Key Points
- Mubadala-backed Base Exchange targets a late-2026 or early-2027 launch with its own clearinghouse.
- It argues “fairer” all-in costs hinge on margin calls and collateral release, not only posted fees.
- The move comes as Brazil debates D+1 settlement ahead of the 2026 election.
Since the 2017 consolidation that produced today’s B3, Brazil’s equities market has effectively been a one-venue system. Base Exchange says it can introduce real competition in spot equities and post-trade services.
Chief executive Claudio Pracownik says the securities regulator, CVM, has completed Base’s testing phase. The next gate is the Central Bank’s technical assessment, expected to start after Carnival (February 16–17, 2026).
Because Base plans to clear and guarantee trades through its own clearinghouse, CVM’s final authorization is expected only after the Central Bank review. The target is first trading by end-2026, or early 2027 if approvals take longer.
Base is not promising a blunt fee war. The firm argues the bigger costs are “hidden”: margin calls that tie up cash and guarantees that remain locked too long.
Second Exchange Push Targets Liquidity and Faster Settlement
Pracownik points to overseas cases where adding a second exchange lifted volumes by 20%–25% and reduced implicit trading costs by 25%–30%.
Base plans to open with spot shares plus stock lending, FIIs, ETFs and BDRs, with futures and derivatives filed later. Cryptoassets are excluded for now, though the company suggests blockchain tools could support depositary functions.
Pracownik says break-even could come about one to one-and-a-half years after launch. Settlement speed is the other live debate.
Cash equities typically settle D+2; the Central Bank opened a public consultation in October 2025 on shortening cycles, and B3 has indicated a D+1 move with a February 2028 target.
B3’s average daily cash-equities volume was about R$29.05 billion ($5.38 billion) in November 2025. CSD BR has discussed exchange ambitions and reports outstanding operations stock near R$4 trillion ($740.7 billion).
Reuters has reported Mubadala holds roughly 73% of Base and has explored bringing up to ten global banks and market makers in as minority partners to seed liquidity.
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