The new link to BM&FBOVESPA allows X_TRADER users to trade the main derivatives contracts listed on the exchange. These products include:

• Interest Rates -- One-Day Interbank Deposit, Long Term Interbank Deposit and ID x US Dollar Swap with Reset contracts
• Equity Index Futures -- Ibovespa, Mini-Ibovespa, Brazil Index-50, General Market Price Index and Mini General Market Price Index (pending regulatory approval)
• Currency -- USD Futures, Mini-USD and Euro Futures
• Agricultural -- Arabica Coffee, Robusta, Cotton, Real-Denominated Corn, Soybeans, Crystal Sugar, Feeder Cattle, USD Denominated Ethanol and Anhydrous Fuel Alcohol
• Sovereign Debt Instrument (Bonds) -- A-Bond Futures, Three-, Five- and Seven-Year Brazilian Sovereign Credit Default Swaps and Ten-Year US Treasury Notes
• Metals -- Gold Futures and Spot contracts

"By means of this connection, global investors can trade a complete and diversified range of Brazilian products and hedge their risks across the two Exchanges. The GTS order book will be transmitted in real time to the CME Globex users, and liquidity will be increased," says Cicero Augusto Vieira Neto, Chief Operating Officer of the BM&FBOVESPA.

"Trading Technologies' customers have expressed a strong desire to access the Latin American markets, so we are very pleased to be working with BM&FBOVESPA. Our BM&FBOVESPA connection has been thoroughly tested and is available to our customers," said Harris Brumfield, CEO of TT.

TT clients have the option to host BM&FBOVESPA gateways internally or outsource connectivity to TTNET(TM), TT's fully managed hosting solution.

BM&FBOVESPA is the world's third largest exchange by market capitalization. The Exchange ranked as the world's seventh largest derivatives exchange in 2007, with total volume of 426,363,492 contracts. This represented an increase of more than 50% over 2006 volume. The BM&FBOVESPA's One-day Interbank Deposit futures contract ranked fifth among all exchange traded derivatives contracts globally in 2007.

BM&FBOVESPA and CME Group signed an agreement earlier this year that incorporates cross-investment, order routing arrangements and future business opportunities. As part of this agreement, CME Globex customers will have access to the order book of BM&FBOVESPA's Global Trading System (GTS) platform via the Globex platform.

Source: TT International 06.10.2008

Forever I love Atlanta

The greatest place for me!!!! I love ATL!!!! I moved to Atlanta, back in 99. It was a much different place then. During the 90's Atlanta was a "Mecca" for blacks. It was even wrote into movie scripts, BOYZ N THE HOOD, MENACE TO SOCIETY!!! With 1 consistent theme if you can't make it your town, move to ATL!!! I knew cats who didnt even go to college and were making $50k a year. It if you had a passion for the fast life, you could come there and come up quick, it was like Vegas, I had never experienced anything like it. I remember the first girl I kut in the Atown. I remember when Raheem the Dream had his run, "the most beautiful girl in the world...." 559, the last Freak-nik, 1996 my first Freak-nik!!!, I remember Studio Central, Morris Brown, Jaguar, Plush, Cobalt, Liquid Assets, the Original Esso's!!!, The old buckhead strip (before niggas got stabbed and Shot!!!) I mean the city had everything. Morehouse and Spelman Homecoming!!! I mean If I had the energy to write a book, on the past 8 years of my life, in the Atown, it still wouldnt show you, how progressive minded the people, are. If it were a woman she would be my wife, not my hoe, my down ass ride or die chick!! She is what I dreamed of my whole life, her love was consistent and held me down, whether I was stressed or losing my mind, she was there to lift me up, when I was happy she made me feel like a King!!! I paid my dues in the city, I ran with the best, did my best and made it work. I will always love my lady cause she was so willing to be there when I didnt appreciate her!! I grew closer to Yah in ATL, I established my church home at New Birth. I rememeber sitting on the wall at Morris Brown. I preached the gospel to all who i encountered. I put my life on the line many nights to make dreams happen, I bought my first legal gun in that city. I remember Stegals on the AUC Strip, I would order wings on wheat! (back when I ate meat) I learned how to be a man there, how to survive! If you can make it in ATL you can make it anywhere!!! I miss her so much, but I will come back and visit, and I hope she takes care of the other children the way she took care of me. ATL I love you!!! I will never forget Buckhead, Decatur, Beer Bash at Washington Park, old Twist on Fridays, Bucket Shop, C'est bon (back when the food was Fresh), the Beautiful Soul Food, Arnold Hennings, Darp, Rare Footage, CastleBerry, Clark Fashion Show, Austell, GK, HK, Pi, Bloody BD, CUE, I'm not naming everybody cause its too many names, if I know you and we cool, then you know I love hard and I love you!!! When ya'll in LA holla at me. ]]> http://finetik.wordpress.com/?p=326 Tue, 30 Sep 2008 02:20:16 +0000 finetik http://finetik.sv.wordpress.com/2008/09/30/brazil-bmf-bovespa-global-order-routing-through-globex/ CME Group, the world's largest and most diverse derivatives exchange, and BM&FBOVESPA, the largest exchange in Latin America, have announced that the order routing of BM&F derivatives products on CME Globex® is scheduled to begin September 30.

