OREANDA-NEWS. February 08, 2011. Itau Unibanco S.A. has won the second selection process for depositary institutions authorized for trading 10 unsponsored level 1 Brazilian Depository Receipt (BDR) programs, backed by shares issued by publicly traded companies with headquarters overseas. On Monday, BM&FBOVESPA opened the proposals and announced the result of the process, in which three financial institutions participated.

Itau Unibanco should present BM&FBOVESPA, within 60 calendar days, with proof of its submission for registration of the 10 Unsponsored Level 1 BDR programs with the Brazilian Securities and Exchange Commission (CVM). As of the CVM granting it registration, the financial institution will have 10 days calendar days to submit a request to the Exchange for authorization to trade.

There are currently 20 Unsponsored Level 1 BDR programs that are available for trading on BM&FBOVESPA. Ten of these have Deutsche Bank as their depositary institution and the other ten have Citibank Distribuidora de Titulos e Valores Mobiliarios S.A.