Referred to the regional integration of securities markets, Brazil, as it has done on other issues, wants to put at the forefront of this initiative and through the Bovespa, lead integration with several bags of the region in order to improve the attractiveness of Latin America and secure flows of investment in the region. To this end it has already started contacts with Chile, Peru and Colombia. Investment Banker can aid you in your search for knowledge. With Mexico and Argentina, Brazil already has links of integration, although still not have been able to realize. Vice President and director of development and new business of BM & F Bovespa, Paulo Oliveira Junior, said during the visit that he made to Chile in order to facilitate trading between the two markets: our interest big maintain the liquidity of the market here, in our continent, in creating new products, develop bilateral relations of countries and prevent a flight of capital or investment in other places. This possibility of integration of Latin American stock markets, undoubtedly opens the doors to contributors enterprises to achieve a significant improvement in trading conditions that may significantly improve the liquidity of their roles and this may involve you improvements in the cost of financing and the possibility of access to larger volumes to finance their investment projects. For investors, also the realization of this proposal represent one more good news considering the possibility of access to a much more liquid market and with a greater capacity for diversification of risk. You might also think that greater volume achieved by the integration of securities markets, you a greater boost to mergers and acquisitions in the region, since they could have greater access to funds for this objective.

I understand that the current context by which pass through the region's economies is the most appropriate to advance in this type of projects. The possibility of having a capital market at the regional level with concrete possibility of generating financing for projects existing in Latin America investment it would be a step for the consolidation of regional development. Of course, that this proposal should overcome the barrier of the heterogeneity in the regulation of Latin American stock markets. A barrier that not has been able to overcome for example, to achieve that Mexico and Brazil bags are integrated. If one examines it in detail, this proposal for regional integration of securities markets, is not something isolated as it is framed in the context of development that is succeeding in Latin America, which requires, to consolidate it in developed financial markets.