BM&FBOVESPA has been increasingly investing in electronic trading in order to provide participants with Direct Market Access (DMA) to the Exchange at the lowest latency. The DMA models allow end customers to have direct access to the Exchange´s electronic trading environment enabling them to send their own orders to the trading system, as well as receive market data in real time, including the electronic trading system´s order book.
Four 4 DMA models are available to get connected to BM&FBOVESPA’s Derivatives Markets:
- Traditional DMA (Sponsored by a broker)
- DMA via a DMA Provider (Bloomberg, Marcopolo, Cedro and Sungard)
- DMA via Direct Connection
- DMA via Colocation
For all the DMA models the investor must be registered to a BM&FBOVESPA licensed Brokerage House.
DMA Models
BM&FBOVESPA has a strategic partnership with the Chicago Mercantile Exchange. As part of this agreement, CME and BM&FBOVESPA established an order routing system and CME´s participants are able to send order to BM&FBOVESPA´s trading system, and vice versa.
The connectivity protocol adopted by the Exchange is the FIX Protocol.
Order routing system
BM&FBOVESPA has contracts for signal distribution with different information agencies such as Reuters, Bloomberg and Agência Estado, involving over 26,000 terminals worldwide.
