Launched in 2005, the Program for Strengthening the
Mediation Sector (Programa de Fortalecimento do Setor de Intermediação), which comprises a range of initiatives
primarily directed at the financial and operational stability of its intermediaries in the derivatives markets,
has reached its second phase - denominated as The Operational Qualification Program (PQO). The program was
effectively implemented on July 1, 2005 with the task of improving the internal controls, identifying the focus of
activity, and preparing for the future certification of the chosen strategic positions.
Given the perspective of continued improvements in
the risk indicators for the Brazilian economy and the increasing openness of the Brazilian capital markets, this
package of structural changes is aimed at preparing Brokers for the demands of a market with great growth potential.
The new economic climate will
certainly result in clients demandingever greater quality in the services offered by intermediaries as well as
greater operational efficiency and financial capacity in assuming risks.
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