UNITED STATES OF AMERICA
Before the

COMMODITY FUTURES TRADING COMMISSION

In the Matter of the Application of BM&FBOVESPA S.A.
for Registration pursuant to Section 4(b)(1) of the Commodity
Exchange Act and Part 48 of the Regulations of the
Commodity Futures Trading Commission in order to permit
direct access to its order entry and trade matching system

ORDER OF REGISTRATION

Pursuant to Section 4(b)(1) of the Commodity Exchange Act (the Act), 7 U.S.C.

§ 6(b)(1), and Part 48 of the Commission’s regulations, BM&FBOVESPA S.A. — Bolsa de
Valores, Mercadorias e Futuros (BVMF), a derivatives exchange recognized by and subject to
regulation by the Comissdo de Valores Mobilidrios in the Federative Republic of Brazil,
submitted an application dated August 17, 2012 and including supplemental submissions filed
through April 18, 2016 (the Application), requesting registration in order to permit identified
members and other participants located in the United States to enter trades directly into its order
entry and trade matching system.

The Commission has reviewed the Application along with the exhibits, supplemental
documents, and other supporting information and representations, and finds that BVMF has
demonstrated its ability to comply with the requirements of the Act and applicable Commission
regulations thereunder, including the requirements for registration as set forth in Part 48 of the
Commission’s regulations.

In light of the foregoing, IT IS ORDERED, pursuant to Section 4(b)(1) of the Act,

7 US.C. § 6(b)(1), that BVMF is granted an Order of Registration to permit direct access, as that

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term is defined in Section 4(b)(1)(A) of the Act, subject to the terms and conditions specified
herein:

(1) Compliance with the Act and Commission Regulations. BVMF shall comply, and

shall demonstrate compliance as requested by the Commission, with all sections of the Act and |
the Commission’s regulations thereunder applicable to BVMF as a foreign board of trade

registered pursuant to Part 48 of the Commission’s regulations, as may be amended or adopted

from time to time. BVMF shall comply with the applicable conditions of registration specified

in Commission regulation 48.8 and any additional conditions that the Commission deems

necessary and may impose, in its discretion, after appropriate notice and opportunity to respond.

BVMF shall fulfill each of the representations it has made in support of the Application for

registration.

(2) New Regulations. Should the Commission promulgate a regulation addressing or
otherwise affecting any aspect of this Order, then such regulation will apply and supersede the
applicable terms in this Order.

(3) Reservation of Rights. This Order is based upon the representations made and
supporting material provided to the Commission by BVMF as part of the Application. In the
event of any changes to or omissions in the material facts or circumstances pursuant to which
this Order is issued, or for any reason in its own discretion, the Commission may condition,
modify, suspend, terminate, or otherwise restrict the terms of this Order, as appropriate and as
permitted by law, on its own motion.

Issued in Washington, D.C. this 1st day of June, 2016.

By the Commission

eh | Del df
Christopher J. Kirkpatrick
Secretary of the Commission