B3 has extended trading hours for Bitcoin, Ethereum, Solana and gold futures until 8 p.m., and our partner Tiago Severo Gomes was consulted by Cointelegraph Brasil to analyze the decision.
His assessment: an important step toward making the Brazilian market more responsive and aligned with the global financial clock. After all, crypto never sleeps.
But beyond the merits of the measure, three points deserve legal attention:
① Intermediary liability. Brokers that do not offer access to the extended session may be exposed to complaints over losses resulting from the inability to hedge between 6 p.m. and 8 p.m. The extended session creates a new implicit benchmark of expected conduct.
② Best execution for managers. Funds holding crypto-assets under CVM Resolution 175 have ongoing pricing and risk management obligations. The new price-formation window becomes a reference for assessing hedging decisions outside traditional hours.
③ OTC contracts referencing B3. Private contracts that use B3 quotes as a benchmark need to be reviewed. Clauses referring to the "closing price" without specifying a time may need adjustments (either to the clause or to the procedure).
NYSE and Cboe already operate 22–23 hours. The trend is clear. Brazil is moving forward, and the regulatory framework needs to keep pace.
Link to the Cointelegraph article: https://lnkd.in/dF6xCEdQ
