The Brazilian Securities, Commodities and Futures Exchange — BM&F Bovespa— has authorized Cedro Market & Finances to act as a provider of direct market access (DMA) for BM&F's derivatives markets. As of August 19th, Cedro Market & Finances will offer its clients an order routing system that allows direct trading of financial and agricultural derivatives traded at the exchange.

DMA permits investors to directly access the exchange's electronic platform, GTS, without have to transmit the data through the brokerage house's network, according to the release. The client connects to BM&F Bovespa's system through the authorized provider. The connection between the investor and the exchange, however, is monitored by the brokerage house that provided the access so as to enable it to control the customer's order flow, noted the release.

Cedro Market & Finances — a financial markets technology provider — is the first Brazilian company authorized to act as a DMA provider. With the authorization of Cedro, BM&F Bovespa now has three access providers for the derivatives and futures markets. In January, Marco Polo Networks began offering the service, and, in May, Bloomberg Tradebook did as well.