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FPL Regional Meeting São Paulo - May, 2012 Forward Looking Statements This presentation may contain certain statements that express management’s expectations, beliefs and forecasts relating to future events or results. Such future statements are not statements of historical fact but are based on currently available competitive, financial and economic data and on management’s current expectations for the industry of which BM&BOVESPA is part of. The verbs “anticipate,” “believe,” “estimate,” “expect,” “predict”, “plan”, "project,” “target” and other similar verbs are intended to identify these future statements, which involve risks and uncertainties that might cause material differences between the current data and the predictions contained herein this presentation and they do not assure any future performance of BM&FBOVESPA. The factors that might affect performance include, but are not limited to: (i) market acceptance of the services provided by BM&FBOVESPA; (ii) volatility in the Brazilian economy and its securities market, and in the highly competitive industry in which BM&FBOVESPA operates; (iii) changes in domestic and foreign legislation and taxation, and changes in government policy affecting the financial and securities markets; (iv) increasing competition with new entrants in the Brazilian markets; (v) BM&FBOVESPA’s ability to continuously adapt to the fast-changing technological environment, including implementation of optimized functionalities required by customers; (vi) its ability to maintain a continuous process for introducing competitive new products and services, while maintaining the competitiveness of the existing ones; (vii) its ability to attract new customers in domestic and foreign jurisdictions; and (viii) its ability to expand its product offering to foreign jurisdictions. All future statements expressed herein this presentation are based on information and available data in the date they were made. BM&FBOVESPA does not undertake to update them in light of new information or future developments. This presentation neither constitutes a sell offer or a purchase request of any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, request or sale would be unlawful prior to registration or qualification under the securities laws thereof. No offer shall be made except for being properly proposed in a prospectus according to the Brazilian Securities Commission (CVM) Rule no. 400 from 2003 and its pertaining amendments. 2 BM&FBOVESPA Update Presentation goals • To present the deployment schedule for the BM&FBOVESPA PUMA Trading System for the BOVESPA segment; • Depict new funtionalities and impacts on FIX Order Entry interfaces (e.g. MegaDirect and EntryPoint); • Depict new funtionalities and impacts on FIX Market Data feeds (e.g. UMDF Mega Bolsa); • Other Relevant Topics. 3 BM&FBOVESPA Update Agenda BM&FBOVESPA PUMA Trading System Project Impact on FIX Order Entry Interfaces Impact on FIX Market Data Feeds Final Topics 4 BM&FBOVESPA Update Agenda BM&FBOVESPA PUMA Trading System Project Impact on FIX Order Entry Interfaces Impact on FIX Market Data Feeds Final Topics 5 PUMA Trading System Project milestones • Successful replacement of the GTS trading platform by the PUMA Trading System for the BM&F segment in 2011; • Now it is time to lay out the changes needed for client systems for the equities launch in late 2012; 2011 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 GTS Replacement Mega Bolsa Replacement Update BM&F BM&F Segments BOVESPA Segments Segment Next Steps (under planning) 6 PUMA Trading System (Derivatives Market) Operation statistics for the BM&F segment after GTS System replacement System PUMA GTS (2011) PERFORMANCE RTT latency average* 15 ms 1,1 ms RTT standard deviation 100 ms 370 µs OUTLIERS** 23 sec 15 ms PROCESSING PEAK Messages per day 7 million 