Brazilian exchange BM&F Bovespa’s net income for the fourth quarter of 2008 was 8.8% lower than in 2007 as the financial crisis bit, but net income for the year was still up 20.3%, helped by annual growth of 6.1% in the bourse’s derivatives revenue.
The exchange reported pro forma results, so as to exclude non-recurring expenses from the merger in August of Bolsa de Mercadorias & Futuros and Bovespa, as well as goodwill...