Brazil Securities Commission launches second edition of its TOP book on Brazil’s derivatives market with B3

The Brazil Securities Commission (CVM) has published the second edition of “TOP Derivatives Market in Brazil – Concepts, Products and Operations”, produced in partnership with B3 and the CVM Education Advisory Committee, updating its educational material to reflect recent regulatory and operational developments in the domestic derivatives market. The revised edition positions derivatives as risk-management and hedging tools as well as investment instruments, and expands coverage of newer structures and products, including options strategies, exotic products such as flexible barrier options, and Structured Operations Certificates (COE) under National Monetary Council Resolution 5,166. It also reflects changes since the first edition in 2015, including updates to CVM rules such as CVM Resolution 135 and market developments such as cryptoasset derivatives and flexible options. The book is organised into six chapters spanning CVM’s regulatory role, B3’s derivatives markets, operational mechanics, derivatives by asset class, an introduction to exotic products, and concluding comments, and is available free of charge via the Investor Portal as part of the TOP Books series.