Brazilian exchange BM&F Bovespa is to use an FX platform from Chi-X Global, letting foreign investors access quotes in their home currency as the country’s equity market relaxes rules on foreign access.
BM&F Bovespa this week formally accepted use of the Chi-FX technology for its Brazil Easy Investing (BEI) platform to integrate market data from the exchange’s quotes with FX rates offered by Brazilian banks.
“Brazilian market participants will be able to offer their off-shore clients an automated solution for trading Brazilian equities and with embedded FX rates, thereby reducing latency, broadening access and minimising currency risk for international investors,” said Tal Cohen, CEO of Chi-X Global.
“This is an exciting time for Chi-FX and we will be exploring new opportunities to expand the platform throughout Latin America,” he said.
The country is also pushing for greater access for foreign investors to equity markets. In May, the Secretariat of the Federal Revenue of Brazil announced the Brazilian Securities and Exchange Commission will be able to directly submit applications for the issuance of tax registration numbers, which will reduce waiting periods for individuals to register.