Update: BM&F Bovespa Gets Approval

In an important development, Brazilian antitrust authorities have approved the proposed merger between Bovespa Holding SA, the parent of the Sao Paulo Stock Exchange and the Brazilian Mercantile & Futures Market (BM&F), to create the BM&F Bovespa. The Administrative Council for Economic Defense (CADE), a Brazilian antitrust authority linked to the Ministry of Justice, said that the merger was 'approved without restrictions'. The move will create the world's third largest bourse by total market value, which will account for 80% of Latin America's total equity market. The merger is the latest in a series between equity and securities exchanges

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