka Kam Contadora CRC-1SP272354/O-1
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RELATRIO DO COMIT DE AUDITORIA
Informaes iniciais O Comit de Auditoria da BM&FBOVESPA S.A. rgo estatutrio de assessoramento vinculado diretamente ao Conselho de Administrao. composto por um conselheiro e mais quatro membros, todos independentes, indicados, a cada dois anos pelos conselheiros, que levam em considerao os critrios constantes da legislao e regulamentao aplicveis e as melhores prticas internacionais. Atribuies e responsabilidades A Administrao da BM&FBOVESPA S.A. (doravante tambm referida como BM&FBOVESPA) responsvel pela definio e pela imp lementao de processos e procedimentos visando coletar dados para preparo das demonstraes financeiras, com observncia da legislao societria, das prticas contbeis adotadas no Brasil e dos normativos pertinentes da Comisso de Valores Mobilirios. A Administrao , tambm, responsvel pelos processos, pelas polticas e pelos procedimentos de controles internos que assegurem a salvaguarda de ativos, o tempestivo reconhecimento de passivos e a eliminao ou reduo, a nveis aceitveis, dos fatores de risco da Companhia. A auditoria interna tem como atribuies aferir a qualidade dos sistemas de controles internos da BM&FBOVESPA e o cumprimento das polticas e dos procedimentos definidos pela Administrao, inclusive aqueles adotados na elaborao dos relatrios financeiros. A auditoria independente responsvel por examinar as demonstraes financeiras com vistas a emitir opinio sobre sua aderncia s normas aplicveis. Como resultado de seus trabalhos, a auditoria independente emite relatrio de recomendaes sobre procedimentos contbeis e controles internos, sem prejuzo de outros relatrios que tambm incumbida de preparar, como os das revises especiais trimestrais. As funes do Comit de Auditoria esto descritas em seu Regimento Interno, que contempla os deveres definidos na Instruo CVM 509/11. O Comit de Auditoria baseia seu julgamento e forma suas opinies considerando as informaes recebidas da Administrao, as representaes feitas pela Administrao sobre sistemas de informao, demonstraes financeiras e controles internos, e os resultados dos trabalhos da Diretoria de Riscos Corporativos e Controles Internos, dos Auditores Internos e dos Auditores Independentes. Atividades do Comit de Auditoria O Comit de Auditoria reuniu-se em 14 sesses ordinrias, nas quais foram feitas 82 reunies com os membros da Diretoria, auditores internos e independentes, e outros interlocutores. O Comit reuniuse cinco vezes com o Conselho de Administrao durante o ano de 2013.
Reunies com a Diretoria O Comit reuniuse com os diretores e suas respectivas equipes para discutir as estruturas, o funcionamento das respectivas reas, seus processos de trabalho, eventuais deficincias nos sistemas de controles e planos de melhorias. Dentre as matrias que demandaram mais ateno do Comit, destacamse: TI e Segurana da Informao Durante o ano de 2013, o Comit de Auditoria continuou a acompanhar prioritariamente o progresso nos processos e controles de Tecnologia da Informao e os planos de ao de longo e mdio prazo. Em reunies com o Diretor Executivo de Tecnologia e Segurana da Informao e sua equipe foram discutidas as melhorias nos processos de Tecnologia da Informao com o objetivo de otimizar a disponibilidade dos sistemas e a gesto de continuidade de negcios. Com a Diretoria de Auditoria o Comit discutiu vrios aspectos referentes Segurana da Informao, inclusive resultados de trabalhos realizados e dos testes de intruso. O Comit foi informado sobre os resultados dos testes de continuidade de negcios realizados durante o ano de 2013 e acompanhados pela auditoria interna. O Comit de Auditoria se manteve informado do transcorrer da implantao do Sistema PUMA para o segmento BOVESPA. Gesto Financeira e Relatrios Com a Diretoria Executiva Financeira e Corporativa e os auditores independentes e, quando aplicvel, com os consultores externos especializados, foram igualmente discutidos aspectos voltados avaliao do gio na BOVESPA Holding e ao investimento na CME. O Comit de Auditoria, com o apoio da auditoria interna, acompanhou o processo de implantao do sistema SAP ao longo do exerccio. Contingncias Foram analisadas e discutidas com a Diretoria Jurdica, com a participao da Diretoria Financeira, dos Auditores Independentes e de advogados responsveis, os principais processos administrativos e judiciais e os respectivos julgamentos exercidos com relao s probabilidades de xito, particularmente, mas no apenas o julgamento, no CARF, do Auto de Infrao envolvendo a dedutibilidade do gio na BOVESPA e os potenciais efeitos, sobre a Companhia, da MP 627/13. Recursos Humanos Com a Diretoria de Recursos Humanos foram discutidos assuntos relacionados remunerao e benefcios da Administrao, assim como o plano de Previdncia Privada. Controles Internos, Riscos Corporativos e Outras Diretorias As seguintes prticas e procedimentos recomendados pelo Comit de Auditoria foram objeto de acompanhamento durante o ano de 2013 tendo-se observado que: a) b) c) Foram implantadas novas polticas de gesto de riscos corporativos e de risco operacional, que haviam comeado a ser definidas ao longo de 2012; ao mesmo tempo, estruturada uma rea para o tratamento da conformidade com leis, normas e regulamentos. Foi adquirido um sistema integrado de governana, riscos e controles (GRC), que ser utilizado pela Diretoria de Controles Internos, Compliance e Risco Corporativo e pela Diretoria de Auditoria. Foi estabelecido um processo centralizado para o acompanhamento de comunicaes com os rgos Reguladores.
152
d) e) f)
Foi estruturada uma rea para o tratamento da conformidade com leis, normas e regulamentos. Foi aprovado pelo Conselho de Administrao, em sua reunio de 13 de fevereiro de 2014, documento elaborado pela Diretoria Executiva contendo uma proposta de Poltica relativa ao tratamento de Partes Relacionadas. Foi dado cincia ao Conselho de Administrao tambm em sua reunio de 13 de fevereiro de 2014 da Poltica de Preveno Lavagem de Dinheiro e Ocultao de Bens, Direitos e Valores, aprovada pela Diretoria Executiva
