BM&FBOVESPA has chosen Bradesco as the selection process for depositary institutions authorized to seek registration for trading 10 unsponsored level I Brazilian depositary receipt (BDR) programs, Mondovisione reports. The programs are supported by shares issued by publicly traded companies with headquarters abroad. The programs must comprise foreign companies that do not yet have BDRs traded on the Brazilian exchange and are headquartered in the U.S. and listed on U.S. stock exchanges. At present, there are 30 unsponsored level 1 BDR programs available for trading on BM&FBOVESPA that have Deutsche Bank, Citibank DTVM and Itaú Unibanco as their depositary institutions.
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