The Brazilian Securities, Commodities and Futures Exchange - BM&FBOVESPA has authorized Cedro Market & Finances to act as a provider of direct market access (DMA) for BM&F segment (derivatives markets).
As from today, Cedro will offer its clients an order routing system that allows direct trading of financial and agricultural derivatives traded at the Exchange.
This DMA modality permits investors to directly access the Exchange's electronic trading platform, GTS, without having to transmit the data through the brokerage house's network. The client connects to BM&FBOVESPA's system through the authorized provider. The connection between the investor and the Exchange, however, is monitored by the brokerage house that provided the access so as to enable it to control the customer's order flow.
Cedro Market & Finances is the first Brazilian company authorized to act as a DMA provider. With the adherence of Cedro, BM&FBOVESPA now has three access providers for the derivatives and futures markets. In January, Marco Polo Networks began offering the service, and, in May, Bloomberg Tradebook.
Cedro Market & Finances is a financial markets technology provider. The company has a portfolio of approximately 49 clients and 100,000 domestic and international investors from countries like USA, United Kingdom, and Spain.
Trading via DMA provider
In July 2009, trading via DMA provider registered 1,030,300 contracts traded, in 16,763 trades. These numbers represent 16.6% of the total contracts traded and 3% of the number of trades, during the same period, in all DMA trading (BM&F segment), including DMA via order routing with CME Group.