Global broker Barclays Capital has received all the relevant approvals to start trading equities on Brazilian stock exchange BM&F Bovespa through its local subsibidary, Barclays Corretora de Titulos e Valores Mobiliarios, which has become a full member of BM&F Bovespa.
“We can now offer our clients a full range of equities trading capabilities on the local exchange,” said Ricardo Lanfranchi, head of equities, Brazil at BarCap. “Membership of the BM&F Bovespa is a significant milestone in the expansion of our equities business in Latin America and throughout the world.”
The move is part of BarCap’s plan to build out its global equities franchise following the purchase of the US equity unit of Lehman Brothers in September 2008. The broker, through local subsidiaries, is now member of the two largest Latin American stock exchanges, having started trading on Mexican stock exchange Bolsa Mexicana de Valores in December 2009. The firm has also recently expanded its equities business into Europe and Asia.
BarCap has also been building its management team in Latin America. In March 2009, the firm appointed Roberto Attuch as head of Latin American equity research. In June 2009 it named Lanfranchi as head of equities and announced a number of appointments to the Latin American equity research team. BarCap’s equity research team currently covers approximately 80 companies in Latin America and will expand that coverage over the coming year.