Mubadala-backed Brazilian bourse awaits regulatory nod

A stock exchange based in Rio de Janeiro is expected to begin operations by the end of April 2026, the executive leading the project said on Monday.

The 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.

Operations were expected to start this year but Claudio Pracownik, CEO of Base Exchange, told Reuters the revised timeline reflects regulatory processes.

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 authorisations 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.

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“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.

Base 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 said.