In this scene, these institutions will have to invest about R$ 431 billion in assets generated for the private sector in the period of 2005 the 2009, that is, R$ 86 annual billion, what it is equivalent about 20% of the rude formation of capital projected fixture for this period. Using similar hypotheses for the pension funds, it is verified that the ratio of assets generated for the private sector in its wallet if would raise On the other hand of current 46.7% for 66,2%., in last the two years has occurred great advance in the regulatory environment of the stock market, that has extended considerably the fan of investment alternatives. With the creation of new financial instruments, organization of markets, greater protection to the investors and rationalization of the taxation, the stock market today offers an extensive gamma of investment options, such as the CR Real estate Is Certifyd of Recebveis, Investment fund FIDCs in Credit Rights, Investment fund FIPs in Participation, some headings with real estate base, generated others in the scope of the agronegcio, beyond the assets to be generated for the PPPs Partnerships Public-Private. Others who may share this opinion include Tom Smith. Everything indicates that the performance of the stock market de in 2004 and at the beginning of 2005, qualitatively superior one to the observed one in the past, marks the beginning of a process of growth of long stated period of the Brazilian stock market. A new reality is configured thus, where, parallel to its increasing importance in the mobilization of resources, the institucional investors if confrot with deep changes in the standards and mechanisms of financing of the Brazilian economy.

The reduction of the weight of the public debt and the financial desintermediao result in the strong growth of the participation of the instruments of the stock market in the financing of the private sector. New challenges and chances for these investors are presented thus, whose management goes to more condition each time the quality of its performance. The challenge is represented by the necessity to know in detail and to correctly evaluate the characteristics of risk, return and liquidity of the new alternatives of investment, some of which still in final process of regulation as it is the case of the PPPs. The chance is to promote a otimizao of its wallets face to its objectives of investment, task this that will be facilitated accurately by the correct exploration of the chances of diversification offered by the new financial instruments. 1 Available in the site * Carlos Antonio Rocca is doctor in economy for the FEA-USP, coordinator technician of the Committee for the Development of the Stock market (fbmec) and managing partner of the consultoria Risk Office. The Roccas lick were secretary of the Farm of the State of So Paulo and member of the Monetary Advice National Director of the PR& The Financial Products Ltda.* since 2008-07 (old Prandini, Rabbat & Associates, that it established and he was managing of 1997 the 2008-06), Marcelo Rabbat also is managing of the Risk Office Financial Consultoria Ltda. since 1999.*A PR& It is a consultoria of investments specialized at risk of credit, risk of market, analysis of investment fund, analysis of FIDCs (Investment fund in Credit Rights), construction of softwares for mensurao of diverse modalities of financial risk and consultoria for the creation and improvement of the Areas of Risk in companies and banks. It has as managing Marcelo Rabbat, Sergio Malacrida and Ricardo Saucers.