200 million (*) RTT: Round Trip Time – LiNe system time not considered (**) RTT maximum registered • 25 times capacity increase • Average latency 20 times reduced • Latency standard deviation 300 times reduced 7 PUMA Trading System (Equities Market) Estimates of operation statistics for the BOVESPA segment after Mega Bolsa System replacement System PUMA Mega Bolsa (2012) ** PERFORMANCE RTT latency average * 30 ms < 1 ms RTT standard deviation 370 µs PROCESSING PEAK Messages per day 20 million 200 million (*) RTT: Round Trip Time – time in the LiNe system not considered (**) to be confirmed in tests • New FIX gateway with optimized performance – benefiting EntryPoint 8 PUMA Trading System (Equities Market) Mega Bolsa replacement project’s steps • Mock tests • Instruments migration • PUMA equities and derivatives trading platform development finished. • 659 people involved in the project (CME + BVMF). • 560,500 worked hours in this phase DEPLOYMENT INTERNAL TESTS • 150 people executing tests scenarios DEVELOPMENT • Alpha (full regression) • Beta (non-functional tests and UAT) • Candidate version (final tests) REQUISITES • July 2012 – New Release Environment • September 2012 – Beginning of the simulated trading and certification sessions phase 9 BM&FBOVESPA Update Agenda BM&FBOVESPA PUMA Trading System Project Impact on FIX Order Entry Interfaces Impact on FIX Market Data Feeds Final Topics 10 Existing Order Entry Interfaces BM&F segment BOVESPA segment • 1986: Open outcry • Open outcry • 2000: Global Trading System (NSC) • 1990: CATS – GLWin • 1997: Mega Bolsa (NSC) • 2004: Web Trading (WTr) • 1999: Home broker interface – First automated interface • 2005: End of open outcry • 2007: New GTS (BELL FIX interface) • 2008: New version of Mega Bolsa • 2008: DMA access, cross-listing with CME • 2009: Current version of Mega Bolsa • 2011: New EntryPoint interface (FIX 4.4) MegaDirect (FIX 4.2) Average RTT** April, 2012 Messages (ms) (per day) BELL GTS* 1,505,323 22.469 BM&F BELL PUMA 514,735 3.041 EntryPoint PUMA 2,366,913 1.626 BOVESPA MegaDirect 10,841,129 22.716 (*) data from June, 2011 (**) RTT average includes sessions with pre-trade limit controls enabled 11 EntryPoint – Unified Order Entry Interface EntryPoint proposal • Consolidation of multiple interfaces – enable access to multiple asset classes via same FIX sessions; • Based on FIX.4.4 – leverages knowledge of and investment in FIX; • New functionalities (e.g. new Market with Protection, Stop with Protection, Market on Auction, Market on Close order types). FIX order entry interfaces impacts due to PUMA deployment for equities • Support for Mega Direct will be kept – messages will be internally converted and routed to EntryPoint; • The EntryPoint Mega Bolsa interfaces will automatically be converted into PUMA – messages will be internally routed to MegaBolsa or PUMA according to the instruments migration. 12 Order Entry for Equities Current architecture Broker/User BVMF MegaDirect Dropcopy FIX 4.2 MegaDirect MegaBolsa MegaDirect Client Gateway NSC v900 FIX 4.4 new EntryPoint EntryPoint EntryPoint Client Mega Bolsa GW EntryPoint Dropcopy 13 Order Entry for Equities Post-migration architecture Broker/User BVMF MegaDirect Dropcopy FIX 4.2 MegaDirect MegaDirect Client Gateway X MegaBolsa NSC v900 MegaDirect/EntryPoint Protocol converter FIX 4.4 EntryPoint EntryPoint EntryPoint Client PUMA Gateway Equities EntryPoint Dropcopy 14 Order Entry Roadmap EntryPoint Consolidation of multiple interfaces 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PUMA BM&F BOVESPA Segment Segment Upgrade BELL FIX (D) DRAF X Planned to be discontinued* EntryPoint (D) EntryPoint MegaDirect (E) X (D+E) Gateway EntryPoint (E) consolidation (*) dates to be properly informed 15 Order Entry – MegaDirect FIX tags impacted by the instruments migration to PUMA Mega Bolsa System PUMA Trading System OrderID Unique per