O Comit apreciou o Relatrio de Riscos Corporativos que atende os requerimentos da Instruo CVM 461 e o Relatrio de Controles Internos preparado nos moldes do art. 3 da Resoluo 2.554 do BACEN. O Comit recebe com periodicidade regular um resumo das comunicaes encaminhadas pelas Agncias Reguladoras e do Poder Judicirio, no tocante a questes que estejam no escopo do comit. O Comit de Auditoria reconhece os avanos alcanados no Gerenciamento de Riscos, de Compliance e de Controles Internos, e mantm a expectativa de que, com a implementao dos principais planos de ao ainda em curso, melhorias significativas podero ser alcanadas no curto prazo no tocante a tais reas. Auditoria Independente Houve o rodzio dos auditores independentes aps o balano de 31/12/2012. O Comit de Auditoria participou de forma ativa da anlise das propostas das empresas convidadas pela Administrao, tendo sido contratada a EY. Com os auditores independentes, o Comit reuniuse para se informar sobre a poltica de manuteno da independncia na execuo dos trabalhos e decidir sobre a inexistncia de conflitos de interesse em trabalhos que no de Auditoria das demonstraes financeiras a eles solicitados eventualmente pela Diretoria Executiva. Foram, ademais, discutidos, pelo Comit de Auditoria, com referidos auditores independentes: a anlise de risco de auditoria por eles efetuada, o planejamento dos trabalhos visando a estabelecer a natureza, poca e extenso dos principais procedimentos de auditoria selecionados, os possveis pontos de ateno identificados e como seriam auditados. Adicionalmente, foram discutidos com a EY os resultados das auditorias por ele efetuadas no tema Risco de Contra Parte Central e TI. Ao trmino dos trabalhos de cada reviso especial das Informaes Trimestrais (ITR) ao longo de 2013, foram discutidas as principais concluses dos auditores. No incio dos trabalhos preliminares e finais da auditoria de 31/12/2013 foram rediscutidas, em reunies especficas, as reas de risco de auditoria e os procedimentos respectivos. Todos os pontos considerados relevantes foram abordados, com o intuito de se avaliar os riscos potenciais envolvendo as demonstraes financeiras e a mitigao de tais riscos mediante procedimentos de auditoria e controle. Alm de debates especficos sobre o trabalho da auditoria independente sobre os requisitos da Instruo 461 da CVM, foram tambm apresentados, ao Comit, pelos auditores anteriores, que examinaram as demonstraes financeiras de 31/12/12 os pontos de melhorias de controles internos por eles identificados nos trabalhos daquela auditoria, segregados por natureza e classificados por complexidade e por impacto nos processos da Companhia. Ao final do ano o Comit procedeu avaliao formal da auditoria independente tendo considerado a qualidade e o volume das informaes prestadas compatvel com o primeiro ano de trabalho. No foram identificadas situaes que pudessem prejudicar a independncia dos auditores externos. Auditoria Interna O Comit de Auditoria faz a superviso tcnica da Auditoria Interna. Em 2013, aprovou o Plano Anual de Auditoria Interna e fez acompanhamento peridico da sua execuo. Os relatrios de auditoria foram apresentados e discutidos com o Comit, que considera satisfatrios o escopo, a metodologia e os resultados dos trabalhos realizados. O Comit de Auditoria mantm acompanhamento dos Planos de Ao decorrentes dos pontos de auditoria levantados em todas as reas auditadas. Ao final do ano o Comit procedeu avaliao formal da auditoria interna, ocasio em que se constataram melhorias significativas na qualidade dos trabalhos realizados. Recomendaes do Comit de Auditoria Durante o ano de 2013, o Comit de Auditoria fez vrias recomendaes Administrao que prontamente as acatou. Est em andamento e merece meno a seguinte: Plano de treinamento com foco em gesto para o Diretor e Gerentes da Diretoria da Auditoria, que completam seu primeiro ano nessas funes. Concluso O Comit de Auditoria julga que todos os fatos relevantes que lhe foram dados a conhecer pelos trabalhos efetuados e descritos neste relatrio esto adequadamente divulgados no Relatrio da Administrao e nas demonstraes financeiras auditadas relativas 31/12/2013, recomendando sua aprovao pelo Conselho de Administrao. So Paulo, 13 de fevereiro de 2014 Nelson Carvalho Coordenador do Comit, Especialista Financeiro e Representante do Conselho de Administrao da BM&FBOVESPA S.A. Paulo Roberto Simes da Cunha Pedro Oliva Marcilio de Sousa Srgio Darcy da Silva Alves Tereza Cristina Grossi Togni
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GRI TABLE OF CONTENTS 3.12
Profile indicators 1. Strategy and Analysis 1.1 1.2 Statement from the most senior decision-maker of the organization. Description of key impacts, risks, and opportunities. Name of the organization. Primary brands, products, and/or services. Operational structure of the organization, including main divisions, operating companies, subsidiaries, and joint ventures. Location of organizations headquarters. Number of countries where the organization operates, and names of countries with either major operations or that are specifically relevant to the sustainability issues covered in the report. Nature of ownership and legal form. Markets served (including geographic breakdown, sectors served, and types of customers/beneficiaries). Scale of the reporting organization. Significant changes during the reporting period regarding size, structure, or ownership. Awards received in the reporting period. Reporting period (e.g., fiscal/calendar year) for information provided. Date of most recent previous report (if any). Reporting cycle (annual, biennial, etc.) Contact point for questions regarding the report or its contents. Process for defining report content. Boundary of the report (e.g., countries, divisions, subsidiaries, leased facilities, joint ventures, suppliers). See GRI Boundary Protocol for further guidance. State any specific limitations on the scope or boundary of the report (see completeness principle for explanation of scope).
Page
Global Compact Supportting Statement
2 to 3 10 to 14 7 6 to 9 7 and 8 8 8 8 6 to 9 6 to 9 9 9 and 44 17 17 17 18 16 to 18 17
2. Organizational Profile 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9 2.10
3. Report Parameters 3.1 3.2 3.3 3.4 3.5 3.6
3.7
17
154
155
GRI TABLE OF CONTENTS

