LinkedIn, Dell, Qualcomm stocks to be traded on Bovespa

- Monday, August 8, 2011

LinkedIn, Dell, Qualcomm stocks to be traded on Bovespa

A basket of shares mainly from ICT companies - such as LinkedIn, Dell and Qualcomm - will soon be traded on São Paulo's stock exchange Bovespa, Brazilian business magazine Exame reported.

A total of 10 multinational companies will begin to have shares negotiated on Brazil's main stock market. Other firms include Amgen, Verizon Communications, Comcast, Philip Morris, Netflix, Ford Motors and Halliburton.

According to Exame, the stocks will be handled by Citigroup under the special Brazilian Depositary Receipts (BDR) regime, which comprises papers from companies that do not have open capital in Brazil and thus are not subject to local stock market regulatory rules.

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The BDR certificates to be released by Citigroup are for trading by financial institutions, investment funds and portfolio managers.

The bank is waiting for securities regulator CVM's approval to schedule the launch.

This will be the second lot of shares launched by Citigroup on Bovespa under the BDR regime, Exame reported.

Last year, Citigroup made available shares from Alcoa, Cisco Systems, Citigroup, Freeport-McMoran Copper & Gold, General Electric, Intel, Merck, Microsoft, Procter & Gamble and Wells Fargo.