Partners Apply for Bovespa Alternative

NYSE Euronext and Americas Trading Group (ATG) have applied for Brazilian regulatory approval to open a new stock exchange, ATG says. American Trading Systems Brasil would be able to begin trading as soon as next year if approved. The pair aim to bring down transaction costs, boost liquidity in trading of stocks and lure more investors into Brazil by providing competition to the BM&FBovespa. American Trading Systems Brasil is 80% owned by ATG and 20% by NYSE. ATG did not indicate whether its planned venture includes a new clearing house, as BM&FBovespa would not be required to share its clearing services.