Financial Market: main news from 13 to 17/07
1. BCB launches assisted phase of the electronic trade receivables system
Last Wednesday (15), the Central Bank of Brazil (BCB) authorized the beginning of the assisted production phase of the electronic trade receivables system, allowing Cerc, Núclea and B3 to operate the new instrument with a restricted group of companies and financial institutions in a controlled environment and under the regulator’s supervision. During this phase, which will run until January 15, 2027, companies will be able to issue, trade and advance electronic trade receivables on a voluntary basis while conducting tests, making operational adjustments and integrating with the other participants in the ecosystem. Once the assisted phase ends, the full production stage of the new model will begin. Mandatory adoption will be phased in: July 2027 for large companies, January 2028 for medium-sized companies and July 2028 for small companies. The electronic trade receivables system aims to increase transparency and security in receivables transactions, reduce fraud and facilitate access to credit, especially for small and medium-sized enterprises. In addition to technological adjustments, implementation will require companies to review and automate internal processes, including invoice validation, payer acknowledgment and integration among bookkeepers, registries, lenders, suppliers and customers.
The assisted phase of the electronic duplicate begins this Wednesday
Electronic duplicate invoice enters testing phase with R$ 11 trillion at stake
B3 initiates assisted production of electronic duplicate invoices
2. ECB selects 36 institutions for digital euro pilot project
On Tuesday (14), the European Central Bank (ECB) selected 36 institutions to participate in the digital euro pilot project, which is expected to begin in the second half of 2027 and last 12 months. The list includes banks, payment institutions, acquirers and fintechs from different euro-area countries. During the pilot, participants will test a functional beta version of the digital euro in a controlled environment, with the aim of assessing the technology, user experience and operational processes for distribution and acceptance. Some institutions will be responsible for providing accounts and payment services to employees of the Eurosystem, which comprises the ECB and the national central banks of euro-area countries, while others will serve selected merchants receiving the transactions. Some providers will perform both functions.
ECB selects 36 institutions to test digital euro and curb 'big tech' practices
3. BCB expands disclosure of data on the Brazilian consortium system
The Central Bank of Brazil (BCB) began making consolidated information on the Brazilian consortium system available through its Open Data Portal in a structured and reusable format. The initiative replaces the annual disclosure previously made through the Consortium System Overview and will provide more timely access to information, as well as allow for the gradual inclusion of new data series and more detailed information. The BCB also plans to increase the frequency of disclosure from annual to quarterly, expanding the possibilities for developing studies, visualizations and tools to monitor the sector. Data for 2025 indicate continued market growth: funds collected increased by 17.3% compared to the previous year, while outstanding contributions and the sector’s portfolio grew by 31.2% and 19.5%, respectively. The number of consortium quotas sold rose by 16.2%, and the stock of active quotas increased by 12.9%, with growth across the different asset categories and particular strength in real estate consortiums.
4. FATF warns of increased use of cryptoassets in illicit activities
On Thursday (16), the Financial Action Task Force (FATF) released a report indicating that crimes involving virtual assets became more complex and interconnected over the past year, with billions in illicit funds being moved through the cryptoasset sector. According to the report, regulators, financial institutions and industry participants still face significant challenges in identifying and disrupting flows related to money laundering, fraud and investment schemes. Although progress has been made in implementing the organization’s recommendations, only 51 of the 149 jurisdictions assessed were largely compliant with the standards applicable to virtual assets as of April 2026, representing 34% of the total, compared with 29% in the previous year. FATF also highlighted the increased use of stablecoins by illicit actors, including the creation of proprietary assets designed to hinder freezing or seizure measures by authorities.
Organized crime moves billions through cryptocurrencies, warns global body
5. CVM approves agreement with Federal Revenue Service to integrate CNPJ data
On Tuesday (14), the Board of the Brazilian Securities and Exchange Commission (CVM) approved a Technical Cooperation Agreement with the Brazilian Federal Revenue Service to integrate the procedures for registering, amending and cancelling Corporate Taxpayer Registry (CNPJ) records of market participants registered with the authority. The partnership also provides for the exchange of registration information between the institutions, with the aim of improving data collection, processing, sharing and storage. According to the CVM, the initiative seeks to modernize administrative procedures, increase the speed and security of services and improve the quality of information used in the supervision and development of the capital markets. The agreement will remain in force for five years from its publication in the Federal Official Gazette and may be amended or extended through an addendum.
