The authorities have also led some policy initiatives to encourage investors to adopt new references moving away from short-term indexation. For example, the main securities exchange (BM&F Bovespa) introduced reference rates for 3 and 6 months aiming at extending the reference rate for investors. In February 2012, the National Treasury undertook securities exchange operations with Extramercado Funds5 in order to adjust their portfolio. The investment policy of these funds has been adjusted such that they must be referenced to one of the Anbima Market Indices (IMA). The exchange operations resulted in a redemption of R$ 61 billion in securities linked.
