brazilian payment system (spb) bm&f foreign exchange clearinghouse regional clearing facility

Brazilian Mercantile & Futures Exchange (BM&F)


Brazilian Payment System (SPB)

BM&F Foreign Exchange Clearinghouse

Regional Clearing Facility

Presentation Structure


BRAZILIAN PAYMENT SYSTEM


1. Brazilian Payment System Real time gross settlement system (RTGS). Clearing system with risk management and safeguard structure for

systemically important markets (DNS).

2. RTGS Manager: Central Bank of Brazil. Purpose: Transfer of large amounts in real time between bank

reserves accounts and/or clearinghouse settlement accounts.

3. Clearinghouses - DNS Settlement systems by netting amounts.

Brazilian Payment System - SPB


1. Brazilian Payment System

In April 2002, the Central Bank of Brazil introduced important changes in the Brazilian Payment System with the following main purposes:

a. Reduce risks;

b. Increase the dynamics of the system;

c. Eliminate risks that the Central Bank was forced to assume in the previous system;

d. Reduce operational and financial costs;

e. Adapt the legal base and implement the corresponding regulation.

To reach these purposes, the Central Bank changed and innovated several aspects of the previous system. Among these are:

a. Creation of a system to transfer of large amounts in real time and directly in the accounts maintained by the banks in the Central Bank;

b. Creation of clearinghouses with their own safeguard mechanisms to ensure the finality of operations and the payments made through them; and

c. Irrevocability of operations and payments, as well as adoption of the delivery versus payment (DVP) and payment versus payment (PVP) settlements.

Brazilian Payment System - SPB


Banks

Clients

Central Bank

COMPE

Funds tranfer in Brazil – previous system

Checks / Other Documents

Electronic files

Electronic files

Confirmation

Confirmation

Confirmation

Period of Operation: 24:00

Risks:

Clients – Bankruptcy of the banks that pay and/or receive payments during the clearing process.

Banks – Use of the funds before the closing of the clearing cycle.

Central Bank – Bankruptcy of the paying bank with a negative balance in its reserves account.


Banks

Clients

Central Bank

COMPECIP / TecBan

TED

Confirms TED

STR

ConfirmsSTR

Funds transfer in Brazil – current system – STR (RTGS)

STR STR

Confirmation

Checks / Other Documents

STR STR

Confirmation Confirmation

ConfirmationConfirmation


Central Bank

Central Bank systems

FXPublic Bonds

National Treasury

Money Supply

Participants Participants Participants Participants

Funds transfer between bank

reserves accounts

CETIP (custody and settlement

system)

Private securities

Exchange Financial

System (SFB)

BM&F Derivatives Clearingh.

BOVESPA & CBLC

Clearingh.

BVRJ & BBF Clearingh.

Participants

Participants

Participants

Participants

Settlement of financial transactions in Brazil – previous system


Central Bank of Brazil (settlement accounts)

Participants Participants Participants Participants Participants

BM&F FX Clearinghouse

BM&F Derivatives

Clearinghouse

BM&F Securities

Clearinghouse 1

CETIP 2CBLC Clearingh.

(1) In final testing phase.

(2) Do not have a safeguard structure

The four clearinghouses are holders of settlement accounts in the Central Bank.

Settlement of financial transactions in Brazil – current system


Settlement System

TransactionsGross amounts

(million)Net amounts

(million)Netting

R$ R$ %

BM&F (Derivatives) 10,937 1,348.50 450.78 66

CBLC (DNS) 68,453 1,208.67 155.25 86

CBLC (RTGS) 171 279.00 0

CETIP (DNS) 1,111 6,100.67 2,184.03 62

CETIP (RGTS) 1,046 9,959.17 0

CIP 60,819 4,427.50 816.68 80

COMPE 11,817,677 7,968.00 678.38 90

STR 47,992 155,202.17 0

Tecban 343,453 26.67 10.37 62

Selic 3,081 127,025.33 0

Source: Central Bank of Brazil

Daily average amount since April 22, 2002


FX Clearinghouse


DNS (with the Clearinghouse)

Bank A Bank B

SISBACENPCAM 383

BM&F FXClearinghouse

(tradeby

trade)