Profile indicators Basis for reporting on joint ventures, subsidiaries, leased facilities, outsourced operations, and other entities that can significantly affect comparability from period to period and/or between organizations. Data measurement techniques and the bases of calculations, including assumptions and techniques underlying estimations applied to the compilation of the Indicators and other information in the report. Explain any decisions not to apply, or to substantially diverge from, the GRI Indicator Protocols. Explanation of the effect of any re-statements of information provided in earlier reports, and the reasons for such re-statement (e.g.,mergers/ acquisitions, change of base years/periods, nature of business, measurement methods). Significant changes from previous reporting periods in the scope, boundary, or measurement methods applied in the report. Table identifying the location of the Standard Disclosures in the report. Policy and current practice with regard to seeking external assurance for the report. Governance structure of the organization, including committees under the highest governance body responsible for specific tasks, such as setting strategy or organizational oversight. Indicate whether the Chair of the highest governance body is also an executive officer. For organizations that have a unitary board structure, state the number of members of the highest governance body that are independent and/or non-executive members. Mechanisms for shareholders and employees to provide recommendations or direction to the highest governance body. Processes in place for the highest governance body to ensure conflicts of interest are avoided. Page Global Compact 4.8 Internally developed statements of mission or values, codes of conduct, and principles relevant to economic, environmental, and social performance and the status of their implementation. Externally developed economic, environmental, and social charters, principles, or other initiatives to which the organization subscribes or endorses. Memberships in associations (such as industry associations) and/or national/international advocacy organizations in which the organization: * Has positions in governance bodies; * Participates in projects or committees; * Provides substantive funding beyond routine membership dues; or * Views membership as strategic. List of stakeholder groups engaged by the organization. Basis for identification and selection of stakeholders with whom to engage. Approaches to stakeholder engagement, including frequency of engagement by type and by stakeholder group. Key topics and concerns that have been raised through stakeholder engagement, and how the organization has responded to those key topics and concerns, including through its reporting.
24
3.8
17
Principles 1 and 10
4.12
25,26 and 43
Principles 1 and 10
3.9
17
4.13
25, 26 and 43
Principles 1 and 10
3.10
17
4.14
26 26
3.11 3.12 3.13
17 18 and 102 to 109 18