instrument per trading day Globally unique (generated by PUMA) (37) (generated by Mega Bolsa) Tag in MegaDirect (and in EntryPoint) will receive Tag in MegaDirect combines with "session an unique increasing numeric value, with no date" and "instrument symbol“ values composition of date or instrument 37=20120426123456ABCD1 37=11000000123456789 Account MegaDirect - Data type STRING EntryPoint - Data type INT (1) Client system may complement with Client system should send the account exactly as useful information designated by the exchange. Account 1=001234TEXT information with non-numeric characters will It is optional to use the Memo (5149) return a session reject (35=3) message field which is echoed in all replies. 1=1234 5149=TEXT It is optional to use the Memo (5149) field which is echoed in all replies. 5149=TEXT It is recommended to use the use the new PartyRole (452) = 76 DeskID field which will be echoed in all replies and pos-trading messaging. 452=76|448=TEXT 16 Order Entry – EntryPoint New TAGs returned in instruments migrated to PUMA Data Tag Tag Name Req’d Type Message Comment 1057 Aggressor N Boolean Execution Optionally returned to identify whether the order Indicator Report (35=8) initiator is an aggressor or not in the trade. Valid values: Y = Order Is Aggressor N = Order Is Passive 35001 Protection N Price Execution Conditionally returned for Market and Stop orders Price Report (35=8) with protection. This contains the final protection price limit, which any unmatched quantity will remain in the book. 378 ExecRestatem N Int Execution Conditionally returned in Execution Reports (35=8). entReason Report (35=8) Added new domain value: 103 = Self-Trading Prevention 834 Threshold N PriceOffset Position Used to indicate the minimum acceptable offset Amount Maintenance between the Strike Price and the Market Price. Returned in the Position Maintenance Report Request (35=AL) (35=AM) when provided in the request. Report (35=AM) 17 Order Entry – EntryPoint Changes in order modification behavior Scenario Mega Bolsa System PUMA Trading System Modifications of Limit orders with Rejected by means of an Execution Accepted producing an Execution Report disclosed quantity to Limit orders Report (ExecType (150) = Rejected (8)) (ExecType (150) = Replaced (5)) without disclosed quantity Modification of an order to a lower Modification is rejected with Modification returns an Execution Report quantity than the executed one OrderCancelReject (35=9) (ExecType (150) = Canceled (4)) Client submits an OrderCancelReplace Modification is rejected with Modification is accepted producing an without changing any parameter of the OrderCancelReject (35=9) Execution Report (ExecType (150) = order Replaced (5)) Change in the order SecondaryOrderID of iceberg orders Scenario Mega Bolsa System PUMA Trading System An order with OrderQty = 10000 and In Mega Bolsa the Order Identifier PUMA matching engine will assign a new MaxFloor = 500 will be shown in the (SecondaryOrderID) remains Order Identifier (SecondaryOrderID) each order book as a 500 order. unchanged. time the order is replenished. 18 Order Entry – EntryPoint Removal of the “suspended” state Scenario Mega Bolsa System PUMA Trading System The domain value In Mega Bolsa the instrument’s In PUMA, even if an auction is triggered, the “Suspended (9)” in the phase/state is set to instrument’s phase/state will automatically tags ExecType (150) and “Suspended”, e.g. if an auction change and the order will be accepted with OrdStatus (39) will be is triggered. an Execution Report with the tags ExecType discontinued in the (150) and OrdStatus (39) indicating the value PUMA Trading Platform. “New (0)”. Change in cancellation behavior of non executed orders by EOD Scenario Mega Bolsa System PUMA Trading System The behavior in the In Mega Bolsa the orders are At the end of the day, all the orders will be Equities segment