The Brazil Securities Commission has expanded the list of foreign markets whose intermediation services may be offered to investors resident in Brazil through partnerships between foreign intermediaries and institutions in the Brazilian distribution system under the introducing broker model. The decision covers CME, CBOT, NYMEX and COMEX and allows foreign intermediaries active on those exchanges to offer services in Brazil through local partners, while leaving the broader criteria for the model unchanged. Access remains subject to all conditions set by the CVM board in its 23 February 2021 decision, including suitability, anti-money laundering controls, investor information requirements and supervision by the Brazilian intermediary. The CVM's Superintendence of Market Relations and Intermediaries based its analysis on earlier regulatory assessments made when access screens to those exchanges were authorized in Brazil, but the measure will only become effective once the SMI confirms that those regulatory requirements are still met. The CVM said future partnership structures will continue to be assessed case by case, taking account of their specific features and investor protection and market integrity objectives. In the coming months, the SMI plans to review further consultations and submit them to the board as input to a broader general rule on the topic.
Brazil Securities Commission (CVM)2026-05-30
Brazil Securities Commission expands introducing broker access to CME CBOT NYMEX and COMEX subject to existing safeguards and SMI confirmation
The Brazil Securities Commission has expanded the list of foreign markets whose intermediation services may be offered in Brazil under the introducing broker model to include CME, CBOT, NYMEX and COMEX, without changing the broader criteria. Access remains subject to the conditions set in the 23 February 2021 decision and will only take effect once the Superintendence of Market Relations and Intermediaries confirms regulatory requirements are still met. The authority will continue to assess partnership structures case by case and is considering a broader general rule.