Direct Edge Brazil Looks to Foster Competition, Innovation and Make the Markets More Efficient for Brazilian Investors
Rio de Janeiro Mayor Eduardo Paes Says "The arrival of Direct Edge is further proof of the importance of Rio to the global financial markets"
Press Conference Call Today at 11:30AM EST and 2:30PM BRST
RIO DE JANEIRO, BRAZIL and JERSEY CITY, N.J., Nov. 21, 2011 (GLOBE NEWSWIRE) -- Direct Edge, a leading stock exchange in the United States, today announced its intention to launch Direct Edge Brazil, an all-electronic platform for the trading of Brazilian equities. The exchange will be headquartered in Rio de Janeiro with a tentative launch date of the fourth quarter of 2012, pending regulatory approval from the Comissao de Valores Mobiliarios. A press conference call, hosted by Direct Edge to discuss the announcement, is scheduled for 11:30AM EST / 2:30PM BRST today.
"The Brazilian economy is among the fastest growing in the world and we believe that a second stock exchange in the country will spur even greater investor participation through competition that drives innovation and price improvement," said William O'Brien, Chief Executive Officer of Direct Edge. "The exchange will leverage proven Direct Edge technology and architecture that will be customized to the unique needs of the Brazilian market."
Direct Edge Brazil will operate as an independent, local company majority owned by Direct Edge. A Brazil-based CEO will be appointed to lead a team in Rio de Janeiro to develop Direct Edge Brazil and maintain close working relationships with the Brazilian financial community as well as with local officials and vendors. Direct Edge Brazil, if approved, will be the first stock exchange headquartered in Rio de Janeiro since 2002.
"The arrival of Direct Edge is further proof of the importance of Rio to the global financial markets," said Eduardo Paes, Mayor of city of Rio de Janeiro. "Having one of the largest stock exchanges in the United States operating here will provide added incentive for other global financial market participants and will likely attract broker services and financial technology firms."
"Rio has been a global financial hub for years; the financial markets in Brazil started here," said Eduarda La Rocque, Municipal Secretary of Finance, City of Rio de Janeiro. "The decision by Direct Edge to establish its headquarters in Rio reinforces the relevance of the local economy and highlights how the global financial markets realize the plentiful growth opportunities that exist in our city. The pending arrival of a world class stock exchange can create opportunities for Rio's young professionals, and will boost efforts to revitalize the financial sector in our city."
Rio Negocios, the investment promotion agency of Rio de Janeiro, worked closely with Direct Edge in supporting the project. "This is a great day for Rio," said Marcelo Haddad, Executive Director of Rio Negocios. "Direct Edge Brazil will serve as the inspiration to recreate a new and modern financial center in the city."
The Direct Edge press conference call at 11:30AM EST / 2:30PM BRST has the following dial-in information: English: In the U.S.: 800-357-0498 outside the U.S.: 850-429-1388; Portuguese (accessible in Brazil only): 0800-892-2066.
For more information on Direct Edge Brazil and to sign up for updates, please go to: www.directedge.com.br
Direct Edge
Direct Edge, America's newest stock exchange, offers the next generation of displayed markets. Direct Edge utilizes two independent exchange platforms and unique order types to match complementary forms of liquidity based on sensitivity to transaction cost, fill rate, and fill speed, while maintaining high execution quality and low latencies. Headquartered in Jersey City, N.J., Direct Edge is owned by a consortium that includes the International Securities Exchange, Knight Capital Group, Inc., Citadel Derivatives Group, The Goldman Sachs Group, and J.P. Morgan. More information about Direct Edge is available at http://www.directedge.com. Everybody Needs Some Edge.
The Direct Edge - Brasil logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11122
The Direct Edge - Brazil Logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=11123