CVM expands access to U.S. exchanges through introducing broker partnerships in Brazil

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CVM expands access to US exchanges

Highlights

On May 29, 2026, the CVM decided to expand access to CME, CBOT, NYMEX, and COMEX through introducing broker partnerships in Brazil.
Authorization for the new model remains subject to compliance with suitability criteria, anti-money laundering measures, and supervision by Brazilian intermediaries.
The CVM's decision tends to expand regulated pathways to the international derivatives and commodities market, maintaining restrictions and providing for new consultations for a possible general regulation.

This article was translated from the original. Read the original version by our correspondent here.

Expansion of the model to U.S. exchanges

As reported by the Securities and Exchange Commission (CVM), the board decided on May 29, 2026, to expand the list of foreign markets accessible under the introducing broker model, allowing intermediaries operating on CME, CBOT, NYMEX, and COMEX to offer services in Brazil through partners in the national distribution system.

The authorization remains subject to compliance with the conditions already established in the decision of February 23, 2021. These include suitability requirements, anti-money laundering measures, provision of information to investors, and supervision by the Brazilian intermediary.

According to the Superintendence of Market and Intermediary Relations, these exchanges have already undergone specific regulatory analyses in the context of installing access screens to their trading systems in Brazil. However, the effectiveness of the new decision depends on confirmation from the SMI that the previously verified regulatory requirements are still being met.

The acting president of the CVM, João Accioly, stated that the infrastructure for access to foreign markets should accommodate different models and that the institution’s mission is to foster efficient market development with less regulatory dogmatism and greater room for participant creativity.

Regulatory impact and next steps

The authority emphasizes that the expansion does not represent a general review of the criteria applicable to the introducing broker model. New structures remain subject to case-by-case analysis, focusing on investor protection and market integrity.

According to the SMI superintendent, Egmon Henrique Costa, revisiting the topic signals to the market that the CVM seeks to identify legitimate partnership structures beyond the model discussed in the so-called Avenue Case and beyond the list of recognized markets. He adds that, in the coming months, the technical area intends to deepen new consultations and bring them to the board, in a move that may provide input for a general rule on the subject.

For the Brazilian market, the decision tends to expand regulated routes of access to derivatives and commodities traded on international exchanges, without changing the central role of local institutions in supervising the relationship with investors residing in the country. The topic remains on the CVM’s regulatory agenda and is expected to advance in broader regulatory discussions in the future.

In our recent analysis of Interactive Brokers stock (IBKR), we highlighted the strong upward trend of the stock, trading above the main moving averages and with mostly positive momentum signals. We also pointed out that, despite the performance, there were technical overbought alerts and divergences in oscillators, suggesting caution in light of the risk of a short-term correction. The content helps contextualize the relevance of international players such as Interactive Brokers in the interest of Brazilian investors for exposure to markets and instruments traded in the U.S.

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