Chi-X Global Holdings LLC today announced that BM&FBovespa S.A., Bolsa de Valores, Mercadorias e Futuros has completed the formal acceptance of its Chi-FX platform for commercial use. Chi-FX powers BM&FBovespa's BEI (Brazil Easy Investing).
BEI will allow registered Brazilian brokers to provide retail and institutional investors based outside of Brazil quotes of Brazilian exchange-listed stocks in their local currency. By leveraging the Chi-FX technology, BEI integrates market data from BM&FBOVESPA stock quotes with FX rates offered by Brazilian banks.
"This is a major milestone for our Chi-FX platform" said Tal Cohen, CEO of Chi-X Global. "Brazilian market participants will be able to offer their off-shore clients an automated solution for trading Brazilian equities with embedded FX rates, thereby reducing latency, broadening access and minimizing currency risk for international investors. This is an exciting time for Chi-FX and we will be exploring new opportunities to expand the platform throughout Latin America."
Cicero Vieira Neto, COO of BM&FBOVESPA commented: "The Chi-FX platform is now certified for commercial use. BM&FBOVESPA is in the process of completing the additional steps necessary to have BEI ready for participant certification and then full production use. We are looking forward to the launch of BEI, which coupled with the recent changes to the CPF registration process, will represent a significant step in the ongoing development of the Brazilian capital market and facilitated access to non-resident investors."
On May 14, 2013, the Secretariat of the Federal Revenue of Brazil (RFB) announced that the Brazilian Securities and Exchange Commission (CVM) will be able to directly submit applications for the issuance of tax registration numbers (CPF). This is expected to significantly decrease the waiting period required for individuals to register and receive a CPF as well as simplify the application process. The CVM and RFB are finalizing their plans to align their systems to facilitate the change, which will effectively reduce the time to open an account in Brazil and, consequently, to start operating with a Brazilian brokerage.