{"id":91816,"date":"2024-11-12T22:13:24","date_gmt":"2024-11-13T01:13:24","guid":{"rendered":"https:\/\/murray.adv.br\/?p=91816"},"modified":"2024-11-12T22:13:27","modified_gmt":"2024-11-13T01:13:27","slug":"mubadala-seeks-partners-to-launch-base-exchange","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/mubadala-seeks-partners-to-launch-base-exchange\/","title":{"rendered":"Mubadala seeks partners to launch BASE Exchange"},"content":{"rendered":"\n
The goal is to secure initial market turnover<\/strong><\/em><\/h6>\n\n\n\n

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11\/12\/2024 <\/p>\n\n\n\n

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Brazil\u2019s new stock exchange, now named BASE Exchange, has a logo and advanced technology and is actively seeking new partners to ensure an initial trading volume. Mubadala, the controlling shareholder, is supporting BASE in a roadshow across Brazil and the United States, working with Olimpia Partners to facilitate its liquidity partnership program.<\/p>\n\n\n\n

\u201cThis is a \u2018private placement\u2019 where international and Brazilian strategic partners acquire a small percentage of the company, linked to a liquidity program. Over three years, the more trading volume partners bring to our exchange with accessible spreads, the more warrant they receive for future conversion,\u201d explains BASE\u2019s CEO, Cl\u00e1udio Pracownik. \u201cIt\u2019s not about raising capital. It\u2019s about securing volume, governance, and fostering a long-term partnership.\u201d<\/p>\n\n\n\n

Although the details of the valuation and business plan have been discussed in meetings, BASE has yet to disclose the exact percentage of share capital that will be used for the program. This guaranteed volume is intended to attract other market players who will not join the shareholder base.<\/p>\n\n\n\n

Mr. Pracownik, who recently held meetings in the U.S., will return in early December to continue discussions, aiming to confirm participants by early next year. Brazil\u2019s competitor, B3, also originated from a partnership among market agents who initially held equity securities in BOVESPA, which were later converted into shares.<\/p>\n\n\n\n

BASE Exchange, or BASE\u2014an acronym for the Brazilian Stock Exchange\u2014aims to establish itself as a national exchange, not just a local Rio institution. The name also signals a foundation of strength, as \u201cbase\u201d in Brazilian Portuguese refers to a football club\u2019s youth academy. \u201cWe joke about that here, too\u2014BASE is here to play well with the home team,\u201d says Mr. Pracownik.<\/p>\n\n\n\n

The technology arm, previously known as ATG, has been rebranded as Flowa, which will serve as the exchange\u2019s tech provider. Mr. Pracownik also chairs Flowa.<\/p>\n\n\n\n

This week, BASE will publish connectivity specifications on its website, allowing participants to test connectivity and understand transaction characteristics. By December, BASE plans to release details on connecting to clearing services.<\/p>\n\n\n\n

\u201cWe aim to be technologically ready by the end of this year. The regulatory processes with the Central Bank and [Brazil\u2019s securities market authority] CVM have advanced significantly, and we hope to start regulatory testing early next year,\u201d says Mr. Pracownik. Regulatory guidelines suggest a minimum of six months of rigorous testing, including market simulations in stress and typical scenarios with connected brokers and custodians.<\/p>\n\n\n\n

Mr. Pracownik believes an in-house technology setup gives BASE the agility to respond to any adjustments requested by the Central Bank or the CVM during the testing phase.<\/p>\n\n\n\n

The original story in Portuguese was first published on Valor\u2019s business news website, Pipeline.<\/em><\/p>\n\n\n\n

*By Maria Lu\u00edza Filgueiras \u2014 S\u00e3o Paulo<\/p>\n\n\n\n

Source: Valor International<\/p>\n\n\n\n

\nhttps:\/\/valorinternational.globo.com\/\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"

The goal is to secure initial market turnover 11\/12\/2024 Brazil\u2019s new stock exchange, now named BASE Exchange, has a logo and advanced technology and is actively seeking new partners to ensure an initial trading volume. 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