36

Luís Otávio Saliba Furtado

Chief Technology and Information Security Officer

BM&FBovespa

Last year: 36

Brazil's national champion was created by consolidation: the 2008 merger of the São Paulo Stock Exchange (Bovespa) and the Brazilian Mercantile & Futures Exchange. Today, BM&FBovespa is the world's fifth-largest exchange operator in terms of market capitalization and nearing its long-term goal of unifying its disparate legacy operations with state-of-the-art technology. Last year saw the completion of the multi-asset-class Puma trading platform, the result of a partnership with Chicago's CME Group (see Kevin Kometer, No. 2), providing a 20-fold reduction in latency and a tenfold boost in capacity. "We believe we are well equipped to support the upcoming years of market growth in Brazil," says Luís Otávio Saliba Furtado, 47, a former IBM Corp. regional executive who has been BM&FBovespa's chief technology and information security officer since 2011. Still in progress is the consolidation of four clearinghouses — for stocks, bonds, derivatives and foreign exchange — into one, with the help of Sweden's Cinnober Financial Technology (see Veronica Augustsson, No. 38). This year the markets will be migrating to a new data center that will better support technology development and demand for high-performance services such as co-location, which Furtado notes is "a growing business." For the third quarter of 2013, the company reported year-over-year increases in high frequency trading volumes of 19.6 percent for BM&F and 32.8 percent for Bovespa.

See also Furtado's profile in the 2013 Trading Technology 40.

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