The Brazil Securities Commission (CVM) published its Q3 2025 Economic Bulletin, showing BRL 630.9bn in securities issuance through the end of September and a 2.8% rise in the number of CVM-regulated participants since end-2024 to 92,322. The bulletin highlights continued growth in real estate funds (FIIs), credit receivables funds (FIDCs) and investment crowdfunding offers conducted on electronic platforms. FII issuance totalled BRL 68.8bn, up 13.9% versus the same period in 2024, while FIDC issuance reached BRL 97.9bn, up 8.6%. For fixed income instruments (debentures, promissory notes, FIDCs and various receivables certificates), issuance fell about 3% to BRL 525.2bn. Under CVM Resolution 88, crowdfunding activity accelerated, with the number of issuances more than doubling year on year (629 in 2025 versus 253 in 2024) and the financial volume quadrupling (BRL 3.1bn versus BRL 0.76bn). The report also estimates the regulated market at BRL 46.32tn (BRL 17.28tn excluding derivatives notional), up 8.5% year on year, with investment funds reaching BRL 10.8tn (up 10.1%); it notes a 20.4% increase in securities investment advisers versus end-2024 and records authorisations for two new central securities depositories and three organised market administrators. The quarterly bulletin is produced by CVM’s Economic Analysis, Risk Management and Integrity Office (ASA) and is available in both report and interactive formats.

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