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Brazil's BM&FBovespa reports USD136m profit in Q3  Join our daily free Newsletter

MENAFN - 07/11/2012

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(MENAFN) Brazil's BM&FBovespa SA reported a 7.8 percent drop in quarterly profits on lower revenue and higher costs, Reuters reported.

The world's third-largest exchange said it made USD136 million net profit during the third quarter, down from USD147.3 million in the second quarter.

BM&FBovespa's quarter-on-quarter revenue, which includes trading, settlement, listing and custody income, fell 3.6 percent to USD256.12 million.

Traded volumes of stocks and derivatives fell on a sequential basis, while the number of accounts under BM&FBovespa's custody slipped 0.7 percent in the period.

Fee revenue was pressured as the participation of high-frequency trading increased to 9.8 percent of total trades in the third quarter from 9.4 percent in the previous quarter.

Revenue at the BM&F derivatives segment slipped 8.5 percent, while equities segment fell 2 percent, the company said.

BM&FBovespa's expenses rose 5.2 percent to USD85.8 million, driven by the higher cost of outsourced services and a slightly costlier payroll.

 






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