The order routing linkage will enable customers in more than 80 countries using the CME Globex electronic trading platform to now trade BM&FBOVESPA products directly, including futures and options on One Day Inter-Bank Deposits, the Bovespa Stock Index, which is pending regulatory approval, and commodities such as Arabica coffee, live cattle and corn.

Starting in the fourth quarter of 2008, BM&FBOVESPA customers will have the ability to trade CME Group products directly through their BM&FBOVESPA connections, including CME Group futures and options on interest rates, equity indexes, foreign exchange, commodities and energy and metals products.

"Our agreement with BM&FBOVESPA is another example of CME Group's commitment to expand our global offerings and services to our customers, and we want to thank the customers and employees who have worked so hard in recent weeks to make this a reality," said CME Group Executive Chairman Terry Duffy. "As one of the world's leading financial exchanges, CME Group will continue to offer products to investors worldwide using the most up-to-date technology that add customer and shareholder value."

"The CME Group and BM&FBOVESPA cross-equity investment and strategic alliance is the first ever arrangement between a major global exchange and the premier exchange in Latin America," said Craig Donohue, CME Group Chief Executive Officer and a member of the BM&FBOVESPA board of directors. "With Brazil's position as the world's tenth largest economy and with BM&FBOVESPA offering some of the most successful and liquid Latin American futures and options products, we are pleased to expand our customers' access to these important markets. We also look forward to the establishing the next phase of our strategic partnership when CME Group products will be directly accessible to customers trading on the BM&FBOVESPA platform."

"As the largest Latin American economy, Brazil has a sophisticated financial system which uses state-of-the art technology, speeding up transactions and providing them with security by employing efficient regulatory, self-regulatory and risk control systems. The Brazilian financial and capital market has been strongly developing in the last few years. Today it offers a variety of highly complex products which attract both domestic and foreign investors. This is evidenced by the impressive capital inflows that were registered during the last IPOs. All of this stresses the high potential that an international financial marketplace has to flourish in Brazil," said Gilberto Mifano, Chairman of the BM&FBOVESPA Board of Directors.

"The start of the order routing with the CME Group initiates the global expansion of BM&FBOVESPA and represents the complete electronification of our markets, including broader global distribution of our equities products such as stocks, options, forwards and ETFs, on a parallel track with our futures products. The Brazilian market has matured, counting on the most up-to-date technology and efficient tools to meet demands. With this partnership, BM&FBOVESPA, which is the world's third largest exchange in market capitalization, hopes to expedite the construction of a large financial and commodity market in South America, and it certainly has the means to become the liquidity hub for this market," explained Edemir Pinto, BM&FBOVESPA Chief Executive Officer. "I would like also to thank the IT teams at CME Group and BM&FBOVESPA for their commitment with the deadlines."

Source: CME / BM&F - BOVESAP 29.09.2008

Nach dem Zusammenbau störte mich die schlichte bis fehlende Bemalung, von einem Used Look ganz zu schweigen.
Ich beschloss den Falcon von außen komplett neu zu bemalen. Anfangs zweifelte NoObe noch ob man die Aufgabe aufgrund der großen Flächen mit einem Pinsel erledigen könnte, kurze Zeit später half er mir bei Detailarbeiten ;-) – Vielen Dank noch einmal für Deine Unterstützung!
Die Gesamtarbeitszeit betrug in etwa 48 Stunden und ich denke die Mühe hat sich gelohnt .....