will be removed from the matching cancelled by the matching engine during the harmonized to match engine and no execution closing trading phase and the customers will what currently occurs in reports are sent. Customers receive Execution Reports expiring the Derivatives and FX. must handle orders elimination orders (ExecType (150) = Expired (C)). on the client-side 19 Order Entry – EntryPoint Other relevant changes User-Defined Spreads A larger list of spread types will be supported once the instruments migrate to PUMA. In the PUMA Trading System it is possible to create spreads up to 40 legs, whereas Mega Bolsa allows the maximum of 5 legs; New naming convention: Mega Bolsa PUMA ACME S 447 VV UD : ACME VT 123456 Instrument UDS Sequence Template Prefix Instrument Strategy Sequence Code (R-Z) Number Code Type Number Exercise & Blocking In PUMA, there has been an improvement in the Exercise functionality that allows the client to indicate the minimum earnings an options contract holder expects to profit by exercising his position. In case the earnings happen to be lower than what is specified , the position will not be exercised. Self-Trading Prevention The Self-Trading Prevention functionality, which is currently available in the Derivatives segment through the EntryPoint interface, will also be provided for Equities upon the migration to the PUMA Trading System. For more information on the Self-Trade Prevention functionality, please see: http://www.bmfbovespa.com.br/pt-br/servicos/download/Self-Trading-Prevention-Functionality-v100.pdf 20 Order Entry – EntryPoint Resend Request changes • The maximum number of retransmitted messages due to a ResendRequest (35=2) will be limited to 10 thousand messages; • If ResendRequest (35=2) exceeds the established limit, the system will accept the request, but the number of retransmitted messages will be within the limit; • In this case the message SequenceReset (35=4) sent at the end of the retransmission of the messages will contain the tag PossMissingApplMsg (35033) = Y to indicate the request may not have been completely delivered: Data Tag Tag Name Req’d Type Message Comment 35033 PossMissing N Boolean Sequence If returned with value “Y”, it indicates that the Resend Reset (35=4) Request was not fully delivered. In this case, the client ApplMsg system might connect to the Message Replay gateway in order to recover the complete set of messages. 21 Order Entry – EntryPoint New Message Replay Service • Message Replay is a new service dedicated to order entry messages retransmission. ApplicationMessageRequest (35=BW) Tag Tag Name Req’d Data Type Comment 1355 RefApplID Y String Reference to the FIX session identifier. 1182 ApplBegSeqNum Y Seqnum Beginning range of application sequence numbers. 1183 ApplEndSeqNum Y Seqnum Ending range of application sequence numbers. Zero means sequence number of last message in transmission. Apart from the quantity, it is recommended that the client applications always request message retransmission to the Message Replay service. 22 BM&FBOVESPA Update Agenda BM&FBOVESPA PUMA Trading System Project Impact on FIX Order Entry Interfaces Impact on FIX Market Data Feeds Final Topics 23 Existing Market Data Feeds Fragmented formats with different implementations • BOVESPA (cash equities): ProxyDiff (RLC/MMTP) • BM&F (derivatives & FX): FIX 4.4 (BELL) • BM&F (clearing): SDM Different traffic patterns • BOVESPA: • Signal formats based on unicast TCP liquidity in many securities (e.g. stocks tracked by index) • Lack of signal compression creates higher bandwidth requirement • BM&F: very high liquidity in few instruments • Sequential model requires (index futures, dollar futures) persistence at customer’s end • Very bad for late joiners – can take hours to resend messages 24 UMDF Unified Market Data Feed • Provide a single format market feed covering all products traded on BM&FBOVESPA