BRICS Set Up Exchange Alliance

Brazil’s BM&FBovespa has agreed to form an alliance with the Hong Kong, Johannesburg, Moscow, Bombay and Indian National exchanges. Together, these markets represent a combined listed market capitalization of $422bn, a monthly trading volume of $422bn as well as 9,481 listed companies. Initially the exchanges will cross-list benchmark equity index derivatives on alliance member boards, but they are expected to later develop more innovative products to track the combined BRICS exchanges.