Under the MOU, the organizations will work together on the potential creation of a new stock exchange with clearing and depository services in Brazil.
BATS Global Markets senior vice president of business development and marketing Ken Conklin said the announcement serves as an important initial step in exploring the unique opportunity that exists in the Brazilian market, which has many of the same frictions BATS has witnessed and overcome in the US and Europe.
"We’re pleased to partner with Claritas and FreitasLeite, two leading organizations that understand the needs of the Brazilian marketplace, to further investigate the opportunity," Conklin said.
Claritas senior partner Carlos Ambrosio said after thoroughly analyzing the benefits of competition in exchange, clearing and depository services, Claritas is very pleased to have identified BATS as the perfect partner for this challenge.
"The Brazilian capital markets are ready for access to the best technology in the world, and there is certainly no one better than BATS for the job," Ambrosio said.