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March 13, 2008

Things I Learned Today About the Brazilian Stock Exchange

I visited the Brazilian equivalent of the SEC today in Rio de Janeiro, and here are some things I learned:

• There has been a thirty-fold increase in trading volume in the last eight years
• There were 64 IPOs in the last two years, albeit only four of which see reasonable post-offering liquidity
• More than three-quarters of most initial public offerings are offered to European investors, which was highly surprising/amusing
• The former floor of the now-electronic Brazilian exchange is a room that is rented out for samba parties

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