Mubadala Capital to Revive Plans for Rival Exchange in Brazil - Bloomberg

Mubadala Capital to Revive Plans for Rival Exchange in Brazil - Bloomberg

Mubadala Capital, the wholly owned unit of the Abu Dhabi sovereign wealth fund, is planning to launch a stock exchange in Brazil to rival the B3 bourse through a company it acquired last year, according to a person familiar with the matter.

Americas Trading Group SA, which provides technological solutions for electronic trading, plans to create the exchange in 2025 to be headquartered in Sao Paulo. The idea is to fuel competition that could lead to a drop in costs for companies to list and for trading in the country, the person said, asking not to be named since the plans are still being discussed privately.

Mubadala Capital bought ATG in February 2023 and later named Claudio Pracownik as the new chief executive officer. At the time, Mubadala said in a statement that it planned to help further develop regional capital markets and to scale ATG’s business including enabling greater access to brokers, institutional investors and asset managers with new technologies.

Back in 2013, ATG filed a request to open an exchange as part of a joint venture with NYSE Group that was called ATS, but the plans never materialized. Some years later, Arthur Machado, the CEO of ATG at the time, was detained in a graft probe involving currency transactions with pension funds.

Mubadala’s plans to revive the plan to launch the exchange were reported earlier Friday by O Globo newspaper.

Mubadala Capital, which manages more than $20 billion, has raised two Brazil opportunities funds with commitments totaling more than $1 billion, according to its website. The firm, which has an office in Rio de Janeiro, has been in Brazil since 2012 and has invested more than $5 billion in the country.