BM&F Bovespa, the Brazilian derivatives exchange, has enjoyed its strongest ever month of trading, with volumes nearing the 70m mark. The figures, though inflated by record volumes in one sector, put BM&F on a par with some of the world’s longest established futures exchanges and exceeded CBOT’s monthly total of 66m.
Trading in interest rate futures rocketed on speculation that the president of the Central Bank, Henrique Meirelles, was to leave his position at the end of the month to run for political office. Had...