UPDATE 1-Brazil BM&FBovespa ups CME stake on high-speed bet

* BM&FBovespa ups stake in CME Group for $620 million

* CME, BM&FBovespa look for investments in global exchanges

* Companies to develop forex, stocks, derivatives platforms

(Recasts, adds detail on deal)

SAO PAULO, Feb 12 (Reuters) - BM&FBovespa (BVMF3.SA), the world's fourth-largest exchange operator by market value, has agreed to raise its stake in CME Group (CME.O) for $620 million and develop new technologies, in its biggest bet to date on high frequency trading.

As part of the deal, BM&FBovespa will increase its stake in Chicago-based CME to 5 percent from 1.8 percent, the Brazilian company said on Friday.

The companies also agreed to develop new technologies for high-speed trading platforms for stocks, derivatives, currencies, government and corporate bonds, where investors will be able to buy and sell securities in less than 1 millisecond.

BM&FBovespa said it will invest $175 million over 10 years in the new trading platform.

CME and BM&FBovespa also formed a "strategic partnership," valid for 15 years, to jointly look for partnerships and investment opportunities in other exchange operators around the world. (Reporting by Elzio Barreto; Editing by Dan Lalor)