New Brazilian stock exchange set to shake the market in 2025
New Brazilian stock exchange set to shake the market in 2025
Brazil’s financial landscape is about to experience a significant shift with the launch of Base Exchange, a new stock market headquartered in Rio de Janeiro. Scheduled to begin operations in the second half of 2025, this initiative aims to introduce competition to the long-standing monopoly of B3, Brazil’s only operational stock exchange to date, based in São Paulo.
Base Exchange is backed by the Abu Dhabi sovereign fund Mubadala Capital and will be operated by Americas Trading Group (ATG). At launch, it will support trading of equities, REITs, and ETFs, with plans to expand into derivatives. It will also feature its own clearing and settlement systems, allowing investors to buy assets on one exchange and sell on another—enhancing flexibility and operational efficiency.
To make Rio de Janeiro more competitive, the city’s government has reduced the Service Tax (ISS) from 5% to 2% for stock market-related activities, aligning it with São Paulo’s financial incentives. This move is expected to boost competitiveness and attract more participants to the Rio-based financial hub.
Experts highlight that introducing a new exchange can deliver significant benefits: lower transaction costs, improved market transparency, and greater appeal to foreign investors. The presence of multiple exchanges is common in mature markets and is often associated with innovation and diversification.
With Base Exchange, Brazil takes a decisive step toward expanding and modernizing its capital markets—aligning with international standards and opening up new opportunities for both companies and investors.
Sources consulted:
• CNN Brasil – Base Exchange expected to start testing phase in early 2025
• InfoMoney – Rio’s new stock exchange may start operations in 2025
• UOL Economia – New Rio Exchange: Who benefits and what changes for investors