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SAO PAULO, Dec 10 (Reuters) - BM&FBovespa SA, Latin America's largest exchange operator, on Thursday raised its investment target for 2016 by about 20 percent to 200-230 million reais ($50-60 million), citing a new timeline and budget for its main projects.
A year ago, BM&FBovespa had estimated investments in 2016 of 165-195 million reais. The company said on Thursday that about 40 percent of its investments are exposed to Brazil's foreign exchange rate, which has swung more than 30 percent this year.
The exchange operator said its expenses in 2016 will be in the range of 640-670 million reais, adjusted for depreciation, amortization, stock options, fees and provisions.
BM&FBovespa also announced a new year-long share buyback program of up to 40 million shares.
The company's board of directors named Antonio Carlos Quintella to replace André Esteves on the governance committee. Esteves, the founder of investment bank BTG Pactual SA , was arrested on Nov. 25 in a corruption scandal.
$1 = 3.81 Brazilian reais Reporting by Juliana Schincariol; Writing by Brad Haynes