BM&FBOVESPA Market Data Commercial Policy Version 1.2 BM&FBOVESPA Market Data Commercial Policy Version 1.4.1 1 31/08/2017 BM&FBOVESPA Market Data Commercial Policy Content 1 Introduction........................................................................................... 7 2 MARKET DATA DISTRIBUTOR ............................................................ 8 2.1 DISTRIBUTOR (Direct Access) ............................................................ 8 2.2 REDISTRIBUTOR (Indirect access) ..................................................... 8 2.3 B3 TRADING PARTICIPANTS (PNP/PN) ............................................ 8 2.4 OTHER INSTITUTIONS ....................................................................... 8 2.5 LOCAL and INTERNATIONAL DISTRIBUTORS ................................. 8 2.6 INTERNAL and EXTERNAL DISTRIBUTORS ..................................... 9 2.7 DISTRIBUTOR GROUP ....................................................................... 9 2.8 SERVICE FACILITATORS ................................................................. 10 2.9 LISTED COMPANIES ........................................................................ 11 3 END USERS......................................................................................... 12 3.1 PROFESSIONAL or NON-PROFESSIONAL USERS ........................ 12 3.2 LOCAL and INTERNATIONAL USERS .............................................. 12 3.3 NON-DISPLAY use ............................................................................ 12 4 BM&FBOVESPA Market Data broadcast .......................................... 14 4.1 Market data timeliness: REAL TIME, DELAYED and END OF DAY (EOD) ................................................................................................. 14 4.2 Book depth levels authorized for commercial distribution ................... 15 5 SECURITIES LENDING ....................................................................... 17 6 BM&FBOVESPA Market Data Platforms ........................................... 18 6.1 UNIFIED MARKET DATA FEED (UMDF) .......................................... 18 7 BM&FBOVESPA Market Data transmission media .......................... 20 7.1 TRANSMISSION MEDIA .................................................................... 20 7.2 Market data use by DMA 2 providers and providers of intermediate technology infrastructure for trading desks ......................................... 21 7.3 Market data use by DMA 3 & DMA 4 Investors .................................. 21 7.4 SIMULATOR ...................................................................................... 21 8 Products that can be DISTRIBUTED and DISPLAYED from BM&FBOVESPA Market Data ............................................................ 23 8.1 External Distribution ........................................................................... 23 8.2 Exclusively Internal Use and Distribution............................................ 24 8.3 Indices ................................................................................................ 24 8.4 EOD Data Distribution and/or Display ................................................ 25 2 BM&FBOVESPA Market Data Commercial Policy 8.5 Delayed Data Display on Websites, Small Medias and Wallboards ..... 25 8.6 Display Data in Real Time on Websites Without Access Control ......... 26 8.7 Display Data on TV channels ............................................................... 26 8.8 Historical Data ...................................................................................... 26 8.9 Agricultural Commodities Package ....................................................... 27 9 Market data DISTRIBUTION AGREEMENT ................................................ 29 9.1 DISTRIBUTION AGREEMENT Annexes .............................................. 29 9.2 Necessary documentation .................................................................... 30 10 BM&FBOVESPA Market Data distribution MONTHLY REPORTS ........... 31 10.1 User unit of count ................................................................................. 31 10.2 Reporting formats ................................................................................. 32 10.3 Retroactive Adjustments ....................................................................... 37 10.4 Special cases and frequently asked questions ..................................... 37 11 Usage rules for demonstration, incentives, exemptions and discounts 39 11.1 Demonstration ...................................................................................... 39 11.2 Incentives ............................................................................................. 