Brazilian BM&F Bovespa is the largest stock exchange in Latin America. It has become part of R3 team, which seeks to promote the application of the blockchain technology for business and IT.

“This initiative is part of the company’s strategy of supporting transformative projects that focus on trading infrastructure enhancements, always seeking new alternatives that meet your clients’ needs,” BM&F Bovespa statement reads.

“We believe that strong collaboration with our customers, regulators and vendors is crucial to futureproof financial and capital markets. Innovation with appropriate regulatory oversight is paramount to making the Brazilian markets even more efficient and reliable,” says the company's Client and Business Development Managing Director Fabio Dutra.

“BM&F Bovespa is researching blockchain-based solutions from a business and IT perspective, and we are pleased to join R3 in the drive to innovate in capital markets,” IT Managing Director Jochen Mielke de Lima adds.

According to R3 CEO David Rutter, the distributed ledger technology will allow transforming financial markets, in particular, to make transactions and any asset operations fully transparent to all relevant parties.

R3 blockchain consortium unites more than 60 major financial organisations worldwide. In recent weeks, it was joined by insurance giant MetLife and China Merchants Bank.

Olga Timirchinskaya