We are also very excited at the prospect of further collaboration with BVMF, with the aim of delivering even more value to our respective clients worldwide and in Brazil," said Henry Fernandez, Chairman and CEO of MSCI Inc.
This preliminary agreement enhances our relationship and motivates us even more to expand our partnership with MSCI," said Edemir Pinto, CEO of BVMF.
This proposed change follows a letter from and subsequent discussions with BVMF informing MSCI that it may require the termination of the supply of real time stock market information to MSCI unless MSCI agrees to BVMF's new market terms by June 14, 2012.
Although the current issues with BVMF do not affect MSCI's right to use BVMF end of day prices, MSCI believes that to ensure a reliable supply of price data it is prudent to consider the inclusion of NYSE listed ADRs in the MSCI Brazil Index.
In this joint effort, Chi-X Global will develop and help support the platform, and BVMF will market the service to its participants and provide facilities, expertise and front line customer support.
Chi-X Global and BVMF have agreed to a Memorandum of Understanding to begin development on the project, and plan to begin implementation later this year.
The launch of the new S&P 500 futures contract is part of a landmark agreement announced in March, by the CME Group, the world's leading and most diverse derivatives marketplace, and BVMF
, the largest equity and futures exchange in Latin America, for the cross-listing and cross-licensing of S&P 500 Index and Bovespa Index (IBOVESPA) futures.
IBOVESPA Futures to be Listed on CME Globex Trading Platform; S&P 500 Index, Light Sweet Crude Oil (WTI) and Mini-sized Soybean Futures on BVMF PUMA Trading System
The S&P 500 is being made available to BVMF via sublicense from CME Group and S&P Indices, one of the world's leading index providers, under CME Group's exclusive global license.