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Bats inks MoU with Brazil's Claritas

15 February 2011  |  2923 views  |  0 Source: Bats Global Markets

Bats Global Markets (BATS), a global stock exchange operator, today announced it signed a Memorandum of Understanding (MOU) with Claritas, a Brazilian asset management firm, to explore opportunities in the Brazilian market.

Under the MOU, the organizations will work together on the potential creation of a new stock exchange with clearing and depository services in Brazil.

"Today's announcement serves as an important initial step in exploring the unique opportunity that exists in the Brazilian market, which has many of the same frictions we've witnessed and overcome in the U.S. and Europe," said Ken Conklin, senior vice president of business development and marketing at BATS Global Markets. "We're pleased to partner with Claritas and FreitasLeite, two leading organizations that understand the needs of the Brazilian marketplace, to further investigate the opportunity."

Carlos Ambrósio, senior partner at Claritas, said, "After thoroughly analyzing the benefits of competition in exchange, clearing and depository services, we are very pleased to have identified BATS as the perfect partner for this challenge. The Brazilian capital markets are ready for access to the best technology in the world, and there is certainly no one better than BATS for the job."

Freitas e Leite Advogados (FreitasLeite), a Brazilian law firm specializing in financial and capital markets, was retained for local legal expertise.


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