Registration

Negotiation

T+0

Negotiates

Negotiates

Confirms Registers

Captures

00:00 00:0012:0006:00 08:00 17:15



Central Bank

Bank BBank A

Analysis


(tradeby

trade)

Analysis

T+0

Acceptedtransactions



00:00 00:0012:0006:00 08:00 17:30

Analysis

• Operational Limit

• Volatility

• Rate Equalization

• Operating Result Accepted



Central Bank Bank BBank A


Analysis

Analysis

Clearinghouse

Department

(tradeby

trade)

Analysis

T+0




00:00 00:0012:0006:00 18:0008:00 17:30

Analysis


• Volatility


• Operating Result Refused

Solved


Unacceptedtransactions




Central Bank Bank BBank A


Analysis

Analysis

Clearinghouse

Department

(tradeby

trade)

Analysis

T+0

00:00 00:0012:0006:00 18:0008:00 17:30

Analysis


• Volatility


• Operating Result Refused

Refused


600.00 (-)

350.00 (+)

1800.00 (+)

1050.00 (-)

2850.00 (+)

3030.00 (-)

8550.00 (-)

9090.00 (+)

3200.00 (-)

3630.00 (+)

9600.00 (+)

10890.00 (-)

250.00 (-) 750.00 (+)

180.00 (-) 540.00 (+)

430.00 (+) 1290.00 (-)

Analyticalreportper bank

Analyticalreport

Analyticalreport

Analyticalreport

Net amount

Net amount

Net amount

Sale

Purchase

Foreign currency Local currency

Sale

Purchase

Sale

Purchase


Bank ACentral Bank

Net amount calculation

Bank B

Bank NBM&F FX

Clearinghouse



Phase 1 - settlementPayment request in local and foreign currency

T+N

CorrespondentBank abroad

Balance


Balance

Bank N

SISBACEN

Balance

Bank A

Bank B




FEDBOOK

Requests credit in localcurrency with the Central Bank

Reportsdebtorsin local

currency

Requests credit inforeign currency with

Correspondent Bank abroad



00:00 00:0012:0004:30 18:0006:00


PaysClearinghouse(RTGS)


Balance


Balance

Bank N

SISBACEN

Balance

Bank A

Bank B




FEDBOOK


Phase 2 - settlementPayment in local and foreign currency

T+N

FEDBOOK

Reportsdebtorsin local

currency

Confirmslocal

currencypayment

Creditnotice





Paymentorder

Paymentorder


Balance

Balance

Balance

00:00 00:0012:0006:00 18:0011:00 13:05


Paymentconfirmation(RTGS)

Paymentconfirmation(RTGS)

Pays banksA and B (RTGS)

Creditnotice

Paymentorder

FEDBOOK

ClearinghouseCorrespondentBank abroad


SISBACEN

BM&F FXClearinghouseBank A Bank B Bank N



Phase 3 - settlementPayment of local and foreign currency to nondefauters

T+N

00:00 00:0012:0006:00 18:0014:05


Bank NBM&F FX

Clearinghouse

No Balance

SISBACEN


Operational defaulter/defaulterBuying bank

T+N


Reports debtorsin local currency

PaysClearinghouse

(RTGS)

Sends order backDoes not confirm creditNo Balance

00:00 00:0012:0006:00 18:0013:05 15:30



Balance

SISBACEN

Bank B


Operational defaulter/defaulterBuying bank

T+N

ClearinghouseBank

Credit notice

Bank excluded

Sells and transfers foreign currency

Transferslocalcurrency

Balance

00:00 00:0006:00 18:0013:05 13:30


No Balance


BM&F FXClearinghouse Bank A



Operational defaulter/defaulterSelling bank

T+N

Requests foreigncurrency payment

Confirms localcurrencynonpayment

Paymentorder

Sends order backNo balance

00:00 00:0012:0006:00 18:0013:05 15:30



Bank A

Central Bank

ClearinghouseBank

FEDBOOK




Operational defaulter/defaulterSelling bank

T+N

Defa

ult

ing

ban

ks Buys

foreigncurrency

Foreign currency credit confirmation

Transfers undeliveredlocal currency to

defaulting bank (RTGS)

Payment order

Paymentconfirmation

00:00 00:0006:00 18:0013:05 13:30


Buys foreign currencyand pays local currency

Sells and delivers foreign currency

BM&F FXClearinghouseBank A Bank B

Risk ManagementPrincipal risk

Pays local currency Delivers foreign currency

The principal risk is eliminated because, for settlement purposes, the Clearinghousetakes the position of the contracting part, pursuant to the provisions of article 4 ofLaw 10214/2001. Obrigations are settled through PVP.