Durchde

Mercuria Energy Trading, from Geneva, bought the lot at €19.20 per metric ton of carbon. The São Paulo Municipal Government received an equivalent of €13.689 million for the carbon credits (approximately BRL37 million), representing a premium of 35.21% in comparison to the minimum bid of €14.20 per ton. Ten institutions were authorized to take part in the auction – eight of them placing bids.

The Mayor of São Paulo, Gilbert Kassab, and BM&FBOVESPA's Chairman, Gilberto Mifano, were present during the auction, which was held at the Exchange.

Source: BM&F BOVESPA 25.09.2008

BM&F, the fourth largest derivatives exchange in the world, earlier this year announced their intention to launch a direct market access (DMA) initiative based on the FIX protocol standard.

"As BM&F moved towards offering FIX based market connectivity, we knew that we needed to act quickly to allow our customers to take advantage of this direct market access," notes Ernesto Pinto of Liquidez. "We have grown to be one of Brazil's largest futures brokers by implementing the services and technology that our customers demand. By choosing Orc for our trading and connectivity solutions, we believe we will be able to continue to serve our customers well in trading the Brazilian markets. In addition, with Orc CameronFIX, we have the flexibility to allow our customers to trade on markets outside of Brazil based on their demands and requirements."

"We are happy to have Liquidez join our growing Brazilian client base," says Steve Lukes, VP of Americas Sales for Orc Software. "Liquidez is on the fore-front of the Brazilian market and represents the new wave of firms that are deploying our advanced derivatives trading and connectivity solutions to meet the new market dynamics in Brazil."

Orc Trading provides the competitive edge to trade from a single platform capable of running thousands of complex trading strategies simultaneously. Orc Trading is used by financial firms worldwide for enhanced trading, pricing and risk management on electronically traded derivatives.

The world's leading banking and financial firms rely on the high performance trading capabilities of the Orc CameronFIX - the only globally proven FIX platform for brokers, fund managers, exchanges and software vendors across the securities, investment, banking and finance industries.

Source: ORC 22.09.2008

Der Göffel ist das Ergebnis einer innigen Verbindung von Gabel und Löffel. Jetzt kann auch das Bratenhäppchen zusammen mit der delikaten Sauce genossen werden. Ideal auch für Salate mit köstlicher Tunke, Obstsalate und andere Desserts. Zusätzlich ist der Göffel ein von Kindern gerne benutztes Esswerkzeug.

Göffel werden aus massivem 18/10-Edelstahl geformt, sind spülmaschinenfest und "made in Germany" von der BMF. Länge 17,5 cm.

http://www.alfred-wittenauer.de/prod/goeffel-x.htm

Por volta das 11h10 (de Brasília), o dólar comercial subia 2,25% a R$ 1,861 no mercado interbancário de câmbio, na taxa máxima do dia até o momento. Na abertura, a moeda americana exibiu alta de 0,16% a R$ 1,823. No mesmo horário, na Bolsa de Mercadorias & Futuros (BM&F), o dólar à vista avançava 2,31%, também cotado a R$ 1,861, após abertura em leve alta, de 0,06%, a R$ 1,82.

"Ninguém quer vender dólar", afirmou hoje um operador de uma corretora, resumindo o quadro no mercado cambial doméstico esta manhã. "Estamos vendo resgates de fundos e é o (investidor) estrangeiro (que está) saindo (do mercado)", completou.AE

Brothers Demetrius "Big Meech" and Terry "Southwest T" Flenory were sentenced to 30 years in prison on Friday Sept. 12, for running the cocain ring known as The Black Family Mafia. BMF is an organization that hailed out of Detroit and distributed cocain and other drugs throughout the US. It has been said that rapper Young Jeezy was associated with BMF.

Via AHH:

Demetrius and Terry were apprehended in 2005 and indicted under the CCE (Continuing Criminal Enterprise) law, which like RICO charges carry life sentences.

