Financial volume reaches US$ 6.7 billion
BM&F’s Foreign Exchange Clearinghouse reached record volume on March 3rd, with US$ 6.7 billion. Currently, the Clearinghouse, which completes three years of activities next April, settles approximately 90% of Brazil’s foreign exchange interbank market.
Based on the experience it acquired with the FX Clearinghouse, BM&F is elaborating, in conjunction with the Inter-American Development Bank (IDB), a project to create a foreign exchange clearinghouse to settle the flow of currencies used in commercial operations between Latin American countries – called the Câmara Interamericana de Compensação (CICOM). The new clearinghouse will begin by settling currencies in commercial transactions between Brazil and Argentina, being later extended to other countries in the region. The CICOM will begin operations this year.