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Report: Combined BM&FBOVESPA-Cetip entity to be named Bolsa Balcão Brasil

BM&FBOVESPA SA – Bolsa de Valores Mercadorias e Futuros will change its name to Bolsa Balcão Brasil, or B3, following the approval of its merger with Cetip SA – Mercados Organizados, Valor Econômico reported, citing an unnamed source.

The Brazilian exchange operator will give more information about its priorities after the merger in a March 30 conference, the report said.

The newly created B3 is expected to have a board composed of 14 members, with Cetip CEO Gilson Finkelsztain becoming chief executive of the merged company. Annual revenues of the new entity, meanwhile, are estimated to reach about 3.6 billion Brazilian reais.

The merger has gained approval from Brazil's securities and exchange commission, the CVM, and anti-trust regulator Cade, which imposed restrictions to ensure entry of other competitors in the market.

As of March 29, US$1 was equivalent to 3.12 Brazilian reais.