Under the federal prison system, there is no parole option.

Seeking to avoid spending the rest of their natural lives in prison, the brothers pleaded guilty in November 2007 to the CCE charges and laundering drug money in hopes of serving the minimum 20 year sentence.

However, evidence presented by prosecutors resulted in 30 year sentences for both men. BMF was founded by the brothers in Detroit during the late 1980s.

After quickly securing valuable contacts with international coke suppliers, the organization grew to a nationwide criminal conspiracy within a few years.

The group began to draw unwanted attention from federal agents in 2003 once they established a high-profile operation in Atlanta, where they erected billboards, held lavish parties, created DVDs, and boasted of their connections with rappers Young Jeezy and Fabolous.

Also notable in the organization’s downfall was Meech’s involvement in a brazen 2003 shootout in the Buckhead nightclub section of Atlanta that left two men dead, including Sean “Diddy” Combs’ bodyguard Anthony “Wolf” Jones.

In 2005, agents raided several key BMF operations in Georgia, Michigan, Florida, South Carolina, Tennessee, Missouri, and California.

To date, those raids have resulted in over 150 indictments of BMF members or associates, effectively dismantling the drug empire.

According to authorities, these convictions of BMF’s top members end a 15 year investigation into the Black Mafia Family’s criminal enterprise.

At their peak, Demetrius (age 40) and Terry (age 38) Flenory are estimated to have controlled a cocaine empire worth $270 million.

Mediaoutrage- Sheesh that's a lot of time. The thing is these guys are probably heroes and icons to other young men. How do some think that they can run something this big and make that much money without being infiltrated by the feds? To find out which rapper was just sentenced to a little bit of jail tiime click here.

Are you thinking a) the policeman has noticed a valid and necessary infraction by the driver or the vehicle and he is trying to advice the motorist before giving him a summon or b) oh my oh my, the police are out to make money from yet another unfortunate citizen?

Try the question with friends and family, and then you have a better gauge of whether you think corruption in the country is high or low. The present flavour of celebrating the Anti-Corruption Agency because they are arresting people left and right threatens to mislead people on the purpose of effective government.

Corruption negates good government, so government must seek ways to disincentivise bribes and other forms of payments that alter good process. We don’t make our system better by random arrests. Neither would we by selective arrests.

Arrests have to be made, but they must be part of a strategy to tackle corruption.

The law must have the look of sternness and also the look of compassion. Without reason and purpose, it becomes a mindless tool of those who hold it - the government.

No shocker, just chokers

Malaysians are not raising an eyebrow with the arrests. The editors in the New Straits Times - and some of their senior writers - are delusional, to say the least.

Trust luckily is something defined by the many, since the many are not rich - they are very sceptical of moves to change things in the country by the present government. The tipping point has arrived and the Barisan Nasional can only slow down the inevitable.

I can’t believe this prime minister has the gall to allow branch chairmen of his party to be charged by the ACA for corruption for transactions amounting to a few odd thousands - and let the man face criminal prosecution while someone like Isa Samad only serves a three year suspension for buying his way to a Vice-president seat in Umno. How does the math work?

That the prime minister finds smaller crimes distasteful? If the disciplinary committee of Umno - and let us assume them as capable men and women - found Isa guilty of paying people off to become arguable the fourth highest political leader in the country (based on his second place in the Vice President contest), how was it not an act for prosecution by the ACA? He would have paid the type of money, the rest of us can only write on a piece of paper.

That was 2004, and his suspension in 2005 was all the punishment he received.

And now the prime minister wants to parade these simpletons - and make the case for clean government?

Or can we talk about the MRR2 flyover in Kepong. The saga has gone on long enough. And the rakyat continue to pay for its shoddiness. Long traffic jams and all.

No one has been prosecuted and no one is going to jail for that. There is a whole trail of evidence for the ACA. They won’t need to prepare any stakeouts. Someone robbed a country of millions, and all we ever do is pay for the damn flyover to be fixed again and again.

Dishonest intent

The examples go on and on. Time after time, the real scandals of our period are not addressed in a meaningful way that Malaysians are convinced everything that can be done, is being done. Your BMF-Carrier, the privatisation processes that just shore up the select, or even the Trengganu government Mercedes saga.

