BM&FBOVESPA has picked Itaú Unibanco as winner of the second selection process for depositary institutions, Mondovisione reports. Itaú will be responsible for trading 10 unsponsored level one Brazilian Depository Receipt (BDR) programs, backed by shares issued by publicly traded companies with headquarters overseas. Three financial institutions participated in the process. Itaú is required to present its proof of submission for registration of the 10 Unsponsored Level 1 BDR programs with the Brazilian Securities and Exchange Commission. There are 20 Unsponsored Level 1 BDR programs available for trading on BM&FBOVESPA, out of which 10 have Deutsche Bank as their depositary institution and the others have Citibank Distribuidora de Títulos e Valores Mobiliários.

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