The Brazilian stock exchange, BM&FBOVESPA (BVMF), has launched US dollar-denominated S&P500 index futures settled in Brazilian real, making it the first derivative of a US stock index to trade on the Brazilian exchange.
The launch of the new S&P500 futures contract is part of an agreement announced in March by the CME Group and BVMF for the cross-listing and cross-licencing of S&P500 index and Bovespa index (IBOVESPA) futures.
The S&P500 is being made available to BVMF via a sublicence from CME Group and S&P Dow Jones Indices.
The S&P 500 is the leading gauge of large-cap equity performance in the US with over $5.5tr benchmarked to the index, with index assets comprising approximately $1.3tr of this total.