The bigger the scandal, the likelier you are to get away with it. Because big means the inclusion of big people too in the matter. And when that is the case - in feudal Malaysia, you can’t do anything.

They won’t get caught, as long as these people are in power.

The prime minister is dishonest about the whole thing. He is. I tried a different way of saying it, but the truth is, he is.

Show a real resolve to deal with corruption, then let’s talk about this agency.

Part 2/7: http://www.youtube.com/watch?v=L5lUdG8NtPI

Part 3/7: http://www.youtube.com/watch?v=oFllke6_O2k

Part 4/7: http://www.youtube.com/watch?v=285mvtRNwoc

Part 5/7: http://www.youtube.com/watch?v=BhUf330KSm4

Part 6/7: http://www.youtube.com/watch?v=9neVeYehEqQ&feature=related

Part 7/7: http://www.youtube.com/watch?v=kC_qGqgcWls

Let's enjoy

Als ich in den Ankündigungen einiger Star Wars News Seiten lass das ein „riesiger“ Facon von Hasbro veröffentlicht werden sollte, wollte ich dieses zuerst nicht glauben.
Eher untypisch für den Konzern ein völlig neues Raumschiff aus der klassischen Trilogie mitten im Jahr herauszubringen.
Ich rechnete eher mit einer Art Figuren Sammelkoffer in größerer Dimension...

Nachdem ich die ersten Bilder gesehen hatte war ich sehr überrascht! Ob ich mir den von 50 cm auf knapp 80 cm gewachsener Falcon zulegen sollte, war ich mir aufgrund des Volumens und Aufstellplatz nicht ganz schlüssig.
Circa 200 Euro wollen Toys `R us und die Onlineshops für Solo’s Schiff inklusiver zweier Action Figuren haben. (Chewbacca Early Bird und Han Solo T30AC)

Amazon bot das Raumschiff überraschend für 165 Euro inklusive Porto an, da konnte der Durchde wirklich nicht Nein sagen! ;-)
Einen Tag später quälte sich unser DHL Fahrer mit dem 8 Kilogramm schweren „Gerät“ durch den Hausflur.
Sofort wurde das Teil ausgepackt, zusammengesteckt und mit Batterien bestückt.
Der neue Millenium Falcom ist Raumschiff Modell und Playset zugleich.
Das Cockpit kann mit bis zu 4 Figuren besetzt werden.
Der Body lässt sich zweiteilig öffnen und bietet ein akkurates Innenleben mit allen wichtigen Plätzen um die Filmszenen nachzuspielen. Das komplette Raumschiff ist mit Sound und Licht ausgestattet. Ob Antrieb oder Einstiegsrampe, geboten werden geile Effekte. Fast alle Sound und Dialoge aus dem Film sind auf dem Soundchip gespeichert, selbst die Startschwierigkeiten des Falcon lassen sich so simulieren.

Ist der neue Falcon ein Muss? Auf alle Fälle!

Durchde

Paulo Oliveira Junior, Vice President and Director of New Business Development of BM & F Bovespa, said that there was "A great interest in keeping the market liquidity here in our continent, in creating new products, developing bilateral relations among countries to prevent a flight of capital or investment to other places." He added that the best way to do this is to strengthen local markets.

"Our idea is not acquisitions but cooperation. If it is necessary to invest in new trading platforms, product development or invest in people, we are prepared to meet and work together," said Oliveira. The first step is to know what local markets can buy in Brazil. How can, for example, a Brazilian investor easily invest in Chile and vice versa." "You then seek to create a network with the exchanges in Chile, Peru and Colombia, by using cooperation, partnership and not by creating a single entity to manage the markets in the region."

Next the Brazilian market executives will visit the exchanges in Peru and Colombia. BM & F Bovespa already has close ties with exchanges in Argentina and Mexico.

Source: BOVESPA 29.08.08

Nas telas das mesas de operações hoje, as informações habituais sobre os acontecimentos mundiais e cotações de ativos dividem espaço com os sites de previsão de tempo. Isso porque a grande apreensão dos investidores nesta quinta-feira é a trajetória e a intensidade da tempestade tropical Gustav, que já esteve na condição de furacão e pode voltar a ela, enquanto ameaça atingir a região do Golfo do México. Há vários dias esse é o fato que mais mexe com as cotações do petróleo, respingando nas demais matérias-primas (commodities), bolsas e moedas.

