BM&F BOVESPA, the Brazilian stock exchange, implemented a new price tunnel system in its Global Trading System to reduce risks for brokers and clients by automatically stopping bids that deviate too far from recent prices, mitigating "fat finger" errors. However, after market open the GTS system experienced problems related to its configuration, forcing a one hour trading halt. The issues were resolved and trading resumed by 10:40 a.m, while open-outcry trading continued without interruption.
BM&F BOVESPA, the Brazilian stock exchange, implemented a new price tunnel system in its Global Trading System to reduce risks for brokers and clients by automatically stopping bids that deviate too far from recent prices, mitigating "fat finger" errors. However, after market open the GTS system experienced problems related to its configuration, forcing a one hour trading halt. The issues were resolved and trading resumed by 10:40 a.m, while open-outcry trading continued without interruption.
BM&F BOVESPA, the Brazilian stock exchange, implemented a new price tunnel system in its Global Trading System to reduce risks for brokers and clients by automatically stopping bids that deviate too far from recent prices, mitigating "fat finger" errors. However, after market open the GTS system experienced problems related to its configuration, forcing a one hour trading halt. The issues were resolved and trading resumed by 10:40 a.m, while open-outcry trading continued without interruption.
Brazilian Federal Taxpayer CNPJ No.09.346.601/0001-25 Commercial Registry Enrollment NIRE No.35.300.351.452 Praa Antonio Prado, 48, 7th floor So Paulo, SP, Brazil
Notice to the Market Global Trading System
BM&FBOVESPA implemented a new functionality in its Global Trading System (GTS), i.e., the price tunnel system, which is aimed at reducing the operating risk of brokerage firms and clients in connection with auction-traded contracts. The system will automatically stop bids spanning too far from the last traded price or the average market price, thereby mitigating fat finger risks. As a result of the recently implemented functionality, the GTS system presented problems soon after market opened, for which reason the session was halted for approximately one hour. These problems, which were related to the configuration of the GTS system, were sorted out, and trading resumed by 10:40 a.m. During the period, trading on the open outcry session was not halted.
So Paulo, August 25, 2008. Carlos Kawall Leal Ferreira Investor Relations Officer