OREANDA-NEWS. December 5, 2011. BM&FBOVESPA announces today the start of the process to select up to three market makers for options on the stocks of Cia Siderurgica Nacional (CSNA3), PDG Realty S.A. Empreendimentos e Participacoes (PDGR3) and Cyrela Brazil Realty S.A. Empreendimentos e Participacoes (CYRE3). This is the fourth and final stage of the bidding program to select market makers for equity options and BOVESPA Index options, developed by the Exchange. The institutions (including nonresident ones) that wish to participate have until January 30, 2012 to deliver their proposals and the winners will be announced on February 02, 2012 .

The winning proposals for each of the objects of the bidding process shall be those with the lowest maximum volatility spreads, 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 bidding program has been developed to select market makers for options on the stock of ten companies (excluding Petrobras and Vale) selected by decreasing order of spot market liquidity, based on 2010, and on the BOVESPA Index. The purpose of the program is to encourage trading in options, increasing the liquidity of other underlying assets in the BOVESPA segment apart from Petrobras and Vale, and to encourage longer expirations for these contracts.