Por aqui, o ritmo mais lento dos ativos internacionais deve contagiar as negociações do câmbio. Afinal, esse mercado teve forte influência do ambiente internacional durante todo este mês de agosto. Na primeira quinzena, os investidores acompanharam a valorização do dólar ante as demais moedas fortes, com estrangeiros montando posições compradas nos mercados futuros. Na segunda metade do mês, desmontaram parte dessa estratégia, mas sustentaram o ajuste de alta das cotações do dólar em meio a volatilidade.AE

Source: BOVESPA, August 2008

BM&FBOVESPA and CME will announce Order Routing System in London

The CME Group and BM&FBOVESPA will hold a seminar on September 23, in London, about their order routing system for European investors, trading member firms (brokerage houses), FCMs (clearing members) and technology companies. This seminar will be similar the ones conducted last June, in Chicago and New York, and it will provide European brokers and customers with information about how the order routing system between the two exchanges will work.

Venue: The Brewer's Hall – Aldermanbury Square, London EC2V 7HR

Can you not blink your eyes in 3 minutes???? I cant! Even 10 seconds T___T
But Ryeowook & Kyuhyun can. They are really good and amazing ^^
And Siwon is the most funny boy, he didnt give up though he had tears and runny nose, lol

I wont spoil anymore, just wanna say, it's so darn touching when Hannie said that T____T

Updated: Direct link to the example Question-Answering Service

Today I finally plugged-in the Yahoo Boss Mashup Framework into the Google App Engine environment. Google App Engine (GAE) provides a pretty sweet yet simple platform for executing Python applications on Google's infrastructure. The Boss Mashup Framework (BMF) provides Python API's for accessing Yahoo's Search API's as well remixing data a la SQL constructs. Running BMF on top of GAE is a seemingly natural progression, and quite arguably the easiest way to deploy Boss - so I spent today porting BMF to the GAE platform.

Here's the full BMF-GAE integrated project source download.

There's a README file included. Just unzip, put your appid's in the config files, and you're done. No setup or dependencies (easier than installing BMF standalone!). It's a complete GAE project directory which includes a directory called yos which holds all the ported BMF code. Also made a number of improvements to the BMF code (SQL 'where' support, stopwords, yql.db refactoring, util & templates in yos namespace, yos.crawl.rest refactored & optimized, etc.).

The next natural thing to do is to develop a test application on top of this united framework. In the original BMF package, there's an examples directory. In particular, ex6.py was able to answer some 'when' style questions. I simply wrapped that code as a function and referenced it as a GAE handler in main.py.

Here's the 'when' q&a source code as a webpage (less than 25 lines).

The algorithm is quite easy - use the question as the search query and fetch 50 results via the Boss API. Count the dates that occur in the results' abstracts, and simply return the most popular one.

For fun, following a similar pattern to the 'when' code, I developed another handler to answer 'who' or 'what' or 'where' style questions (finding the most popular capitalized phrase).

Here's the complete example (just ~50 lines of code - bundled in project download):

Q&A Running Service Example

Keep in mind that this is just a quick proof of concept to hopefully showcase the power of BMF and the idea of Open Web Search.

If you're interested in learning more about this Q&A system (or how to improve it), check out AskMSR - the original inspiration behind this example.

Also, shoutout to Sam for his very popular Yuil example, which is powered by BMF + GAE. The project download linked above is aimed to make it hopefully easier for people to build these types of web services.

The president of the Brazilian Securities and Exchange Commission (CVM), Ms. Maria Helena Santana, classified the Novo Mercado segment as a Brazilian asset. "Novo Mercado is probably the institutional factor that most contributes to market development available in our country today," said Ms. Santana. BM&FBOVESPA's Chairman, Mr. Gilberto Mifano, highlighted the importance of corporate governance, qualifying the segment as a defining milestone in the Brazilian capital market and as a model recognized throughout the world. "Brazil wins with this model. The Novo Mercado segment is the way modern Brazil resolves its financing needs.