Buys foreign currencyand pays local currency

Sells foreign currencybut does not deliver it

Delives foreign currency

The exchange rate fluctuation is guaranteed by the Clearinghouse, within contractlimits, based on previously posted collateral, pursuant to the provisions of Chapters V and IX of the Rulebook approved by the Central Bank of Brazil.

BM&F FXClearinghouseBank A Bank B

Risk ManagementMarket risk

ClearinghouseBank

Previouslyposted

collateral

Buys foreign currencyand pays localcurrency

Usescollateral

if necessary


Contracted limits to buyand sell foreign currency


Risk ManagementLiquidity risk

Clearinghouse Bank

ABN AMRO

Clearinghouse Bank

bank do Brasil

Clearinghouse Bank

Bank of America

Clearinghouse Bank

Citibank

Contracted limits to buyand sell foreign currency


Monitors net and grosscontracted amounts




Operationallimit

Operationallimit

Operationallimit

Operationallimit


Bank BBank A

Bank DBank C

Risk ManagementLiquidity risk

The establishment of operational limit considers the participant’s payment capacityand historical record in the interbank foreign exchange market, and the totalliquidity of the interbank FX market.



Settlement Accounts

Central Bank


ABN AMRO


Bank of America


Citibank


StandardChartered

Foreign currency settlement account

Localcurrencysettlementaccount


BM&F FX Clearinghouse

FX ClearinghouseDirector

Registrationand Contracting

Department

Payment andSettlementDepartment

MonitorsFX transaction

contracting

Monitorscontracted FX

transactionsettlement

Monitorsthe market

Monitorsthe market

Market RiskAnalist


Participating Banks (12/31/2003)

1 - Banco ABC-Brasil S/A

2 - Banco ABN Amro Real S/A

3 - Banco Alfa de Investimento S/A

4 - Banco Banif Primus S/A

5 - Banco Barclays S/A

6 - Banco BBM S/A

7 - Banco BMC S/A

8 - Banco BMG S/A

9 - Banco BNL do Brasil S/A

10 - Banco BNP Paribas Brasil S/A

11 - Banco Bradesco S/A

12 - Banco Brascan S/A

13 - Banco BVA S/A

14 - Banco Cacique S/A

15 - Banco Cargill S/A

16 - Banco Citibank S/A

17 - Banco Comercial do Uruguai S/A

18 - Banco Cooperativo Sicredi S/A

19 - Banco Credit Lyonnais Brasil S/A

20 - Banco da Amazônia S/A

21 - Daycoval S/A

22 - Banco de la Provincia de Buenos Aires

23 - Banco de Tokyo-Mitsubishi Brasil S/A

24 - Banco Dibens S/A

25 - Banco do Brasil S/A

26 - Banco do Estado de São Paulo S/A (BANESPA)

27 - Banco do Estado do Espírito Santo S/A (BANESTES)

28 - Banco do Estado do Rio Grande do Sul S/A

29 - Banco do Nordeste do Brasil S/A

30 - Fibra S/A

31 - Banco da Indústria e Comércio S/A

32 - Banco Industrial do Brasil S/A

33 - Indusval S/A

34 - Investimentos CSFB S/A

35 - Itaú S/A

36 - Itaú-BBA S/A


Participating Banks (12/31/2003)

37 - Banco J.P.Morgan S/A

38 - Banco Mercantil do Brasil S/A

39 - Banco Morgan Stanley Dean Witter S/A

40 - Banco Nossa Caixa S/A

41 - Banco Pactual S/A

42 - Banco Paulista S/A

43 - Banco Pine S/A

44 - Banco Prosper S/A

45 - Banco Rabobank International Brasil S/A

46 - Banco Rendimento S/A

47 - Banco Rural S/A

48 - Banco Safra S/A

49 - Banco Santander Brasil S/A

50 - Banco Santos S/A

51 - Banco Societe Generale Brasil S/A

52 - Banco Sofisa S/A

52 - Banco Standard de Investimento S/A

54 - Banco Sudameris Brasil S/A

55 - Banco Sumitomo Mitsui Brasileiro S/A

56 - Banco UBS S/A

57 - Banco Votorantim S/A

58 - Banco VR S/A

59 - Banco WestLB do Brasil S.A.

