BM&FBOVESPA - Securities, Commodities and Futures Exchange

Equities Market Trading Hours

MARKET2 Order Cancellation PRE-OPENING TRADING EXERCISE OF OPTIONS CLOSING CALL AFTER-MARKET
Prior to expiration At expiration Order Cancellation Trading
Exercise of holder position Exercise of holder position
Opening Closing Opening Closing Opening Closing Opening Closing Opening Closing Opening Closing Opening Closing Opening Closing
Cash market 09:30 09:45 09:45 10:00 10:00 16:55 - - - - 16:55 17:00 17:25 17:30 17:30 18:00
Odd-lot market 09:30 09:45 09:45 10:00 10:00 16:55 - - - - 16:55 17:00 17:25 17:30 17:30 18:00
Forward market - - - - 10:00 17:20 - - - - - - - - - -
Options market 09:30 09:45 09:45 10:00 10:00 16:55 - - - - - - - - - -
BOVESPA MAIS – cash market 09:30 09:45 09:45 10:00 10:00 16:55 16:55 17:00 - - - -
BOVESPA MAIS – odd-lot market 09:30 09:45 09:45 10:00 10:00 16:55 16:55 17:00 - - - -
Equities and ETFs options - - - - - - 10:00 16:00 10:00 13:00 16:55 17:15 - - - -
Stock index options - - - - - - 10:00 13:00 17:001 - 16:50 17:15 - - - -

1After 17:00 the exercise is automatic whenever:
(i) for the call option, the settlement index is higher than the strike price; and (ii) for the put option, the settlement index is lower than the strike price.
2Trade corrections: can be made in all markets and at any phase of trading until 19:00.