CHICAGO, Dec. 3, 2010 /PRNewswire-FirstCall/ -- CME Group, the world's leading and most diverse derivatives marketplace, today announced that it has appointed Edemir Pinto, Chief Executive Officer of BM&FBOVESPA, the world's third largest exchange by market capitalization, to the company's board of directors, for a term expiring at the 2012 annual meeting of shareholders.
Mr. Pinto, 57, joined BM&F in 1986, was named Chief Executive Officer in 1999, and after the merger of BM&F S.A. and Bovespa Holding in 2008, he served as Co-CEO and Chief Financial Officer of the new company. On May 20, 2008, BM&FBOVESPA's board of directors named Mr. Pinto as the company's Chief Executive Officer.
CME Group has a cross-equity ownership agreement with BM&FBOVESPA, in which CME Group has an approximately 5 percent stake in BM&FBOVESPA, and BM&FBOVESPA has an approximately 5 percent stake in CME Group. Mr. Pinto will serve as the BM&FBOVESPA board representative in accordance with the terms of the agreement. CME Group already holds a seat on the BM&FBOVESPA board of directors. Each party will have the right to maintain its board seat during the term of the strategic partnership, subject to election by the shareholders and certain minimum stock ownership requirements. Mr. Pinto's appointment is effective as of February 2011.
As the world's leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate. CME Group brings buyers and sellers together through its CME Globex® electronic trading platform and its trading facilities in New York and Chicago. CME Group also operates CME Clearing, one of the largest central counterparty clearing services in the world, which provides clearing and settlement services for exchange-traded contracts, as well as for over-the-counter derivatives transactions through CME ClearPort®. These products and services ensure that businesses everywhere can substantially mitigate counterparty credit risk in both listed and over-the-counter derivatives markets.
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SOURCE CME Group