FOCUS ON BRAZIL
OIn view of continuing investor interest in Brazil’s local markets, EMTA hosted on May 30, 2007 a panel presentation - A Shortcut to Local Markets in Brazil - addressing macroeconomic issues and equity and interest rate derivatives. Panelists included representatives from Banco Itaú, Unibanco and Banco Votorantim. This presentation follows last year’s discussions (May 12, 2006 in NYC and October 16, 2006 in London), which focused on opportunities and challenges in Brazil’s financial markets and featured presentations by Banco Itaú, Unibanco, Banco Votorantim and Banco Pactual, as well as by ANDIMA and by CETIP, Brazil’s central security depositary. Last year’s panelists discussed such issues as local instrument liquidity in Brazil, clearing and settlement issues, legal and tax implications, as well as derivatives and futures issues.