BM&F BOVESPA SA Bolsa de Valores, Mercadorias e Futuros is a Brazil-based company that controls the Sao Paulo Stock Exchange. It was created as a result of the merger of the Brazilian Mercantile & Futures Exchange (BM&F) and Sao Paulo Stock Exchange (Bovespa). Among its trading products are: stocks, Brazilian Depository Receipts (BDR), Exchange Traded Funds (ETF), bonds, share receipts, agricultural commodities, as well as foreign exchange futures and spot contracts. The Company operates through integrated electronic systems, such as Mega Bolsa, GTS-Global Trading System, Home Broker and Web Trading. The Company's wholly owned subsidiaries are BM&F USA Inc and Banco BM&F de Servicos de Liquidacao e Custodia SA. It also holds shares in Bolsa Brasileira de Mercadorias and Bolsa de Valores do Rio de Janeiro – BVRJ.