CVM Expands Access to Foreign Markets via Introducing Broker Partnerships — CVM — BR

NOTES

The Board of Directors has decided to specifically admit access to CME, CBOT, NYMEX, and COMEX exchanges through partnerships between Brazilian and foreign intermediaries, observing the conditions already established by the Regulatory Authority and future analysis by the SMI.

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Published on

30/05/2026 09:26

Updated on

30/05/2026 14:26

The Securities and Exchange Commission (CVM) deliberated, on 29/05/2026, to expand the list of foreign markets whose intermediary services can be offered to investors residing in Brazil through partnerships between foreign intermediaries and institutions integrated into the Brazilian distribution system, in the model known as introducing broker. The decision fully follows the reasoning and conclusions of the Department of Market Relations and Intermediaries – SMI, expressed in Internal Letters 29/2026/CVM/SMI/GSUI-2 and No. 11/2026/CVM/SMI.

The decision allows foreign intermediaries active in the CME, CBOT, NYMEX, and COMEX exchanges to offer their services in Brazil through local partners, provided that all conditions established by the CVM Board in the decision of February 23, 2021, are observed, including requirements related to suitability, anti-money laundering prevention, information provision to investors, and supervision by the Brazilian intermediary.

"The infrastructure must be able to accommodate several different models to provide access to foreign markets. Avenues, boulevards, freeways, roads, drives, streets, etc. The CVM's institutional mission is to allow the market to develop efficiently, and this is achieved by dissolving regulatory dogmatism to make room for the creativity of market participants."

João Accioly, Interim President.

The SMI's analysis considered that these exchanges had previously been submitted to specific regulatory assessments by the CVM in the context of authorization to install access screens to their trading systems in Brazil. At that time, the Regulatory Authority concluded that such infrastructures substantially met the regulatory requirements required for access by Brazilian investors. However, the effectiveness of the decision is conditioned on confirmation by the SMI that these requirements are currently still met.

"The revisiting of the topic represents a signal to the market that the CVM is seeking to identify legitimate partnership structures distinct from the model adopted in the 'Avenue Case' and that go beyond the list of 'recognized markets'. For the coming months, the SMI intends to deepen new consultations and submit them to the Board's evaluation, which will certainly contribute to the construction of a general rule on the subject." - Egmon Henrique Costa, Superintendent of Market Relations and Intermediaries (SMI).

The expansion does not represent a general review of the criteria currently applicable to the introducing broker model.
The CVM also emphasized that future structures will continue to be evaluated on a case-by-case basis, considering their particularities and the objectives of investor protection and market integrity. The Regulatory Authority also highlighted that the topic is part of its regulatory agenda and will be the subject of broader normative discussions in the future.