60 - Banco Zogbi S/A

61 - BankBoston bank Múltiplo S/A

62 - BankBoston N.A.

63 - BES Investimento do Brasil S.A.

64 - BRB - Banco de Brasília S/A

65 - Deutsche Bank S.A. - Banco Alemão

66 - Dresdner Bank Lateinamerika A.G.

67 - HSBC Bank Brasil S/A

68 - ING Bank N.V.

69 - Lloyds TSB Bank PLC

70 - União de Bancos Brasileiros S/A (Unibanco)


BM&F

LAWS

CMN/BACEN

Law No. 10214, of March 27, 2001

Law No. 4595, of December 31, 1964

Law No. 6385, of December 7, 1976

Resolution No. 2882, of August 30, 2001

Circular No. 3057, of August 31, 2001

Bylaws

Ethics Code

Rulebook

Manuals


Law No. 10214, of March 27, 2001Provides for the activities of clearinghouses and clearing service providers within the scope of the Brazilian Payment System

Law No. 4595, of December 31, 1964Provides for the monetary policy and the monetary, banking, and credit institutions; creates the National Monetary Council (CMN) and the Central Bank of Brazil (BACEN)

Law No. 6385, of December 7, 1976Provides for the securities market and creates the Brazilian Securities and Exchange Commission (CVM)

Laws

Applicability limited by Law No. 10214/’01

Presidential Decree No. 7661, of June 21, 1945Bankruptcy law

Law No. 6024, of March 13, 1974 Provides for the intervention and extrajudicial liquidation of financial institutions


Resolution No. 2882, of August 30, 2001

Provides for the Brazilian Payment System and the clearinghouses and clearing service providers

Circular No. 3057, of August 31, 2001

Approves the regulation that governs the functioning of the systems operated by clearinghouses and clearing service providers

Regulations from the National Monetary Counciland the Central Bank of Brazil


Bylaws

Authorizes BM&F to register, clear, and settle by physical delivery and cash settlement the trades executed in its auction systems and/or registered in any of its trading or registration systems by means of an in-house department or an organization constituted for that purpose (article 2, item I)

General Meeting of Members of March 21, 2001

Authorizes the constitution of the special segregated capital for the FX Clearinghouse of up to BRL100,000,000.00, among other provisions

BM&F Market Participants’ Ethics Code

October 2003

Brazilian Mercantile & Futures Exchange


Rulebook Approved by the Central Bank of Brazil, the FX Clearinghouse Rulebook governs the registration, clearing, and settlement of foreign currency purchase and sale through the Clearinghouse systems.

Operating ManualApproved by Central Bank of Brazil, the FX Clearinghouse Operating Manual lists each and every step in the registration, clearing, and settlement of foreign currency purchase and sale through the Clearinghouse systems.

Risk Management ManualApproved by Central Bank of Brazil, the FX Clearinghouse Risk Management Manual lists each and every step involved in the risk management of foreign currency purchase and sale through the Clearinghouse systems.



Information Technology

Approved by Central Bank of Brazil, it shows the technology infrastructure, as well as the contingency systems used to register, clear, and settle foreign currency purchase and sale through the Clearinghouse systems.

Accounting

Approved by Central Bank of Brazil, it deals with the accounting records and auditing procedures of foreign currency purchase and sale through the Clearinghouse systems.



BM&F Market Market Share

Market Share for Settlement on T+1in USD million04/22/2002 – 12/31/2003

0

80

160

240

320

400

480

560

640

720

800

04

/2

2/

02

05

/2

2/

02

06

/2

2/

02

07

/2

2/

02

08

/2

2/

02

09

/2

2/

02

10

/2

2/

02

11

/2

2/

02

12

/2

2/

02

01

/2

2/

03

02

/2

2/

03

03

/2

2/

03

04

/2

2/

03

05

/2

2/

03

06

/2

2/

03

07

/2

2/

03

08

/2

2/

03

09

/2

2/

03

10

/2

2/

03

11

/2

2/

03

12

/2

2/

03

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Market Share for Settlement on T+2in USD million04/22/2002 – 12/31/2003

