March 30, 2017 / 12:07 PM / a year ago

Brazil's BM&FBovespa proposes name change to 'B3' after Cetip takeover

SAO PAULO, March 30 (Reuters) - BM&FBovespa SA shareholders will vote next month on whether to rename the Brazilian bourse to “B3 SA Brasil, Bolsa, Balcão” following its takeover of rival clearinghouse Cetip SA Mercados Organizados .

In a securities filing late on Wednesday, BM&FBovespa convened ordinary and extraordinary shareholder meetings for April 28 to decide on the name change as well as the number of members on its board, how they are elected and other matters.

BM&FBovespa proposed on Wednesday to expand its board to 14 members from 11.

After repeated attempts by BM&FBovespa to buy Cetip, Latin America’s largest securities clearinghouse, the companies agreed to a deal in April.

The takeover received regulatory approval last week, granting BM&FBovespa almost full control of Brazil’s market for registration and custody of local fixed-income instruments and over-the-counter derivatives.

The transaction has created the largest market structure player in Latin America, with stakes in Mexican, Colombian, Peruvian and Chilean counterparts. (Reporting by Paula Laier and Bruno Federowski; Editing by Lisa Von Ahn)

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