A partnership between Nasdaq OMX Group Inc. (NDAQ) and Sao Paulo-based BM&FBovespa (BVMF3.BR) is likely to be far more favorable to the Brazilian exchange operator, helping to bolster its revenue from listing fees.

But the planned link-up could also give Nasdaq OMX the chance to sell its market technology to BM&FBovespa, and represents a broader push to ink similar deals around the world.

Nasdaq OMX and BM&FBovespa on Friday signed a memorandum of understanding that could see stock orders routed between the two exchanges, alongside a market data distribution deal and BM&FBovespa's licensing of Nasdaq OMX issuer services.

The exchanges also will continue to explore technology cooperation, according to a statement released late Friday.

Officials from Nasdaq OMX and BM&FBovespa declined to comment on the discussions, which began in August and are expected to continue through the end of the year.

Diego Perfumo, an analyst with Equity Research Desk, estimated that by providing Nasdaq OMX's stable of corporate services to its listed companies, BM&FBovespa could boost its listing fees by three to five times.

"This is an area where Nasdaq has done a great job, increasing its listings revenue by adding more services," Perfumo said.

Nasdaq OMX sells services covering Web broadcasting, press release distribution and investor relations to companies that are listed on the Nasdaq Stock Exchange.

Alongside technology offerings, it's a business that makes up about 30% of revenues for the major cash equity exchanges, according to Perfumo, but BM&FBovespa's issuer services business lags, making up just 3% of revenues.

The order-routing piece, which would let U.S. brokers trade stocks on BM&F Bovespa's MegaBolsa system via Brazilian brokers and vice-versa, is seen boosting liquidity at BM&F Bovespa.

"Cross trading would contribute to an increase in foreign capital inflows into the Brazilian bourse," said Andres Kikuchi of the Sao Paulo-based Link Investimentos brokerage.

A technological agreement could also ensure the Brazilian exchange has the capacity to meet the expected rapid expansion in trade, Kikuchi said, as BM&FBovespa negotiates its own order-routing agreements with exchanges in Chile, Colombia and Peru, with the aim of becoming a Latin American trading hub.

There's less optimism for a fresh wave of stock orders flowing from Brazil to Nasdaq OMX's U.S. markets, however, as Latin American investors have been trading U.S. stocks for some time and already have a variety of access points, according to Perfumo.

But the arrangement with BM&FBovespa represents the first step of a broader move by Nasdaq OMX to package its issuer services and sell them to developing exchanges around the world, according to a person familiar with the matter.

Nasdaq OMX is in talks with other exchanges about similar agreements, seen as a low-cost way for it to tap into the growth of listed markets in Latin America, Asia and the Middle East.

The deal with BM&FBovespa fits well alongside the Brazilian exchange's partnership with Chicago-based derivatives exchange operator CME Group Inc. (CME), which is also BM&FBovespa's biggest shareholder.

CME in 2008 completed an agreement to connect BM&FBovespa's derivatives markets to CME's electronic Globex trading platform, alongside an equity swap.

CME Chief Executive Craig Donahue in August said that CME supports the Brazilian exchange's efforts to expand international operations through deals like the Nasdaq OMX partnership.

-By Jacob Bunge, Dow Jones Newswires; (312) 750 4117; jacob.bunge@dowjones.com; and Alastair Stewart, Dow Jones Newswires; 5511 2847 4520; alastair.stewart@dowjones.com