BM&FBovespa, Brazil’s top stock market operator, has posted an 8.3% rise in first quarter revenue driven by higher volumes in its derivatives and equities units.

The group, which is currently in the process of buying clearing house rival Cetip, saw total sales reach R$625.4m ($178m) between January and March.

Revenues from trading and post-trading in the derivatives and equities markets together contributed 78% towards the figure.

São Paulo Stock Exchange (Bovespa) and the Brazilian Mercantile and Futures Exchange (BM&F) combined forces in 2008.

Last month the company agreed to purchase Cetip, Latin America's largest depositary of fixed income securities and Brazil’s largest private asset clearinghouse.

BM&FBovespa chief exec Edemir Pinto said on Friday that the business is focused on obtaining shareholders’ approval for the tie-up on May 20 and then regulatory approvals.

He added that firm is moving forward with the second phase of clearing house integration.

“This will bring the equities post-trading activities into the integrated clearinghouse, reducing collateral requirements for markets participants, without increasing risk,” Pinto said.

A stock market statement showed securities lending revenues of R$23.2m for BM&FBovespa in the first quarter of 2016,  3.7% of total revenues and 4.3% higher than Q1 2015.

Depository, custody and back office revenues reached R$36.5mn (5.8% of total revenues), a 16.4% increase compared to last year’s January-March.