Principles 1 and 10 Principles 1 and 10 Principles 1 and 10
4.15
4.16
26, 45 and 51
4. Governance, Commitments, and Engagement
4.17
26
4.1
20 to 29
Economic Economic performance
Page
Global Compact
4.2
22
EC1
4.3
22
Direct economic value generated and distributed, including revenues, operating costs, employee compensation, donations and other community investments, retained earnings, and payments to capital providers and governments. Coverage of the organizations defined benefit plan obligations.
84
EC3
37 33
Principle 1
4.4 4.6
21 25
Principles 1 and 10 Principles 1 and 10
Market presence EC5 Range of ratios of standard entry level wage compared to local minimum wage at significant locations of operation.
156
annUal report 2013 | BM&FBOVESPA
157

Environmental Energy EN4 EN5 Water EN8 Total water withdrawal by source. Total direct and indirect greenhouse gas emissions by weight. Other relevant indirect greenhouse gas emissions by weight. Initiatives to reduce greenhouse gas emissions and reductions achieved. Emissions of ozone-depleting substances by weight. NOx, SOx, and other significant air emissions by type and weight. Total weight of waste by type and disposal method. Initiatives to mitigate environmental impacts of products and services, and extent of impact mitigation. Monetary value of significant fines and total number of non-monetary sanctions for noncompliance with environmental laws and regulations. Significant environmental impacts of transporting products and other goods and materials used for the organizations operations, and transporting members of the workforce. Emissions, effluents and waste EN16 EN17 EN18 EN19 EN20 EN22 Indirect energy consumption by primary energy source. Energy saved due to conservation and efficiency improvements. Page Global Compact Principle 8 Principles 8 and 9 Principle 8 Principle 8 Principle 8 Principles 7, 8 and 9 LA8 LA6 LA3 LA2 Total number and rate of employee turnover by age group, gender, and region. Benefits provided to full-time employees that are not provided to temporary or part-time employees, by major operations. Percentage of employees covered by collective bargaining agreements. Percentage of total workforce represented in formal joint management-worker health and safety committees that help monitor and advise on occupational health and safety programs. Education, training, counseling, prevention, and risk-control programs in place to assist workforce members, their families, or community members regarding serious diseases.
71 71 72 72 72 70 72 72 73 70 70 70
Page
35 36 and 38 33 38
Principle 6
Labor/management relations LA4
Principle 1 and 3 Principle 1
Occupational health and safety
38
Page
Principle 1
Social: Labor Practices and Decent Work LA9 Principle 8 Principles 7, 8 and 9 LA13 Principle 8 LA14 Health and safety topics covered in formal agreements with trade unions. Average hours of training per year per employee by employee category. Percentage of employees receiving regular performance and career development reviews. Composition of governance bodies and breakdown of employees per category according to gender, age group, minority group membership, and other indicators of diversity. Ratio of basic salary of men to women by employee category.
Global Compact
38 39 38 and 39 34 and 35
Principle 1 and 6 Principle 1 and 6 Global Compact
Training and education LA10 LA12
Products and services EN26 Compliance EN28
Diversity and equal opportunity
Aspect: Transport EN29
33
Page
Social: Human Rights Diversity and equal opportunity Global Compact HR2 Percentage of significant suppliers and contractors that have undergone screening on human rights and actions taken. Total number of incidents of discrimination and actions taken.
40 40
Social: Labor Practices and Decent Work Employment LA1 Total workforce by employment type, employment contract, and region.
32 to 36
Non-discrimination HR4
Principles 1, 2 and 6
158
159

