B3 (formerly BM&FBOVESPA)

Exchange entity B3
Conducts business in Brazil
Number of listed companies (dec./16, WFE) 347
Domestic market capitalization (in Millions USD, dec./16, WFE) 774,133
Has signed the SSE Commitment Letter? Yes
Has prepared SSE Communication to Stakeholders? Yes
Requires ESG reporting as a listing rule? Yes;
  • BM&FBOVESPA is recommending that as of 2012 listed companies state in item 7.8 of the Reference Form (“Description of the company’s relevant long-term relationships not elsewhere described”) whether they publish a Regular Sustainability or Integrated Reports and where it is available, or if not explain why. (source)
  • As of 2016, the Brazilian Regulator will turn Report or Explain into a specific item to environmental and social issues in its reference form to all listed companies. (Source: BM&FBovespa)
Offers written guidance on ESG reporting? Yes;
Offers ESG related training? Yes;
Provides sustainability-related indices? Yes;
Offers green bonds listings? No
  • However, BM&FBOVESPA is a member of FEBRABAN's (Brazilian Federation of Banks) Intra-Sector Sustainability and Environmental Committee to promote its development and other instruments.
Additional Information
  • Sustainability Section on the website.
  • Annual Report, according to GRI-G4 methodology.
  • BM&FBOVESPA’s Sustainability Policy
  • BM&FBOVESPA included sustainability criteria in the Exchange’s Operational Qualification Program (PQO). PQO certifies the quality of services offered by the brokerage houses, enabling and strengthening these institutions both as institutions/companies and as inter-mediation industry participants. The institutions certified by the PQO receive the right to use Qualification Seals, which are a declaration to investors and the general public of the high standard of institutions’ inter-mediation products and services.
  • The exchange runs the BM&FBOVESPA Institute, created to coordinate its social investment projects. One of the most important projects of BM&FBOVESPA's Institute is the Social-Environmental Investment Exchange (BVSA). BVSA is a pioneering initiative created by BM&FBOVESPA in 2003 with the support of brokers. It is a fundraising platform with a format similar to a stock exchange. As of 2016 BVSA adpopted the 5 Ps (People, Planet, Prosperity, Peace and Partnership) to reflect the new Sustainable Development Goals, as a selection criteria for listed projects.
  • BM&FBOVESPA have been making inventory of its greenhouse gas emissions since 2009. Since 2010 it has been audited externally and the document has been included in the Public Registry of the Brazil GHG Protocol Program. The inventory is a prerequisite to participate to ICO2. Also, the Exchange compensates its emissions that cannot be reduced, since 2013, when it offset the GHG emissions from 2011 and 2012. Since then, this process has been annual.
  • BM&FBOVESPA answers the CDP annual climate change questionnaire since 2009 and is a member of the Advisory Board of CDP Latin America.
  • BM&FBOVESPA became the first stock exchange in the world to adhere to the Global Compact in 2004, and it is a member of the Compact's Brazilian Committee. It was the first exchange in any emerging market country to commit officially to the Principles of Responsible Investment (PRI) in 2010; became a founding signatory to the Sustainable Stock Exchanges initiative in 2012; and is a member of the WFE's Sustainability Working Group since 2014. BM&FBOVESPA is also a member of the GRI Brazil Advisory Group and member of the Network of Leading Brazilian Women for Sustainability of the Brazilian Environment Ministry. See more here.
  • Article Report or Explain for Sustainability or Integrated Reports: A Brazilian Success Story
Organizational model of stock exchange
  • Listed company for profit; demutualized in 2007
Regulatory bodies
  • Central Bank
  • Conselho Monetário Nacional
  • Comissão de Valores Mobiliários
Regulatory model
  • Limited Exchange Self-Regulatory Organization (SRO) Model BM&FBOVESPA organization and operations are subject to direct oversight from the CVM. We are a market operator and operator of clearing houses that, in such capacity, act as a self-regulatory and market surveillance organization, responsible for monitoring and overseeing market participants and the transactions carried out on our markets. Our self-regulatory and market surveillance arm is BM&FBOVESPA Market Surveillance (BSM),that maintains close relationships with the regulators, in particular the Central Bank and the CVM. It is also responsible for keeping the CVM abreast of market developments and providing the market regulator with periodic reports of its market surveillance operations. Activities involving clearing and settlement services, which we provide through our four clearing facilities are subject to the regulatory and oversight authorityof both the CVM and the Central Bank.
About the stock exchange
  • Location: São Paulo, Brazil BM&FBOVESPA was incorporated in 2007 as a holding company named T.U.T.S.P.E. Empreendimentos e Participações S.A. and in April 2008 the shareholders changed its corporate name to Nova Bolsa S.A., meaning the “New Exchange”. On May 8, 2008, the integration process that combined the businesses of BM&F and Bovespa Holding was approved. A corporate restructuring process ensued, which included a merger of BM&F assets and liabilities into Nova Bolsa S.A.; a merger of the shares of Bovespa Holding into Nova Bolsa S.A., and adoption of the corporate name BM&FBOVESPA S.A. – Bolsa de Valores, Mercadorias e Futuros (BM&FBOVESPA S.A. – Securities, Commodities and Futures Exchange). This integration process gave rise to one of the largest exchanges across the world by market capitalization. BM&FBOVESPA adopts a fully integrated vertical business model which encompasses infrastructure, products and services covering the entire chain of trading and post-trading activities, as well as market data distribution, creation and production of indices, and application software and systems development. As market operator, BM&FBOVESPA offers a fully-integrated, automated venue for the trading of equities and derivatives, bonds and other debt securities and financial instruments; securities listings; a securities lending facility; clearing and settlement facilities and a central securities depository (CSD). In its present configuration, BM&FBOVESPA provides market participants and investors with a wide array of transaction possibilities ranging from buy and sell trades to execution of hedging strategies, arbitrage between markets or financial assets, leveraging techniques, portfolio diversification and so forth, thus significantly contributing to the growth of the Brazilian economy. (Source BOVESPA 29 Aug 2014)
  • 31 March 2017, BM&FBOVESPA changed its name to B3 after the merger with Cetip
Ownership of Exchange (Shares >4% only) Share
Oppenheimer funds Inc. 10.44%
Vontolbel Asset Management Inc. 6.84%
CMEG Brasil I Participacoes Ltda 5.32%
Blackrock Inc. 5.02%