São Paulo – This Monday (5th) in Rio de Janeiro, the Brazilian company ATG announced a joint venture with NYSE Technologies, a subsidiary of NYSE Euronext, the controller of the New York Stock Exchange and others, that it will offer a new share-trading platform. The new company has been named Americas Trading System Brasil (ATS Brasil), its local partner will own 80%, and the international partner will hold a 20% stake. The investment amounts to R$ 100 million (US$ 49.1 million).
ATS will use the NYSE-developed Universal Trading Platform (UTP) system, which is used in Euronext-controlled stock exchanges, according to the ATG statement. Operations will be carried out following the computerized over-the-counter model, i.e. electronic purchase and sale of stock outside the stock exchange. Within two years, the company is expecting to control 10% to 15% of the Brazilian capital market.
The ATG president Fernando Cohen said, however, that the goal is not to compete with the São Paulo Stock Exchange (Bovespa), but rather to “work in complementary fashion, improving the liquidity and price formation of Brazilian assets,” according to a press statement.
The ATS intends to begin operating next year, after obtaining approval from Brazil’s Securities and Exchange Commission and Central Bank.
*Translated by Gabriel Pomerancblum
