Direct Edge To Launch Brazilian Exchange In Q4 2012
Bourse operator Direct Edge announced plans to launch a Brazilian equities exchange during the fourth-quarter of 2012, a move aimed squarely at capitalizing on one of the world's fastest growing marketplaces.
Direct Edge said the electronic marketplace, which is still awaiting approval from Brazilian regulators, will be headquartered in Rio de Janeiro. The firm added that it plans to hire a Brazil-based chief executive to spearhead the launch.
The move places Direct Edge in direct competition with the Sao Paulo-based BM&F Bovespa, the world's third-largest exchange and second-largest in the Americas by market value.
"The Brazilian economy is among the fastest-growing in the world and we believe that a second stock exchange in the country will spur even greater investor participation through competition that drives innovation and price improvement," Direct Edge Chief Executive William O'Brien said in a statement. As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio