03/07/2024 – 14:09
The ATG stock exchange, a company owned by the Arab investment fund Mubadala, is already in the process of being approved by the Central Bank and the Securities and Exchange Commission (CVM) and should start operating in the second half of 2025, with transactions on the spot stock market, share rental, sale and trading of fund shares, said the president of ATG, Claudio Pracownik, who does not rule out opening the capital of the new exchange in the future.
“Next, in phase two, we will move to the futures market for options, derivatives, we will be in foreign exchange, we will have the entire basket of products that B3 also has. And it is important to say, working together with B3”, he said during the sanctioning ceremony of a municipal law that reduced taxes to make possible the installation of a new stock exchange in Rio de Janeiro.
The major obstacle, which was the creation of a Clearing House, the highest investment for the installation of a new market, was resolved with the creation of a company for settlement and clearing, after B3 refused to share the service. B3, however, will be the depositary of the shares traded by ATG, after an arbitration determined by the Administrative Council for Economic Defense (CADE).
“If Cade had not ordered arbitration, which later ended in mediation, which concluded with the signing of a contract between ATG and B3, as depositary, this would not have been possible,” said the executive, informing that ATG’s clearinghouse will be open to everyone. “This contract guarantees that we can trade the same securities. Of course, with the adhesion of publicly traded companies so that their securities can also be traded on our stock exchange. We are talking about double trading of the same securities, providing greater liquidity,” he explained.
Pracownik said he intends to attract more investors to the Brazilian stock market, considering that the current trading volume is very small, and is already heading to the third international road show to promote the new stock exchange to banks in Europe and the United States. “We have to think organically about a larger market. We can’t divide the market the way it is, small. The market is ridiculous, like it has never been historically,” he said.
According to him, it is necessary to think about a larger market in Brazil, and for this reason he will work together with B3, with whom he has created a working group. For Pracownik, it is unacceptable for a country like Brazil to have only one stock exchange. “The United States has 16,” he compared.
“Having two stock exchanges is good for the country and, I dare say, it is good for B3, because it expands the market for everyone. You are talking, for example, about being able to buy Petrobras shares on B3 and sell them on the Rio stock exchange, if that is the best price for the investor,” said the executive, who is betting on the greater liquidity that competition will bring to shares traded on the Brazilian market.
Still without headquarters or a name, Pracownik predicted that by the end of this year the new exchange will be technologically ready to start operating, and will then carry out a six-month test during the first half of 2025, to begin operating in the second half. The start, however, will still depend on the speed of the regulatory bodies, he admitted.
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