This can be witnessed by the fact that our vigorous economy is bravely resisting the economic recession taking place in developed countries," assessed Mr. Mifano. According to Mr. Mifano, the companies listed on the Novo Mercado segment, together, have a market value of BRL445 billion, almost 19% of BOVESPA's total capitalization. "The IPOs have captured a total of BRL96.5 billion and have attracted thousands of new individual investors to the market."

For full article click here

Segundo a presidente da CVM, Maria Helena Santana, a autarquia poderia ter ajudado na operação, por conhecer melhor os procedimentos do mercado e conduzir outros processos envolvendo os bancos e profissionais investigados. "Teria sido ideal receber essa informação antes. Vamos discutir isso e ver em que medida é possível [estreitar a relação], dada a limitação de cada órgão", disse.

A CVM estuda ainda uma forma de facilitar o trânsito de informações que envolvam sigilo bancário do Banco Central para outros órgãos reguladores, sem ter de recorrer à Justiça.

Santana afirma que já tem um relacionamento bem-sucedido há quase dois anos com o Ministério Público, em que conseguiu bloquear os ganhos que dois investidores teriam tido a partir do uso de informação privilegiada sobre a venda do grupo Ipiranga à Petrobras.

"Precisamos aprofundar a coordenação com outros órgãos do Estado, como a Polícia Federal, para que todos os recursos à disposição do Estado possam ser somados e combinados, e para que a gente tenha mais sucesso nas investigações desse tipo de situação, que é extremamente difícil de punir."

Segundo ela, a CVM tem trabalhado para reduzir os prazos nos processos de vazamento de informação. "É um desafio reunir provas e investigar. Por outro lado, o critério para que você consiga demonstrar a informação privilegiada não exige que se tenha a foto do cara ou a gravação telefônica dele passando a dica ou recebendo."

Falsa estrangeira

Após a prisão de executivos da Agrenco, uma das maiores exportadoras de soja do país, a CVM e a BM&F Bovespa decidiram apertar as regras envolvendo a listagem de BDRs (Brazilian Depositary Receipts), os recibos de ações geralmente de empresas estrangeiras negociados no Brasil.

Com sede nas Bermudas, a Agrenco abriu seu capital no país por meio de BDRs. Seus executivos são suspeitos de fraude ao simular vendas de grãos, falsificar documentos, lavar dinheiro, sonegar impostos, além de tráfico de influência e corrupção passiva.

A CVM estuda permitir que apenas empresas com mais de 50% de sua atividade no exterior possam ter listagem por BDRs. A idéia é evitar que empresas brasileiras constituam sede em paraísos fiscais e retornem ao mercado como estrangeiras, com regras de governança corporativa mais brandas.

Já a BM&F Bovespa pretende criar uma espécie de Novo Mercado, segmento com regras diferenciadas de respeito ao minoritário, para os BDRs de empresas estrangeiras.

Mesmo que a lógica do autor esteja correta, o título parece provocação - não duvido que o seu inbox esteja cheio de e-mails desaforados, ainda que por ignorância.

Respaldado por opiniões de gente do mercado (ainda que nenhum peso-pesado tenha sido citado), ele sugere que o mercado entenderá que:

1. O Banco Central irá apertar os juros por um curto período de tempo.
2. Por conta de sua atuação firme, a inflação cairá nos próximos meses.

A conclusão é que as cotações dos futuros longos (e.g. 12 meses) de taxas de juros, na  BMF, indicarão uma taxa (anual) consideravelmente mais baixa do que aquelas de futuros mais curtos. Deu pra entender?...não se culpe, pois é enrolado mesmo.

A expectativa é, portanto, que a taxa de juros um empréstimo com 12 meses de duração venha a custar menos que um de 3 meses - é a tal curva de juros invertida.

A análise é inteligente, faz sentido e é bem possível. Mas não nos iludamos, pois:

1. A imensa (!!) maioria dos tomadores de crédito só precisa - e só obtém - empréstimos de curto-prazo, i.e. não tirarão vantagem alguma das taxas mais baixas dos empréstimos longos.
2. Os bancos, que usam os futuros da BMF para travar (i.e. fixar) o custos das suas captações de médio e longo prazo, não irão repassar este benefício à toa, mas só quando a competição os forçarem.

