Brazil regulator clears derivatives access to four US exchanges

Brazil’s securities regulator, the CVM, has authorized local brokerages to facilitate derivatives trading on four major US exchanges. The move, formalized in Ofício Circular nº 3/2026/CVM/SMI published on 20 August 2026, immediately expands the list of foreign markets available to domestic investors.

The newly recognized venues include the CME and CBOT in Chicago, alongside New York-based NYMEX and COMEX. These platforms offer futures and options covering interest rates, currencies, indices, energy, metals, and commodities such as oil and copper.

Crucially, the authorization does not permit Brazilian investors to open accounts directly with US brokers. Instead, the CVM mandates an introducing broker model, requiring foreign intermediaries to partner with locally licensed firms to reach domestic clients.

Under this structure, the Brazilian brokerage retains the client relationship and assumes all regulatory duties. The foreign intermediary simply supplies the technical access to the overseas markets, ensuring investor protection remains firmly under domestic jurisdiction.

This circular implements a broader board decision made by the CVM on 29 May 2026. It builds upon a February 2021 regulatory shift that replaced a strict cooperation agreement requirement with a recognised market standard.

That 2021 framework allowed foreign institutions to offer intermediation services under article 15 of Lei nº 6.385/1976. However, it mandated strict conditions regarding investor suitability, anti-money-laundering prevention, disclosure, and ongoing supervision, all of which remain fully intact.

The regulator has a documented history of penalizing firms that attempt to bypass the local distribution system. In January 2020, the CVM halted the US platform Passfolio, imposing a daily fine of 1,000 reais for offering services without proper local registration.

The CVM also addressed an alleged public offering to Brazilian residents outside the distribution system in November 2022, and considered a settlement regarding an irregular Forex offering in 2023. These precedents underscore the necessity of the introducing broker model.

Despite the immediate regulatory clearance and the absence of a delayed start date, no Brazilian brokerages have yet publicly announced plans to launch these specific derivative services. Market participants have remained silent on the operational rollout since the initial reports.