Brazil's new Rio stock exchange to start operations later than expected
The new bourse, called Base Exchange and controlled by Abu Dhabi's Mubadala, could shift Brazil's financial landscape, as Sao Paulo-based stock exchange B3 currently reigns in the Brazilian market.
Claudio Pracownik, CEO at Rio de Janeiro's Base Exchange, told Reuters the revised timeline reflects regulatory processes. Previously, operations were expected to start this year.
Tests for the new exchange have been conducted at the Brazilian securities watchdog CVM, while simulations at the central bank are expected to take place by August, according to Pracownik, who expects to receive the necessary regulatory authorizations by the end of the year.
Base hopes to compete with B3 by using different technology and operating at lower cost, he said. "We are proposing to do better, faster and cheaper."
B3 did not immediately respond to a request for comment.
Pracownik said he has already spoken with representatives of the main companies whose shares trade on B3, and that they showed interest in also trading their shares on the Rio de Janeiro exchange.
"These companies have nothing to lose. Petrobras, Vale, Banco do Brasil and others expressed interest in trading," said Pracownik.
Banco do Brasil and Petrobras did not immediately respond to requests for comment. Vale declined to comment.
The new exchange, which would initially trade assets such as equities, intends to launch new products every eight to nine months, including derivatives and options, to be able to compete with B3, Pracownik added.
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