São Paulo, May 15, 2008—Shearman & Sterling represented Brazil’s two main financial exchanges—the São Paulo stock exchange, Bovespa, and the commodities and futures exchange, BM&F—in their recently announced merger, providing counsel on US securities law.

The new exchange, BM&F Bovespa SA, will become the world’s third largest by market value, negotiating 80% of stock deals in Latin America and over US$67 billion in daily futures trades. On the May 8 approval date, the market value of the combined exchanges was over US$22 billion.