BM&F Market Market Share

0

250

500

750

1,000

1,250

1,500

1,750

2,000

2,250

2,500

04

/2

2/

02

05

/2

2/

02

06

/2

2/

02

07

/2

2/

02

08

/2

2/

02

09

/2

2/

02

10

/2

2/

02

11

/2

2/

02

12

/2

2/

02

01

/2

2/

03

02

/2

2/

03

03

/2

2/

03

04

/2

2/

03

05

/2

2/

03

06

/2

2/

03

07

/2

2/

03

08

/2

2/

03

09

/2

2/

03

10

/2

2/

03

11

/2

2/

03

12

/2

2/

03

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


2.2

2.4

2.6

2.8

3.0

3.2

3.4

3.6

3.8

4.0

4.2

4/ 22/ 0

2

5/ 22/ 0

2

6/ 22/ 0

2

7/ 22/ 0

2

8/ 22/ 0

2

9/ 22/ 0

2

10/22/

02

11/22/

02

12/22/

02

1/ 22/ 0

3

2/ 22/ 0

3

3/ 22/ 0

3

4/ 22/ 0

3

5/ 22/ 0

3

6/ 22/ 0

3

7/ 22/ 0

3

8/ 22/ 0

3

9/ 22/ 0

3

10/22/

03

11/22/

03

12/22/

03

Exchange Rate04/22/2002 – 12/31/2003


Back Testing – Settlement on T+104/22/2002 – 12/31/2003

VaR BM&F Hypothetical return

-15%

-10%

-5%

0%

5%

10%

15%

04

/2

2/

02

05

/2

2/

02

06

/2

2/

02

07

/2

2/

02

08

/2

2/

02

09

/2

2/

02

10

/2

2/

02

11

/2

2/

02

12

/2

2/

02

01

/2

2/

03

02

/2

2/

03

03

/2

2/

03

04

/2

2/

03

05

/2

2/

03

06

/2

2/

03

07

/2

2/

03

08

/2

2/

03

09

/2

2/

03

10

/2

2/

03

11

/2

2/

03

12

/2

2/

03


Back Testing – Settlement on T+204/22/2002 – 12/31/2003

VaR BM&F Hypothetical return

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

04/22/

02

05/22/

02

06/22/

02

07/22/

02

08/22/

02

09/22/

02

10/22/

02

11/22/

02

12/22/

02

01/22/

03

02/22/

03

03/22/

03

04/22/

03

05/22/

03

06/22/

03

07/22/

03

08/22/

03

09/22/

03

10/22/

03

11/22/

03

12/22/

03


SafeguardsBRL1,180.99 MM

ParticipantsBRL1,030.99 MM

BM&FBRL150.00 MM

Participation FundBRL131.73 MM

Deposited collateralBRL899.25 MM

Operational FundBRL50.00 MM

Segregated CapitalBRL100.00 MM

12/31/2003


Participation FundBRL131,734,878.88

12/31/2003

BM&F Equity4%

LFTB(24)1%

NTNC(77)4%

LFT(21)29%

NBCE(18)18%

LTN(10)24%

NTND(78)20%


CollateralBRL899,250,378.67

12/31/2003

LFTB(24)0%

NTND(78)39%

LTN(10)23%

NBCE(18)19%

LFT(21)19%


CollateralUsed: BRL360,816,592.10Deposited: BRL538,433,786.57

12/31/2003

Used Collateral40%

Deposited Collateral

60%


04/22/2002 – 12/31/2003

Contracted transactions 148,314

Gross contracted amount USD 523,317,879,469.42

Gross contracted amount BRL 1,607,916,961,340.92

Amount USD settled by funds transfer 82,091,951,878.26

Amount BRL settled by funds transfer 252,578,650,648.20

Amount USD settled on a netting basis 441,225,927,591.16

Amount BRL settled on a netting basis 1,355,338,310,692.72

Funds transfer reduction (%) 84.29%


REGIONAL CLEARING FACILITY

PRELIMINARY STUDY


Goods / Services

Local CurrencyUS Dollars

Importer ExporterBank

Country BCountry A

Local Currency

Goods / Services


Exporter

Local Currency

Local Currency

Local Currency

US Dollars US Dollars

US Dollars US DollarsLocal

CurrencyLocal Currency

Importer

Bank

Bank Bank

Market Market

Market Market

Current Model


Country BCountry A

Importer

Clearing

Exporter

Local Currency

Local Currency

Clearing

Exporter

Importer

Local Currency

Local Currency

Goods / Services

Goods / Services

Bank Bank

Bank Bank

Clearing bankClearing bank

Market Market

Proposed Model – Trade Balance Equilibrium


Country BCountry A

Importer

Clearing

US Dollars

Local Currency

