Financial Market: main news from May 12th to 16th
From regulatory strengthening to innovation in payment methods: the movements that are shaping the future of the financial market
1. CVM publishes public consultation on the disclosure of material facts and communications to the market
On Tuesday (13), the CVM released a public consultation aimed at reforming the rules on the disclosure of material facts and communications to the market. The proposal seeks to replace the current CVM Resolution No. 44, with the aim of modernizing and providing greater clarity to the disclosure obligations of publicly traded companies and other issuers. The consultation presents two draft rules. Draft A proposes structural changes, such as the differentiation between "Material Fact" and "Notice to the Market," seeking to formally define the latter and list situations that would qualify as this type of communication. Draft B proposes specific adjustments to CVM Resolution No. 80, aiming to prevent the premature disclosure of information about public offerings before their effective feasibility. The agency will receive suggestions and comments until June 27, 2025.
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2. CVM launches content to alert investors about the dangers of investing in unauthorized products in Brazil
The CVM (Brazilian Securities and Exchange Commission) released an educational video on the Forex market on its YouTube channel today (16), as part of the 12th National Financial Education Week (ENEF Week). The video uses an analogy with health plans to illustrate the risks associated with Contracts for Difference (CFD) offers and the Forex market, aiming to alert investors to the dangers of investing in unauthorized products in Brazil, often promoted by companies operating illegally. The CVM emphasizes that, to date, there are no products related to the Forex market registered with the agency. Therefore, any company that publicly offers such financial services or products without authorization is violating Brazilian capital market regulations. The agency maintains a "stop orders" section on its website, warning about companies operating illegally.
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CVM launches warning video about CFDs/Forex during ENEF Week 2025
The spread of unregulated derivatives worries the market and the CVM
3. inteligentes por bancos BIS explora uso de contratos centrais em sistema financeiro tokenizado
The Bank for International Settlements (BIS) published on Wednesday (14) the Project Pine report, which investigates how central banks can adapt their monetary policy operations in a tokenized financial environment. The project developed a prototype of smart contract-based tools capable of performing functions such as interest payments on reserves, temporary exchanges of reserves for collateral, asset swaps, and asset purchase and sale transactions. These tools were tested in hypothetical scenarios inspired by past events, including monetary tightening and easing cycles, quantitative easing programs, and periods of market liquidity stress. The results indicate that, in a largely tokenized financial system, central banks could use smart contracts to implement their traditional functions more quickly and efficiently.
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Project Pine: Central Bank Open Market Operations with Smart Contracts
4. Study shows growth in BNPL compared to interest-free installment purchases on credit cards
According to a study by consulting firm GMattos, released last Wednesday (14), the "buy now, pay later" (BNPL) financing model is gaining ground over traditional interest-free credit card installments in Brazilian e-commerce. BNPL acceptance by online stores rose to 54.2% in May 2025, compared to 50.8% in March and 42.4% in the same month of the previous year. NuPay, Nubank's BNPL solution, leads among providers, followed by fintech Pagaleve. Initially, BNPL was targeted at consumers without a credit card or with an insufficient credit limit. However, more aggressive market strategies have expanded its adoption even among users with access to traditional credit.
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BNPL is already gaining ground over interest-free installment purchases on credit cards, says study
5. Pix was the most used payment method in Brazil in 2024 in terms of number of transactions
Febraban (Febraban) announced on Thursday (15) that Pix established itself as the most widely used payment method in Brazil in 2024, registering 63.8 billion transactions – a 52% increase compared to 2023, when 41.9 billion transactions were carried out. This volume surpassed the combined total of transactions made with credit cards, debit cards, bank slips, TEDs, prepaid cards, and checks, which totaled 50.8 billion in the same period. Despite leading in number of transactions, Pix lagged behind TEDs in terms of transaction value: R$26.9 trillion versus R$43.1 trillion. Since its launch in 2020, Pix has quickly surpassed other payment methods, such as DOC in the first month, TEDs in January 2021, bank slips in March of the same year, and, subsequently, debit and credit cards in January and February 2022, respectively.
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Pix was the most used payment method in Brazil in 2024; TED led in transaction amounts
