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Brazil overhauls derivatives market 

August 21, 2014
Elliott Holley, Banking Technology

Brazil’s BM&F Bovespa exchange has begun a major new project to bring all of its four clearing houses onto a single technology platform. Billed as the “world’s largest clearing project”, the Brazilian derivatives market – one of the world’s largest – has been moved first.

The four clearing houses each cover a different asset class: derivatives, equities, FX and fixed income. The plan is to move them all onto a new platform built by specialist trading technology company Cinnober, based on the firm’s TRADExpress RealTime Clearing system. The aim is to reduce the cost and complexity for the exchange, and also to boost trading efficiency by making it easier for market participants to net their positions across all asset classes. Cinnober says the platform has been ‘scaled’ to process 10 million transactions a day on 12 million accounts with real time risk calculations, although it can be scaled up later if more capacity is needed.

Read more: Banking Technology

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