as well as those distributed by agreements (e.g. CME and NASDAQ), reducing cost to the exchange and its customers; • Leverage use of UDP multicast to reduce TCO and enhance performance of market data feed, reducing cost to exchange and its customers; • Use of FIX 5.0 standard: - Possibility of expansion via service packs; - Independent of transport layer (TCP unicast, UDP multicast, MSMQ, etc.); - Simple message parsing, familiar to market and with large array of available APIs. • Compression via FAST: - Offers up to 80% compression for FIX messages; - Flexibility to remove compressors for greater performance; - Messages encoded and decoded via templates. 25 UMDF Channels for market data feeds • Diffusion of market data divided into logical groups, or “channels”, identified by number (channel 1, channel 12, channel 50 etc.) • Each channel represents a market segment or relevant division that makes sense from the operational or load balancing standpoint • Each channel comprises three UDP streams: - List of instruments - List of instruments for the channel with all their characteristics (tick, standard lot, maturity, etc.) - Snapshots - Status of order books, instruments and statistical data (high price, low price, VWAP) for rapid recovery - Incrementals - Real-time changes in instrument status (order book, statistics, news, etc.) • A TCP Recovery feed can be used for on-demand message recovery. 26 UMDF High availability and disaster recovery • High availability is achieved via local clusters • DR is live, with two parallel signals (Primary feed out of main site and Backup feed out of secondary site) Core exchange market data feed Primary site Backup site PRIMARY FEED BACKUP FEED BM&F BOVESPA CME BM&F BOVESPA CME market data market data market data market data market data market data channels channels channels channels channels channels Market data Market data feed feed RCB / RCCF2 / Low latency network Client systems 27 Impact on FIX Market Data Feeds FIX market data feeds impacts due to PUMA deployment for equities • Release of UMDF feed version 2.0 (PUMA) for the equities market after ending the instruments migration to PUMA; • Support for the UMDF 1.6 (Mega Bolsa) feed will be kept (internally converted from UMDF 2.0); - The UMDF Mega Bolsa signal will not undergo any compatibility break with the instruments migration to the PUMA platform; - Market data will keep being internally converted from the MMTP/RLC format; - It is expected to have 5-10 ms of added latency to UMDF 1.6 (Mega Bolsa) due to the double conversion among the tree formats; • UMDF 1.6 (PUMA Derivatives) feed will suffer no changes and will later be upgraded to 2.0, in a date to be properly informed. 28 Impact on FIX Market Data Feeds Current architecture Broker/User BVMF MMTP/RLC ProxyDiff Client HUB MegaBolsa NSC v900 RLC 2 UMDF UMDF FIX/FAST 5.0 UMDF 1.6 UMDF Client MegaBolsa 29 Impact on FIX Market Data Feeds Post-migration architecture Broker/User BVMF MMTP/RLC new ProxyDiff Client HUB UMDF 2 RLC RLC 2 UMDF UMDF 1.6 MegaBolsa UMDF FIX/FAST 5.0 UMDF 2.0 PUMA UMDF Client PUMA Equities new 30 Market Data Feeds – UMDF UMDF Roadmap 2012 2013 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 PUMA BM&F BOVESPA Segment Segment Upgrade UMDF 1.6 (Mega Bolsa) DRAF X Planned to be discontinued* UMDF 2.0 (PUMA Equities segment) customer impact document UMDF GTS X Discontinued UMDF 1.6 (PUMA Derivatives segment) UMDF 2.0 (D) (*) date to be properly informed 31 Market Data – UMDF 2.0 (PUMA) UMDF 2.0 (PUMA) New supported products and tags • The UMDF 2.0 (PUMA) implementation is compatible with UMDF 1.6 (Mega Bolsa); • New messages tags and features. New supported products in UMDF 2.0 Security Lending Contracts (BTC) MDEntry Description All market data for BTC comes with the tag 1500-MDStreamID=L to 269=0,1,2 BTC Book Entries differentiate the market data entries from other venues; 