* CFO sees better-than-expected earnings on volume growth

* BM&FBovespa to expand high frequency services in Nov.

* Shares rise on expectations for earnings gains (Recasts, adds comments, trading data)

By Elzio Barreto

SAO PAULO, Nov 11 (Reuters) - Brazil's BM&FBovespa (BVMF3.SA: Quote, Profile, Research), the world's fourth-largest exchange operator by market value, sees better-than-expected stock and derivatives trading volumes in 2009 helping to stoke earnings, Chief Financial Officer Carlos Kawall said on Wednesday.

Average trading volumes for stocks reached a record in October, while a recovery in derivatives trading underscores a "very positive" future for the company, he added.

"What we see internally today is that the year is clearly better than what we imagined in terms of volumes and, therefore, in terms of results," Kawall said in a conference call with journalists.

BM&FBovespa shares rose 2.1 percent to 12.72 reais in early afternoon trade, compared with a 1.2 percent gain in the benchmark Bovespa index .BVSP on optimism over future earnings. The shares have more than doubled in price so far in 2009, compared with a 78 percent gain in the Bovespa index.

The company reported late on Tuesday its third-quarter profit rose less than expected because of a slump in revenue from derivatives trading that offset a decline in operating costs. [ID:nN10327547]