Brazil Derivatives Access Widens to Four US Exchanges
Brazil · MARKETS
Key Facts
- —Regulator Brazil’s CVM issued circular letter Ofício Circular nº 3/2026/CVM/SMI on 20 August 2026.
- —Exchanges NYMEX, COMEX, CME and CBOT are now recognised as markets for foreign intermediaries.
- —Model Access is via introducing broker partnerships with Brazilian institutions.
- —Conditions Suitability, anti-money-laundering, disclosure and supervision requirements apply.
- —Effective date The expanded list applies from the date of the circular, 20 August 2026.
The move expands the list of foreign markets where Brazilian investors can trade derivatives through local brokerages. Following a board decision from May.
Brazil derivatives access has widened to four major US exchanges, according to a circular letter from Brazil’s securities regulator. The move allows foreign intermediaries to offer derivatives trading to Brazilian investors, but only through local brokerages.
What the Circular Says
On 20 August 2026, the CVM’s SMI published Ofício Circular nº 3/2026/CVM/SMI. It recognises NYMEX, COMEX, CME and CBOT for foreign intermediary operations.
This recognition grants Brazil derivatives access only via contracted local intermediaries. Thus, a Brazilian firm must remain in the chain.
The circular is an SMI letter, not a resolution. It follows a board decision from 29 May 2026 on Brazil derivatives access.
The circular is dated 20 August 2026, from Rio de Janeiro. However, it implements a board decision made on 29 May 2026.
Brazil derivatives access via local brokers
The measure uses the introducing broker model, where a foreign intermediary reaches clients through a locally licensed firm. The local firm holds the client relationship and regulatory duties, while the foreign firm supplies access to the overseas market.
In short, Brazilian investors will trade derivatives of these exchanges through Brazilian brokerages, as reported by Valor Investe. This is not direct access to US exchanges.
However, the CVM’s news note says this model is known as introducing broker. It expands the list of foreign markets for such partnerships.
The model requires a foreign intermediary to contract a Brazilian firm. Therefore, the local firm holds regulatory duties and the client relationship.
Background of the Decision
The circular implements a CVM board decision from 29 May 2026. It acts under the terms of that earlier decision.
The board had already set conditions in a decision from 23 February 2021, including requirements on suitability, anti-money-laundering prevention, disclosure and supervision. The 2021 decision replaced a cooperation agreement requirement with a recognised market requirement.
As a result, the August 2026 circular expands that list. The 2021 decision replaced a cooperation agreement requirement with a recognised market one.
Consequently, the August 2026 circular expands that list.
Conditions and Requirements
The 2021 decision found no obstacle to foreign institutions offering intermediation services, provided they contract a Brazilian distribution system institution. This is in line with article 15 of Lei nº 6.385/1976.
Moreover, the 2021 decision replaced a requirement for a cooperation agreement with the requirement of operating in a recognised market. The August 2026 circular expands that list.
The 2021 decision set conditions on suitability, anti-money-laundering, disclosure, and supervision. Meanwhile, the 2026 decision keeps these requirements intact.
What Derivatives Are Covered
The four exchanges trade futures and options on interest rates, currencies, indices, energy, metals and commodities. This includes contracts like oil and copper.
For example, investors can now access these products through local brokerages, as Estadão reported. The four exchanges trade futures and options on interest rates, currencies, indices, energy, metals, and commodities.
For example, this includes oil and copper contracts.
Effective Date
The circular contains no delayed start date. The expanded list applies from the date of the circular, 20 August 2026.
In addition, the conditions set by the board already apply, so no further approval is needed. The circular applies from 20 August 2026, with no delayed start.
Consequently, investors can access these markets immediately.
Enforcement History
The CVM has previously acted against firms offering services without being part of the Brazilian distribution system. For instance, in January 2020, it ordered a stop against US platform Passfolio, setting a daily fine of 1,000 reais.
Similarly, in November 2022, the CVM dealt with an alleged public offering to Brazilian residents without belonging to the distribution system. In 2023, it considered a settlement in a case involving an alleged irregular Forex offering.
In addition, the CVM’s 2020 stop order against Passfolio set a daily fine of 1,000 reais. However, this new measure does not waive any registration requirements.
Market Reaction and Coverage
However, Valor Investe reported the change on 21 August 2026, saying the CVM widened access to derivatives of four US exchanges. Broadcast summarised it as authorising derivatives trading by introducing broker on CME, NYMEX, COMEX and CBOT.
Still, no market participants have commented publicly, and no brokerage has announced plans to offer this access. Valor Investe reported on 21 August 2026, and Broadcast also covered the move.
Still, no brokerage has publicly announced plans to offer this access.
What This Means for Investors
In practice, Brazilian investors can now trade derivatives on these US exchanges through their local brokerages. However, they cannot open accounts directly with US brokers.
As a result, the local intermediary remains essential, ensuring regulatory oversight and investor protection under Brazilian rules. As a result, investors must use a Brazilian firm in the chain.
While direct access is not allowed, local brokerages can now offer these derivatives.
Frequently Asked Questions
What is the introducing broker model?
In this model, a foreign intermediary reaches clients through a locally licensed Brazilian firm. The local firm holds the client relationship and regulatory duties, while the foreign firm provides access to the overseas market.
Which US exchanges are now recognised?
The four exchanges are NYMEX, COMEX, CME and CBOT. NYMEX and COMEX are in New York, while CME and CBOT are in Chicago.
Can Brazilian investors trade directly on US exchanges?
No, direct access is not allowed. The measure requires foreign intermediaries to contract Brazilian intermediaries, so a local firm must be in the chain.
When does the new list take effect?
The circular applies from its date, 20 August 2026. There is no delayed start date, and no further approval is needed.
Connected Coverage
Sources: Valor Investe; Estadão; Broadcast; Comissão de Valores Mobiliários.
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