OREANDA-NEWS. December 15, 2011. BM&FBOVESPA announced the winning institutions in the third selection process for market makers for equity options. The market maker obligation shall last twelve (12) months as of February 13, 2012.

Citigroup Global Markets Limited, Citadel Securities LLC and Credit Suisse International shall be market makers for options on the stocks of Banco Bradesco S.A. (BBDC4), complying with a maximum volatility spread of 8.9%.

In the case of options on the stock of Gerdau S.A. (GGBR4), the selected institutions were Citadel Securities LLC, Credit Suisse International and Timber Hill LLC, complying with a maximum volatility spread of 5%.

The institutions selected for options on stocks in Banco do Brasil S.A. (BBAS3) were Citigroup Global Markets Limited, Credit Suisse International and Timber Hill LLC, complying with a maximum volatility spread of 8%.

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, which started in November, shall be for market makers 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.