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Latin America
USD-Denominated Ibovespa Futures
Easy, Efficient Access to Brazil’s Emerging Market Opportunities
Now available
For the past decade, investors have been drawn to the emerging market opportunities of the Brazilian economy for the steady, consistent growth and diversification potential it provides. The popularity of BRIC strategies has fostered a need for relevant, capital-efficient tools to manage and hedge Brazilian exposure.
To address this need, CME Group has partnered with BM&FBOVESPA to offer U.S. Dollar (USD)-denominated Ibovespa futures based on the leading indicator for the Brazilian equity market. With the addition of this contract, take advantage of:
- Benchmark exposure to Brazil with a single trade
- U.S. dollar-denominated trading
- One marketplace to manage your global equity exposure
Key Features
- Electronically traded, globally distributed on CME Globex
- Substantial counterparty credit risk mitigation through CME Clearing
- Capital efficiency and price transparency of futures
Resources |
About the Underlying Index |
Brazil Market Outlook |
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About Ibovespa (USD) Futures
Additional Information |
The Bovespa Index, or Ibovespa, is a leading indicator of the Brazilian stock market’s average performance, and comprises nearly 70 stocks traded on the Sao Paulo Stocks, Mercantile & Futures Exchange. Revised every four months, its theoretical portfolio is composed of stocks that:
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Contract Specifications
| USD-Denominated Ibovespa Futures | ||||||||||||
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| Opening Date | October 22, 2012 Learn more about this contract |
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| Ticker Symbol | IBV IBV = Clearing View product and vendor codes |
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| Contract Size | $1 x Ibovespa | |||||||||||
| Tick Size (minimum fluctuation) | Outrights 25 index points = $25 Calendar Spreads 5 index points = $5 |
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| CME Globex Trading Hours* | Variable Start Time = 15 minutes after Ibovespa futures contract opens at BM&F, adjusted for changes in both U.S. and Brazil Daylight Savings Time Closing Time = 4:15 pm CT CME IBOVESPA (USD) TRADING HOURS CALENDAR
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| Termination of Trading – Last Trading Day | On the futures contract’s last trading day, trading will cease at 5:30 p.m. (Sao Paulo time) for the expiring contract. | |||||||||||
| Listing Cycle | Four bi-monthly contracts (February, April, June, August, October, December cycle) | |||||||||||
| Final Settlement | Cash settlement based on the final settlement price of the BM&FBOVESPA Ibovespa futures contract with the identical contract month. On the expiration date, the settlement price shall be the settlement index (the arithmetic average of the Bovespa Index values published by BM&F every 30 seconds in the last three hours of BM&FBovespa spot market trading, up to and including the closing call). | |||||||||||
| Final Settlement Date | Business Day following Termination of Trading | |||||||||||
| Termination of Trading | Same as the BM&F Bovespa’s Ibovespa Futures of the same contract month – Wednesday closest to the 15th calendar day of the contract month. If it is a non-trading day at BM&FBOVESPA, the last trading day for the expiring futures contract shall be the next BM&FBOVESPA trading day. | |||||||||||
| Futures Price Limits | (10%) daily price limit above and below the prior trading day’s settlement price of the BM&FBOVESPA Ibovespa futures. No price limits on the expiring contract during the last three trading days prior to expiration. The Exchange may alter the price fluctuation limit applicable to any contract month at any time, even during a trading session, by communicating this to the market with a 30-minute advance notice. |
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| Position Limits | 3,500 Contracts in all months combined | |||||||||||
| Rulebook Chapter | 354 | |||||||||||
| Exchange Rule | These contracts will be listed with, and subject to, the rules and regulations of CME | |||||||||||
| * All times listed are Chicago time /CT unless otherwise noted. | ||||||||||||
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