Things I Learned Today About the Brazilian Stock Exchange

I visited the Brazilian equivalent of the SEC today in Rio de Janeiro, and here are some things I learned:

  • There has been a thirty-fold increase in trading volume in the last eight years
  • There were 64 IPOs in the last two years, albeit only four of which see reasonable post-offering liquidity
  • More than three-quarters of most initial public offerings are offered to European investors, which was highly surprising/amusing
  • The former floor of the now-electronic Brazilian exchange is a room that is rented out for samba parties


  1. Paul,
    Are you with the embassy delegation in Brazil? I was at the meeting in São Paulo yesterday!

  2. Yes, I was. Am in meetings in Rio today….