39 11.3 Exemptions ........................................................................................... 39 11.4 Discounts .............................................................................................. 40 11.5 Index creation ....................................................................................... 41 12 Audits ........................................................................................................... 42 13 B3 replaced regulations ............................................................................. 43 13.1 Regulations replaced by latest previous version .................................. 43 13.2 Regulations replaced by latest previous version .................................. 44 14 Fee schedule ............................................................................................... 45 14.1 Fixed fees ............................................................................................. 46 14.2 Variable fees ........................................................................................ 48 3 BM&FBOVESPA Market Data Commercial Policy CHANGE LOG Department Date Version Description in charge 2014/09/12 1.0 First version of document DO-DRD-SMD 2015/03/05 1.1 2.6 and 2.7 – Text reviewed DO-DRD-SMD 2.8 – Inclusion of Listed Companies 2015/03/05 1.1 DO-DRD-SMD definition 2015/03/05 1.1 3.3, 4.1.3, 5.1 and 6.1 – Text reviewed DO-DRD-SMD 6.3 – DMA3 and DMA4 follows its 2015/03/05 1.1 DO-DRD-SMD specific Circular Letters 2015/03/05 1.1 6.5 – Moved to 7.2, text reviewed DO-DRD-SMD 6.6 – Changed to 6.5, Simulator 2015/03/05 1.1 DO-DRD-SMD definition reviewed 7 – Text reviewed, included detailed 2015/03/05 1.1 explanation about available products DO-DRD-SMD on the Fee Schedule 8 – Added Market Data Agreement 2015/03/05 1.1 DO-DRD-SMD Annexes explanation 2015/03/05 1.1 9 – Text reviewed DO-DRD-SMD 10 – Included topic about discount for Trading Desk and Order Conveyor, 2015/03/05 1.1 Feed Handlers, Not-Financial DO-DRD-SMD Companies as non-professional users and Index creation 12 – Circular Letter 001/2015-DP 2015/03/05 1.1 DO-DRD-SMD included 13 – Foot notes reviewed and inclusion 2015/03/05 1.1 DO-DRD-SMD of payment process 2015/06/16 1.2 1 – Text reviewed DO-DRD-SMD 2, 2.1, 2.2, 2.5 e 2.6 – Text reviewed, 2015/06/16 1.2 with improvements on the Market Data DO-DRD-SMD Distributor definition 4 BM&FBOVESPA Market Data Commercial Policy 2.7 – Text reviewed with inclusion of 2015/06/16 1.2 DO-DRD-SMD rules for Service Facilitator 2015/06/16 1.2 2.8 – Text reviewed DO-DRD-SMD 2015/06/16 1.2 3, 3.1, 3.2 – Text reviewed DO-DRD-SMD 3.3 – Inclusion of Non-display 2015/06/16 1.2 DO-DRD-SMD Enterprise category 2015/06/16 1.2 4.1, 4.1.2, 4.2 – Text reviewed DO-DRD-SMD 2015/06/16 1.2 5.1, 5.4 – Text reviewed DO-DRD-SMD 6.1 – Text reviewed, with improvement 2015/06/16 1.2 DO-DRD-SMD on the Small Media definition 2015/06/16 1.2 6.5 – Text reviewed DO-DRD-SMD 7, 7.1, 7.2, 7.3, 7.3.1, 7.3.2, 7.4 – Text 2015/06/16 1.2 DO-DRD-SMD reviewed 7.5 – Inclusion of data that can be 2015/06/16 1.2 DO-DRD-SMD displayed on this category 2015/06/16 1.2 7.8 – Text reviewed DO-DRD-SMD 2015/06/16 1.2 7.9 – Text reviewed DO-DRD-SMD 8 – Text reviewed and inclusion of item 2015/06/16 1.2 8.1 about the Annexes of the Market DO-DRD-SMD Data Distribution Agreement 8.2 – Included item detailing the documentation that must be delivered 2015/06/16 1.2 DO-DRD-SMD together with the Market Data Distribution Agreement 2015/06/16 1.2 9 – Text reviewed DO-DRD-SMD 9.1 – Explanation about unit of count 2015/06/16 1.2 DO-DRD-SMD for Non-display Enterprise category 9.1 – Text reviewed, explaining in 2015/06/16 1.2 details simultaneous and non- DO-DRD-SMD simultaneous access 2015/06/16 1.2 9.2 – Text reviewed DO-DRD-SMD 2015/06/16 1.2 9.2.1 – Text reviewed DO-DRD-SMD 5 BM&FBOVESPA Market Data Commercial Policy 9.2.1.1 – Text reviewed and inclusion 2015/06/16 1.2 DO-DRD-SMD of new fields on Monthly Report Layout 2015/06/16 1.2 9.2.2, 9.4 – Text reviewed DO-DRD-SMD 2015/06/16 1.2 10, 11, 12 - Text reviewed DO-DRD-SMD 2015/06/16 1.2 13, 13.1 – Text reviewed DO-DRD-SMD 13.2 – Text reviewed and inclusion of 2015/06/16 1.2 Fee Schedule for Non-display and DO-DRD-SMD Non-display Enterprise categories 7.8 – New rule for Historical Data 2015/10/07 1.3 DO-DRD-SMD Commercialization 9.2.1 – Inclusion of information at 2015/10/07 1.3 DO-DRD-SMD Monthly Report 2015/10/07 1.3 10 – Text reviewed DO-DRD-SMD 2015/10/07 1.3 12 – Inclusion of CE 026/2015-DP DO-DRD-SMD 13.2 – Inclusion of new fees in 2015/10/07 1.3 DO-DRD-SMD Historical Data. 13 – Fee Schedule reviewed (valid 2016/12/21 1.3.1 DO-DRD-SMD from January 2017 onwards) Changes according to the document "Changes Log" available at 2017/08/31 1.4 www.bmfbovespa.com.br, Services, DO-DRD-SMD Market data, Distributors,