However, due to competition with many other Brazilian cities, which sometimes offer tax advantages for companies to build manufacturing plants in situ, Sao Paulo's main economic activities have gradually left its industrial profile in favour of the services industry over the late 20th century. The city is nowadays home to a large number of local and international banking offices, law firms, multinational companies, advertising firms and consumer services.
Many major international and Brazilian companies have offices in São Paulo, and the Bovespa stock exchange index (Ibovespa) is considered one of the most important Latin American market indices abroad. After merging with the BM&F (Futures Markets Exchange), Bovespa (São Paulo Stock Exchange) has become the third largest exchange in the world (Folha de Sao Paulo newspaper 2008)
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