B3 Stock Loans in Brazil

B3 — Brasil, Bolsa, Balcão is the principal cash-equity venue of Brazil. Founded in 2017 (merger; predecessor BM&FBovespa from 2008; founding exchanges from the 19th century), it operates under the oversight of Comissão de Valores Mobiliários (CVM), and its leading benchmarks are Ibovespa, IBrX 50. Listing standards are set out in the Regulamento do Listamento da B3; Novo Mercado standards.

B3 at a glance:

The principal Latin American equities venue. The Novo Mercado tier imposes one-share-one-vote and full free-float requirements that materially affect the eligibility of controlling-shareholder positions for collateralisation.

On B3 specifically, eligibility turns on liquidity and governance tier. Ibovespa and IBrX 50 constituents and the larger names carry the free float and daily turnover that support a higher loan-to-value; Bovespa Mais and thinly traded lines are financed more selectively. B3’s Novo Mercado tier requires one-share-one-vote and a substantial free float, which shapes how a controlling shareholder’s block can be pledged, since there is no dual-class structure to insulate voting control. Securities lending, and the short sales it enables, runs through B3’s own lending system (BTC/BTB), the only CVM-authorised venue for the purpose — a useful read on which names the market itself finances.

The principal regulatory reference on B3 is CVM Resolution 80. How it applies to any single transaction — reporting levels, step thresholds — turns on the underlying rules and national-law overlays, which we map against your contemplated transaction at the structuring stage alongside the counsel you appoint.

The citations above are public regulatory references, given for orientation only and not as legal advice. Take independent legal advice in the relevant jurisdiction for any specific transaction.

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