Summary
CME Group Inc. announced on December 1, 2010, the appointment of Edemir Pinto, CEO of BM&FBOVESPA, to its Board of Directors. This appointment fulfills a commitment under the existing cross-equity ownership agreement between CME Group and BM&FBOVESPA, where each company holds a 5% stake in the other. Mr. Pinto's inclusion on the board strengthens the strategic partnership and aligns with the ongoing commercial agreements, including the development of a new multi-asset class electronic trading platform. The appointment of Mr. Pinto, effective February 2011, ensures representation from BM&FBOVESPA and will not result in any compensation from CME Group, as it stems directly from the contractual relationship. This move underscores CME Group's commitment to its international partnerships and collaborative development efforts in the electronic trading space.
Key Highlights
- 1CME Group appointed Edemir Pinto, CEO of BM&FBOVESPA, to its Board of Directors.
- 2The appointment is a direct result of a cross-equity ownership agreement between CME Group and BM&FBOVESPA.
- 3CME Group holds a 5% stake in BM&FBOVESPA, and BM&FBOVESPA holds a 5% stake in CME Group.
- 4Mr. Pinto will serve as the BM&FBOVESPA board representative, effective February 2011.
- 5No compensation will be paid to Mr. Pinto by CME Group for his board services.
- 6The appointment reinforces the strategic partnership and ongoing commercial agreements, including joint platform development.
- 7This action reflects CME Group's focus on international collaboration and expansion of its trading technology.