For Release: August 28, 2009
CFTC Staff Allows BM&F Bovespa S.A. - Bolsa de Valores, Mercadorias e Futuros (BM&F Bovespa) to Offer and Sell in the United States Its Full-Sized and Mini-Sized Futures Contracts Based on the Ibovespa Index
Washington, DC — The Commodity Futures Trading Commission's (CFTC's) Office of General Counsel today announced that it issued a no-action letter on August 26, 2009, permitting the offer and sale in the United States of full-sized and mini-sized futures contracts based on the Ibovespa Index (Ibovespa) listed on BM&F Bovespa, the Brazilian futures and securities exchange. The Ibovespa is a broad-based, liquidity-weighted, total return index of 66 of the most highly capitalized and liquid stocks, issued by 59 unaffiliated companies, that are currently listed on the BM&F Bovespa.
This is a product approval only. U.S. customers may trade approved foreign exchange-traded products through a registered futures commission merchant (FCM) which is either a member of the foreign exchange on which that product is listed or which has established an omnibus account with a clearing member on that exchange, or directly through a member of the foreign exchange that has been granted exemptive relief pursuant to Commission Regulation 30.10. For more information on foreign markets, products, and intermediaries, please see the CFTC’s website.
For information on foreign exchange-traded security index futures contracts pending no-action approval with the CFTC's Office of General Counsel, please see the CFTC's website on Foreign Organization Products.
R. David Gary
Last Updated: August 28, 2009