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:
- Liability of intermediaries. Brokers that do not offer access to the extended hours may be exposed to claims for losses resulting from the inability to hedge between 6 p.m. and 8 p.m. The extended trading session creates a new implicit standard of expected conduct.
- Best execution for fund 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 made outside traditional hours.
- OTC contracts referencing B3. Private contracts that use B3 quotes as a benchmark need to be reviewed. Clauses that reference the "closing price" without specifying a time may need adjustments (whether in the clause or in the procedure).
NYSE and Cboe already operate 22 to 23 hours a day. The trend is clear. Brazil is moving forward, and the regulatory framework needs to keep pace.