269=J BTC Book Reset • Tag 432-ExpireDate carries information on when the lending expires; 269=B BTC Trade Volume • Tag 37019-EarlyTermination indicates if the lending can be terminated 269=C BTC Open Interest earlier. Fixed Income Products (BovespaFIX) New FIX message 35=n (NonFixData) used to carry the unmodified RLC-Z5 message; 32 Market Data – UMDF 2.0 (PUMA) Main changes in the message SecurityList (35=y) New indicator for Non-tradable products and eligibility for GTD/GTC orders (using 870-NoInstrAttribs block); New block to support for multiple Lot Types (using 1234-NoLotTypeRules); New indicator for User-defined spreads (UDS) versus Exchange-defined spreads (EDS) using tag 1377-MultiLegModel; New indicator for when strategy products legs contain individual prices (tag 1378-MultiLegPriceMethod); New indicator for Corporate Action Event identification (tag 37010-CorporateActionEventID); New Governance level indicator (tag 37011-GovernanceIndicator); New Special Auctions indicator (tag 37015-SecurityMatchType); Reviewed and enhanced security classification (tags 460-Product, 167-SecurityType and 762-SecuritySubType); SecurityStatus (35=f) Main changes in the SecurityStatus message (35=f) New tag 336-TradingSessionID informing when entering non-regular trading sessions; New Final Closing Call phase (625=101) and state (326=101) to indicate when the group/instrument is on the final closing call for the trading day; New tag 1174-SecurityTradingEvent to indicate when an instrument state is separating or rejoining its group phase, facilitating the handling of instruments that behave differently from the group they are in; 33 Market Data – UMDF 2.0 (PUMA) Main changes in the messages MarketData Incremental and Snapshot (35=X,W) New tag 37014-MDInterestRate for reporting the interest rate for Termo (Forward Market); New tag 37100-IndexSeq and new Composite Underlying Prices block (269=D) with group 711-NoUnderlyings in incremental messages for index instruments; New tag indicating the date when the instrument last traded (tag 9325-LastTradeDate); New indicator of previous day´s closing price adjustment (tag 37013-PriceAdjustmentMethod); New Adjusted Closing Price block (269=5 when 286=4); New Quantity Limits block (269=h) and new types of limits and bands (tag 6939-PriceBandType); Enhanced statistics by venue. Each set based on the tag 1500-MDStreamID must be stored separately by the client application. Changes in the message News (35=B) New Unified News Channel reserved for global news broadcast and that is able to send encoded headlines and text with special characters (e.g. accented letters); Revised news sources (tag 6940-NewsSource); New cross-news referencing id (using tag 1472-NewsID); 34 Market Data – UMDF 2.0 (PUMA) Snapshot Market Recovery Changes The Snapshot Market Recovery feed now supports multiple Snapshot messages (35=W) per packet. Many small footprint Snapshots can be bundled UDP Packet (1430 bytes) into a single UDP datagram (1430 bytes). 35=W 35=W ... 35=W TCP Recovery Changes Faster TCP Recovery feed must now be used to recover up to 10,000 missing messages, 2000 at a time. Customer applications should be capable of arbitrating between both incremental feeds A and B (except for colo clients), to be able to recover missing packages more efficiently and use the TCP Recovery feed only when needed. New TCP Historical Replay New TCP Historical Replay available for participants as an alternative for charting purposes. Separated TCP session for customers that need to recover more than 10,000 messages without incurring in added latency to the real time TCP Recovery. 