OREANDA-NEWS. July 14, 2011. BM&FBOVESPA announced on Tuesday the winning institutions in the first selection process for market makers for options on stocks. The market maker obligation shall last twelve (12) months as of September 12, 2011.

Banco BTG Pactual S.A., Credit Suisse International and Timber Hill LLC shall be market makers for options on the stocks of OGX Petroleo e Gas Participacoes S.A. (OGXP3), complying with a maximum volatility spread of three percent (3%).

In the case of the options on the stocks of Itau Unibanco Holding S.A. (ITUB4), the winning institutions were Citigroup Global Markets Limited, Credit Suisse International and Timber Hill LLC, which as market makers shall respect a maximum volatility spread of five percent (5%).

The selected institutions presented the lowest maximum volatility spreads, which are defined as the percentage calculated on the basis of the ratio between the implied volatilities of the bid and offer prices for each option. The rules of this process are described in the Bid Notice.

The next stage, starting in July 2011, shall be for options on the stocks of BM&FBOVESPA S.A. and Usinas Siderurgicas de Minas Gerais S.A. and on the Ibovespa index. The third stage shall be for options on the stocks of Banco Bradesco S.A., Gerdau S.A. and Banco do Brasil S.A.. The fourth stage shall be for options on the stocks of Cia Siderurgica Nacional, PDG Realty S.A. Empreendimentos e Participacoes and Cyrela Brazil Realty S.A. Empreendimentos e Participacoes.