Exporter

Local Currency

Local Currency

Local Currency

Clearing

Exporter

Importer

Local Currency

US DollarsLocal

Currency

Local Currency

Local Currency

Goods / Services

US Dollars

Goods / Services

Bank Bank

Bank Bank


Market Market

Proposed Model – Country A Deficit


Country BCountry A

Importer

Clearing

US Dollars

Local Currency

Exporter

Local Currency

Local Currency

Local Currency

Clearing

Exporter

Importer

Local Currency

US DollarsLocal

Currency

Local Currency

Local Currency

Goods / Services

US Dollars

Goods / Services

Bank Bank

Bank Bank


Market Market

Proposed Model – Country A Surplus


Goods / Services


Importer Exporter

ArgentinaBrazil

Local Currency

Local Currency

Local Currency

US Dollars US

Dollars

Bank Bank

Market Market

Current Model


Annual flow of US Dollars – Brazil x Argentina foreign tradeamounts in US Dollar billion

Brazilian Imports

1991: Mercosur 1997: Asian Crisis 1998: Russian Crisis 1999: Brazilian Crisis 2001/02: Argentinean Crisis

Current Model

0

2

4

6

8

10

12

14

16

19

81

19

82

19

83

19

84

19

85

19

86

19

87

19

88

19

89

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03


Goods / Services


Importer Exporter

ArgentinaBrazil

Local Currency

Local Currency

Local Currency

US Dollars

US Dollars

Goods / Services


Exporter

Local Currency

US Dollars

US Dollars

Local Currency

Local Currency

ImporterBank Bank

Bank Bank

Market Market

Market Market

Current Model



Current Model

Brazilian Imports

Argentinean Imports

0

2

4

6

8

10

12

14

16

19

81

19

82

19

83

19

84

19

85

19

86

19

87

19

88

19

89

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

1991: Mercosur 1997: Asian Crisis 1998: Russian Crisis 1999: Brazilian Crisis 2001/02: Argentinean Crisis


ArgentinaBrazil

Importer

Clearing

US Dollars

Local Currency

Exporter

Local Currency

Local Currency

Local Currency

Clearing

Exporter

Importer

Local Currency

US DollarsLocal

Currency

Local Currency

Local Currency

Goods / Services

US Dollars

Goods / Services

Bank Bank

Bank Bank


Market Market

Proposed Model – Brazilian Deficit



Brazilian Deficit

Proposed Model – Brazilian Deficit

0

2

4

6

8

10

12

14

16

198

1

198

2

198

3

198

4

198

5

198

6

198

7

198

8

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3


ArgentinaBrazil

Importer

Clearing

US Dollars

Local Currency

Exporter

Local Currency

Local Currency

Local Currency

Clearing

Exporter

Importer

Local Currency

US DollarsLocal

Currency

Local Currency

Local Currency

Goods / Services

US Dollars

Goods / Services

Bank Bank

Bank Bank


Market Market

Proposed Model – Argentinean Deficit



Proposed Model – Argentinean Deficit

Brazilian Deficit

Argentinean Deficit

0

2

4

6

8

10

12

14

16

198

1

198

2

198

3

198

4

198

5

198

6

198

7

198

8

198

9

199

0

199

1

199

2

199

3

199

4

199

5

199

6

199

7

199

8

199

9

200

0

200

1

200

2

200

3



Comparative

0

2

4

6

8

10

12

14

16

19

81

19

82

19

83

19

84

19

85

19

86

19

87

19

88

19

89

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

0

2

4

6

8

10

12

14

16

19

81

19

82

19

83

19

84

19

85

19

86

19

87

19

88

19

89

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

Brazilian Deficit

Argentinean Deficit

Brazilian Imports

Argentinean Imports