Financial Market: main news from 5/5 to 9/5
Regulatory advances and innovations shaping the future of the Brazilian financial market
1. BCB publishes new rules for the operation of Automatic Pix
In late April and early May, the BCB published new rules for the Automatic Pix system, which is scheduled to launch on June 16th. Among the new features are (i) the extension of the deadline for financial institutions that offer accounts only to legal entities, from March 10, 2025, to June 6, 2025; and (ii) the definition of procedures for operational failures that prevent payment settlement. The new guidelines are established in Normative Instructions No. 613 and 614, reinforcing the BCB's commitment to the modernization and efficiency of payment methods in the country.
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2. CVM, ANBIMA and FGV promote studies and research through the EVOLUA program
The CVM, ANBIMA, and FGV have joined forces in the EVOLUA pilot program, created to foster studies and research on the Capital Markets. Initially the result of an agreement between the CVM and FGV, the project now includes the participation of ANBIMA, which will support the execution of operational and academic activities. The initiative aims to bring the regulator closer to academia, promote the training of new researchers, and expand the production of knowledge applied to the Agency's strategic decisions. Coordinated by the CVM's Economic Analysis, Risk Management, and Integrity Advisory Board, EVOLUA also plans to expand its partnership with other research institutions, reinforcing the CVM's commitment to innovation and inclusion in the financial market.
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3. CVM approves the launch of Ethereum and Solana Futures contracts by B3
The Brazilian Securities and Exchange Commission (CVM) approved the launch of Ethereum (ETR) and Solana (SOL) futures contracts by B3, scheduled to begin on June 16th, marking another step forward in the offering of regulated crypto asset investments in Brazil. Unlike the Bitcoin futures contract, which is priced in reais, the new contracts will be priced in US dollars and will be referenced by the Nasdaq indexes. Furthermore, the CVM authorized the reduction in the size of the Bitcoin futures contract from 0.1 BTC to 0.01 BTC, a measure aimed at expanding investor access, increasing liquidity, and reducing trading costs. This change will also be implemented starting June 16th.
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CVM approves launch of Ethereum and Solana futures contracts by B3
B3 will launch Ethereum and Solana futures and reduce the size of Bitcoin futures
4. BCB authorizes SCFIs to issue LCIs starting in July
On Thursday (8), the BCB issued Resolution No. 471, authorizing credit, financing, and investment companies (SCFIs) to issue Real Estate Credit Letters (LCIs). The measure, which comes into effect on July 1, 2025, expands these institutions' funding instruments and has the potential to boost the real estate credit market. In addition to promoting greater modernization in the segment, the initiative seeks to align financial institutions with the competitive conditions of other similar institutions. The regulation was developed based on Public Consultation No. 101/2024, as part of the sector's regulatory consolidation process.
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5. BCB sets limits on interoperability fees between card receivables registrars
Resolution No. 472, approved by the BCB on Thursday (8), standardizes interoperability events subject to charges between registrars and establishes limits on interoperability fees, effective June 1, 2025. The measure aims to promote the use and reduce the costs of credit transactions secured by merchants' card receivables. Since these fees are not subject to direct competition, the established limits, which decrease annually until 2029, aim to encourage efficiency and stimulate competitiveness in the credit market. The regulatory improvement was preceded by Public Consultations No. 113/2024 and 114/2025 and is aligned with the BC# Agenda in the competitiveness dimension.
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BC regulates limits on interoperability fees charged between card receivable registrars
