Global giants boost BDRs at B3

The so-called BDRs (Brazilian Depositary Receipts) have been gaining strength at B3, driven by investor interest in large global companies.

The most recent example was the debut of SpaceX shares, which soared on the Brazilian stock exchange, moving around 150 million reais in a single trading day.

To explain this movement and the current scenario of this market, Bianca Maria, Equities Products Manager at B3, detailed the functioning and growing relevance of the product.

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"A BDR is nothing more than a receipt for a share that is traded on foreign exchanges", he explained. According to her, the product allows investors to access companies listed outside Brazil in reais, through their own home broker, without the need to remit money abroad, open an account with a foreign broker or pay IOF.

More than 800 options and 40% greater volume
Currently, B3 offers more than 800 stock options from other countries traded via BDRs. The daily volume already reaches around R$1.3 billion, a value 40% higher than that recorded in the previous year.

"This just shows how important this international diversification is", said Bianca.

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Among the stocks with the greatest demand are Google, NVIDIA and Tesla, in addition to SpaceX. In the segment of Brazilian companies listed abroad, BDRs from Nubank, XP, Mercado Livre and JBS are also among the most sought after.

Investor profile
The BDR market today brings together almost one million investors. Of the total financial volume traded, 60% comes from non-residents, 20% from local institutional investors and around 18% from individuals.

Bianca highlighted that foreign investors use BDRs for hedging and arbitration strategies, which explains their significant participation despite having direct access to the source markets.

"Even though there is this possibility out there, we do see a relevant role for non-residents in negotiating BDRs", he said.

It is worth highlighting that BDRs were only released for retail - that is, for individuals who are not qualified investors - from 2020 onwards, by decision of the CVM.

Despite being a relatively recent product, in five or six years, individuals already represent almost 20% of the total volume traded.

For Bianca, BDRs function as a complement to shares listed on B3, and not as competitors.

"If you want to invest in shares in sectors that represent more of the Brazilian economy, you have the shares listed here on B3. But imagine the whole world, the number of theses, the number of sectors that we have distributed around the countries", he concluded.

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Source: CNN