Terça-feira, Janeiro 09, 2007

O Formador de Mercado na Bolsa de Valores

No post anterior mencionei a figura do Formados de Mercado e acredito que vale a pena esclarecer sobre esta figura atuante no mercado de ações.
O Formador de Mercado é uma instituição reconhecida pela BOVESPA - Bolsa de Valores do Estado de São Paulo e, na própria definição da BOVESPA, é um "agente de liquidez, facilitador de liquidez, promotor de negócios, especialista, market maker e liquidity provider são algumas designações atribuídas àqueles que se propõem a garantir liquidez mínima e referência de preço para ativos previamente credenciados, fatores de destaque na análise da eficiência no mercado de capitais".
A BOVESPA menciona ainda que "o papel de Formador de Mercado pode ser desempenhado por corretoras membros e não-membros, distribuidoras de valores, bancos de investimento ou bancos múltiplos com carteira de investimentos, que, ao se credenciarem para exercer essa função, assumem a obrigação de colocar no mercado, diariamente, ofertas firmes de compra e de venda para uma quantidade de ativos predeterminada e conhecida por todos".
Continua a BOVESPA dizendo que, "ao registrar ofertas, o Formador de Mercado proporciona um preço de referência para a negociação do ativo. E essa é uma tarefa importante porque envolve prévio conhecimento da empresa, atualização constante sobre suas condições econômico-financeiras, acompanhamento do valor de seus ativos e também de perspectivas no longo prazo, fatores essenciais para o estabelecimento de um preço justo, resultado de um extenso trabalho de relacionamento e análise"
Portanto, os dois pilares sobre os quais se apóia a existência da figura do Formador de Mercado são liquidez mínima, permitindo ao investidor sair de sua posição quando desejar, e preço de referência, possibilitando a transformação rápida de títulos em dinheiro.
A BOVESPA estabelece a quantidade mínima de ativos de cada oferta do Formador de Mercado , em função da quantidade média diária de ações negociadas no pregão, bem como as características da emissão e distribuição no caso de debêntures. Assim, a quantidade mínima de cada oferta pode ser de um lote-padrão vigente para aquele ativo ou múltiplos dele.
A oscilação nos preços das ofertas de compra e venda do Formador de Mercado deve respeitar um intervalo máximo (usualmente denominado de spread) calculado para cada ativo com base na volatilidade verificada ao longo de um determinado período de tempo. As ações menos voláteis, ou seja, aquelas que têm spread menor, costumam ser mais líquidas. Já para o mercado de renda fixa, a base de cálculo do spread é a txa de juro do mercado.

Portanto, podemos concluir que o Formador de Mercado exerce menor influência sobre os papéis de maior liquidez e de menor volatilidade negociados na BOVESPA. Mais um ponto que requer atenção na hora de escolha da ação na qual se vai investir.



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