Brazil’s BM&FBOVESPA exchange goes live today with the first phase of its Puma Trading System, a multi-asset platform, based on Globex technology from the Chicago Mercantile Exchange, with an aim to reduce trade execution to less than a millisecond.
Today, the exchange is commencing trading on Puma with spot foreign exchange. Next up are derivatives products – agricultural, financial and stock index – which are to be added in coming weeks as part of a phased introduction. Eventually, all equities, equity derivatives, and corporate and government fixed income securities will be migrated and consolidated from a number of existing trading platforms.
The introduction of Puma is likely to make BM&FBOVESPA an even more popular destination for global trading entities, which are opening offices, making acquisitions of local firms and investing in low-latency and algo trading technologies to leverage the new venue.
In addition to local action, connectivity to Brazil is also becoming a major focus, with the likes of Perseus, CFN Services and Hudson Fibre Network opening new fast routes to Sao Paulo.