Amid growing global uncertainty, Brazil’s capital markets are emerging as a powerful engine for economic development—but only if they can keep pace with rapidly evolving investor expectations and global trends. This message resonated across multiple panels during the ANBIMA Summit 2025, held in late June in São Paulo, where over 100 national and international speakers convened to debate the future of finance in Brazil and beyond. More than 3,000 people attended the two-day event, underscoring the market’s growing interest in innovation, integration, and investor experience. 

ANBIMA Chairman Carlos André

A sharp focus on macroeconomic shifts, financial inclusion, and regulatory modernization set the tone for the event. Throughout the Summit, speakers underscored the need to rethink traditional structures in light of a broader investor base and new global realities. In the words of ANBIMA Chairman Carlos André: “With the democratization of the capital markets, it’s increasingly necessary to rethink activities and improve the investor experience.” 

Global context: regulation, technology, and geopolitics 

From regulatory overhauls to innovation in payments and rising geopolitical tensions, the conversations highlighted how interconnected the challenges—and opportunities—have become. 

From left: ANBIMA CEO José Carlos Doherty, Bryan Pascoe (ICMA), and Valentín Galardi (CAFCI and FIAFIN)

A standout panel on Global Trends brought together Bryan Pascoe, CEO of the International Capital Market Association (ICMA), and Valentín Galardi, from both the Argentine Mutual Fund Association (CAFCI) and the Ibero-American Federation of Investment Funds (FIAFIN). Moderated by ANBIMA CEO José Carlos Doherty, the session explored macroeconomic volatility, ESG initiatives, and digital transformation. Pascoe emphasized the growing importance of sustainability, pointing to ICMA’s collaboration with ANBIMA on green bond standards as a model of global cooperation. Galardi, in turn, addressed regional integration in Latin America and the barriers still hindering deeper capital market collaboration in the region. 

New rules, new horizons  

The Central Bank of Brazil is also pushing forward with innovations in the country’s financial system, said Nilton David, director of Monetary Policy. Speaking at the ANBIMA Summit 2025, he highlighted initiatives such as the Drex project (Brazil’s Central Bank digital currency) and the continued evolution of Pix—a real-time payment system launched in 2020 that has rapidly transformed how Brazilians transfer money and make payments. Among the latest developments is the automatic Pix feature. “These new Pix functionalities make it a tool for promoting competition, financial inclusion, and transparency in payment services,” he said. 

Central Bank Monetary Policy Director Nilton David

That push for modernization was echoed in the evolution of fund regulation. With Resolution 175—nicknamed “Revolution 175” by João Pedro Nascimento, chair of Brazil’s Securities and Exchange Commission (CVM)—officially in effect, investors are gaining broader access to global assets. Nascimento noted that this new framework positions Brazil as a regulatory leader among emerging markets. “With Resolution 175, Brazil is driving fund regulation across the Global South, leading changes in other countries," he said. 

The regulation allows retail investors to allocate up to 100% of liquid fund investments abroad, reflecting a broader move toward international diversification. 

This topic was at the heart of the panel Investing Abroad, moderated by Tatiana Itikawa, ANBIMA’s chief of Regulatory Policy and Business Development, and featuring Anna Dutra (Avenue), Alex Lago (XP), Isabella Nunes (J.P. Morgan), and Marcelo Barbosa (partner at law firm BSA and former CVM chair). Speakers discussed how a growing number of Brazilians are opening accounts overseas and seeking exposure to foreign markets—not just for returns, but for protection against currency volatility and access to innovation. While regulatory milestones have helped open doors, panelists pointed out that misconceptions, lack of information, and operational hurdles still hold back a larger wave of cross-border investing. 

Krugman’s warning 

Nobel laureate Paul Krugman

Nobel laureate Paul Krugman offered a global perspective on current U.S. trade policy and its ripple effects. He argued that the biggest danger of tariff increases lies not in retaliation but in imitation, as other countries follow suit and abandon cooperative frameworks. His analysis pointed to a potential shift in global alliances, as trade agreements increasingly exclude the U.S. and create new regional power dynamics. 

Back on domestic ground, fiscal responsibility remained a key concern. Economist Eduardo Giannetti warned that while Brazil is not currently facing a fiscal emergency, failure to enact tax reform during the next presidential transition could lead to crisis. Ana Vescovi, chief economist and partner at Santander Brazil, added that for true fiscal balance, Brazilian society must engage more actively in defining what services the state should prioritize—and how much it is willing to pay in taxes. 

Santander Brazil Chief Economist Ana Vescovi

Across panels and conversations, the ANBIMA Summit 2025 made it clear that the future of finance—whether in Brazil or globally—depends on anticipating change, acting on it, and building cross-border bridges. Whether through regulatory innovation, investor education, or global dialogue, the market’s next steps will shape how capital can drive inclusive and sustainable growth.