Global Competition Review interviews Vicente Bagnoli on CADE’s decision approving the merger between BMF&Bovespa and Cetip

Brazil approves clearing house acquisition

Janith Aranze

28 March 2017

Brazil’s competition enforcer last week conditionally approved the 12 billion reais (€3.5 billion) tie-up of stock exchange BM&FBovespa and rival clearing house Cetip.

In a statement last week, the Administrative Council for Economic Defense (CADE) said the companies have agreed to let third parties access the new company’s infrastructure on “fair, transparent and non-discriminatory” terms.

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Vicente Bagnoli at Vicente Bagnoli Advogados said CADE required remedies as the market for central depository services was already highly concentrated.