Abu Dhabi’s Mubadala Seeks Partners for New Rio Stock Exchange

Abu Dhabi’s sovereign wealth fund Mubadala Investment Company now negotiates with global banks and market makers to create a consortium of up to ten partners for Rio de Janeiro’s upcoming stock exchange.

Sources close to the negotiations revealed Mubadala aims to maintain control while diluting its current 73% stake in the venture called Base Exchange. The fund actively works with independent consultancy Olimpia Partners to structure the agreement.

These potential partnerships would provide essential liquidity for the new trading platform. Mubadala wants to finalize a consortium consisting of six to ten members though no contracts have been signed yet.

Base Exchange targets regulatory approval by late 2024 with operations potentially starting in early 2026. This new bourse will challenge the longstanding monopoly of São Paulo’s B3 exchange, which has dominated Brazilian securities trading for over two decades.

Rio de Janeiro’s mayor Eduardo Paes actively supports this financial initiative. He signed legislation that reduces the service tax on stock exchange activities from 5% to 2%, creating a more favorable business environment for the new venture.

The exchange plans to initially offer trading in stocks, real estate funds, and exchange-traded funds. Base Exchange will later expand into futures and derivatives trading. The platform will establish its own clearing and settlement infrastructure to handle transactions independently.

Mubadala’s Global Reach and Strategic Investments

Mubadala manages approximately $302 billion in assets globally. The fund maintains offices in major financial centers including Rio de Janeiro. Their portfolio spans multiple sectors from technology investments in Waymo and Telegram to infrastructure projects including Rio’s metro system.

CEO Claudio Pracownik stated the exchange will undergo testing for up to six months before full launch. While offering listing services, Base Exchange will focus primarily on securities already trading on B3.

This development marks the first serious competition in Brazil‘s exchange landscape since B3 consolidated market operations. Financial experts view this move as potentially beneficial for Brazilian capital markets by introducing competition and innovation to the trading ecosystem.

The project represents Abu Dhabi’s growing interest in Latin American financial infrastructure and Mubadala’s strategic diversification of investments across emerging markets.

LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.