Brazilian Stock Exchange (BOVESPA)

Bovespa is the equities exchange of the BM&FBovespa exchange group which is the primary securities market in Brazil.
Currency: Brazilian Real (BRL)

Basic Market Rules:

• Lot Size: varies by symbol, though the most common is 100 shares.
• Tick Size: 1c.
• Short Sale Rules: naked short sales are prohibited. Short sell orders must be properly marked and a locate must be obtained.
• Circuit Breakers: circuit breakers are mechanisms used by the exchange to mitigate sharp fluctuations on the market and increase equilibrium between buy and sell orders.
• Increase equilibrium between buy and sell orders.

Circuit Breaker Rules

Rule	Description
1	If Ibovespa falls 10% in relation to the previous day's closing index, trading on all exchange markets will be interrupted for 30 minutes
2	As trading resumes, if Ibovespa falls 15% in relation to the previous day's closing index, trading on all exchange markets will be interrupted for 1 hour
3	As trading resumes, if Ibovespa falls 20% in relation to the previous day's closing index, the exchange may determine the suspension of tradings in all markets for a defined period and such decision must be disclosed to the market through the news agency