Brazilian exchange operator, BM&FBovespa, is planning to integrate four separate clearinghouses into one, Reuters reports, citing Valor Economico. The move, which will free up $19 billion of cash trapped as collateral, will help the company reduce trading and custody costs.

The process, which may be completed by early next year, is being reviewed by the Brazilian securities and independent risk analysts. BM&F has separate clearinghouses for stocks, derivatives, FX and government bonds. Investors are required to place separate guarantees with the clearinghouse attached to market in which they plan to trade.

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