The Brazil Securities Commission (CVM) published its Economic Bulletin for the fourth quarter of 2025, consolidating year-end data that shows a record 92,818 regulated participants, up 3.4% from end-2024. The update highlights the fastest-growing segment as registered securities investment advisers, up 27.3% over the year to 2,635, and reports BRL 980.9bn in securities issuance in 2025, the second-highest annual volume in the historical series. The bulletin estimates the total value of the regulated market at BRL 50.75tn, or BRL 18tn excluding the notional value of derivative products, and reports expansion across categories, led by the investment fund industry at BRL 11.13tn, up 15.3% year on year. Issuance figures include BRL 115.5bn for Real Estate Investment Funds (FIIs), BRL 48.6bn for Receivables Certificates (CR), and BRL 40.3bn for Private Equity Investment Funds (FIPs), with total issuance 2.3% below the updated 2024 figure of BRL 1.004tn; crowdfunding offers via electronic participatory investment platforms reached 861 deals raising BRL 3.9bn. The risk map shows risk appetite ending 2025 at 3.8 on a 1 to 5 scale, and the regulated market closed the year with seven registered organized market administrators. CVM’s Economic Bulletin is published quarterly by its Economic Analysis, Risk Management and Integrity Office (ASA) and is also available in an interactive version.

Original source View in tracker