The Brazil Securities Commission (CVM) reported growth in Brazil’s regulated market and securities issuance, alongside lower market and liquidity risk indicators, in its economic bulletin for the third quarter of 2026. The estimated regulated market value reached BRL 57.18 trillion by September. Excluding the notional value of derivatives, it totaled BRL 19.65 trillion, up 8.7% from the end of 2025. Growth was driven mainly by investment fund assets, which reached BRL 12.17 trillion, and gains in equities, with stock market capitalization reaching BRL 5.24 trillion. Securities issuance totaled BRL 708.2 billion across 3,578 offerings in the first nine months of 2026. Issuance value rose 12.1% and the number of offerings increased 7.9% compared with the same period in 2025. Agribusiness investment funds (FIAGROs) issued BRL 44.9 billion in the third quarter, more than four times their total for 2025. Crowdfunding raised BRL 2.8 billion through 681 offerings through September, increases of 36.8% and 25.2%, respectively, from the corresponding period in 2025. Market and liquidity risk indicators declined during the third quarter, while risk appetite increased. Lower volatility in fixed income markets, recovering foreign investor flows into Brazilian equities and rising share prices contributed to the improvement. Credit and macroeconomic risk indicators remained stable, with the latter at the lowest level on the CVM’s historical scale. The bulletin also introduced methodological revisions, recalculating the databases used to measure regulated market size and count regulated participants, particularly investment funds.

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