Brazil's Ministry of Finance and the Brazil Securities Commission (CVM) announced that B3 (Brasil, Bolsa, Balcão) began participating in the Brazil-China ETF Connect programme on 26 May 2025, establishing a framework for the reciprocal listing of exchange-traded funds (ETFs) between B3 and the Shanghai and Shenzhen exchanges. The update notes that Brazil is the first country outside Asia to join China’s ETF Connect arrangements, bringing the total to 18 participating jurisdictions. The programme is positioned as part of broader Brazil-China capital markets integration efforts supported by the Ministry of Finance’s International Affairs Secretariat (SAIN). CVM linked the launch to technical discussions with the China Securities Regulatory Commission (CSRC) under the 10th COSBAN Economic-Financial Subcommission meeting in March 2024, followed by a first addendum to the CVM-CSRC memorandum of understanding signed in June 2024 to enable the exchanges to formalise bilateral instruments. Asset managers have begun the steps to execute reciprocal listings, starting with Bradesco Asset ETFs referenced to the Chinese CSI 300 and ChiNext indices. The authorities indicated that the next phase is the listing of Brazil-referenced indices on the Chinese exchanges.
Brazil Securities Commission (CVM) 2025-05-30
Brazil Securities Commission confirms B3 has joined Brazil-China ETF Connect for reciprocal ETF listings with Shanghai and Shenzhen
Brazil's Ministry of Finance and the Brazil Securities Commission (CVM) announced B3's participation in the Brazil-China ETF Connect programme, enabling reciprocal ETF listings with Shanghai and Shenzhen exchanges. This marks Brazil as the first non-Asian country in the programme, part of broader Brazil-China capital markets integration. Initial listings include Bradesco Asset ETFs linked to Chinese indices, with plans to list Brazil-referenced indices in China.