The history of BM&F BOVESPA began on July 26, 1851 when the Rio de Janeiro Board of Brokers was formed through Government decree 806. The Sao Paulo Stock Exchange (BOVESPA) followed with its founding on August 23, 1890.
Prior to 1965, stock exchanges in Brazil were connected to the finance departments of state governments with brokers being appointed through the public sector. After the enactment of the Securities Act in 1965, stock exchanges became non-profit self-regulating entities that had administrative and financial autonomy. Government stock brokers were replaced by brokerage firms and companies were established as joint stock companies or private limited liability companies.
The Brazilian Mercantile & Futures Exchange (BM&F) was formed in July 1985 as a non-profit organization and began operations in January 1986. It played an important role in the consolidation of the domestic futures and commodities markets in Brazil, which included the Sao Paulo Commodities Exchange (BMSP) and the Brazilian Futures Exchange (BBF).
In 2002, the BM&F launched a subsidary organization called the Brazilian Commodities Exchange, which integrated the local commodity exchanges in the states of Ceará, Goiás, Mato Grosso do Sul, Minas Gerais, Paraná, Rio Grande do Sul and the city of Uberlândia. The BM&F became a for-profit company in 2007.
On March 26, 2008, the BM&F and BOVESPA announced that they would integrate the two entities into one "New Exchange", which is now recognized as the BM&F BOSVESPA.
The history of the Bolsa de Valores Bahia Sergipe Alagoas (BOVESBA) began on July 27, 1851 when the Bahia Board of Brokers was formed through Government decree 807. In 1924, the state of Bahia created the Bahia Commodities Exchange. On February 28, 1940, the exchange was created by combining the stock and commoditiy entities into the Bolsa de Mercadorias e Valores de Bahia.
The state of Bahia realized that the two exchanges could function as one so on November 27, 1953, the two exchanges were dismembered to create the Bahia Stock Exchange. After a merger on December 28, 1978 with the Alagoas Stock Exchange and on November 27, 1980 with the Sergipe Stock Exchange, the exchange was renamed the Bahia Sergipe Alagoas Stock Exchange (BOVESBA).