Child labor HR6 Operations identified as having significant risk for incidents of child labor, and measures taken to contribute to the elimination of child labor. Operations identified as having significant risk for incidents of forced or compulsory labor, and measures to contribute to the elimination of forced or compulsory labor.
40
Principles 1, 2 and 5 Principles 1, 2 and 4 Global Compact
Forced and compulsory labor HR7
40
Page
Social: Society Community SO1 Nature, scope, and effectiveness of any programs and practices that assess and manage the impacts of operations on communities, including entering, operating, and exiting.
47 and 50
Page Global Compact Principle 10 Principle 10
Social: Society Corruption SO3 SO4 Compliance SO8 Monetary value of significant fines and total number of non-monetary sanctions for noncompliance with laws and regulations. Percentage of employees trained in organizations anti-corruption policies and procedures. Actions taken in response to incidents of corruption.
24 25
25
Page Global Compact Principles
Social: Product Responsibility Product and service labelling PR5 Practices related to customer satisfaction, including results of surveys measuring customer satisfaction. Total number of substantiated complaints regarding breaches of customer privacy and losses of customer data. Monetary value of significant fines for noncompliance with laws and regulations concerning the provision and use of products and services.
28
Customer privacy PR8 Compliance PR9
27

27
160
161
CREDITS
COORDINATION
Communications Department Investor Relations Department Sustainability Department

COMPOSITION
BM&FBOVESPA
TRANSLATION AND REVISION
Transcreation Ltda.
GRAPHIC DESIGN
BM&FBOVESPA
TYPOGRAPHY
GB8 Design e Editorao Ltda.

