B3 S.A. Plans Brazilian BDRs in IBovespa Index Starting 2027
The Brazilian stock exchange will allow Depositary Receipts from foreign-listed companies to compete for space in the main index beginning the first half of 2027.
Brazilian stock exchange B3 S.A. has announced that Brazilian Depositary Receipts (BDRs) representing shares traded abroad will be eligible for the IBovespa index effective the first half of 2027. The current index includes 76 assets from 74 companies but does not currently contain these receipts. This structural change aims to align the benchmark with modern market conditions and increased international investment activity. According to the asset manager XP Investimentos, the shift reflects a consistent growth in BDR market liquidity since 2020 public access regulations were implemented. The exchange noted this represents a methodological revision driven by evolving investor behavior and greater global capital flows. Companies are increasingly listing shares on foreign exchanges, creating receipts that now have a role to play in domestic index calculations.
