With a market cap of $824 billion, the Brazilian largest equities and derivatives exchange is the largest exchange in Latin America and comes in second in terms of market capitalization in the western hemisphere. BM&FBOVESPA surpasses NYSE Euronext and NASDAQ`s market cap in market capitalization. The exchange offers financial products such as spot commodities, equities and interest rates future contracts. BM&FBovespa was created in 2008 as a result of a merger between Bolsa de Mercadorias & Futuros and Bolsa de Valores de Sao Paulo. According to a survey by the Futures Industry Association, BM&FBovespa posted a volume of over 1.4 billion derivatives traded in 2016. Over the years, the exchange has continued with its growth strategy by buying minority stakes in other exchanges spread across Latin America. In 2016, the exchange acquired its stocks exchange rival in Brazil Cetip SA thus becoming the dominant exchange in Brazil. Most recently, BM&FBOVESPA became the first exchange to join the distributed ledger consortium developed by R3. The distributed ledger consortium aims at developing commercial applications for ledger technology among the world`s largest financial institutions. The Brazil Clearing and Depository Corporation (CBLC) is the only mandated body to act as counterparty for securities lending transaction. The process is relatively straightforward as the regulatory body declares the short position on their portal.