35 BM&FBOVESPA Update Agenda BM&FBOVESPA PUMA Trading System Project Impact on FIX Order Entry Interfaces Impact on FIX Market Data Feeds Final Topics 36 Brazil Easy Invest (BEI) www.bmfbovespa.com.br/bei BEI Attracting international investors • Partnership between BVMF and Chi-X to develop technology that will enable Brazilian stocks to trade in foreign currencies; • Target: foreign investors (CMN Resolution 2689) and retail via home broker systems in U.S., Europe and Asia. BEI EQUITY USD ORDER BOOK ILLUSTRATIVE BID ASK 1000 5.7333 6.3055 1000 1000 5.1600 6.8788 1000 Streaming equity and FX quotes are 1000 4.5866 7.4520 1000 merged to create a USD book MEGABOLSA EQUITY BRL LIMIT ORDER BOOK LIQUIDITY PROVIDER FX CURRENCY QUOTES BID ASK BRL USD 1000 10.00 11.00 1000 BUY SELL Notional 1000 9.00 12.00 1000 1.7442 1.7445 10,000,000 1000 8.00 13.00 1000 1.7441 1.7446 20,000,000 37 BEI – Market Data Message Flow Market Data (e.g. USD) Market Data (BRL) Book by Price Book by Order TCP FIX 4.4 Conflated Multicast UMDF FIX/FAST 5.0 BM&FBOVESPA OFF-SHORE CORRETORA ON-SHORE CORRETORA BROKER OFF-SHORE BROKER ON-SHORE 2 Market Data Port 1b Equity Order Entry FX LiNe UMDF Portal Web Chi-FX FX Order Entry 1a BANCO FX LIQUIDITY DE CÂMBIO PROVIDER ILLUSTRATIVE FX Quote (35=S) (e.g. USD/BRL) TCP EntryPoint FIX 4.4 38 BEI – Market Data Message Flow 35=x SecurityListRequest 35=y SecurityList ... 35=V MarketDataRequest Broker BEI 35=W MarketDataFullRefresh ... 35=X MarketDataIncrementalRefresh ... 35=f SecurityStatus 39 BEI – Order Entry Message Flow TCP FIX 4.4 EntryPoint BM&FBOVESPA OFF-SHORE CORRETORA ON-SHORE CORRETORA BROKER OFF-SHORE BROKER ON-SHORE 2 Equity Order Entry 3 5 FX LiNe 6a Portal Web 4 Gateway Chi-FX EntryPoint Quote (35=S) 1 FX Order Entry QuoteCancel (35=Z) 6b EP LiNe BANCO FX LIQUIDITY QuoteStatusReport DE CÂMBIO PROVIDER ILLUSTRATIVE (35=AI) 1 FX Quote (USD/BRL) 4 EQ ExecutionReport (BRL) 2 EQ NewOrder (USD) 5 EQ ExecutionReport (USD) 3 EQ NewOrder (BRL) 6a FX ExecutionReport (USD) 6b FX ExecutionReport (BRL) 40 BEI EntryPoint Specific Tags Tag Tag Name Req’d Message Comments 15 Currency Y New Order Single (35=D) Required for Chi-FX to indicate offshore currency of the Execution Report (35=8) order 452 PartyRole Y New Order Single (35=D) Identifies the type or role of the PartyID (448) specified. Execution Report (35=8) Conditionally required if NoPartyID > 0. 7 = Entering Firm 36 = Entering Trader 46 = Foreign Firm 54 = Sender Location Tag Tag Name Req’d Message Comments Component MiscFeesGrp N Execution Report (35=8) 136 NoMiscFees N Execution Report (35=8) Number of miscellaneous fees 137 MiscFeeAmt N Execution Report (35=8) Miscellaneous fee value 138 MiscFeeCurr N Execution Report (35=8) Currency of miscellaneous fee. Valid value: BRL = Brazilian Real 139 MiscFeeType N Execution Report (35=8) Indicates type of miscellaneous fee 96 = IOF Fee 97 = Trading Fee 98 = Settlement Fee 99 = Onshore Broker Commission 891 MiscFeeBasis N Execution Report (35=8) Defines the unit for a miscellaneous fee. 0 = Absolute 41 Tests and Certification New Release New environment for tests and certification • For order entry tests on the PUMA system (equities segment) and market data consumption on UMDF 2.0 format, the New Release environment will be available from July on, in a date to be properly announced; • The current PUMA (derivatives segment) and Mega Bolsa test environments are still active. BM&FBOVESPA Software Update Process Internal Environment PRODUCTION Development and NEW RELEASE Internal Tests version D+1 CERTIFICATION 42 Additional Information Information Sources PUMA website containing www.bmfbovespa.com.br/puma announcements and technical documentation Manuals for accessing the www.bmfbovespa.com.br/bvmftrader technological infra-structure, trading interfaces and market data feeds Technological e-mail newsletter email@example.com published every fifteen days containing information on projects and relevant updates Published Notices available for www.bmfbovespa.com.br > Rules > research and subscription Circular Letters 43 www.bmfbovespa.com.br Thank you!
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