Mas continuo achando que a manchete foi gozação. :)

Abraços, Fernando

Curiosamente, ontem, pelo segundo dia consecutivo, a Bovespa conseguiu ter forças suficientes para descolar do péssimo desempenho do mercado americano que, mesmo combalido, ainda é o que dita as regras das bolsas do mundo inteiro. São raros os momentos em que a bolsa brasileira consegue se desprender de Nova York, especialmente em fases tão ruins, como a atual, agravada pelas dúvidas sobre a crise imobiliária americana e as consequências sobre o setor financeiro. A má notícia dessa história é que a hercúlea resistência da Bovespa estaria ocorrendo graças às operações no mercado futuro da administradora de recursos do banco Opportunity (a Opportunity Asset Management). A gestora, que vem enfrentando resgates em seus fundos de investimento, optou por mudar sua estratégia no Ibovespa futuro.
Depois de cair até 3,18% na parte da manhã, ficando abaixo dos 59 mil pontos, o Índice Bovespa chegou a subir até 1,58% perto do fim dos negócios, encerrando em leve alta de 0,48%, aos 61.015 pontos. Essa valorização pode parecer bobagem, mas é relevante, se comparada à queda de 0,84% do Índice Dow Jones e de 1,09% do Standard & Poor's (S&P 500), ambos da Bolsa de Nova York. Na segunda-feira, o Ibovespa subiu 0,95%, enquanto os índices americanos caíram.

Em circunstâncias normais de temperatura e pressão, quedas dessa magnitude nos EUA provocariam tombos de pelo menos 2%, 3% no índice brasileiro. Há várias justificativas para esse descolamento benigno do mercado local. Entre elas, a de que os investidores estrangeiros teriam se cansado de vender ações brasileiras, que estaria havendo uma recuperação dos papéis de menor liquidez (de segunda linha ou "small caps") e que o investidor teria percebido que os fundamentos econômicos locais são melhores do que os do resto do mundo. No entanto, há outro motivo mais específico. Segundo várias fontes ouvidas pelo Valor, operações do Banco Opportunity é que estariam provocando essa alta. A Opportunity Asset Management estaria comprando grandes lotes de contratos de Ibovespa futuro, na Bolsa de Mercadorias e Futuros (BM&F).
No mercado futuro, quando se vende contratos do Ibovespa, o investidor está acreditando na queda do indicador e, caso queira anular a sua aposta, faz a operação oposta, comprando contratos no mesmo valor. "A asset estava 'vendida' (apostando na baixa do mercado) em Ibovespa futuro e agora está desfazendo essa operação comprando e, com isso, puxa o preço do índice na BM&F", explica um gestor. Isso estaria provocando uma diferença de preços entre o Ibovespa futuro e as ações que fazem parte do índice no mercado à vista. E, exatamente para aproveitar essa distorção, os investidores estariam vendendo contratos de Ibovespa futuro e comprando as ações do índice no pregão da Bovespa, ganhando com a diferença.

"É isso que está fazendo o mercado se sustentar nos últimos dois dias, mesmo com a situação cada vez mais delicada nos EUA", diz o diretor de uma corretora. A assessoria do Opportunity não comentou as operações na BM&F, informando apenas que elas não tinham a ver com resgates em fundos (. Ontem, segundo a assessoria da gestora, não houve resgates.
Não há nada de imoral, ilegal ou que engorde nessas supostas operações do Opportunity. São negócios absolutamente normais e corriqueiros. A questão é que o banco estaria fazendo um volume alto dessas operações e provocando uma sensação artificial e equivocada de que o mercado brasileiro está passando incólume pela deterioração do cenário internacional. "O preocupante será a hora que o Opportunity parar de fazer essas operações e o mercado não tiver outra coisa para se segurar, e é bom os investidores estarem atentos e preparados", afirma o diretor da corretora.
Também pelo segundo dia consecutivo, foram as ações de "small caps" que seguraram as pontas da bolsa, enquanto os papéis das grandes companhias, como Petrobras, Vale, Bradesco, Unibanco, Itaú, Gerdau e CSN, participaram como âncoras, puxando o pregão para baixo.