CONTENT CONSULTING
The MediaGroup
PHOTOS
BM&FBOVESPA/Agncia Luz
CONTACT
Investor Relations +55 11 2565-4729/4418/4834/4207 ri@bmfbovespa.com.br
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MENSAGES Message from the Board of Directors

Pedro Parente Chairman of the Board of Directors

Message from the CEO

Edemir Pinto Chief Executive Officer

CONFIDeNce AND INNOVATION

OUR pASSION FOR OUR cUSTOMeRS

ANNUAL REPORT 2013 | BM&FBOVESPA

ANNUAL REPORT 2013 | BM&FBOVESPA

OpeRATIONAL AND FINANcIAL peRFORMANce 74

ANNUAL REPORT 2013 | BM&FBOVESPA

ANNUAL REPORT 2013 | BM&FBOVESPA

PROFILE 2 .2 | 2.7 | 2.8

BM&FBOVESPA: one of the worlds largest exchanges

Group companies 2.3

BM&FBOVESPA USA INC.

RIO DE JANEIRO STOCK EXCHANGE

ANNUAL REPORT 2013 | BM&FBOVESPA

ANNUAL REPORT 2013 | BM&FBOVESPA

Recognition of transparency and efficiency 2.10

ANNUAL REPORT 2013 | BM&FBOVESPA

annuaL report 2013 | BM&FBOVESPA

STRATEGIEs AND RIsK MANAGEmENT 1.2

BM&FBOVESPA: security, robustness and transparency

ANNUAL REPORT 2013 | BM&FBOVESPA

ANNUAL REPORT 2013 | BM&FBOVESPA

STRaTeGIes aND RIsK MaNaGemeNT

ANNUAL REPORT 2013 | BM&FBOVESPA

ANNUAL REPORT 2013 | BM&FBOVESPA

STRaTeGIes aND RIsK MaNaGemeNT

ANNUAL REPORT 2013 | BM&FBOVESPA

ANNUAL REPORT 2013 | BM&FBOVESPA

ABOUT THIS REPOrT 3.5

BM&FBOVESPA: constantly updating and enhancing its indicators

ANNUAL REPORT 2013 | BM&FBOVESPA

ANNUAL REPORT 2013 | BM&FBOVESPA

aboUT THIs RepoRT

ANNUAL REPORT 2013 | BM&FBOVESPA

ANNUAL REPORT 2013 | BM&FBOVESPA

CORPORATE GOVERNANcE 4.1

ANNUAL REPORT 2013 | BM&FBOVESPA

ANNUAL REPORT 2013 | BM&FBOVESPA

Board of Directors Pedro Pullen Marcelo Parente Fernandez Trindade

Alfredo Antnio Lima de Menezes

Andr Santos Esteves

Candido Botelho Bracher

Charles Peter Carey

Claudio Luiz da Silva Haddad

Jos de Menezes Berenguer Neto

Jos Roberto Mendona de Barros

Luiz Fernando Figueiredo

Luiz Nelson Guedes de Carvalho

Executive Board Edemir Ccero Augusto Pinto Vieira Neto

Eduardo Refinetti Guardia

Luis Otvio Saliba Furtado

ANNUAL REPORT 2013 | BM&FBOVESPA

annual report 2013 | BM&FBOVESPA 23

Institutional representation 4.12 4.13

Business drivers 4.8

ANNUAL REPORT 2013 | BM&FBOVESPA

ANNUAL REPORT 2013 | BM&FBOVESPA

Institutional participation 4.12 4.13

Stakeholder relationship channels

4.14 4.15 4.16 4.17