Global investors bypass dollar transfers as B3 launches US Treasury futures

Global macro flows tracking the Federal Reserve's interest rate decisions can now bypass direct dollar transfers to the United States when managing portfolio exposure in Latin America. On October 13, 2026, Brazil’s financial exchange operator, B3, launched four new US Treasury futures contracts, expanding local access to the US yield curve. The move allows both local institutional and foreign macro investors to hedge or trade American debt directly within the Brazilian financial system.

The new contracts are quoted in US dollars but settled financially in Brazilian Reais, using the Central Bank of Brazil's official PTAX exchange rate. This mechanism eliminates the need to physically export capital or execute spot foreign exchange transactions to trade US sovereign debt. The expansion comes at a highly sensitive time for global fixed income, as US Treasury yields have hovered near multi-decade highs above the 5% threshold.

According to an official announcement by B3 on October 13, 2026, the newly available contracts target different segments of the US yield curve: the 2-year Note (T02), the 5-year Note (T05), the 10-year Ultra Note (T1U), and the 20+ year Bond (TBN). These products complement B3’s pre-existing 10-year Treasury Note (T10) future, giving traders a comprehensive suite of instruments to express views on US inflation, growth, and monetary policy. The 2-year contract carries a face value of $200,000, while the other three new contracts are valued at $100,000 each.

For international asset managers and local funds, the primary appeal of these contracts is capital efficiency. Because the contracts are cash-settled in local currency, market participants can execute complex interest rate swap and yield curve strategies without triggering cross-border tax liabilities or currency conversion fees. To support liquidity from day one, B3 established a market-making program with up to five participating financial institutions, keeping regular trading open from 9:00 a.m. to 6:00 p.m. local time.

The launch also arrives amid heightened focus on Brazil's fiscal policy and political risk ahead of the country's upcoming electoral cycle. For global investors concerned about local currency volatility, the ability to trade US interest rates in Reais provides a direct mechanism to hedge against domestic political shocks. If local risk premiums rise, investors can use these US Treasury futures to shield their portfolios from domestic fluctuations without needing to liquidate their Brazilian equity or corporate debt holdings.

In your brokerage app

For retail investors holding US brokerage accounts, this development directly affects the product offering and revenue potential of B3 S.A. – Brasil, Bolsa, Balcão, the sole financial exchange operator in Brazil. Investors can gain exposure to B3's corporate performance through its American Depositary Receipts (ADRs) traded over-the-counter in New York under the ticker BOLSY, or via broad-market funds such as the iShares MSCI Brazil ETF, which holds a significant allocation of major Brazilian financial institutions.