Objectives

Among the major objectives of the Operational Qualification Program (PQO) is the strengthening of the member Brokerage Houses—be it individually, as companies, or collectively, as representatives of the intermediation industry—by providing them with the tools to compete both domestically and internationally. This structural, operational approach is based on regulatory references as well as on proper identification of the best corporate and sector practices. To this end, the PQO seeks to impart business management knowledge onto the BM&F members and establish the attributes that are essential for a trading support infrastructure.

The PQO should be regarded as a new stage in the Program for Strengthening the Brokerage Sector, which was launched in January 2005 and focused on asset and regulatory aspects. This new phase will demand rigorous qualification work to enhance the management and operational practices of the member Brokerage Houses, thereby entitling them to the corresponding recognition and certification.

Certification will be granted by BM&F through the presentation of a seal to the Brokerage Houses that meet all the requirements that are applicable to their business positioning. It should be emphasized that, although BM&F does not require its members to hold a certification or a seal, they must however fulfill all the requirements set forth in the Basic Guidelines.

Thus, even if a Brokerage House decides not to apply for a business positioning certification, the PQO will help improve its business outlook by facilitating its compliance to the requirements of the intermediation industry. In fact, the implementation of this program provides a transparent, converging approach to assimilating the regulations and procedures issued by regulatory agencies and the Exchange itself, which are often fragmented or published in different formats and through different media channels. This approach helps reinforce the proper nature of Brokerage Houses as companies that are structured on logical and consistent interconnected processes which aim to render intermediation services with excellence. All these conditions are compiled in the Basic Guidelines, which serve as the basis for qualification.

So, those Brokerage Houses that want to obtain the seal must conform to the requirements set forth in the Specific Guidelines. There are requirements for each of the five groups of strategic positioning, allowing brokers to choose their business focus and the corresponding seal. Finally, we emphasize that conformity to the Basic Guidelines is a prerequisite for obtaining a seal of quality.